SHARES RISE £1 IN DAY

Sun (Auckland), Volume II, Issue 581, 6 February 1929, Page 1

SHARES RISE £1 IN DAY

BLENHEIM OIL WELL

BORE CAPPED YESTERDAY

Press Association NEW PLYMOUTH, Tuesday. As a result of the flow of oil from the Blenheim bore at New Plymouth, a rapid rise has taken place in the shares of the Blenheim Oil Well Reclamation Company on the Taranaki Stock Exchange. Opening at 50s yesterday morning, the shares steadily advanced to 70s this evening. The company stated to-day that gas was still coming through between the seven-inch and 10-inch casing, and efforts were being made to force it through a seven-inch casing to ensure proper working. The bore was capped all day to-day. Stock is now being inquired for at £4, but sellers are hard to get even at that figure. One broker reports sales of parcels of Blenheim stock totalling 560 shares. Interest outside is also indicated in the advance of shares in Taranaki Oilfields, Limited, but no transactions in Taranaki oil have taken place here for some time. To-day sellers were offering these shares at 8s 6d. The Blenheim Oil Well Reclamation Company, Limited, which was formed in 1927 for the purpose of reclaiming the Blenheim well, has a nominal capital of £20,000, of which £13,000 has been issued and paid up and £7,000 unissued. The reclamation of the well consisted entirely of the elimination of the water trouble. The bore is about half a mile from the port, and was put down by the Blenheim Oil Company, Limited, which was registered in December, 1912. Drilling was started in 1913. The subscribed capital of this company was £25,000, and most of it was secured in Marlborough.