Minerva Petroleum Co.

Gisborne Standard and Cook County Gazette, Volume III, Issue 314, 20 June 1889, Page 2

Minerva Petroleum Co.

A MEETfso of Director* of the above Company was held on Tuesday afternoon. Present: J. H. Stubbs, Chairman i Measr* Tucker, Winter and Graham.—At the last masting of the Board, Messrs Stubb* and Winter were appointed a Committee to specially visit and report on the works, with special reference to their future working,—Their report, which was necessarily exhaustive, was read and unanimously adopted, The first part of the report dealt with the boring and work from July last to the present time, followed by their opinion cf its present position, sod their reoommendation as to the future. The report then alluded to the difficulty of the boring at the present stage owing to the swelling nature of the ground, and for the three weeks the reamer bad to be used a greater portion of each day to keep the hole clear. They were ao satisfied the well would turn out a good one, and it being sound to a depth of 900 ft, that they thought it would be unwise to jeopardise it by inserting the 4|in pipa. The strata was of such a peculiar nature that extraordinary means had to ba adopted, and they advocated putting down another Section of concrete and ordering 400 ft of 4J inoh flush pipes from England) the work to be stopped in the meantime to save accruing expenses within that period. The Manager, Mr Fiesae, submitted a list of defaulting shareholder*, Some amounts ware still due on the 6th call, and with the exception of the Directors little of the 7th call had been paid.—The Directors considered that the shareholders must either pay or forfeit their shares, and instructed the Manager accordingly.—An Bth call of 21 per ahare was made, payable in July,—Application was made by Mr Stubbs for the loan of boring tools, which was granted, subject to their being returned in good condition.