GISBORNE OIL COMPANY.

Gisborne Times, Volume XXVII, Issue 2685, 15 December 1909, Page 2

GISBORNE OIL COMPANY.

MEETING OF DIRECTORS

A meeting of directors of the Gisborne Oil Company was held yesterday afternoon, when there were present:— Messrs W. D. Lysnar, (chairman), D. J- Barry, T. Aclair, J. Clark, and W. F. J. Anderson. The weeklv report of the manager was read and considered. It stated that very satisfactory progress was now being made. At 1010 ft the bore struck a new stratum, which contained gas and a slight seejiage "of oil. The oil was not of any extent, about half a cupful being obtained at a time. It was a darker oil than that obtained previously. As boring proceeded the gas increased, particularly at 1015 ft, and up to 1046, and the well is now down to 1065 ft-, with good formation. No difficulty is now being experienced and it is anticipated that it is possible the boring may now got a good substantial run. The directors anticipate that the supply of sin. casing will be to hand to-dav. but it is hoped, that the Gin easing can be got down a good deal further before tbe smaller size is required. . It was decided by the directors that the remaining shares should be offered to the public after tbe end of the present week, if not taken up by shareholders in the meantime. There are onlv between 600 and 700 shares remaining to be taken up, and at present there is no suggestion that they should be offered to the public at a premium.