TARANAKI OILFIELDS

Taranaki Daily News, 24 November 1926, Page 15

TARANAKI OILFIELDS

THE Y'EAR’S OPERATIONS. DIRECTORS STILL CONFIDENT. The directors of Taranaki Oilfields, Ltd., in their annual report for the year ended July 31, expressed regret that they have to report the abandonment, owing to the lack of encouraging indications, of the wells at Tarata and Moturoa, as well as of the No. 1 well drilled for the subsidiary Waiapu Company. The board states that these disappointments do not, in the opinion of the company's technical officers, carry with them any general condemnation of the extensive areas covered by the company’s oil rights which have not yet been tested by the drill. On the contrary, while drilling has been proceeding, the company’s territory in other regions has been subjected to careful investigation with a view to the compilation of data which will enable the numerous structures to be graded in the order of their prospects. In dealing with the future the board writes that no prophecy can be made, but the directors, are unanimous that the wider experience and more detailed knowledge gained concerning the company’s properties justify a continuance of their confidence in the outlook. Evidence is' available that several areas are definitely worth testing, and the aim of the board, is to act. ..upon these recommendations as promp|ly as possible. Three subsidiary companies have been established to hold oil rights in the east coast district of the North Island as follow:—Gisborne (N.Z.) Oil Fields, Ltd., Waitangi (N.Z.) Oil Fields, Ltd., and Waiapu (N.Z.) Oil Fields, Ltd., and in each of them the company holds a preponderating interest. The balance-sheet shows that the company holds 40,000 £1 shares, fully paid, in the Gisborne company, purchased for £56,500; 150,000 £1 shares, paid to 2s, in the Waitangi Company, £15,000; and 150,000 £1 shares, paid to 2s, in the Waiapu Company, £15,000. The paid-up capital at July 31 was £424,671, in addition to which there is an amount of £3546 10s, allotment and first call unpaid, while a second call, amounting, to £36,022 10s was due on November 1. Other liabilities are provision for income taxes, £339; sundry creditors, £7165, and deposit account, £9934. The property account now stands at £125,909, an increase during the year of £7640; in addition cost of freehold properties is shown at £3650. General development has reached a total of £12,188. Cost of drilling the Tarata bore is shown as £28,754 and that of the Moturoa bore as £21,305, a total of £50,059, as against expenditure of £20,136 at the. end of July, 1925. Buildings, equipment, stores and tools, under various entries, represent £35,424. Sundry debts amount to ££18,348, deposits, advances and accrued interest to £88,857, and bank and cash accounts to £8951.