OIL OPERATIONS.

Hawera Star, Volume XLVIII, 26 August 1924, Page 5

OIL OPERATIONS.

MACHINERY NOW ON WATER

TWO BORES DECIDED ON

AUCKLAND, Aug. 25. Now that the flotation of Taranaki Oilfields, Ltd., is over, the way is clear for the company’s . active operations. The flotation was extremely satisfactory, 75,000 shares being available, while the applications totalled twice that number. The issue was, therefore, more than doubly subscribed. Machinery is now on the way to New Plymouth from New York on the steamer Karroo, Mr. A. W. Donald, a director, informed a press correspondent. There will be plant for two bores. The bores will not be started at the same time, but after the first has been put down some distance, say 500 or 600 feet, the second will be commenced. The site has been selected by Mr. E. Marquardt. No time will be lost in pushing ahead once the machinery arrives. The Karroo is coming first to Auckland, where it is due on September 20, and will go to New Plymouth later. Mr. Donald states that expert drillers will also come from America, but they are not on the Karroo.

Another sign that things are beginning to move more quickly is the fact that Ma*. E. H. Shackell, of Melbourne, the secretary, and Mr. A E. Broue, of Sydney, a director, will visit New Zealand in a week or two.