Taranaki Petroleum.

Te Aroha News, Volume XXII, Issue 42992, 7 August 1906, Page 2

Taranaki Petroleum.

A great many visitors to New Plymouth and also many local residents have, during the last few days, visited the property on the Carrington-road, at New Plymouth, proposed to bored upon by the Taranaki Oil and Freehold Company, Limited, and shares are being applied for freely. Strong indications of oil are to be seen all over the property, and at certain parts of the district petroleum has been bubbling through the mud. A great deal of experimenting has been done with the gas which escapes from the surface, and it is sail that by making a hole in the ground and applying a light, a flame will issue to the height of a couple of feet, and will burn for hours at a time. It is thought from the indications and also from the lay of the strata, that in the Carringtonroad district the oil may be found much nearer the surface than at any point at which a bore has previously been put down; the importance of which will be obvious, as apart from greatly minimising the cost of boring, the chances of a good and permanent flow are consider* ably enhanced. The directors are very confident of the success of their boring operations, and entertain a strong boli"f that beneath the properly intended to be operated upon by them, will bo found petroleum deposits of immeasurable wealth. Messrs Larner and Co., of Stock Exchange, Auckland, the brokers for the company, state that a large amount of the share capital in the company has been already subscribed, and intending shareholders would do well to forward their applications with as little delay as possible.