BONITHON PETROLEUM COMPANY.

Taranaki Daily News, Volume L, Issue 61, 19 December 1907, Page 2

BONITHON PETROLEUM COMPANY.

Tile report of tile directors of the lioliitliou l f, rcciiold Petroleum Company states that the company was registered 011 July 2iith last nud commenced busi- 1 ness on August tith with a contributing' ] share list of 1004 shares and a paid-up j i list of 1070, being 1050 shares which be- ! 1 came due to the promoters in terms of j 1 the prospectus issued to the nul.lic ami ! 1 -0 snares otherwise disposed of. The : only contract which t|„ company had ; was l-i-kcn over from the promoters and i . now let to Jlr L. Keith, to sink a bore to a depth of 2300 feel, or lliereaboufs, at a cost of 10s (id per foot, the company coal, oil, and other small necessaries for the upkeep of the plant. The full amount of the contract had l )C en paid up to date, the only liability under the contract being a small percentage due. _ The plant at Bonithon was an exceptionally good one, and the work undertaken up to date, if compared with works of a similar character in the district,, had been done exceedingly well and reasonable. The directors had every hope that payable oil would be ™ l; '"' h ™ t]| " bore reached between 2000 and 2.100 feet, this statement being warranted hv prospects in the adjoining claim. It would be nccessarv to m ike another call as soon as the'board lmd ( hoped that the proceeds would be sufficient to wipe off any outstanding lia- , bilit.es, and to reich the depth ar . which } lley expected to strike oil. The com--1 'T' . W] Hi considerable difficulties - had J"h :m 't t' aK<! '. I"'t 1 "' t tho directors had 110 hesitation m stating that now ,"' Sl '"' SS fc" carried on in a prac--1 tical manner, and thev hoped in n few