TARANAKI PETROLEUM COMPANY.

Rangitikei Advocate and Manawatu Argus, Volume XXII, Issue 8964, 2 November 1907, Page 3

TARANAKI PETROLEUM COMPANY.

Per Press Association,. New Plymouth, November 1

The annual meeting of the shareholders of the Taranaki Petroleum Company was held at Now Plymouth to-day when about one hundred shareholders were present. Reports were submitted to the effect that as yet payable oil had not been struck and Birthday well (or number one) which had been reported down to payable oil had been found blocked by an accident which the stall had not reported. The failure so far was due to the impossibility of shutting oil water from the'hore. On discussion as to whether the directors knew if the Birthday well was blocked it transpired that the previous manager lead been aware of it. Two retiring directors {.Messrs D. Berry and J. B. Bov) were re-elected without opposition and £l5O was voted to the directors in recognition of their past yeans services. The manager spoke confidently of the prospects of the undertaking reported and it had been necessary now to sink below the obstructions in the well. On the advice of the present manager it had been decided to close down all boros but number three, and to work that with a double shift, and to thoroughly test the Moturoa locality, This bore is now passing through granular limestone, land the chairman and the directors are hopeful to strike oil below this but declined to make any promises. _______