PETROLEUM PROSPECTS.

Press, Volume LXIII, Issue 18917, 4 February 1927, Page 12

PETROLEUM PROSPECTS.

COAL OIL (N.Z.) LTD. Coal Oil (N.Z.) Limit: 'l. is an Australian Company registered in .>y<lncy with a nominal capital of in .shares of I'l each. of whi'h 3W.IXI'J wore recently ottered tor public subscription, and wore underwrittc-n. Messrs John McGea<hie and 0. I.ind.«.iy Clark, consulting mining engineer.* v.lio were authorise'! to make certain investigations on behalf of the company. on tho Waipatiki petroleum field on the Kast Coast, and tho Calliope coal areas adjoining the \Vcst[K>rt coallields, have sent in their reports. Mr McGeacliio ro|wrte(l reganlin;; petroleum possibilities as follows: "The chief indications of petroleum are tho oil ga.s wells on tho property, tho largest of which is at Waipatiki. near the northern extronmy ija- flowed >tronglv from the i>ijm?s, and burnt freely 011 ignition. Threo other ;:as wells exist in the locality. The gas (lows steadily out of the which is a very encouraging feature. It is known that this ga.s ha.s Iteen .steadily flowing from the Waipatiki well for a period of If) years and it is reasonable to assume that the source of supply is of some magnitude." .Mr Clark summarised tho position as follows: —'•Suitable structures for the f.ccumiilation of jietroleum exist in the anticline in the area, and the tertiary inudstones would form an impregnable cover for an oil pool. There are definite indications of the occurrence of jjetroleum in the district in the pas springs to warrant the continuance of the search for oil." Mr McGcachie in an exhaustive report on the coal properties, stated that the coal generally was of first-class quality, and that the round coal was of good appearance. N.Z. AND RIVER PLATE CO. Increased profits were made by the New Zealand and River Plate Land Mortgage Co. for .tho year ended October 31st last, tho earnings amounting to £71,662, compared with £66,076 for tho preceding year "With £39,176 brought forward the sum available was £110,838. Dividend is at the rato of 8 per cent, for tho year, against 7] per cent, for the previous year, and required £56,000; to tho reservo £IO,OOO was allotted, leaving £44,839 to bo carried forward. Paid-up capital is £700,000, reserve £225,000, terminable debentures £237,543, interest thereon £5370, River Plate exchange provision account £50,000, and interest in advance on loans £23.918, the total of the balance-sheet being £1,340,745. Assets include loans on niortgago at River Plate £1.228,026, investments in London £101,075, cash £5072, and minor items.