PETROLEUM DEVELOPMENT.

Taranaki Daily News, Volume L, Issue 60, 8 July 1907, Page 2

PETROLEUM DEVELOPMENT.

TAILUVAKI COMPANY'S WEISLY REPORT. The chairman of the Taranaki Petroleum Company furnishes us with tile usual weekly report, as follows: At No. 1 bore the work of getting ready to clear out is progressing. The preseni iron tanks will he closed out. and ready for the new oil early mis week, when the bore itself will be taken ill hand. At No. 2 bore, every seam showing any degree of hardness has been tested with ttie view of seeing what oil could be got from tile seam out of which *o much gas is coming, but all have proved too sott to shut oil' tin? water in, aiul the manager has now decided to go down with the (iin easing until so-ne chance of shutting oil is seen, and will then follow with the oin easing to the same rock where No. 1 is shut off, and get the same seam of oil. The same thing lias occurred at : No. .'!, and the casing is now being rapidly worked down to the lower strata. No. 4 was down 1575 ft ou Thursday night, without any hard streak being obtained, but it is hoped that with the means now adopted to shut oil' water it wiil be possible to test the gas and oil in this bore at the depth that shows so freely in 2 and 3. No. 5 has been stopped this week waiting for a new pulley, but this will be ready about Tuesday, when full boring operations will lie pushed on under the direct supervision of Mr Simpson. it is only fair to Mr Simpson to mention that Nos. 2 and 3 bores were down so far before his arrival here that it J did not give him r chance to become acquainted with the nature of the formation through which the bores were sunk, but this will be obviated when No. u is once down. Nothing nas occurred to warrant any depreciation in the shares, and the prospects are fully as good to-day as they t were at any time during the last six or eight months.