Taranaki Oilfield.

Taranaki Daily News, Volume LIII, Issue 313, 29 May 1911, Page 4

Taranaki Oilfield.

THE SALE NEGOTIATION'S. PAYMENT OF THE DEPOSIT OP ' £2OOO. A cable was received on Saturday by the Taranaki Petroleum Company from Mr. J. D. Henry stating that a deposit of £2050 on the purchase price of the Taranaki Petroleum Company's interests had been paid in the Bank of New; Zealand at London. THE TERMS OF SALE. " ; The following are the agreed minimum terms of purchase:—Price, £IOO,OOO, onehalf in cash, one-half in fully paid-ug shares in an approved company. A further sum of £IO,OOO to be paid! if oil is struck in No. 5 bore before com* pletion of purchase. All oil won and money due or to become due to be the property of tho present company.

The nominal capital of the new com* pany not to exceed £400,000, with a subscribed capital of not less than' £IOO,OOO. Mr. Henry's connections purchase the plant; machinery and options at the price stated, but not the oil won, oil td be won, cash in hand, or moneys owing to the present company. The directors of the Taranaki Petroleum Company do not intend allotting any preference shares, and none applied for during the past week haw been allotted. The company lias received a definite announcement that Mr. J. D. Henry himself will come to New Plymouth to superintend the commencement of operation^ The purchasers are the Oil Trust, Lti|.| a wealthy company formed for the purpose of buying such properties as this. It is stated that when the company was formed the capital of £200,000 was so much over-subscribed that clerks were engaged for three weeks in returning rejected applications. Mr. Carter leaves on Friday for Auckland, joining the Orontes at Sydney on June 10, and should arrive in London about July 25.

The operations at Moturoa will be continued as usual. Matters are at a very satisfactory stage. No. 3 is look* ing partifularly well, and boring at No. 5 proceeds satisfactorily, while at No. 2 there is still the same steady flow of oil. At Friday night's meeting of director! an enquiry was received for 100,000 gallons of crude oil, and a quotation has been since submitted. Several other enquiries hare been re* ceived by the company from various parts of the Dominion for crude oil in various quantities.