PETROLEUM.
GOOD NEWS FROM MOTCIiOA. It is reported, on good authority, thai 1 25 barrels of oil are being pumped daily! from the Taranaki Petroleum Co.'s No; 2 bore. Ilie directors are still further testing the well. The indications at Moturoa have stimulated the 'efforts to. reconstruct the Bonithon Company, wlnvse bore is situated on the South road, about a mile from the Taranaki Company's l>ores. Uec-ent meeting's of the Wellington and Wnnga- i mil shareholders have passed resolutions in favor of forming a new company and resuming operations at the bore. On Monday evening Mr. McLean, ol Wellington. a director of the eompa-ny, met the New Plymouth sharehoders al a private meeting, and a resolution similar to those passed by the Wellington and Wanganui shareholders was passed unanimously. The capital of the new company, €25.000, will he praeticaly al! new shares, being taken up by the present members of the company. None of the new shares will be floated publicly. If any of the present shareholders fail to take up their quota of shares the unallotted shares would be underwritten privately. Operations will be resumed on the bore as soon as sufficient capital is available.
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https://paperspast.natlib.govt.nz/newspapers/TDN19090113.2.18
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Taranaki Daily News, Volume LI, Issue 322, 13 January 1909, Page 3
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196PETROLEUM. Taranaki Daily News, Volume LI, Issue 322, 13 January 1909, Page 3
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