NEW ZEALAND OIL FIELDS, LIMITED.

Hawera & Normanby Star, Volume LXV, Issue LXV, 1 August 1913, Page 5

NEW ZEALAND OIL FIELDS, LIMITED.

BY TELEGttAX'II— I'IUiSS ASSOCIATION. GISBORNE, August 1. The directors and manager of the New Zealand Oil Fields Co., Ltd., state that they are completely surprised at the cable news that Mr Justice Neville has ordered the compulsory winding up of the company, ' and further that they, know of no litigation to necessitate ' such an order. The Company was formed on April 7, 1910, for "the purpose of developing oil concessions in Kew_ Zealand, and to acquire 44 concessions extending over a total area of 147,900 acres, or about 230 square miles, situated near Gisborne and in, the east coast districts. The capita,; was £200,000, divided into two million shares of 2s each, of which one million were issued. Boring operations commenced at Totangi (Ngatapa), and after sinking a well about 50 feet deep, operations were suspended, pending the arrival of a rotary drilling plant. Oh arrival of- this machinery, it* was decided to continue the one well at Waihirere, owing to transportation facilities to that site being so much .-easier. The plant did good work, having reached a depth: of 1387 feet •with good oil and gas shows. Owing, however, to th& lap-welded casing being unsuitable for the nature of the coui£ try, it jwas decided to close down pending the arrival of special rotary casing from America which is on order.