GISBORNE OIL COMPANY LTD

Gisborne Times, Volume XXIX, Issue 3171, 17 March 1911, Page 2

GISBORNE OIL COMPANY LTD

MEETING OF DIRECTORS

The directors of the Gisborne Oil Co., Ltd., (held a meeting yesterday morning. Present: Messrs AY. D. Lysnar (in the chair). AY. F. J. Anderson, F. Harris, T. Adair, G. B. Oman, and D. J. Barry. A. report was received from the- manager as to the operations in opening up the seepages for fuel purposes. The work had nob sufficiently progressed to indicate what quantity of oil would be available for the purpose required. A report was received from Messrs Harris and Oman on their visit to the well a few days ago. They stated that everything was proceeding satisfactorily at the well, and the opening up of the seepages was very encouraging. A quantity of crude oil was obtained while they were present. - They had put a bucket into one well of about 20ft. deep and by lowering the utensil carefully they got up a bucketful of oil. Then bv dropping a bucket in the ordinary way and allowing it to fill itself, it was brought up full, with about. equal proportions of oil and water. AA ovk is still proceeding in connection with the development of the seepages. Applications were received for further shares in the company, but had to be declined, as there were none available.

At this stage the meeting was adjourned until next week, to enable some data to be collected in the meantime concerning the ordering of additional plant, also to have a full meeting of the Board, and it is probable that the question as to whether further shares should be issued will also be taken into consideration.