LISTED companies Carpenter Pacific Resources and Westgold Resources have taken another step towards remodelling themselves.
Neil Doyle, managing director of both companies, is heading a new company jointly formed by Carpenter Pacific and Westgold to identify and participate in oil and gas industry opportunities.
Mr Doyle, chief operating officer of the new company, Delta Oilfield Developments Limited, said it was difficult for smaller companies to be competitive.
Hence, Carpenter Pacific and Westgold were marshalling resources, both cash and people, for the one purpose, under a totally 50-50 arrangement.
“We’re conscious of negative perceptions of our history, but it wouldn’t be the right thing to do by shareholders, to wait for things to settle down,” he said. “With this announcement we’re saying we’re now in business.”
The company would look at farm-in opportunities, potential takeovers and corporate plays, and the acquisition of producing assets.
“We’re not an exploration company,” Mr Doyle said. “We’re looking for opportunities, but with a finite resource, we need to be focused.
“Markets are choppy and it’s a difficult time for companies wanting to raise capital.
“We will be cash minimal and cash rational, and the market will make a judgment on the first one or two deals we pull in.”
