GISBORNE OIL COMPANY.

Gisborne Times, Volume XXVIII, Issue 2740, 19 February 1910, Page 2

GISBORNE OIL COMPANY.

MEETING OE MIHECTOBS

The usual monthly meeting of the directors of the Gisborne Oil Company was held yesterday. Present: Messrs IV. D. Lysnar .(chairman), J. Clark, W. F. J. Anderson, and T. Adair. The reports received from the manager stated that he had reached a depth of 13001't with the Sin piping, when he had decided, owing to the formation of the ground, to pull rip -the sin piping and to replace it with the Gin (piping to that depth, as the ground seemed favorable for that purpose. He had successfully shifted the Gin piping with which he had had a good deal of difficulty. The heavy pressure necessary for the lifting of the pipe caused it to breifk three times. Tie had ultimately succeeded in connecting the gear each time, it being 'necessary on each occasion to make a fresh thread in the pipe at a depth of about 160 ft. The whole strain put on the pipe by the (pull and the lift was about 190 tons, which will give an idea of the difficulties encountered. This pipe had been undisturbed for a number of weeks. Altogether matters are proceeding satisfactorily at the well. The sub-committee appointed to consider the question of enlarging the scope and capital of the company so as to have several test bores going on together brought up a report. Noalteration was suggested beyond floating the balance of the, 743 shares of the first issue, which should give the company sufficient capital to reach a depth of 20001 b with the present bore. That would give a valuable test, and if success is not by that time established it was considered the position could be further reviewed as to what steps should be taken in the matter.

An application was received from a number of English capitalists to purchase boring rights. It was resolved by the directors not to give any option at present, but that if a definite offer were made they would favorably consider the question of allowing the capitalists to acquire a small area of the oil-bearing country to coerate noon.