OIL PROSPECTING

Poverty Bay Herald, Volume LV, Issue 17612, 30 October 1931, Page 10

OIL PROSPECTING

TARANAKI CO.’S REPORT CONFIDENCE IN FUTURE “While the drilling operations to date, have-not brought success, shareholders may rest the effort to demonstrate the existence of a profitable oilfield is being put forward with the full benefit of the scientific resources available, and in a manner which lias ensured the elimination of avoidable hazards,” states the annual report of the directors of Taranaki Oil Fields, No Liaiblity, for the year ended April 30. “As to the future,”the report continues, “the directors retain their confidence in the possibilities of tho landed concessions controlled by the company and its subsidiaries,and look forward with optimism to the outcome of the present drilling tost at Waitangi No. 2 well, Gisborne; in particular.’'’ Referring to Moturoa Oil Fields, Ltd. (New Plymouth), in which Taranaki Oil Fields holds 80,000 fylly paid 5s shares, the report states that its -No. 2 well has at a depth of rather more than 2000 ft. given the best showing as regards oil production yet obtained in the Dominion. It was hoped to develop a regular production, of about 50 barrels a day. As consideration in respect of hire of certain drilling plant to the New Plymouth Oil Wells, Ltd., the Taranaki Go. had been allotted 3000 fully paid shares at £l. Steps had been takeni by the directors to reduce materially all adjustable items of the company’s expenditure, including board fees, management charges, and salaries. Unfortunately rather heavy additions to operating expenditure had arisen, owing to the cost of transmitting funds to New Zealand. Since the close of tho year the general manager, Mr. A. 11. P. Moline, had been appointed general superintendent for the Mount Lye 11 Mining and Railway Co., Ltd., at Queenstown, Tasmania. Mr. C. N. Taylor, assistant-general manager, had succeeded Mr. Moline. The retiring directors, Mr. W, L. Bailtieu, and Mr. E. 11. ShackCll, of Melbourne, offer themselves for reelection at the annual meeting in Melbourne on November 9. The accounts show that a debit of £l27B.was incurred in the profit and loss account. This compares with £3908 in the previous year. At the end of the term the company owed £5860 to external creditors. \ Shares In other companies at cost stand at £254.652, as against £210,297 last year. Stores and tools are valued at £5361, and debtors’ balances aggregate £70,537. Paid capital has increased from £516,258 to £559,758, and calls unpaid amount to £5150, compared with £2458 last year.