PETROLEUM.

Taranaki Daily News, Volume XLVII, Issue 8104, 8 May 1906, Page 2

PETROLEUM.

j A mooting of the directors of the Moturoa Petroleum Company was held on Monday. Messss Weston and Fair reported on result of their visit to Wellington. It was resolved to proaiote a company with a capital of £IOO,OOO, Messrs J. B. Harcourt and Company, of Wellington, undertaking the flotation. The promoters arc to receive £50,000, which will be allotted to the shareholders of the present company, in payment of all their properties and rights, and £50,000 will be offered to the public. The process of company promotion is necessarily slow, and it may be some little time before the prospectus will be issued. Indications at the bore have not altered, except for the better. Ou Monday the oil gushed through the outlet pipes into the already filled reservoirs, in spite of the precautions taken to prevent tho flow. The bore has noiv, however, been effectually sealed, and oil is now only allowed to run off by a subsidiary pipo, when tho pressure bccomos so great as to threaten interesting developments. Probably the greatest change that can be recorded respecting the works is the improvement that is daily visible in tho quality of tho oil, Tho oil that was obtained yosterday was of waxy consistency, and of a dark chocolate color. As it gushes from the pipes, being warm, it looks quite thin, but it speedily congeals to about tho density of treacle.

It is understood that proposals will shortly be made to prospect tho oil bearing country around Inglewood and Eltham. At both places oil is freely met with on tho surface, and the further presence of natural gas long 'Vgo convinced experts that there was an oil field, evidently running eastward, right through the northern part of the prpvinco. Local shareholders aro now wisely showing a decidpd disinclination to sell, j oljers of £'3s yesterday failing to bring any response. The promoters' interests iu the now company will be £125 for every £5 share held in the present syndicate,