TARANAKI PETROLEUM.

Rangitikei Advocate and Manawatu Argus, Volume XXXI, Issue 8700, 8 January 1907, Page 3

TARANAKI PETROLEUM.

For Press Association, New Plymouth, January 7. Good reports of progress were made to-day by the chairman of the Taranaki Petroleum Company. The pressure at No. 1 is so great as to be almost dangerous, and extra precautions are being taken. Prom a blow out on Christmas Day 35 barrels were saved. The new tank of 8000 gallons capacity is almost ready, and all the reservoirs will be tilled as soon as the pressure eases. No. 2, down 1740 feet, is discharging oil, gas and water. An accident to the casing is causing delay here. The work of clearing out No. 3 is progressing steadily. It is down 520 ft., and oil is within 13 feet of the top. At bores 4 and 5 everything is in readiness to commence boring. On behalf of the company, Sir JJG. Ward has communicated with Sir Wilfred Laurier to secure an experienced driller and oil expert to succeed the late Mr Fair, and he is expected to leave by the next boat. The gentleman, engaged is from Pelrolia, the centre of Ihe Canadian oil fields.

Owing to the delay m getting quotations for a refining plant from America, quotations have been invited from a leading firm in Scotland. The company is making inquiries in London if there is any market for surplus crude oil. Bonithon, Inglewood and Eltham Companies also report active preparatory work. The share market is buoyant, with a rising tendency.