Oil price drop further delays Anzon listing

By CHRIS DANIELS

Long-suffering shareholders of 1980s sharemarket darling Anzon will have to keep waiting, after being told that plans to re-list on the Stock Exchange have been postponed.

Anzon Investments, now Anzon Energy, was de-listed in 1990 but maintained as a shell company until this year.

After being taken over by Australian management, it is involved in the rehabilitation of previously abandoned oil wells in Indonesia.

Directors had hoped to announce a listing date to shareholders at the company's annual meeting held in Auckland on Friday.

This was not to be, however, said chief executive Steven Koroknay. He said Anzon had approval from the New Zealand Stock Exchange to re-list and could have done so next week if directors had wanted to.

A recent drop in world oil prices had made it a bad time to list, said Mr Koroknay.

An oil well is due to be drilled in Sumatra this week, he said, so it would be better to list the company when it was stronger, possibly with more assets.

"The board believes that the results of the drilling campaign, which will include three wells by the end of January 2002, will enhance the company's listing process as the wells will provide a clearer insight into the project's long-term prospects," he said.

Mr Koroknay said he expected the company would list in the first half of next year.

Anzon was not listing to raise funds, so there was no need to make the move while conditions were not right.