TARANAKI PETROLEUM COMPANY.

Taranaki Daily News, Volume LI, Issue 184, 25 July 1908, Page 2

TARANAKI PETROLEUM COMPANY.

The chairman of directors, Mr. J>. Berry, supplies the following report: In view of the length pf time that/ the shutting off of water at N. 3 bore has taken,_the directors consider it only fair ttTthe shareholders to let them know what has been done and what is now being done. For some lime past the manager, Mr Simpson,' and tin; staff, have been wholly engaged ill endeavoring to shut off the water, but i owing to the cracked and generally faulty nature of the formation encountered, so far without success. On Thursday, ltith inst., it was thought that the water was shut oil', it only rising some 130 ft in 21 hours, and it was easy to pump the bore, in the words of the drillers, "bone dry." I'nfortunately this only lasted for a few days, when Hie water rose agaiu to about 100U feet, so it was found necessary to take out all the Gin casing ami re-pack it. This has been done, anil is now going down again, it is hoped, with the desired effect. The drillers have been drilling some 40 feet to ascertain what the indications are at a greater depth. It is pleasing to note in this connection that the hole stands up -well without any casing, no cavings being discernible. ' -The directors would like to say that tliey have in no way lost heart," but believe in the ultimate success of the venture. None of the directors have sold any of their shares. nor would they advise shareholders to do so, for if the venture should tu'r'n out a success the reward will be great to all." The above is a fair statement of the work of the company to date.