ANGLO-ECUADORIAN OILFIELDS
YEAR OF FAVOURING CONDITIONS
1'HE nineteenth annual ordinary general meeting of Anglo-Ecuadorian Oilfields Ltd., was held on December 14th at Winchester House, London, E.C.
Mr. H. C. R. Williamson, the Chairman, said that a year ago he had described the report as encouraging and healthy ; he thought share- holders would agree that judged by the report they were at that moment considering, the measure of good health enjoyed last year might almost be described as robust health that day.
Having explained the basis of the Staff Provident Fund which had been initiated by their company in conjunction with the Lobitos Oilfields Ltd. and its Peruvian subsidiary, he expressed the pleasure it was to the board to be able to recommend the payment of a dividend of to per cent. plus a bonus of 5 per cent.—the largest distribution ever made by the company. If they found themselves in a position to repeat that in the future, he thought they would have no reason for dissatisfaction.
The extra deep test well referred to last year was now down 6,500 feet ; the desired information had not yet been obtained from it, and the intention was to continue drilling till a satisfactOry production had been obtained, or at any rate to the greatest depth possible. The Casinghead Gasoline Plant had been in operation during the year and had resulted in a largely increased production. Trial runs were made of the refinery in February last, and minor difficulties having been easily rectified the operation of the plant had been entirely satisfactory. There had been a slight increase in the_prices of crude oil and condi- tions so far as they were concerned had been decidedly favourable. There were now some slight indications of a certain weakness in the Gasoline price structure in the Unified States market, but the various State Governments of the industry in the U.S.A. were fully alive to the situation, and he believed would maintain that spirit of co- operation which had resulted in the past year or more, in compara- tively stable conditions and the avoidance of wastage.
On the occasion of his visit to the field he had been greatly struck by the improvement that had taken place and the keenness which pervaded the whole organisation. Shareholders must not expect anything sensational from the company ; it would never be a big oilfield, but if there were no material changes in crude prices or exchange rates, they hoped to be able to make a satisfactory showing in the current year.
The report was unanimously adopted,
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