SEARCH FOR OIL

Wanganui Chronicle, Volume 80, Issue 256, 28 October 1937, Page 10

SEARCH FOR OIL

TARANAKI NEGOTIATIONS SATISFACTORY PROGRESS NEW LEGISLATION AWAITED. Negotiations are proceeding with oil interests overseas for the drilling of concessions on the east coast of the North Island of New. Zealand, the directors of Taranaki (N.Z.) Oil Fields, N.L., state in their report forth e 12 months ended April 30, which was issued in Melbourne last week. .\s soon as possible a full statement will be made to shareholders of the company. "The negotiations have taken longer than was anticipated.'' the report slates, "but have now reached an advanced stage. Finalisation of an operative agreement with oversea oil interests is bound up with legislation which the New Zealand Government has given notice of intention to pass during the earlier part of the current session of the Dominion Parliament to govern the search for and development of oilfields. Rights of Crown. “The Minister of Mines, the Hon. P. C. Webb, has made it clear in a recent public statement that under the proposed legislation oil contained in all lands in the Dominion will bo deemed to be the property of the Crown, and that the Government will determine the conditions under which ?oncessions will be granted to those seeking to engage in prospecting fur oil and developing oilfields. "This proposed legislation is in close accord with oil legislation recently passed in the United Kingdom, as well as in Victoria and certain other States of the Commonwealth, and when passed should encourage and greatly facilitate the search for oil in New Zealand. "Your directors are satisfied with the position developing, and with the prospects of the Taranaki company and its subsidiary and associated in’.erests under the new conditions a hich will obtain, and as soon as the way is open to do so a full explanatory statement will be made for the information of shareholders.’’ Company’s Holdings. Nominal capital of Taranaki Oil Fields is £1,000,00(1 Of this, £579,275 was paid up at April 30. Shares held in other campanies, with their paidup value at cost, are as follows:—Gisborne (N.Z.) Oil Fields, Limited, 242,300 £1 shares (£185,862); Waitangi (N.Z.) Oil Fields, Limited, 165,000 £1 shares (£59,375); Waiapu (N.Z.) Oil Fields, Limited, 180,000 £1 shares (£65,625); Moturoa Oil Fields, Limited, 5300 6 per cent preference shares of 5s each, fully paid, and 81,100 5s ordinary shares, fully paid (£21,600), and New Plymouth (N.Z.) Oil Wells, Limited, in liquidation, 3000 10s shares, fully paid. The Moturoa Company in December. 1936, paid a dividend at the rate of 6 per cent, per annum on its preference capital in respect to the year ended August 31, 1935. Total output of this company’s three wells at June 30 was 1,0-46,844 gallons. At the balancing date there was an excess of outside liabilities over current assets in the Taranaki Company’s account of £l7l. The directors have continued to act without fees,; and costs of administration, they i state, have been reduced to a minimum.