Rise in Oil Shares

Sun (Auckland), Volume II, Issue 580, 5 February 1929, Page 9

Rise in Oil Shares

STOCK REACTS TO RECENT GUSH |**4.ooo GALLONS AN HOLR" Press Assodatioh NEW PLYMOUTH. Monday. The Blenheim bore was again unmapped to-day for the purpose of taking: a measurement of the flow. An official statement was subsequent', issued by the secretary, Mr. S. E. Xieisen, on behalf of the company, that th« flow had proved to be at the rate »•. •4,000 gallons an hour. Tlio well was again sealed pendin - the completion of the installation « conduit pipes to take oil from the mouth of the bore to steel reservoir.Although this work was to have been completed to-day, it is not now e\ pected to be finished before Thursday. Mr. Nielsen states that sever, parcels of shares have been sold at 3,‘>and 40s, but sellers are now askin.-: 50s. It is stated that the crude oil flow in . from the bore is saleable at Is 2d < gallon. 2.000 SHARES SOLD SHARP RISE IN SYDNEY (Australian and N.Z. Press Associative > SYDNEY, Monday. The reported activity of the Blenheim oil bore,-New Plymouth, has resulted in greater attention being puio on the Sydney Stock Exchange to D. minion oil ventures. Inquiry for Tarn - naki oilfields shares which liitheri • have had no buyers at 4s 9d, opened on Saturday at 7s Gd, firmed to Ss fid. and closed later at 7s 9d. Business to-day commenced at is 3d, then jumped to 12s and closed a 10s Id. More than 2,000 shares chanp <1 hands.