Oil hopes raised for Anzon relisting

A ghost from the big crash of 1987 returns in a new cloak, writes PAULA OLIVER.

New plans have been hatched to revive 1980s high-flyer Anzon Investments as an oil and gas explorer.

For many, the company's name conjures up memories of the 1987 sharemarket crash - its major shareholder was Chase Corporation, the property company that failed spectacularly in the crash.

Anzon was delisted in 1990 after failing to pay listing fees and it has since been the target of several unsuccessful resurrection attempts. One attempt linked it to a buyout of a Rotorua amusement park, while another wanted Anzon to focus on the agricultural and manufacturing sectors. The most recent, in 1999, would have seen Anzon involved in logging in Papua New Guinea.

Now Anzon's 3300 long-suffering shareholders are being offered another chance to recoup some of their losses by a group of Australian oil and gas explorers who claim to have little knowledge of Anzon's previous lives.

Calling themselves Anzon Energy, the group is due to arrive in Wellington today to address brokers and prospective New Zealand directors.

The group is led by long-time industry players chairman John Towner and chief executive Steven Koroknay.

Mr Koroknay is best known for his time at Bridge Oil, where he claims to have boosted the company's production. Mr Towner's background includes launching a privately owned company which scooped up all the oil and gas assets of Amoco Australia.

The two men say two high-profile New Zealand businessmen are on their hitlist of potential directors.

The new team plan to take advantage of the existing Anzon shell to list at a low cost, and want to hold a meeting to gain the approval of shareholders early next month.

Shareholders could be forgiven for feeling sceptical - in 1995 some of them openly stated they were tired of suggestions that came to nothing.

When contacted by the Business Herald yesterday, Anzon shareholder and former director Gordon Nolan said he knew nothing of the latest attempt. Although Anzon's shareholders were now spread across the world, they still kept irregular contact, he said.

"I think most of them have written it off," he said. "Over the years the shareholders have seen so many attempts to revive Anzon that they've said 'enough is enough.'

"But I can say I think they would definitely be interested in the latest developments if something does happen."

The potential new owners say Anzon's strategy will be to target mature oil fields and look to rejuvenate and increase the recovery from them.

Mr Towner said the team had spent the last six months investigating wells, and had identified a number of opportunities in Indonesia and Australia.

Piggy-backing on the existing infrastructure at mature wells, Anzon would rehabilitate the fields and then use the cash flow generated to use new technology and further develop the fields.

High-risk exploration was not on the cards initially.

Mr Towner and Mr Koroknay have enlisted long-time investment banker Jean-Marc Georgy as their deputy chairman.