PETROLEUM

Taranaki Daily News, Volume LI, Issue 125, 18 May 1908, Page 2

PETROLEUM

XAKAXAKI U)MPANV\S KEPOKX. The directors of the Taranaki Petroleum Company, Limited, desire, in view of the late slump in the company's shares, to inform shareholders of the actual progress of the boring operations. It wan hoped some fortnight ago that the surface water was entirely shut off, but the directors regret to say that such was not proved to be the case, owing mainly to the. peculiar formation encountered; but from steps now taken by the company's manager, Mr. Simpson. 71 is confidently expected that the water difficulty-will be finally overcome. Even if this should not be the ease in the. operations in prospective, there yet remains a still further course, which'in the opinion of all connected with the bores must be successful. While the matter is still a venture only, the directors do not consider that shareholders will he wise in selling their share* at a nominal value at the present time. None of the directors have sold any of their original holdings, while the manager has lately acquired shares in the, company, thus showing the confidence of those most largely interested, and also of those most in touch with the operations in progress. Jn conclusion, the directors would like (o say that the operations are at an immense depth —namely, 2440 ft —and that great care, and skill is required on the part of the manager, in -whom the company has complete confidence. Should developments of interest occt shareholders may rely upon the earnest information through the medium of the Press of the colony.