PETROLEUM NEWS.

Taranaki Daily News, Volume LIII, Issue 91, 26 July 1910, Page 5

PETROLEUM NEWS.

THE TARANAKI COMPANY. The directors of the Taranaki Petroleum Company met last night. A number of enquiries from many parts of the Dominion have been received for samples of oil. iNo. 3 bore is now down a depth of 3010 feet. No. 1 bore lia.s been reamed out »nd cased to a depth of 1)75 feet. The total output of No. 2 bore will 'be shown within a few days. The following circular has just been addressed to the shareholders:—The directors in their circular of June 24th indicated that their future action would be largely influenced by the shareholders' replies to the proposal to issue the remaining shares in the capital of the company as preference shares. The circular has met with a cordial response, and the directors have consequently decided to proceed with the proposal, but in a slightly altered form. At the time when the circular was issued, it was intended to convert the 32,090 unissued shares into preference sliarea After carefully considering the matter, however, the directors decided not to deal with these shares, ibut to recommend the shareholders to increase the capital of the company toy the creation of £30,000 worth of new shares, to 'be issued as preference shares. The unissued shares in the original capital will be held in reserve for the present, and with the increase of the company's capital will strengthen its financial position. It wa* found that the formal legal steps necessary to convert any of the existing capital into preference shares would involve very considerable delay, and this consideration was an important factor in indue* ing your directors to recommend the course n6w proposed. The necessary steps have been taken to convene the requisite meetings so as to pass a special resolution to give effect to the proposal,. I As a result of the circular many applications have been received, and numerous people not hitherto interested are applying for shares. Mr. Okey will be asked to extend the invitation of the directors to his col- , leagues and to the members of the Uppier House to visit the company's property. When a date for the visit is decided, the 1 directors will make arrangements for the entertainment of the visitors, who will be given full opportunity to see both the oil properties and the district generally.