TARANAKI OILFIELDS.

Stratford Evening Post, Volume XXIX, Issue 84, 29 May 1911, Page 5

TARANAKI OILFIELDS.

THE SALE NEGOTIATIONS. PAYMENT OF THE DEPOSIT OF •C2OOO, All oil won and money due or to become due to be the property of the present company. The nominal capital of the new company not to exceed £400,000, with a subscribed capital of not less , than £IOO,OOO. A cable was received on Saturday by the Taranaki Petroleum Company from Mr. J. D. Henry stating that a deposit of £2OOO on the purchase price of the Taranaki Petroleum Company’s interests had been paid in the Bank of New Zealand at London. THE TERMS OF SALE.

The following arc tlic agreed minimum terms of purchase:—Price, £IOO,OOO, onchalf in cash, one-half in fully paid-up shares in an approved company. A further sum of £IO,OOO to be paid if oil is struck in Xo. 5 bore before completion of purchase. Mr, Henry’s connections purchase the plant, machinery and options at the price stated, but not the oil won, oil to be won, cash in hand, or moneys owing to the present company. The directors of the Taranaki Petroleum Company do not intend allotting any preference shares, and none applied for during the past week have been allotted.

The company Ims received a definite announcement that Mr. J. D. Henry himself will come to New Plymouth to superintend the commencement of operations.

The purchasers are the Oil Trust, Ltd., a wealthy company formed for the purpose of buying such properties as this. It is stated that when the company was formed the capital of £200,000 was so much over-subscribed that' clerks were engaged for three weeks in returning rejeeted applications. Mr. Carter leaves on Friday for Auckland, joining the Orontcs at Sydney on June 10, and should arrive in London about July 25.

The operations at Moturoa will ho continued ns usual. Matters arc at a very satisfactory stage. No. 3 is looking particularly well, ami boring at No. 5 proceeds satisfactorily, while at No. 2 there is still the same steady flow of oil.

At Friday night’s meeting of directors nn enquiry was received for 100,000 gallons of crude oil, and a quotation has been since submitted. Several other enquiries have been received by the < company from various parts of the Dominion for crude oil in various quantities.—“ News.”