PETROLEUM NEWS.

Taranaki Daily News, Volume L, Issue 59, 21 May 1907, Page 2

PETROLEUM NEWS.

At cur request, Mr Berry, the chairman of the Taranaki Petroleum Co.,Ud., has furnished the following report on oil matters:

At No. 1 bore, the engine and all the necessary machinery, etc., is fixed into position, except a pair of blocks, which are coming from Sydney, and on their arrival the work of cleaning out fliis bore will be proceeded with at once, and the directors arc. confident that when this is done, it. will give even better results than at.first.

The next fortnight should see N0.2 bore down on oil, as it was at last report 2060 feet deep, and all indications point to the fact that the oil seams are from 70 feet to 100 feet nearer the surface than in No. 1, or, what is probably the ease, oil will be struck nearer the top of the anticline, which should give an even stronger flow. This will be assisted by the fact that the well will be clean and all water fully shut off.

No. 3 bore.—All difficulties in connection with the iron easing and tools/etc. found in this bore have now been overcome, and the work of reaming the hole and sinking the casing is going on expeditiously. The bore is now down 1890 feet, and oil is showing freely; in fact, the men pumped out on Thursday last a half-barrel of oil from the inside of the (Sin easing, which is new oil, and quite distinct from that in the lOin casing near the top. It should be down in about six weeks and will probably be one of the best wells.

No. 4 is also going steadily down, it being 1035 feet on Thursday last, and in good country. No. .">.—The machinery for this bore is being rapidly fixed, and it is hoped to start boring here on June Ist. No i is now working two shifts, and when Mr Simpson, our expert, arrives here about the 29th inst., double shifts will lie put on at each bore, as the electric light is now laid on to each bore so as to enable this to be done.

The directors have not lost sight of the matter of a refinery. They have recci.'ed a most exhaustive analysis of the oil from Messrs A. F. Craig, Ltd., of Sctdlanrl, who make boring plants for nearly ,'\wy country in the world except America, and who have also sent compl-to estimates of the cost of a refinery capable of carrying 21,000 gallons per day of 24 hours, from the nnpthas and kerosenes right up to the wax-refin-ing end candle-making plant, but unfortunately this will cost considerably more than anticipated, and the directors will have to consider the matter of finance very carefully.

The kv.se of a site containing S."i acres, admirably situated for refinery' purposes, has been acquired at a low (igure. The directors took the opportunity of an expert in refining being in the district to obtain pa estimate of the cost of a somewhat r.s.e'.llor works, and also the requisite level--, for the plant, as it is the intention to erect one, at least, storage tank ispablc of storing 50,000 gallons of oil, ritd this being put at the proper level will become part of the refinery plant. Specifications for this tank are already prepared, and tenders will shortly be called. In conclusion, the whole of the works are going on very sitisfaetorily, and although a second call was imperative, it is honed that during the next few weeks our shares will very much increase in value, although, of course, no dividends can be paid until the refinery is erected. The directors who were elected at the annual meeting of the, company in November last, are: Messrs D. Berry (chairman), 11. J. H. Okey, M.H.R., J. B. V.oy. If. Fraser. J. Little, M. J. Jones, and C. E. Bellringer, and none of these has sold or transferred a single share held by them, although very considerable shareholders, and it is urged that all other shareholders sliould show the same confidence in the undertaking, and retain their shares, and await further developments shortly pending.

Operations at Caningtnii Road look like business. The Iladley Co., of Aue.kI land, will soon have boring in full suing lon Mr. Nhodroski's property. The steel I Irainc work of the derrick has been constructed by Messrs. Okey and Rollo, and ■the timber, boiler anil engine are now on the ground. The company holds options over a considerable area, and a derrick will shortly be erected at Franklev Road.