Australia - My First Oil Trip
I arrived in Melbourne, Australia from Wellington, New Zealand in mid June 1969 after spending two weeks identifying what oil and gas exploration areas were available.
Melbourne is on the coast of the state of Victoria the most southern state of mainland Australia. Interesting noteworthy information about Australia is 1) its about the same size as continental United States, 2) in 1969 there were less than 13,000,000 people residing there, 3) the first commercial oil production was discovered in 1963, 4) most of the population lives along the coast and 5) the whole country made two very significant changes that were mind boggling to me, currency changed from pounds to dollars and from standard to metric.
It turns out that my duties were to run basically all over Melbourne between the Underwriter’s office (stockbroker), lawyer’s office, accountant’s office & draftsman delivering the most current information so we could finalize the Registration Statement for a public offering. The name of the company going public was United Petroleum Resources Ltd. It had a group of concessions that Mr. Kamon had leased for their group, all of which I was very familiar with as I had put together all of the maps and reports covering those concessions.
The public offering was a success. It was over subscribed and the secondary trading went at a premium trading at multiples of its original offering price. Australian’s like to speculate and seems that most stocks being offered were in the penny stock class.
From Melbourne I flew to Brisbane and worked there with Mr. Kamon for the remainder of the trip meeting with government officials identifying open areas for oil & gas exploration. Queensland was seeking foreign investment to develop their oil and gas industry. Unlike most countries that offered concessions by bidding dollars where the highest bid wins, Queensland wanted the funds to go toward exploration. So their application process was a combination of work program over a 5 year period matched with personnel capable of conducting the work and demonstrate the financial ability to meet the work program expenditures.
Mr. Kamon understood better than anybody the recipe for getting a concession application approved. His companies are noted for leasing more than a billion acres around the world with most of his emphasis being in Australia. His guidance built my self confidence. As a young man I was able to go into any Australian Government office official up to the Minister of Mines with no fear or feeling intimidated.
I ended up over about a 20 year period making more than 10 trips to Australia and today long for another trip.
ABOUT THE FOUNDER
Ivan Webb is known in the Petrol industry as a self-starting change initiator motivated by fresh ideas. His first oil deal dates back to the days of the LBJ Presidency; when Willie Mays and Hank Aaron were still active baseball players. Since then, Ivan Webb has lived through countless swings in the price of oil and gas as well as numerous advancements in oil extraction technology.
IN the past 10 years, he has helped drill 30 wells, including 7 of our own, which were producing on our own behalf.
From the 70’s to the 90’s, he was instrumental in leasing oil and gas concessions in Australia, Guyana and Turkey before narrowing his efforts into producing wells in the Central Texas region. One of areas of expertise has been in finding existing wells in that region. These are wells that may have shut down as they hit their production limit in years past but can be re-completed and reworked to a far greater capacity using the tools of today.
Ivan is currently managing Northern Minerals & Exploration LTD, a public company dedicated to growing investments in the Oil, Gals, Gold & Silver Industry as well as the Founder & President of Kathis Energy.