PETROLEUM NEWS

Taranaki Daily News, Volume XLVIII, Issue 81914, 8 January 1907, Page 2

PETROLEUM NEWS

TAHANAKI COMPANY'S WORKS.

The chairman of directors of this company reports as to the progress made at the various wells as follows: At Mo. 1 Hirthdny well the pressure lias so increased that it is almost impossible 10 keep it from bursting out; in fact, on Christmas Day it did break loose and ran sonic ;1J barrels before it could be stopped; fortunately the bulk of this' was saved and turned in to the storage tanks. Jt is estimated that there is not less than 1701b to the square inch pressure, and lor this reason it is unsafe to turn the tap on at present. The directors are emptying one or more of the large iron storage tanks as soon as a lot ot empty casks purchased arrive, and nave sunk an earth tank capable ot holding some 8000 gallons, and when these are completed about 10,000 gallons will, be run oil and if the pressure is then sullicieiitly reduced a brass cap to connect the pump pipe to the Uin casing, which is already made, will be iixed and thus made absolutely secure, ami then the tap can be turned on whenever rccpiired. A'o. 2 welt is down 1740 ft, and at this depth discharged large quantities of oil. gas, and water, but unfortunately a thread of the liiu casing broke and this has caused some delay; hut ] it is not anticipated to be serious, ~ and it is hoped that next week will see it all recovered, and boring again proceeding before long. This occurred ' some live times in So. 1.

No. 3 well, also known as Honey

ileld's, is progressing steadily, tile work of retiming out and the insertion of the new' rasing being done at tlio rate of from 30 to 40ft daily, Jt is now down s:2oft. and going on continuously with two shifts working from 3 ii.m to 8 p.m. eacli day, all day light work. As the oil is within lift of the top. and there being a considerable amount of gas. it is not considered safe to work at night until the electric light can be installed, which is shortly hoped to be done. P'resh oil frequently shows iu this bore. Mr Henchman does not anticipate any dif iiculty here.

At, -No. 4, near the old mission house, tlie machinery is now ml com, lili'tu with the exception of two minor part*, which it is Imped will lie fixed on Hie 7lh, mid it is expected tlnit a start will be made with the actual work ot drilling on tlie Bth inst. At _\o. ,-,, on All- Citibank's land, the derrick and engine sheds are now completed, and the machinery i„ beinfr got ready as fast as ]iossil)le, and it, is hoped to make an early start here. Ai the request of tlic chairman. Sir •I. (i. Ward cabled Sir Wilfrid J,aurier asking that his Government endeavour to obtain the services for the companv of an experienced driller and petroleum expert, and the Canadian Government have evidently taken some pains to obtain such a man. However, after some further negotiating as to terms, the matter is now practically settled, and it is expected that he will leave for .New Zealand by the first steamer. lie is from the' Canadian oil centre, Petrolia, Ontario. This course was considered in the best intcivsls of the company, owing to the much regretted death of .Mr G. C C. Fair.

Kelinery Plant. After wasting some three nionllis in endeavouring to obtain plans and quotations from America, the cliairmiiu decided to ascer tain where other, relinery plants were made, and with this object wrote to his London agents, and was somewhat surprised to iind that all other oilproducing Holds luwl their plants made in Scotland. It was also elicited that one linn of makers who wrote hail some ;U(JO/)00 worth or plant on order for ltussia, JJorneo, Southern Italy, Spain, and Australia, in which latter place tliey are refining the shale oil. These makers, however stipulate that they should have some ot the oil for personal'analysis, as plant that would suit, say, Borneo oil, would not suit ours, which is so rich' m lubricating oils and paralliu wax. the directors, therefore, sent one barrel of crude oil to these people, and are shortly expecting plans and : 0110 tat-ious for iv plant capable of' relihin" about ,100 to b'uo barrels of oii per day, but capable of extension to double or even greater capacity. At the same time, and by the same ship, it was considered advisable, in view of the very large quantities that will probably be .obtained before long, to send another cask of the crude oil to the chairman's London agents, so as to ascertain whether a market could be found for anv surplusage in Great Britain or else where. This letter has been acknowledged, and they promise to report as soon as the oi) arrives and the/ hiuVket has been tested.

In answer to questions put by our reporter. Mr Berry stated that transfers of the company's fully paid up shares have been as high as 18s, but the average would not be more than l'is. With either \o, 2 or 3 bottomed on oil, these shares would go *■■ par or over, when the «oai>:r lliy » s con " Iriliuiing snares, of which there are a few left of the 40.000 proposed to be Wild will In; Iho belter investment. It must he uncollected, however, thai with good indications, the directors may close the share list at any time or issue only at a premium. The directors meet every Friday night, and it usually mean's a long sitting. J!ut this does not represent nearly all the work, as various committees meet almost daily in addition to which one or more directors are almost constantly at the bores, and this takes up a lot of time, and will continue to dp so until the expert ar- I rives. ' ' "

OIL AXD I'ltL'EltOLD COMP.INV

A considerable amount of earth' work has been done at the site selected for this company's first horn, near the ('arriiigtoii Umi-.1, and on the now road leading thereto. The timber for (he derrick has been ordered, and also the engine ami other machinery for boring. Drilling operations should be in full swing early next month.