OIL BORES AND RIGHTS.

Taranaki Daily News, 31 August 1922, Page 2

OIL BORES AND RIGHTS.

UPSETS NOT BEACHED. Bidding was not very spirited at the sale of properties, buildings, boring plants, etc., conducted at Moturoa yesterday on behalf of the Taranaki Gil Wells (N.Z.), Ltd., by Messrs. Newton King, Ltd. Three properties were offered, the first being about three-quarters of an acre of freehold land near the No. 3 bore, with the machinery and fixed boring plant thereon. The well or the property was estimated to produce 500 to 600 gallons of oil a month, but the upset price was not reached, and the property was passed in at £lOOO. The next property offered was 4 acres 3 roods of freehold land, known as the refinery site, together with the buildings, but the best bid received whs £3OOO, so this property was also passca in. The goodwill of the Gilibanss (No. 2) bore lease, with nearly eight years to run, together with the boring rights and machinery, did not attract purchasers, this property being passed in at £9OO. The machinery, casing, boilers, iron, sheds, etc., were then offered in lots, the sale continuing throughout ,the day. The bulk of the material went very cheaply, there being little competition, except in isolated instances, whilst a good many lots were passed in.