PETROLEUM NEWS

Taranaki Daily News, Volume LIII, Issue 117, 25 August 1910, Page 4

PETROLEUM NEWS

THE TARANAKI COMPANY.

STATUTORY MEETING. There was a fair attendance ot snareholders yesterday at the meeun 6 of shareholders in the Taranaki Petroleum Comjpany to confirm the resolution passed at the shareholders' meeting on the Bth, inst., when it was decided to increase the capital of the company. Mr. C. Carter, chairman of directors, presided.

The confirmatory resolution was moved by the chairman and carried without dissent.

Mr. Carter made brief reference to the developments at the wells at Moturoa. No. 3 bore had been deepened from 3080 to 3088 feet, and the manager was entitled to the thanks of the shareholders for the energy he had displayed in carrying out this work, 'ihe work performed had required considerable skill and care on the manager's part, for the bottom of the well was some 500 or 600 feet below the cased portion. He also referred in eulogistic terms /to Mr. Keith's work at No. 1 bore.

Mr. .Keith also briefly referred t.o the work in progress. Unfortunately, he said, 'they had been disappointed by the non-arrival of part of the order for 4-inch casing for the Birthdrfy bore, and there would be some delay before work could be resumed. From present indications he thought the directors and shareholders were justified in expecting the Birthday well to turn out as well as, if not better than, No. 2. \ iThe chairman, in reply to a question, stated that 11,000 shares had been applied for. The balance not applied for by the shareholders would be offered to the public for subscription. TM directors of the company met last night and allotted applications for preferential shares. The remainder will be open to the public for subscription from this morning until October 1, unless previously absorbed. Sharebrokers have been appointed in the chief centres of the Dominion. Full particulars will be advertised in a day or two. Applications for crude oil were considered. Some firms asked if the company would contract for constant supplies, and the secretary was authorised to give the necessary information. At the Birthday Well the 8-inch casing has been inserted to a depth of 1291 feet, and the reaming has been done to 1:320 feet. Better progress is now being made. No. 2is still-flowing\ freely. The ground is being cleared preparatory to the sinking of another underground tank. Operations at No. 3 are at a standstill, pending the arrival of casing. •Yesterday the Wellington footballers visited the wells, the manager (Mr. L. Keith) showing them over and explaining the operations, in which great interest was manifested by the visitors, all of whom were surprised at the headway being made with New Zealand's new and important industry.