"ARANAKI PETROLEUM.

New Zealand Herald, Volume XLIV, Issue 13625, 19 December 1907, Page 6

"ARANAKI PETROLEUM.

(BY TELEGRAPH.—OWN CORRESPONDENTS.] New Plymouth, Wednesday. The report of the directors of tho Bonifcbon Freehold Petroleum Company, New Plymouth, states that the company was registered on July 25 and commenced business on August 6 with a contributing share list of 160* shares and a paid-up list of 1070, being 1050 shares which became due to the promoters in terms of the prospectus issued, and 20 shares otherwise disposed of. The only contract which the company had was one taken over from tho promoters and now let to Mr. L. Keith to sink the bore to * depth of 2300 ft or thereabouts at a cost of 16s 6d per foot, the company finding all coal, oil, and other small necessaries for the upkeep of tho plant. The full amount of the contract has been paid to date, the only liability being a small percentage due. The plant at Bonithon is an exceptionally good one. The directors had every hope that payable oil will be struck when the bore reaches between 2000 ft and 2300 ft; this statement being warranted by the prospects in the adjoining claim. It would be necessary to make another call as soon as the board had been elected permanently, and it was hoped that the proceeds would be sufficient to wipe off any outstanding liabilities and reach the depth at which they expected to strike oil.