BORING FOR OIL.
ASHBURTON, September 20. After seven years’ boring at Chertsey, and having reached a depth of 2200 ft, an extraordinary meeting of shareholders in the Canterbury Petroleum Prospecting Company to-day decided to go into voluntary liquidation, because quicksand prevented further boring. The financial resources had been exhausted, including a recent Government subsidy of £IOOO. The sale of the plan! may recoup the debentureholders, but the general shareholders are unlikely to see any return. Individual losses, however, will bo small because of the 750 shareholders 600 are holding only £lO or under. Only 70 are interested to the extent of £SO or more. The company claims that it has demonstrated the existence of gas and oil under the Canterbury Plait i.-.
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Bibliographic details
Otago Witness, Issue 3524, 27 September 1921, Page 24
Word Count
122BORING FOR OIL. Otago Witness, Issue 3524, 27 September 1921, Page 24
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