TARANAKI OILFIELDS

Taranaki Daily News, 28 November 1934, Page 14

TARANAKI OILFIELDS

REVIEW OF THE YEAR’S WORK. PROPOSED SURVEY AT MOTUROA. The results so far obtained by Moturoa Oil Fields Limited at New Plymouth have proved the existence of a small but continuous supply of petroleum, states the annual report of Taranaki (N.Z.) Oilfields, No Liability,-Melbourne, It is believed that if suitable structural conditions could be located in the sedimentary beds underlying the superficial volcanics, profitable results would be obtained. To this end, arrangements have been made by technical officers of the Government for a geophysical survey upon part of the Moturoa company’s property near New Plymouth. This survey will, it is hoped, give information as to subterranean structural conditions which favour oil accumulation, and thus enhance the chances of success in the location of further wells. The manager’s report states that owing to the lack of suitable instruments Dr. E. Marsden, director of the Department of Scientific and Industrial Research, was unable to carry out the magnetic survey of the Kotuku areas in South Westland. However, as the necessary equipment is due to arrive shortly it is hoped that the work will be put in hand within a few months. Reference is made to the decision of the Vacuum Oil Company Proprietary Limtied not to drill the oil areas on the east side of the North Island, as opinions differed among geologists as to the risk rate involved in the locating and drilling of the test wells.

The accounts for the year ended April 30 show that a debit of £494 was incurred in the profit and loss account, compared with £9Ol last year and £385 in 1932. Paid capital is unaltered at £577,510. External creditors are owed £2546, compared with £2915 last year. Shares in other companies at cost are unchanged at £330,837. Debtors amount to £1902, compared with £2517. The amount on de T posit and in hand totals £2277.