SEARCH FOR OIL

Sun (Auckland), Volume II, Issue 548, 28 December 1928, Page 2

SEARCH FOR OIL

. TARANAKI COMPANY PERSEVERES ' FINANCIAL RECONSTRUCTION Sufficient money is held by Taranaki Oilfields, Ltd., New Zealand, and its subsidiaries, to continue w'ork for eight or nine months on the same scale of expenditure as last year. The chairman of directors, Mr. Watt, made the statement at the annual meeting in Melbourne on December 17. He further outlined plans for the financial reconstruction of the concern. He said it was proposed to fon» Taranaki (N.Z.) Oilfields No Liability with capital divided into shares of -sts each. It would be allotted in change for shares of 20s each in the present company. The money in hand would alio bores to be sunk to the obstructive strata on the Morere and structures, provided it was not necessary to buy extra equipment. * n S Ui !n ies regarding boring are being America by the general manager, i reconstruction was based on the - sumption that more funds wo H I 7- is . required to test two structures at borne and an area in the South which was believed to be wortn> exploitation. The calling power ox company would be increasea £230,000. . tho The directors were persisting 1 jj belief that there was commercial in New Zealand. The pioneering ditions meant slow and anxious _ The main features of the new tures in the South Island an d generous surface indications oto the likelihood that test drilling be shallow. .