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NSW OIL & GAS COMPANY NL background

NSW OIL & GAS COMPANY NL (extract from the book-  Planet Mining Company Pty Ltd, 1970,  )

NSW Oil and Gas company NL was incorporated in the ACT on February 11, 1969, sponsored by Planet Oil Company NL which owns 50 percent of the issued capital through its wholly owned subsidiary, Planet Exploration Company Pty Ltd. NSW Oil and Gas Company NL raised $5 million in a public issue of 50 cent shares with one option attaching to each share.

Shareholders of Planet Oil Company NL had priority to take up one share with option for every four shares in Planet Oil Co NL.  The Australian Gas Light Company subscribed for 500,000 shares with options.  Nominal capital of NSW Oil and Gas Company NL is $40 million.  Issued capital is $10,011,800 with 20,432,859 options current.

Planet Exploration Co Pty Ltd assigned to NSW Oil and Gas Company NL its beneficial interests in petroleum exploration concessions covering approximately 64,000 square miles in NSW and 4,000 sq miles in an adjoining area in Queensland in return for a half interest.


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