Woodside Plans New Oil Well

Press, Volume CVI, Issue 31108, 11 July 1966, Page 9

Woodside Plans New Oil Well

looked back to pounds, shillings and pence. The change should be just as smooth here.

It seems likely that New Zealand stock exchanges will take advantage of the benefit of the Australian experience.

The Christchurch Stock Exchange is already using cents on its overseas trading board since the New Zealand Stock Exchange Association lifted its ban on such trading.

The first sale on the new board was made on Monday last week when B.H.P. sold for 614 Australian cents —12 cents below the Melbourne price.

Although a discount had replaced the pre-Budget premium it is likely that this was partly because of innate caution on the market.

Only one other sale was made in Christchurch during the week, and that was when a parcel of A.C.I. fetched 585 cents on Wednesday when the home market price was 578 cents.

Both sales were at prices at about the levels ruling on the Australian market on the previous day’s trading. This makes it seem that there is something of a time lag on the overseas board at the moment.

Key stocks have been relatively inactive and consequently second-line stocks have become more popular. Trading last week was over a fairly wide range of issues and turn-over was better than the week before.

Company news continues to be good. Early in the week Rex Consolidated reported record sales and profit, and New Zealand Paper Mills announced its first profit since 1962, but again recommended no dividend. New Zealand Farmers’ Fertiliser increased its profit by 55.9 per cent. Dividend is steady at 9-1/6 for the year. Both key breweries. New Zealand and Dominion, reported higher profits, but the market did not show any marked appreciation. Dominion was chalked down 6d on the week, in spite of a dividend lift from 11 per cent to 12 per cent, and a 17 per cent profit rise. Higher dividend from New Zealand Breweries, announced earlier, has already been absorbed by the market, and the stock fell Id after record results.

Tappenden Motors announced a profit jump of 37 per cent, while A.B. Consolidated confirmed an 18.2 per

(N.Z. Press Assn.—Copyright)

MELBOURNE, July 8.

Woodside (Lakes Entrance) Oil Company, and its partners plan to drill another well in Gippsland, Eastern Victoria.

The company announced today that an onshore site was being selected for drilling before the offshore Golden Beach well was drilled with a sea rig later this year. The company has begun a further marine seismic survery off the coast of Western Australia and the Northern Territory.

This includes work on structures found by earlier surveys.

THIS IS HOW the quotation list will look a year from now when New Zealand stock exchanges begin quoting stocks in cents.

BREWERIES— \Z Trans Nel 90 DB cd .. 172 175 Toppa 100 Tui —— 75 Waltons 115 (Westland 400 —— UE Box .. 106 BLDG. SOC.— W Tombs • . 185 200 Chch 330 - - Will Jeff .. —— 305 Mut. Ben. 270 Do, nts 225 —- Perm Inv 125 W Cement 392 — FROZEN MEAT— CFM 125 152 W/W NZ Zip Holdngs • • 115 130 117 135 Gear 130 MINING— JIZ Rfg .. 143 . *145 NZ Petlm • • _ 40