1967

18th May, 1967: Texas oil billionaire Nelson Bunker Hunt, using a sophisticated satellite technique to detect global deposits, discovers a huge oil source south of New Zealand in the Great South Basin.

10th June, 1967: Hunt and New Zealand Finance Minister reach an agreement: Hunt will receive sole drilling rights and Muldoon will receive a $US100,000 non-repayable loan from Hunt's Placid Oil Co.

8th September, 1967: Placid Oil granted drilling rights to the Great South Basin.