COMPANY AFFAIRS.

Auckland Star, Volume LXIV, Issue 253, 26 October 1933, Page 4

COMPANY AFFAIRS.

TARANAKI OILFIELDS.

REPORT ON OPERATIONS.

The fourth annual report issued by the directors of Taranaki (N.Z.) Oilfields No Liability, for the year ended April 30, is to bo submitted to shareholders at the general meeting in Melbourne on November 1. A report by the general manager, Mr. Chas. N. Taylor, dated Gisborne, August 17, states: — "The geological survey which is being made over the company's area by the Vacuum Oil Company's geologists is still in progress, and pending final decision as a result of this work no active drilling or field work has been undertaken by the company during the past year. A certain amount of office work has been necessary, and all possible assistance has been given to the visiting geologists. During the year care and attention has been given to preserving in good order and condition the drilling plant, buildings and equipment belonging to tiie company. "The situation regarding our drilling rights remains about the same. It has been necessary to obtain renewals and extensions from time to time, but no difficulty has been experienced in this connection. "Arrangements have been completed with Dr. Marsden, director of the Department of Scientific and Industrial Research, to carry out a magnetic survey of the company's 8000-acre Crown area on the West Coast of the South Island. It is expected that this work will give some indication as to the thickness of the newer sedimentary strata and the depth of the basement (greywaeke) rocks. _ If results warrant it, other geophysical methods may be employed in an endeavour to locate structural conditions favourable to oil accumulation. "Judging by the manner in which the overseas geologists are conducting their survey, it is clear that the company's holdings will be thoroughly investigated, and it can only be hoped that when the work is finally concluded a new era of activity will result." The directors' report states that the Moturoa Company's No. 2 well continues to produce about 20 barrels of crude oil daily, and the proceeds will make it possible to drill No. 4 well out of revenue Directors' fees remain in abeyance, and the company's stall is confined to the general manager (employed on a time basis), with such assistance as ho finds it necessary to engage from time to time. The balance-sheet shows paid ca.pital at £577.510; outside liabilities, £2891. Assets include: Shares in Gisborne (N.Z.) Oilfields, Ltd.. £185.862; Waitangi (N.Z.) Oilfields, £58,750; Waiapu (N.Z.) Oilfields, £65.625; Moturoa Oilfields, £20,600; New Plymouth (N.Z.) Oil Wells, Ltd. (in liquidation), ; total, £330,837. The profit and loss account shows total expenses £2091, against which there were receipts £1193, leaving a debit of £901.