NEW ZEALAND OILFIELDS COMPANY.

Otago Witness, Issue 3099, 6 August 1913, Page 38

NEW ZEALAND OILFIELDS COMPANY.

COMPULSORY WINDING-UP. GISBORNE, July 31. The directors and the manager of the New Zealand Oilfields (Limited) 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, 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 New Zealand, and to acquire 44 concessions extending over a total area of 147,000 acres, or about 230 square miles, situated near Gisborne and the East Coast districts. The capital was £200,000. divided into 2.000,000 shares of 2s each, of which one million were issued. Boring operations commenced at Totangi (Ngatana), and after sinking a well about 500 ft deep operations were discontinued {rending the arrival of a rotary drilling plant. On arrival of this machinery :t 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 ft, with good oil and gas showing. Owing, however, to the lapwelded casing being unsuitable for the nature of the country it was decided to close down ponding the arrival of a special rotary casing from America, which is on order.