TARANAKI OIL FIELDS, LTD.

Press, Volume LXI, Issue 18552, 30 November 1925, Page 10

TARANAKI OIL FIELDS, LTD.

The first annual report and balance-sheet of the Taranaki Oil Fields, Ltd., to August 31st shows that en Juiy 31st the issued capital of £39,453 represented £149,990 paidup in money and £159,-163 paid up otherwise. Other liabilities were £BSOI, including a provision of £2650 for directors' and auditors' fees, and £3OO to meet income tax. Preliminary and flotation . expenses paid during the year amounted to £1047, and assets show a charge of £5619 for brokerage and underwriting commissio;:. The sum of £20,136 was spent in drilling the two bores, while general development coat £BOO6, and equipment cost £11,406. Other assets were:—Deposits and cash items, £69,170; stores and tools, £23,464; shares in Gisborne Oil Pty., Ltd., at cost, £56,463; freehold properties and buildings, £3000; and I'roperty account, £118,269. The recent decision to increase the authorised capital to £BOO,OOO and offer 154,750 new shares for subscription at £1 each, was mainly to provide funds to carry out the initial programme of test-boring en East Coast properties as recommended by the company's consulting geologist (Mr F. G. Clapp). During the year embraced in the report, a steady extension and consolidation cf areas TJeyohd the original holdings was effected The company now has important interests in two additional areas in the Taranaki piovince, an extensive area in Westland province, and a group of areas in tho East Coast districts of the North Island. It is proposed that the Gisborne Oil Pty., Ltd., 'shall continue as a separate organisation, and to deal effectively with all the properties held, it may eventually be desirable to form additional companies. The immediate object is to develop a strong field organisation, and attack' first the areas of greatest importance, ensuring so far as possible that funds are conserved for actual drilling.