TARANAKI PETROLEUM.

Dominion, Volume 2, Issue 404, 13 January 1909, Page 7

TARANAKI PETROLEUM.

TWENTT-HVE 3ABSBELS OF OIL DAILY. " IBT CORaBBTOjnjIiHT.) , v, Nevy Plymouth, January 12., At the Taranaki Petroleum Company's bore at Moturoa tho outlook is Ehll good. About twentyfire barrels of oil are being pumped .daily. There ib no "xcitemenfc locally, tho townspeople hating come to the conclusion that it is best to let the directors prove the well in their own cautious way, but tho tone of looal shareholders is hopeful.. The rteent developments at the Taranaki Petroleum Company's bores have been of especial interest to shareholders of the Bonithon 00 aad freehold Company, whose bore is situated nebr South Koad.' One .result of those developments has been a revival of hope and optimism among members of, the Bonithon Company. Recent meetings of Wellington and Wanganui shareholders passed resolutions in favour of forming a new company »ud resuming operations at tho boTe. Yesterday evening Mr. W. M'Lean, of Wellington, * direotor of the oompanyi met the New Plymouth shareholders at a private meeting, and the result ivas lhat a resolution similar to those passed by Wellington and Wanganui shareholders was passed unanimously. l In conversation'with a "Herald" representative yesterday, Mr. M.'Lean> remarked that the developments at tho Taranaki Petroleum Company's bores showed the prospects to be of Buon a permanent character that the Bonithon shareholders wero fully justified ia resuming operations. He quite understood why tho directors of tho Taranaki Petroleum Company'were rather reticent regarding developments at their bores. The cry of "Wolf," bo to speak, had been heard so'often in Taranaki during thirty odd ye&rs that it was quite natural for. the directors to further test developments brfoie ennouneing them. Kerertmg to the Bonithon bore, Mr. Mlean considered tho prospects bright. When operations vrere suspended about seven months ago, at a depthi of BOMft.—sevor«l hundred feofc lower th«.n the Taranoki Petroleum Company's bolts—indications of oil h»d been met' With. There must be oil thero. Some people considered that the country had been broken' by eKthquates and other ehtnoment, but the hardness of the pw» and other strata that the Boaithen bow aid reached slie-wd that they h»d net been »ff»eted by, sueh disturbances. In other werds, th» level to which iraea disturbances eeuld have affected the reelofieal formation had been passed through by the bow. ■ Further, the formation wts'sueh that the oil would not run away by the bere, but should be ,tapped by it. The capital 6f the now company would be .£25,009. Practically all the new shares were being taken up by present members of the company! None of the new share? would be floated publicly. If anv of tho present shareholders failed to take up their quota of shares, tho unallotted shares would bo underwritten privately. Operation l ! would be resumed on the bore as soon as sufficient oapital was available. 1

V:p{ ';■ •:; BONITHON 1 .^PA^ ,^;^;-,^ -:-OT^':, "<:? .vV:feNewi ! piymouth; ; ':January -12. ■■■. •: At a'.meetingipfrlooah shareholders iin the ■Bonithon Petroleum Companylast night, it,-was -i decided fall4n:with.Wellington , .and Wanga- 1 nui aharehplders. in.reconstructing the company ,with. a' capital;'of none, of which will lie-offered ;tp the ;public. •■O'poratibhs will be 'resumed alniost'imm'ediately. :'. ■ ■ : . '• ;: ;'•