QUEST FOR OIL
SIR C. FRASER’S BELIEF GOOD PROSPECTS IN NEW ’ ZEALAND. ANTICIPATION OF IMPORTANT DISCOVERIES. (By Telegraph—Press Association.) WELLINGTON, May 9. “I have never wavered in the belief that important oil fields await discovery in New Zealand,” said Sir Colin Fraser, of Victoria, and chairman of directors of the New Zealand Petroleum Company and Taranaki Oilfields, who arrived today by the Wanganella. He expressed himself very well satisfied with the organisation set up by the New Zealand Petroleum Company and the systematic effort being made to find and produce oil in the Dominion. The work was being followed with, keen interest in Australia, as well as in New Zealand, he said. The company would shortly have expended on purchasing and installing drilling and other plant and equipment, establishing business and technical organisations, and also drilling at Totangi and carrying on geological, geophysical and other work, the sum of £250,000, provided in the first place by shareholders, .comprising leading American oil companies, and for which those companies received deferred shares, which did not participate in the profits made by the company.
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Wairarapa Times-Age, 10 May 1939, Page 2
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181QUEST FOR OIL Wairarapa Times-Age, 10 May 1939, Page 2
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