TARANAKI OILFIELDS

Auckland Star, Volume LX, Issue 22, 26 January 1929, Page 4

TARANAKI OILFIELDS

PROPOSED RECONSTRUCTION

\ special' meeting of shareholders in the Taranaki Oilfields, Ltd., is to be hold in Melbourne on February 25. to consider proposals submitted by the directors tot reconstruction in order to provide mo.' , * capital to continue exploration at Oisborne. «md also to prospect an area in the Soirth Island. The proposal to be submitted is that the present company go into voluntary liquidation; that a new company, on the no liability basis, saould be formed; and that shareholders receive for their present holdings an equal number of shares»in the new company of 30/ each, paid to 20/. subject to cnlls not exceeding 1/ a share not oftenev than once in two months. Holders of options in respect of the present company would have theit "rights preserved.' The circular states that the company has yuflieient funds to continue drilling operations on the present scale until September 30. At the annual meeting, the chairman said the uncalled capital of the proposed tlew company would be £230,000, but the board did not believe that anything like that amount would be required for the three tests no-.v proposed—CJieborne No. 1 and No. 2 wells, and the South Island project.