MOTUROA OILFIELDS, LTD.

Otago Daily Times, Issue 23045, 23 November 1936, Page 12

MOTUROA OILFIELDS, LTD.

LAST■ YEAR'S 'iIEISULTg-,;.;,.; The directors of Moturoa Oilfields, Ltd., in their sixth annuaLreport, state that the sales of oil for the.year ended August 31, 1936, amounted to £3258 "lss lid, compared with £3228 ssßd for the previous" yearV- ''Production 'expenses amounted to-'£ 1342 18s 9d and general and overhead expenses.(including 1 depreciation of plant £352 17s.■ lid), to £IOO2 3s lid, leaving a credit balance of £llll Is 4d, as compared with £795 0s Id for the previous year. .From this balance the directors recommehd the payment of divdend at the rate of 6 per cent, per annum on the preference shares, £479 2s, for the year ended August 31, 1935, and the. remaining balance to be carried forwardi subject to the payment'of income tax (if any). As it is necessary'that'the cash re* sources of the company be husbanded to meet any contingencies that may arise, the directors consider that the payment of the preference dividend for 1936 should be deferred meantime and regret that it .is not possible to recommend a dividend on the ordinary shares. . ~v .'■.■'■ , <■

The managing director's report showed that during the year the wells produced 174,070 Imperial gallons of oil, bringing the total up to 1,000,000 gallons since production started.- The results were definitely encouraging; and warranted expenditure of- further capital. Various schemes were under review for the future development of the field, and were at present being considered by the directors. The areas controlled by the company were limited in extent, and would probably not warrant a big company. carrying out a large-scale .geophysical survey. However, the company's areas were in a key position, and, combined .with larger areas, should prove an attractive proposition.