GISBORNE OIL COMPANY.

Gisborne Times, Volume XXVII, Issue 2594, 31 August 1909, Page 6

GISBORNE OIL COMPANY.

MEETING OF DIRECTORS. '=- ' . A meeting of directors of the Gisborne Oil Company was- held yesterday, morning. Present : Messrs; W. D. Lysnar (chairman), Wv F . J. Anderson, D. J. Barry, L. Saxby, and " T-. Adair. The manager’s weekly reports to hand since last meeting* were 1 received, and dealt with. The two last ■weekly reports were read as follows: August 21.—1 beg to state that the formation has changed this week for the better. We struck shell at 522 ft, with a strong vein of -petroleum gas running to green sandstone, and still, drilling ini. the same. I do not anticipate any more trouble with the Bin casing, as we are overcoming the friction, and should make better progress from now on. August 28. —I desire to state that the formation we are now 'drilling in is very much the same as last week, but carrying an exceptionally strong petroleum odor. The • total depth is now 613£t.. -The directors approved of - the. manager’s recommendation that at the , middle of next month a secpnd shift be put on, thus ensuring continuous running night and day. With this object in view, and to hole the finances on a satisfactory. basis, the directors decided to place some more shares, and to notify that 500 would be immediately available to the public. The directors had previously decided not to issue more shares, as there was sufficient capital to carry on the work with a single shift, but the doubling of the shifts requires further capital.