NEW ZEALAND PETROLEUM.

New Zealand Herald, Volume XLIII, Issue 13202, 13 June 1906, Page 2 (Supplement)

NEW ZEALAND PETROLEUM.

FORMATION OF A NEW COMPANY. PROSPECTS : OF '.CUE FIELD. As » ; result of the recent 'successful development in connection with the '1 arauaki petroleum, it lias been decided by the shareholder's of the present company , (which ivos formed for prospecting purposes only) to rod up and to form a new company to take over the whole of the business, assets (other than. money), and undertaking of the present company? hi payment for which 1 . the present shareholders will receive ' paid-up shares to the amount of £56,000, the remaining £64,000 to be offered to, the public. Under this scheme of reconstruction the present £5 shares will be worth £101; preference shares" are ,worth £20, and paid-up shares £1 each in the new company. Mr. G. O. Fair, , manager of the works, who was recently in Auckland on business connected with the company, informed a representative - of the Herald that 'from tests made at the present bore he is confident that I lie flow of oil when operations are commenced will yield at- the rate of 4000 gallons of oil per day. This bore, which is now down 233 ft, has not yet passed through the oil country. A second bore hap been starred, and it is Mr. Fair's intention, to start, two more bores. as soon us everything is in readiness,. making in allfour bores. These, he believes, will greatly increase the yield. The manager estimates the cost of the refinery works required at £10.000, and speaks enthusiastically of the quality of the oil; stating. that fully 50 per cent. at the breakwater outcrop (New Plymouth), which, is one of the" ft nest he has seen in his'long experience of petroleum fields, is lubricating oil.