GISBORNE OIL COMPANY.

New Zealand Herald, Volume XLVII, Issue 14299, 19 February 1910, Page 8

GISBORNE OIL COMPANY.

1 THE COMPANY'S PROSPECTS. ' ■■" ' ■'" fnr TFtECEAPH.— coanrsrokDEsr.] GiSBOHXK, Friday. The monthly meeting of the directors of the Gisborne Oil Company was held this afternoon. The sub-committee set up to consider the question of enlarging the scope and capital of the company, so as to have several test bores going on to- ! gether, reported that they did not suggest t any alteration at present, beyond floating J the balance of the 734 shares of the first I issue, which should give the company suff ficient- capital to reach: a depth of 2000 ft j with the present bore. Th it would give ! a valuable lest, and if success was not I attained by that time, it was considered , the position could be further reviewed. | A further application was made to tlie \ directors, on behalf of EngHsb capitalists, I to purdiase some of the boring rights on \ behalf of an English company. The | directors decided not ;to . give any option, j but thai in the event of a definite offer j being made, they would {avonrably : con- \ sider it, allowing the capitalists to have a small portion of the oil-boring area to operate on. "The directors felt : that the present company was more in the nature of a prospecting organisation, and as they might obtain cfl at any time, thus considerably increasing the value of the rights, it would be unwi«e to make any offer in the nature of an- option.