TARANAKI PETROLEUM CO.

Taranaki Daily News, Volume LIV, Issue 60, 1 September 1911, Page 4

TARANAKI PETROLEUM CO.

THE NEGOTIATIONS FOR SALE COMPLETED. AND THE AGREEMENT SIGNED. Mr. C. E. Bellringer, acting-chairman ol the Taranaki Petroleum Company, baa received a cablegram from Mr. C. Cutter, chairman of the company, who is now in London, 'to the effect that the agreement to sell the company's interests to the Oil Trust, Ltd., (Mr. J. D. Henry's principals) had been signed. The conditions of sale have been varied, bo that the working capital of the new company is £200,000, instead of £IOO,OOO as originally arranged, and the whole of the stock of crude petroleum now stored at Moturoa haa been Hold at a satisfactory figure.

TEEMS OP THE AGREEMENT. The following were the agreed minimum terms of purchase: The price to l>e paid is £IOO,OOO, one half to be paid in cash, and one half in fully paid up shares in «n approved company. .r A further sum of £IOO,OOO was to lto , paid if oil was struck in No. 5 bore before the completion of the purchase. Alf oil won and money due or to become due to be the property of the present company. The nominal capital of the new com- t puny not to exceed £400,000, with a subscribed' capital of note less than £'loo,ooo.