OIL POSSIBILITIES
EAST COAST SURVEY
Taranaki (N.Z.) Oil Fields No Liability has advised the New Zealand Stock Exchange Association that it has received the following cable message from its Melbourne -ol'ice:— Company is advised by Vacuum Oil Company that the latter does no^ propose to drill the oil areas on the east side of the Nortli Island which were the subject of the agreement of July, 1932. The Vacuum Company has made available very valuable data gathered by its geologists in ■ the comprehensive investigations they have carried out over the past two years. ■■ It. is the unanimous opinion o£ all oil geologists who have examined the area, whether on behalf of the Taranaki Company; the New Zealand Geological Survey, or overseas oil producing interests, that the .district' unquestionably possesses oil possibilities,-,but opinions differ as to the risk rate involved in locating and drilling of test wells. This being so, the directors have reason to believe they will be able to interest certain independent oil prospecting interests overseas, whose recognised business is to undertake search for oil under the conditions outlined, and steps are now being taken to this end.
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Bibliographic details
Evening Post, Volume CXVIII, Issue 58, 6 September 1934, Page 16
Word Count
189OIL POSSIBILITIES Evening Post, Volume CXVIII, Issue 58, 6 September 1934, Page 16
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