PETROLEUM.

Taranaki Daily News, Volume XLVII, Issue 8126, 4 June 1906, Page 2

PETROLEUM.

The Taranaki Petroleum Company, formod with a capital of £120,000, and registered last week, is sending samples! of tlie petroleum to Professor Esterfield, Wellington, for analysis. Tho Company's No. 2 bore, on the Prison Reserve, is now down ten feet. Boring at th.s point is to be proceeded with night and d iv, Mr D. Berry, one of tho provision 1 directors, proceede.l to Wellington today on businoss connected with the company,

An American g "itloman with considerable knowledge of oil, and oilfields, paid a visit to tho bore on Sanday miming. The oil was turned on for his benefit. He was much impressed with what he saw, declaring that there was no doubt that the company had got a good payable oil field, and that the oil was of a remarkably good quality. He predicted a big futuro for tho field.

The 10,000 shares in the new company, allotted to Taranaki, are going off very satisfactorily. Already, we are given to understand, more than half have been applied for. Mr G. C, Fair, manager of the works, is away North, purchasing plant for future operations. He will return on Tuesday.

Messrs Laery and East, Wellington share brokers, were in Now Plymouth yesterday, and were shown over the oil works.

An Inglewood resident informed a representative ef this paper on Saturday that otters of capital are coming forward readily for a company to be-formed for the purpose of boring for petroleum on a property adjoining that of Mr B. 11. Nicholls, at Inglewood. The shares are issued at £lO

each. A meeting was held in New Plymouth on Saturday to makeprebminary arrangements, and another meeting will take place on Wednesday. A report is current that several Inglewood gentlemen have formed another syndicate to bore for petroleum, shares j being £IOO each.

Tho prospectus of a new prospecting company, which has been formed under the name of the The TaranaM Oil and Freehold Company, Limited, is now ready for circulation and may be obtained from the company's secretary, Mr J. 8. 8. Medley. The company is formed with the object of boring for oil on the Carrington road on a site commonly known as Mr Cock's farm (about a mile and a quarter from the centre of New Plymouth) at Vogeltown. The nominal capital of £15,000, divided into 15,000 shares at £1 each. The provisional directors of the company are: Mr P. P. Corkill (chairman), Messrs W. T. Jennings, M.H.R., G. W. Brown, Michael Jones, W. T. Gardner, James Hawkins, and T. K. Skinner,

Messrs Harcourt and Co., Wellington, have been appointed brokers, and will appoint local brokers. It is the intention of the Company to commence boring at tho earliest possible date, and with that object in view negotiations are being ontered into to secure lhe services of an expert borer and engineer. The shares are to be taken up on the following terms: 2s (id por share on application, 2s fid on allotment, and calls not exceeding one shilling por share at intervals of not less than one calendar month following the allotment.. It is provided in the prospectus that 25 fully paid-up shares are to be issued to each of the directors, and 60 to the trustee (Mr B. Cock) and secretary, making in all 225 shares, which is the total number of promoters' shares to bo given by the company. Tho balance of the shares (after deducting those reserved for application from directors) will bo about 14,000, and are now offered to the public. 11 1.