MOTUROA OIL

Hokitika Guardian, 5 February 1929, Page 3

MOTUROA OIL

A BIGGER FLOW. (By Telegraph—Press Associat on). NEW PLYMOUTH, Feb. 2. The Blenheim oil bore at Moturon was again partially uncapped early yesterday afternoon, and for a quarter of an hour pure petroleum and wax (lowed with what was ‘considered to be much greater volume than on Friday. After running over the floor of the derrick,- the oil was conveyed to big pits on the ground. Although it was not intended to uncap the well again until Monday, by which time pipes connecting the mouth of the bore of steel reserviors will be fitted up, yesterday’s demonstration was made for tbc benefit of Mr Hornnbrook, of Masterton, the representative of a .Sydney firm of financiers who are interested in the drilling operations. Mr Hornabmok arrived posi haste by car, after travelling most of the night. It is intended to take accurate measurements of the. flow to-morrow. 4000 GALLONS AN HOUR. NEW PLYMOUTH, February 4. The Blenheim oil bore was again uncapped to-day for the purpose ol taking measurements or the How. An official statement was subsequently issued by the secretary, Mr S. E. Ncilsen, on behalf of the company, that the flow had proved to be at the rate of four thousand gallons an hour. The well was again sealed, pending the completion of the installation of conduit pipes to take thd oil from the mouth of the bore to the steel reservoirs. Though this work was to have been completed to-day, it is not now expected to be finished before about Thursday. Mr Ncilsen states that several parcels of shares have been sold at 35s and 40s, but sellers are now asking 50s. It is stated that the crude oil flowing from the bore is saleable at Is 2d per gallon. SYDNEY INTEREST. SYDNEY, Feb. 4. The reported activity of the Blenheim oil bore near New Plymouth has resulted in greater attention being given on the Sydney Stock Exchange towards the Dominion oil ventures. The inquiry for Taranaki oil shares which hitherto have been friendless, at 4s 9d a share, opened tip on Saturday at 7s (id per share and firmed to 8s 6d per share. The price por share later on Saturday closed at 7s 9d. The business to-day commenced at 8 3d per share and then jumped to 12s. It closed at 10s Id per share. Over two thousand shares were traded.