N.P. OILFIELDS.

Taranaki Daily News, 15 July 1921, Page 4

N.P. OILFIELDS.

BLENHEIM OO.’s PROSPECTS. POSSIBLE DEVELOPMENTS. A meeting of shareholders in the Blenheim Oil Co. (in liquidation) was held at New Plymouth yesterday for the purpose of formulating proposals to secure oil from the company’s bore at New Plymouth. Several members expressed confidence in the bore, and are of opinion that oil is available in payable quantities. It would be necessary, however, to approach the Government in connection with financial arrangements before any definite action could be taken One member thought that, although the bore had been extended to a depth of 6090 ft., the oil would be procurable at the 2100 ft. level, that being the spot from which the first yield was extracted. Shareholders offered to subscribe further capital in order to enable the company to proceed with the working of the bore, as the general opinion was that oil was available in sufficient quantities to render it- a payable proposition, the- main difficulty being lack of capital. Although no definite action was decided upon at the meeting, it is stated by shareholders that developments of a more or less important nature are likely to occur in the course of a week or two.