GISBORNE OIL CO. LTD.

Gisborne Times, Volume XXVI, Issue 2365, 4 December 1908, Page 4

GISBORNE OIL CO. LTD.

ANNUAL REPORT. At the annual general meeting of shareholders in the Gisborne Oil Comoanv Ltd., to be held to-mght the following report will be submitted by the directors: —“In submitting the annual balance-sheet and statutory report to'the shareholders, the directors desire to state that while the past year has been practically a dormant year so far as monetary matters or boring operations are concerned, yet it has been a most important year, inasmuch as boring rights have been secured and ' completed over some 2/,142 acres of what is regarded as the best oil boring area m the district. The directors are also pleased to report that, after a considerable amount of pressure, the -Government allowed Dr. j: M. Bell, their geological surveyor, to make a geological survey of the oil bearing country in this district, and while this work is still in progress a preliminary report has been made to Parliament on the work so far as it has gone, and which is of a very satisfactory nature. J Ins reixirt is now available., and in it- a suggested site is defined for a bore hole in the area over which this Company holds boring rights, and though the completed survey will not be finished until May, 1909, it is hardly likelv that the present bore hole site will ‘be altered, and it will now- be necessary for the directors to take steps to commence active boring operations. With the prospect of boring operations starting, it will be advisable to strengthen the capital of the Company by placing more shares, and if this is done, the directors should ho placed in a position to w-ork continuously day and night shifts in boring.”