PETROLEUM NEWS.

Taranaki Daily News, Volume L, Issue 60, 22 July 1907, Page 2

PETROLEUM NEWS.

TARANAJCI COMPANY'S REPORT. The Taranaki Petroleum Company (EtJ.) furniaa us with their weekly report, as follows: Alt No. 1 bore the work of cleaning, out the tanks is progressing, the clem oil being put into casks' and the dirty oil with water into a tank sunk into the earth. The well still flows freely, and it will take some time to empty it. At No. 2 bore drilling is still being carried on and every hird streak tosttd, but so far without shutting the water off. No. 3 bore still continues perfectly tight. On Friday morning the depth cased was about 21G0ft, and drilled 2180 ft. Some oil was showing during t!u k week, lmt not of sufficient quantity to be important. "At No. 4 the casing parted, and it will take a few days to recover this. The well is now 1078 feet deep.

At No. 5 not much work has yeti been done, as most of the manager's time has been taken up with the other bores. A good start will shortly be made.

Somewhat of a scare was caused in the middle of the week by the new tariff proposal of the Government (o make nil casing over Sin. ini /, vn?l diameter pay 20 per rent, duty (this is really 22 per cent.), or, roughly spiking. a tax of ~£220 on £IOOO worth i,f casing. This would be the fostering of a small local industry at the expense of wKnrt promises to lie a very large one; but it is thought tint water pipes only were to lie faxed, am! (lie matter of easing for oil wells was overlooked. This matter has been brousrht under the notice of the members oT Parliament :i.nd the Ministry. The Tnglewood and Mori Companies havo now received the whole of the plant necessary to start operations, the last truck loads having gone forward on Satimlav. iloring should be commenced within (he next week or so.