TARANAKI PETROLEUM COMPANY.

Stratford Evening Post, Volume XXIX, Issue 89, 3 June 1911, Page 5

TARANAKI PETROLEUM COMPANY.

HALF TO THE ENGLISH GROUP. The directors think thnl.it is advisable at this stage to place before shareholders the present position of the negotiations for the sale of the company’s properties. It is as follows: As most of the shareholders arc aware, Mr. J. D. Henry, the British oil (■xpirt, visited our properties during last February. Mr. Henry had several (interviews with the directors and finally he tool; to London with him the following conditions upon which the company would sell its property: “That with a view of affording every facility (o Mr. J. D. Henry in his efforts to establish the oil industry in Taranaki, the directors resolve that (unless its undertaking has been sold or agreed to bp sold in the meantime), upon payment of £2OOO in cash by way ■ of deposit on or before the 21st clay of June, 1911, the company will sell he undertaking (excepting moneys due and to become due and oil won) at the price of £IOO,OOO, and a further sum of £IO,OOO if oil be struck at No. 5 bore before completion of purchase. The purchase money to be one-half in cash and one-half in fully paid-up shares in an approved company, whose principal object is boring for and obtaining petroleum, and having a nominal capital of not. exceeding £400,000, with a subscribed capital of not less than £100,00!) (in addition to shares allotted as purchase money), the purchase to be completed by (September ’ 30, 1911, or deposit paid to be forfeited as liquidated damages.”

Almost immediately upon Mr. Henry’s arrival in London the cjmpany received the following cables from him: “Everytiling has Leon reported to my group (meaning principals). Will do business without loss of time. The whole of my time will go into the business. Will return as soon as possible to Taranaki to organise new works. Will pay £2OOO deposit to secure option six ‘months. Urge upon you the necessity of Mr. Carter (chairman) to proceed to London as soon as possible.” The chairman accordingly left Xcw Plymouth for London on June 2. The directors having agreed to the extension of time until -November "If, and ilio deposit having been lodged in the Lank of New Zealand, London, a further oable was received from Mr. u. 1) Henry urging the necessity of the chairman going to London for the purpose of facilitating the completion of the necessary dclail arrangements and signing the contract. Approximately the following is the position at the present time: ;C s. d. rtrdinafv shares, 8(1,870 at 2'b (Fully paid) 80,870 0 0 Preference shares,£ I each — 1 Amount called upon, 10.1H4 at (Is I),LIT. 4 0 0(117 at 3s 1)07 1 » 00,828 5 0 Amount, to he paid when ,option exercised (£lO,(111!) cash, .-hares £lO,0(10) 100,(100 0 0 Additional amount to he paid if oil struck at Lore No. o 10,000 0 0 Oil in sloe.,'. 2.10,000 gallons (approx.), at 2d per gallon 2,084 0 0 Cash in hand and moneys due to the company ... 3,210 0 0 £111,314 0 (I This is not taking into account the cost of continuing the company’s operations. Shareholders must undcrslaud that these figures are only approximate, and are given to them so that they«may 'airly rrnage the position. C. L. r.KI.LIHNOKIL Act ing-Chainnan.