AN OIL VENTURE.
CHERTSEY OPERATIONS END. VOLUNTARY LIQUIDATION. By Telegraph.—Press AssoJaHon. Ashburton, Last Night. After seven years’ boring at Chertsey, and having reached a depth of 2200 feet, an extraordinary meeting of the shareholders of the Canterbury Petroleum Company today decided to go into voluntary liquidation, because quicksand prevented further boring. The financial resources are exhausted, including the recent Government subsidy of £lOOO. The sale of the plant may recoup debenture-holders, but the general shareholders are unlikely to see any return. The individual losses, however, will be small, because of 750 shareholders 600 are holders of £lO or under. Only 70 are interested to the extent of £5O or more. The company claims it has demonstrated the existence of gas and oil under the Canterbury Plains.
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Taranaki Daily News, 21 September 1921, Page 5
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126AN OIL VENTURE. Taranaki Daily News, 21 September 1921, Page 5
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