TARANAKI PETROLEUM COMPANY.

Taranaki Daily News, Volume LI, Issue 100, 16 April 1908, Page 3

TARANAKI PETROLEUM COMPANY.

DLRECtORs REPORT. - 1 (ju many unfounded rumor- have bee;i in circulation in respect to tlii- company j that the directors have decided to give 1 the »liareholders what little information i they have regarding the condition- at I No. 3 bore, and -o contradict these unaathorised statements. It found absolutely necessary to draw the (i-incli i casing and substitute 8-inch in this bore, and they haTe now succeeded in getting the larger casing down over 2300 ft and post all obstructions, and it is now resting with its whole weight on the rock. Since this was done upwards of 2400 ft of 6-inch casing baa been put in in lieu of the 5-inch which was formerly in use. The result ol these operations is that the upper water is apparently -hut off, but sufficient test has not yet bwn given to make it a certainty that there i- n" | Water i-oming from aluve, or it ma> I that the -mall quantity ot w.iter_n»v. j„ the I,.re cine, from a -maU vein •• and oil near the bottom ot the i»-r-. It »J- expected that the well would have been sufficiently tested to have made a report to the shareholder- before tbi-. but on account of an unfore- j seen accident it was impossible to do so. and even at the present time the manager informs the directors that it is im-po-sible to tell the amount of oil that would show in the well if tlie water was exhausted bv the deep well puiuji. At the present time there is a smiil show of oil of no commercial value unless it is largely increased when the well is pumped out, but. as the manager has repeatedly informed the director-, this distinctly shows that the well is not below the oil-bearing strata. The director- wi'li to impress upon the shareholder- that they are not to tie misled bv the current -tret rumor-. As in the past, they will lie promptly notified of ally developments of con-e----qucnce through the Press of the colon)