OMATA OIL WELL

Evening Post, Volume CX, Issue 73, 23 September 1930, Page 11

OMATA OIL WELL

COAL, OIL (N.Z.) REPORT

It is anticipated that payable oil ■will fiist be encountered between 2200 ft and 3000 ft, with subsequent oil horizons at successive depths to over 5000 ft, where- the most abundant supplies are anticipated." This opinion is taken from the second anmul report of Coal, Oil (N.Z.) Ltd., Sydney, and lefers to the Oinata well being duljcd by the company on its property at New Plymouth. Dr. Leon Bossard, the company's chief geological advisor, aho leports that drilling was started on 29ih April, 1930, on the Omata site. He states: "It is with well-founded expectations that we are concentrating on efforts on the exploration of this field where the structural conditions essenti.il for the accumulation of oil in commercial quantities have been proven. It is of interest that in the vicinty of this virgin area more than one and a half million gallons of high-grade oil h<n c been produced by other operators. The close vicinity of the field to a deepwater harbour, and the high quality of the oil produced in this area, would naturally mean a greater margin of profit to the shareholders." Dr. Bossard also reports survey work carried out on the company's holdings at ' Mount Arthur. Dome, on the Weber and. 1 Akitio counties' border?, and in the course of such work "valuable evidence has been collected regarding petroliferous horizons." Concluding, Dr. Bossard states: "The company's iuture from a scientific point of view is distinctly promising, and warrants the support of all concerned in the development of profitable oilfields in the Dominion."

The company had issued 263,470 shares to r3oth June, and since then a further 15,749 shares. Paid capital, including "deemed to bo paid," is £242,396; other liabilities axe: Bank letter of credit, £5300, sundry creditors £5Ui; vendors £37,737. Assets include: properties £141,000; plant and machinery. £20,702; cash, £4961; oil pioperties, development and rights, £74,----913, coal property £GSB, flotation and preliminary expenses £22,204, administrative expenses £9568, loss on oil properties £12,300.