MANGAONE OILFIELDS, LTD.

Wairarapa Age, Volume XXXII, Issue 10644, 27 May 1912, Page 5

MANGAONE OILFIELDS, LTD.

A COMPANY REGISTERED.

WTTH A CAPITAL- OF -£25,000.

There was registered on Saturday" week .tiiS Maiigaone Oilfields, .Ltd., a company /with,; a•..-capital of £25,000. in £l~'ish.areis'. This*"iis .the outcome of various experts' 'reports on the prospects of scouring petroleum in the Mangaone Valley. Of vhe capital, 42-50 shares are to .ba allotted as .fully paid .up to the vendor (Mr F. Cassin) in pa.rt consideration of the sale ,to the company of the property .mentioned, viz., oiL iboring and other mineral rights in the Mangaone and Kopuaranga S.D. The vendor also receives a cash .payment of £2OOO. The •Directors of the Company are: Messrs M. ,F. Bourke, H. J. Bull, A. Fred(.Napier), F. Casein, B. S. Storey (Hastings), .W. R.. Godfrey !(Riongpma'i), and F. iC. Lewis (Masterton).

The prospectus of the Company contains a 'number of ■ extremely favourable reports on the district from various (experts, and it is shown that %he formation of the country is such as is described' by the world's leading 'geologists as .being the natural .conditions under which petroleum and nai;- . ural -gpses appear., - .' . '■-..■• V A contradt lias been signed with some, of ithe leading drili experts of the World to sink two wells (to a depth of 8000 feet if necessary. This will 'be done ;by an all-steel combination plant and casing, and it is estimated the capital! of the .Company will be sufficient to .sink '.three bores. The time tallowed under the contract is four months for a two thousand foot bore, and six months (for 3000 feet.

Of the 25,000 shares, 20,750 are heling offered .to tine public, and Mr Whiteley", of Napier, wiho is -the sole 'broker for the Company, states that 13,000 of these have already ben ajpplied for in Hawke'is Bay. This leaves some 7000 -at thie most for disposal, •and ha. intends, in compliance-with a 'promise, to (give the v,\Vairarapa the option of taking them" dip, Mr Willite'ley states 'that' immediately on his return to Napier the Directors will, proceed to allotment, and thenceforth shares will be at a premium.