PETROLEUM WELLS.

Gisborne Times, Volume XXII, Issue 1754, 21 May 1906, Page 3

PETROLEUM WELLS.

INTERVIEW WITS MR FAIR.

OTHER BORES TO BE PUT DOWN

[(Special to Gisborne Times.) Auckland. Saturday Tha success in Taranaki is causing frequent mention to be made here of the oil prospects ia Oiaborne distiict An la terview ia this mKiiing’s Auckland journal baa beea read with much interest, and should prove equally so in Gisborne: “Some people do not seem to under stand why Taranaki oil is net being put into barrels and seat out right away,” said Mr G. 0 Fair, manager of the company Which put down the present bore, in conversation with a New Zealand Herald representative yesterday. "My company was only one for prospecting, and nothing more. When we put the boro down and produced the oil oat duties ceased, and it rests with the oompany possessing the well to do the rest. It may be depended upon that no steps will be omitted towards bringing the oil on the market as speedily as possible,” Atksd as to the extent of the oil-bearing oconury, Mr Fai: replied that a belt of oil-bearing oouDtry seemed to run aoroes the isT.nd, the outcrop on the o'-her side being somewhere in the Gisborne dietiioi. When the subject of value of the oil was mentioned, Mr Fair said : “ It is very bard to give any idea of value, as tbe value fluctuates with market quotations, but the average life of an oil-well is fiom 10 to 15 years, and at a lew ostimate the flow from the Taranaki well is about 100 barrels, or 4000 gallons, per 24 hours. The by-produoia are 15 per oent. of benzine, 42 of burning oil (or kerosene), ‘2O of lubricating oil. 13 of paraffin, and 1£ °f ssh or I poke Toe feature about it is that the quantity of burning oil will pay for the production and refining of all the products, and leave tbe others for absolute profit. Of course, if we were only teffing the burning oil alone, it would pay a profit on Us own cost. A refinery can be ereoted to treat 1000 barrels a week, which would be quite sufficient for working purposes. Tdo refining is not an elaborate prooeas, simply one of vaporising. Tiub and batrolß will bo made on the ground by machinery, and they could bo turned out at an enormous rate if necessary, by np to-dato machinery. I find ws have a good market ia New Zealand for theoruae the field ?” Mr Fair was a ksd. Io reply, he said : “ If the people of this oolooy oould only realise what an oil field really meauß, they would take a vast sight more interest in it than they do. Pieces in Ameiici that were absolute deseit bad from 10,000 to 15,000 people setilod on them within a few months of oil being struok. The plans are already prepared, and as soon as the company is floated it is the intention to commenoe four other bores, besides the one now dowD, and to commence the erection of refinery works. At the present bore there is 481 b pressure, or to give a goneral idea, the pressure will throw a stream 50ft high and ‘2in through B t tho dozzls. 1 Tbe supply is constant, and never'varios. Of oour3e, it has had to bo battened down, or it would run to waste. I have every confidence in the future of that field, and I believe it will be a souroo of very great wealth to the colony ag a whole. The more the field is developed the better, and this field extonde over a very considerable portion of Taranaki. Taken in length—it may bo narrow or otherwise, I oannoi say yet—but taken m regard to length, it is a very large field, and probably good boro3 will bo struck in other parts. It will mean a great thing for the whole oolony, and will benefit Auckland considerably. Of course, refining works might be, at some futuro time, ereoted in Auckland. In America on is refined hundreds of miles from the fields for oonvenionoe. Yes, I bave every oonndenoe in the future of tho Taianaki oil field."

Taranaki petroleum shares advanced in pricß od the Aockl-ml S ock Excha ge on Fiidiy. Wbenih- auks otosod snller" wtro d minding J 265, a id buyers quo-ed S6O IQj.