N.Z. OILFIELDS, LTD.

Wairarapa Age, Volume XXV, Issue 10713, 1 August 1913, Page 5

N.Z. OILFIELDS, LTD.

ORDE&. r (Received July 31, 9.40 a.m.) I/)NiDON, July 30. Mr Justice Neville-has ordered the . compulsory winding-up of the New ''Zealand Oilfields, Ltd. [The directors of the New Zealand Oilfields, Ltd., have (wrote a London -correspondent under date June 25th) convened an extraordinary general meeting to be held on Monday at the conclusion of' the ordinary meeting, when a resolution will, be submitted to increase the capital to £250,000 by the Creation of 500,000 profit-shar-ing priority shares, of 2s each, entitled to cumulative 10 per cent, preferential dividends, and that the remaining surplus iarvailable for distribution shall be payable as to.three--1 quarters to the priority shareholders,, the balance going to the existing or-' dinary shareholders. In the event of ' liquidation the surplus assets are to i'fce applied, in the first place to paying off the priority shares at par and thereafter to extinguishing! the ordinary shares on similar terms; while of any ; Surplus then remaining 75; per cent, is to @ai to the priority share- ' holders and the remaining 25 per I cent; to the ordinary shareholders.] SURPRISE IN NEW ZEALAND. | PROGRESS OF WORK. i (By Association.) GISBORNE, Last Night. The directors a&d manager of the New Zealand Oilfields, Ltd., state that they are completely surprised at the cablo news that Justice Neville has ordered the compulsory windingup of the company, and further they know of no litigation to necessitate such an order. The. company was formed on April 7th, 1910, for the purpose of developing oil concessions in New Zealand, and to acquire 44 concessions extending over a total area of 147,900 acres, or about 230 square miles, situated near Gisborne and the East Coast districts. , The capital was £200,000, divided into 2,000,000 shares of 2s each, of which one' million were issued. Boring operations were commenced a<t Totangi (Ngatapa), and after sinking a well about 500 feet deep, operations were discontinued, pending the arrival of a rotary drilling plant. , On the arrival of this machinery, it was decided to oontinue the one well at Waihirere, owing to the transportation facilities to that site being so much easier. The plant did good work, having reached a depth of 1387 feet, with good oil and gas shows. Owing, however, to the lap-welded casing being unsuitable for the nature of the country, it was decided to close down, pending the arrival of special rotary casing from America, which Is on order.