TARANAKI OILFIELDS

Evening Post, Volume CXII, Issue 121, 18 November 1931, Page 12

TARANAKI OILFIELDS

OVERSEAS CO-OPERATION

Mr. W. A.- Watt, in addressing shareholders1 at the annual meeting of Taranaki (N.'Z.)Oil Fields No Liability' in Melbourne last week, said it had now been decided to .place: the. Gisbornc properties of the company on a caretaking basis for the time being rather than immediately proceed "with the" drilling of another well at Waitangi Hill, or pn one; of the company's other structures.."" /

Mr. Watt described the programme of the company for the time being as one' of preservation of assetsi'it ,being the firm belief of the directors that they were of great value. The company's outgo had been reduced to a minimum, the directors would.not draw fees, and the staff had been disbanded, except insofar as it was 'necessary to clear up outstanding matters.

: In the altered circumstances that'1 had arisen, the sale of. shares forfeited for the non-payment of the seventh, call had been postponed: to 18tli November, and the eighth' call, had been dropped. Apart, from 'the*'.question' of resuming drilling at Waitangi when conditions altered;* the; board Believed there was another prospect of-turhing the company's properties to account. Ho was-thinking of an arrangement, based on the co-operative interest .in New Zealand, with people in the oil world overseas. At this stage he was unable to be more definite, but he was hopeful that the future would contain attractive possibilities in that direction.