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UNKNOWN

TO BE THOROUGHLY PRO- | SPECTED. It is quite evident thai 'J'asaiiaki. on account of Uie excel.en. Jesuits oi boring at Moturoa, is to be uoiouga ly prospected for petiokum. i" date, the 'faranaki Petroleum Company has been (he only one engaged in actual sinking fur oil, having four bores in operation and anotner about to commence, but a few weeks should see boring operations in full swingon oilier properties. I Mr John l'etrie, the representative of several syndicates whose capital is being embarked in oil-boring, was in New Plymouth on Friday, and states that whilst in Sydney lie purchased several boring plants, the second of which should be landed from California in the course of a few weeks. According to Mr Petrie, three independent and uninterested experts recently declared that the surface show at Bouithon, just a few chains beyond the eastern boundary of New Plymouth borough, was exceptional'y good. One of these men hailed from California, and had been brought up amidst the oil-boring industry, and another was from Pennsylvania. The latter, referring to Professor Kasterfield's analysis of the oil from -ho Taranaki Petroleum Company's bore, commented on the Urge percentage of heavy oils contained in the oil, and estimated these heavy oils would give a larger profit than was obtained from the American product. They should be worth .63 per barrel, exclusive of kerosene and benzine. Mr Petrie stated that there would

soon be enough outside capital invested in the industry to fuliy develop the whole province in a 50 mi'es I radius of New Plymouth from Omata to the Ngaire swamp, near EHham. There would be enough capital to develop the known oil on 17 farms, all of wliicli had been favourably reported 011 by experts. He had information tliat t.wo refineries would be erected in Taranaki within two years. At Inglewood a boring plant would be on the ground about January. Three bores would be put down in the Ngaire swamp, one at Midhirst, and one at Carringtouroad.

Speaking of foreign capital, Mi Petrie enlarged on th e benefits -u. cruing to Taranaki from Uie fact that outsiders were putting cash into the ventures, and replied to some arguments adduced in favour ot keeping the industry in tire Hands of New Ze'alanders. There was no chance or' the big Standard Oil Trust stepping in to q.osc down the industry, lor the boring was being done on private freehulds, and the freeholders insisted that those who obtained boring rights must start operations in a given time or forfeit all interest in tho land. In his opinion foreign capitalists might fairly be expected to develop uie fields, and with advantage tu the district, foi the reasons iiiai it had been proved the local oii was richer than those found in any other country, and there would be no competition for that very reason,- and that it would ptty to refine the crude petroleum here and sell it in New Zealand and Australia at a profit, for the big freight from America or any other countries had nut to be paid in Hie case of the New Zealand oil.

Another point mentioned was that, in order to encourage enterprise and assist in the development of the natural wealth of the district, the Government could with advantage refund the duty paid on imported oil machinery, or admit boring plant free, as in the case of agricultural and mining machinery. TARANAICI FREEHOLD COMPANY. Tlie Tarauaki Oil and Freehold Company is making application to the Carrington Road Board to construct an entrance to the company's property, for the more convenient cartage of the boring plant, which shou v d be on tfie giouud shortly. THE MOA PETROLEUM COMPANY.

Mcs-rs J. T. Hawthorn, of Wellington, until man of directors of the M"a Peiioleum Company, Limited, and Mr E.' G- East, also of Wellington, secieiary t.j the company, are at present in New Plymouth in connection witii baring operations.

The company, which is purely a prospecting concern, holds boring options over those very desirable properties owned by Messrs Vickers and ii. 11. Nichols, near Inglewood, where very strong indications of nil have been known to exist for many years. It was on Mr Nicholls' ptoperty that an explosion of gas occurred some years ago, with disastrous effects to the person who was experimenting-. The company, whose capital is £6500, is fully subscribed, shares being held principally in Welingtoii and Inglewood. The directors have been in communication for some time with a firm of suppliers of material in Sydney, and a plant should bo landed in the colony very shortly. Steps havo been taken to obtain t'i« services of an oii expert from America. Mr Hawthorn states that the directors are advised that oil should bo met with at a depth of less than 2000 feet. Should the first boro be successful, fresh capital will be procured and the operations carried on iii a larger w : ay. The boring will be pushed on expeditiously. MORE CAPITAL COMING. A Sydney gentleman is at present in town representing a considerable amount of Australian capital. He is desirous of obtaining an option over one good property close to New Plymouth, and is is prepared to start right away with the sinking of a bore, Landowners desiring: further information should read our advertising columns this morning. INDICATION AT WAVERLEY. Favourable ol indications have been found at Kohi, near Waverley, and experts are to examine the locality to ascertain if the surface show warrants boring operations.

A slight mishap with the casing in the Taranaki Company's No. 2 bore occurred on Saturday morning, which will delay boring operations for a few days. The gas is escaping strongly at this bore, and generally the indications are excellent.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/TDN19061126.2.16

Bibliographic details
Ngā taipitopito pukapuka

Taranaki Daily News, Volume XLVII, Issue 81894, 26 November 1906, Page 2

Word count
Tapeke kupu
957

UNKNOWN Taranaki Daily News, Volume XLVII, Issue 81894, 26 November 1906, Page 2

UNKNOWN Taranaki Daily News, Volume XLVII, Issue 81894, 26 November 1906, Page 2

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