THE PETROLEUM FIELD.

Taranaki Daily News, Volume XLVII, Issue 81895, 28 November 1906, Page 2

THE PETROLEUM FIELD.

Mr Keith, a well-known borer from New South Wales, recently sold his plant to a Nc'w Zealand syndicate, and has now arrived in New Plymouth as the result of inducements hold out

io him. The timber for the Bonillion derrick arrived oil Monday morning. It is probable that boring will sli-jrtly be commenced on the Heidelberg property between New Plymouth and Moluroa.

Word came through from Duncdin on Monday that Taranaki Petroleum shares had, 011 account of the demise ■'f Alt' Fair dropped considerably in price. Tiiis was, perhaps, to be expected, seeing the pari Mr Fair had taken in the development of the industry. Taranaki buyers, however, have Uken and are taking advantage of the opportunity to increase their holdings, and shares are 011 the. upwaid grade again. Had Mr Fair's death occured before the How of o ; l was struck, the position would liayc been one of considerable gravity, but as things now .s and the oil industry is beyond the speculative the consideration being that- of ability lo tap the petroleum measures, the extent of which can only be gauged by piospeejng and testing.

It has been rumi>ure,d that a successor to tiie late Mr Fair has been appointed totlie management of the Taranaki Petroleum Company. We are authorised to slate that 110 appointment whatever lias been decided upon The directors are taking every step to secure tile services of an oil expert with the very highest qualifications, and in this connection are in touch with the Governments of one the leading oil countries'.