OIL IN NEW ZEALAND

Evening Post, Volume CXXX, Issue 128, 26 November 1940, Page 10

OIL IN NEW ZEALAND

Moturoa Oil Fields, Limited, reports for year ended August 31, a natural drop in production of wells resulting m a decrease in oil sales of £92 Is 2d, as compared with-last year. The leeWay has been offset to some extent by a small increase in selling price. Production expenses for the year amount to £760 3s sd, last year's figure being £684 2s v 2d, and the increase is chiefly due to cost of, £111 2s 9d for renewal of equipment. General overhead expenses are lower by £115 6s, and return from services lower by £113. Net profit is £240 16s 6d after allowing for depreciation. . This amount has been transferred to appropriation account, now showing a credit balance of £1854 13s. . The directors reconi-, mend a dividend of 6 per cent, peri annum on amount paid up on preference shares for 1939; and that payment of preference dividend for the year ended August 31, 1940, be deferred, but that no dividend be paid on ordinary shares. . Shareholders have been advised of the progress of prospecting and drilling operations of New Zealand Petroleum Company, Ltd. Drilling of the two wells at Morere (East Coast) and Midhirst (Taranaki) has advanced, and depths reached at latest report were 4925 feet and 2380 feet respectively. Future prospects of Moturoa Oil Fields,. Limited, are closely associated with the result of operations of the New Zealand Petroleum Company, Limited.