TARANAKI PETROLEUM CO.

Taranaki Daily News, Volume LI, Issue 254, 20 October 1908, Page 4

TARANAKI PETROLEUM CO.

A-VMAL KEI-UKX, Tin- following is tlw annual report of the director* oi the Taranaki Petroleum Company, Ltd.. lo be presented at the annual iu it ting of shareholders on inday, 3ot!i directors, in reporting ou the past year's work a', the bore?, regret that no great success has thus jar rewarded their efforts, and unless the large flow of gas at No, 2 j turns out to be an. indication of the i pres-eiwe of oil in fair (mo.e | especially as there is little or jto water in tlus bore, whivh is still being suak deeper) there is little more to »ay aboMi it. As you will remember, in our last I annual report we mentioned that on the score of economy it was not intendsince thai time it was decided to also close dow n No. 1, as it was considered deepen, and therefore, as residents are aware, onlv Nos. 2.>» d have biM*n m>ne

on with. The work sit No. 3 has been most disappointing; time after time it was thought that the water was shut off, only to ibid that the stralh. passed I through were too soft to continue tight 1 for any length of time. Thi s bore is now about 2448 ft in depth,, and shows I good indications for oil. were only the water difficulty overcome. Two of your directors retire at this meeting, Messrs. Murdoch Fraser and C. E. Bell ringer, but, both being eligible for re-electiou, again oiler you their services. Two auditors will require to be appoiuted at this meeting, and their remuucrali n fixe d. The retiring auditors are Messrs. Hugh Baily and Herbert Lewis, both of' whom, being eligible, again oll'er their services for the coming year.—Daniel Berry, Chairman." From the statement of accounts is gleaned the fact that 31,072 contributing shares have been issued. The cost of bores to date, including plant thereon, is as follows: —No. 1. £1742 ltis lOd; So. 2, £3319 18s 3d; -\"o. 3, £4O3S» 13s 9d; No. 4, £2334 lis (Id; No. 5, £OOB 15s 6d—a total of ,£12,045 His Id.