N.Z. OILFIELDS, LIMITED.

Stratford Evening Post, Volume XXXVI, Issue 74, 1 August 1913, Page 5

N.Z. OILFIELDS, LIMITED.

A SURPRISED COMPANY

TPer Press Association.] Gisborne, July 31. The directors and manager of the • New Zealand Oil Fields, Co., Ltd., state that they are Completely surprised at the cable news that Mr Justice Neville has ordered the compulsory winding up of the company and further that they know of no litigation to necessitate such an order. The company was formed on April 7, IfclO, for the purpose of developing , oil concessions in New Zealand, and i to acquire 44 concessions extending ' over a total area of 147,900 acres, or about 230 square miles, situated near Gisborne and in the east coast districts. The capital was ■ £200,000, divided into two million shares of 2. each, of which one million were issued. Boring operations commenced at Totangi (Ngatapa) and after sinking a well about 50 feet deep, operations were suspended, pending the arrival of W a rotary drilling plant. On arrival I of this machinery, it was decided to ’ continue the one well at Waihirere, ovvHng to transportation facilities to that site being so much easier. The plant did good work, having reached a depth of 1387 feet with good oil and gas shows. Owing, however, to the lap-welded casing being unsuitable for ! the nature of the country, it was decided to close down pending the arrival of special rotary casing from America which is on order.