TARANAKI OILFIELDS.

Poverty Bay Herald, Volume LI, Issue 16895, 27 November 1925, Page 4

TARANAKI OILFIELDS.

TILE PAST YEAR'S ACCOUNTS. PLAN’S, for the future. OPERATIONS AT GISBORNE. The accounts of the Taranaki C’r Fields, Ltd., for the 12 months ended July 31, reveal expenditure of £8231 on piolli. and loss account, and after deducting £2751, representing interest earned'arid rents, a debit balance of £5480 has been transferred to general development. This item, under assets, appears at £BOOS, and other figures embrace property asccount, including geological work and report of Mr F. G. Clapp, £118.269: freehold properitts, £2COO; drilling, £20,136; buildings, drilling and canto equipment, motor-cars, etc., £12,400: insurance and travelling expenses, £2752: and brokerage and underwriting commission, £5618. Shares in the Gisborne Oil Ply., Ltd., are valued at £56,463, and stores and tools at £23,463, sundry debtors appear at £9i2, deposits and accrued interest at £65,786, and hank and’ cash accounts at £2334. Sundry creditors are set down at £3502. The report states that boring operations were carried out- at larala and Moturoa, and drilling is in progress. At November 2, depths of 3670 and 2142 l'cct respectively had been reached, and in (he case of each well the time is rapidly approaching, tho directors slate, when strata, which, according to geological observations, exhibit features favorable for the retenuon anu delivery of oil should he reached. The directors claim that the major development is tho steady expansion and consolidation of Ilia areas over which the company holds oil rights, beyond the limits of the properties at Moturoa and 1 Ta.rata. Interests have been acquired in two additional areas in Taranaki Province ; an extensive area m Westland Province; and a group of areas in the east coast districts of the North Island. In addition, the geological programme has included reconnaissances of me location of additional.areas. It, is proposed, as a. matter of organ isation, that Gisborne Ply-, Ltd., shall continue its existence as a. separate entity, and to ensure the most Effective method of dealing with the whole of the properties in which the company is interested. it may he desirable to form one or more additional companies. In regard to the creation of 300,000 new shares of £1 each, by increasing tho capital to £BOO.OOO. the allotment of the issue of 154.750 shares is being made, in the proportion of one for each two shares held l»v members holding 20 or more, and 10 ’new shares to those holding iess than 20, to holders registered on October 30. in lieu of October 27, as previously fixed. Acceptances forwarded by mails leaving New Zealand up to November 26 will he admitted.