COAL, OIL (N.Z.)

Evening Post, Volume CXIII, Issue 33, 9 February 1932, Page 12

COAL, OIL (N.Z.)

EFFORT^ AT REVIVAL

K-At ;3, t mebting; of shareholders in Coal -Oil; (N.Z. j; Ltd.,: held in Sydney Ist February, a committee of. shareholders who have had. charge .of the company's affairs since . October last, reported that- the company, had been placed in compulsory '"luxation ty aNew Zealand; creditor, Since the committee. had= taken charge the chairman (Mr. E. Lindsay Thompson) '.stated that' a receiver had .been appointed on behalf of . the .- debenture holder,land, litigation was proceeding with the receiver. The committee was of the opinion that liquidation was; necessary, but .that the shareholders were not likely to.: receive: any return. The • company's rights 'over the.Omata leases were forfeited, but two of the committee had an option,,, over, .the: property on behalf of the subscribing' shareholders. , ' Idir an ■' endeavour to ensure a thorough testing, of; the Omata oil leases, previously held by Coal Oil (N.Z.), Ltd., in liquidation,.some ,70. Ifew; Plymouth'shareholders of the.company decided to take steps to form a new company with a nominal capital 'of v £175,000 and set up a'committee for the' purpose of taking, preliminary steps to that end. The meeting was 1 called by' Messrs. P. S., Carroll (chair»mari)i J.;H. H. Holm and D. J. Tynan, of a Taranaki shareholders' committee, and Mr.; Carroll was appointed chairman. 'Mr.'Tynan was drilling superintendent for CoalVQil ./(N.Z.), Ltd., at the Omata ■ well;-,'-The" necessity for the meeting, the chaiin}anJsaid;,i,signifled the rather tragic termination- ot a project of which all had high hopes' of success. The present position had been'brought about, he thought, largely'by-thela'ck of control1 of the directors, and, this, had probably prevented the testing out With the drill' of one of the most .promising areas in New Zeal land. ; .!•' •. ■'. " .