TARANAKI PETROLEUM COY.

Taranaki Daily News, Volume L, Issue 61, 22 October 1907, Page 2

TARANAKI PETROLEUM COY.

'.Dm annual report ol' the directors of the Taranuki lVtroli-iiiii Company has been circulated, and will be presented to the annual meeting of shareholders on Friday, Ist November. 'J'lu; report runs: — J he directors have tlie pleasure of reporting to our shareholders for the mvoiiil time, and in so doing regret that so far no great success sueii as was anticipated Ims as yet rewarded our efforts, though our inan.lger, .Mr. \V. A. Simpson, reports that all the wells are to-day in a more satisfactory and soinuier condition than lliey hive ever been since (he inception of the company. As von are aware, our late manager, Mr.'fi. C. JbYir, died in November last, short I v after the statutory meeting, and I vour directors then requested Sir .1. (i.

Ward to cable to Sir Wilfrid Lanricr. the Cnnmlian Premier, asking him to send an expert oil-driller here at once, ami after some negotiations Mr. W. A. Simpson was selected, and came upon a two years' engagement, and arrived and took charge on the 2nd of June. Your directors have pleasure in saying that they are' fully satisfied as to his capabilities for the position. The first bore, known as the "Birthday," or No. 1, we regret to say, has not realised our anticipations,, the water was not shut oIT, and oil was only coming in lesser quantities, and in cleaning out the bore certain obstructions were met with. However, the casing has been lowered some JOl't, and it is hoped !o get'inc.. Eomn harder strata soon where n. 7,« i do possible to shut oil'. '.l'ho present depth of the bore is 2200 ft. At 'No. 2 bore on the L'rison Reserve the directors are pleased to report that all the surface water is shut oil' and only a little .salt (not sea) water is coining in, and that our manager regards as a very good indication, as it almost invariably, accompanies any large supply of oil. A considerable quantity of oil as well as gas lias been obtained, and further developments are expected before long. No. 3 bore is down 2372 ft, the greatest depth yet obtained, and a much harder formation, a granular limestone, is being experienced, and probably before the date of the meeting the water will be shut off and sinking deeper commenced, when it is hoped that a larger and more permanent oil-hearing stratum will be reached, as it must be remembered that although each of these three bores have been and are still giving oil, yet it now seems that all the oil obtained, some 5201) gallons, was from small veins, and in ground too soft to shut off water or to stand up without caving, and nor from the, main oil strata, we now hope

to get. On the advice of our export Hint . so many bores were not required to test ; our properties at Moturoa, Nos. 4 and 5 bores have lieen temporarily sluit down until a thorough test lias been made with Nos. 1, 2, and 3, and at No. 3 double shifts hare been put on for thatpurpose. During the year your directors have obtained most complete analyses of the oil from Great Britain, and can say without fear of contradiction that it is the best and most valuable oil so far discovered. They have also obtained complete schedules and prices for a refinery plant, and have secure i a necessary site for erection of same, but regret that they are not yet prepared to recommend this part of the undertaking. Two of your directors retire at this meeting. The two balloted out—Messrs. D. Berry ('chairman) and ,1. 11. Boy—are both eligible for reelection, and again offer you their services. Through Mr. Hugh Baily, one of the auditors, accepting the position of temporary secretary of the company ■;n- sn:uc three months, he was unable to continue his duties as auditor, and this year's work has therefore been done l.v Mr. T. 0. Kclsey, F.N.Z.A.A., alone. ' It now rests with the shareholders to elect one or more auditors for the ensuing year, and to fix the •numeration to ho paid. The balance-sheet shows that 87,910 shares "out of 120.000 shaves were allotted, and 175 since forfeited, leaving S7/735,' of which SI ,735 are contributing. Assets include freehold property and options, £55.182; cost of bores, including plant thereon, £10,357 lis Id; casing £2030 (Is 4d; and a balance of £3030 14s 3d to working account. This latter account shows that '£77 5s Od was received from sale of oil, transfer fees £55 lis Od, discount £55 7s Od. A credit balance'" of £2582 10s 3d was brought forward from last year. Flotation expenses ran into £443 Is, rent of boring _ {..„.„.. oin .ly.^..offic ß expenses £37 M dent insurance, stumps, etc.) ,L.)-iu u.> lid, and the total expenditure was £4153 4s lOd.