TARANAKI OIL CO.

Auckland Star, Volume LVI, Issue 162, 11 July 1925, Page 5

TARANAKI OIL CO.

EXTENDS ITS INTERESTS. (By Telegraph.—Press Association.) GISBORNE, this day. It is reported that the Taranaki Oil wells, Ltd., has assumed a controlling: Interest In the Glsborne Oil Proprietary, which recently has been investigating , the possibilities or petroleum development in this district, and geologists will come to Gisborne from Taranaki for a detailed survey work. Meantime, geologists already here have been hampered by the bad The above information confirms an intimation recently published, on the •ujnority or the secretary or the Taranaki Oil Fields Co., that that company has purchased practically all the shares in the capital or Glsborne Oil Proprietary, Limited, the purchase price being three snares in Taranaki Oil Fields, Limited, Tor each two shares in Gisborne Oil Proprietary, Limited. The issued capital or Glsborne Oil Pty., Ltd., which was formed to carry out a geological investigation or tne areas which that company controls, totals 40,000 shares or £1 each. In a circular to shareholders issued on December 19 the announcement was made that Taranaki Oil Fields, Limited, had purchased 7000 ruily-paid £1 shares in the Gisborne company. The present action represents an extension or the policy then initiated, directed towards co-ordinating the efforts which are at present being made to develop on production on a commercial scale in New Zealand. The areas over which the Gisborne company hold oil rights are situated on the east side or the North Island or New Zealand. Examinations of these areas have been made by the oil geologist. ur. f. g. Clapp, who is now engaged on the preparation of his report.