THE TARANAKI PETROLEUM COMPANY.

Taranaki Daily News, Volume XLVII, Issue 8149, 5 July 1906, Page 2

THE TARANAKI PETROLEUM COMPANY.

The applicat'ons from all parts of the colony for shares in the above com pnny have been so satisfactory that it is extremely probable the application list will be closed very shortly. The flotation of the company being assured, the provisional directors on their personal guarantee, nnd in order to save time, have purchased a complete plant for the work of proceeding with the sinking of the number two bore on the Prison Reserve at Motnroa, immediately adjoining the Birthday well, fiom which tho oil continues to (low with unabated pressure. The derrick, a very sub stantial one, is now completed, and the work of boring is to be carried on continuo isly day and night, in order that a supply from two wells at least may be available before the erection cf th; refining plant, plans and quotations for which havea'realy been sent to America. All tho com pany's nvailablo storage accommodation has again been filled some 10,000 gallons rapacity—in addition to some thousands ot gallons which have been sold and sent away recently. T'ntil, therefore, allot nn'iit. takes place, the company ha* no funds available to provid'c additional staging and storage, and the manager is unable to give demo'istrations indiscriminately, without allowing the oil to How to waste. As so many persons apply to see the oil " spouting," the directors have made arrangements to continue giving demonstrations, but only at stated intervals, on Mondays and Thursdays after it o'clock, and have made inexpensive arrangements to have the oil collected. Samples of the oil in bottles drums and casks have bee'i distributed free upon application to all pirls of Xew Zealand and Australia, and applications in this direction are still being received daily. The Company has secured the boring lights of the pick of some six thousand acres of petroleum bearing country, full particulars of which are now set out on pla us at thy company's ollice, where they may be inspected. Tlio siicces-Jul llotation of this company being assured, Taranaki mav look forward with confidence to the result of the exhaustive tests its oil measures are at last to have applied to them.