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Petro T nears switch

PA Auckland Petro Taranaki is hopeful of tying up a deal that will see the company switch from oil exploration to investment.

Since the chairman, Mr Geoff Albers, announced that it wanted to change its line of business, Petro Taranaki has talked with six different groups.

There has been intense market interest as to what the new line will be, and soon after the Christmas break the Petro Taranaki share price raced up to 28c before dropping back to its present 18c.

A Petro Taranaki spokesman said that an announcement regarding "the latest situation” would be made to the Stock Exchange.

Petro Taranaki was established in the heady days of oil exploration in 1983 with authorised capital of SSOM. It is part of the same stable as two other oil explorers, Cue Energy and Southern Petroleum, which are still both committed to exploration.

Petro Taranaki now has around S2M in cash with a value of about 12c a share. But recently it sold shares in Southern Petroleum and Cue to ease its exploration responsibility. The company sold 2.76 M options for between 5c and 9c, and I.IBM contributing shares for between 7c and 11c in Southern Petroleum. Petro Taranaki also arranged for Cue to take a 4.9 per cent beneficial interest in the licence area PPL 38/114 off the coast of Taranaki. The company now has only a 1 per cent interest in that licence area.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/CHP19860130.2.103.5

Bibliographic details
Ngā taipitopito pukapuka

Press, 30 January 1986, Page 24

Word count
Tapeke kupu
240

Petro T nears switch Press, 30 January 1986, Page 24

Petro T nears switch Press, 30 January 1986, Page 24

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