TARANAKI OIL FIELD.

Taranaki Daily News, Volume L, Issue 60, 29 July 1907, Page 2

TARANAKI OIL FIELD.

WEEKLY KEPOHT. Tin' directors of the Taranaki Petroleum Company repuri as follows: At Xo. 1 bore the oil is still flowing, although the pressure is getting less. It is hoped that during the ne.vt fortnight it will be possible to commence the work of removing tile silt, etc., from the bottom of the well, when the pressure should again increase. Xo. 2 bore is cased to 2l)()sft, and is down a total depth of 2080 ft. but at this point a slnck-U: broke ami let the sand pump and a lot of wire rope down; but it is estimated that this will soon be recovered. In the meantime it seems possible that the water has been shut off, but the manager does not like to build on this yet. At Xo. 3 the Sin easing is down 2208 feet, wh'ilo the total depth is 2214 feet. The water seems to be shut off, and everything is in a satisfactory condition.

At Xo. 1 the easing parted, and has given some little trouble, but it is expected to be recovered during the next few days.

No. 5 lias been started and is down •'Oft, mid boring will be prosecuted at a greater speed shortly. Shareholders are advised nut to pay attention to reports emanating from any but the direetors, who will see that they are fully informed of any developments at least once a week, and oftener if required, for their protection. While i matters are satisfactory to-day, there p's nothing calling for a marked increase lin the value, of stocks, nor, on the other hand, for any depression of same.