PETROLEUM.

Taranaki Daily News, Volume LI, Issue 257, 23 October 1908, Page 2

PETROLEUM.

ENCOURAG ING PROSPECTS. No. 2 bore at Molu'roa continues to remain dry and give off a good deal of oil. Yesterday the gas wa g stronger than ever. The manager cleaned out the accumulation of sediment at liu' bottom of the well and took off several barrels of oil, though the well was not emptied. Until the well is thoroughly cleaned, the deep pump cannot be used and the capacity of the well ascertained, At present mini is being forced into the pipes by the action of the subterranean gas, and it may be some time before this dillifullv is overcome.

The well has now produced over 40 barrels of oil. In its crude state it is worth about 10s per barrel. As goon as the deep pump can be put down with safety, the manager anticipates no trouble in getting the oil to How, that is, of course, if the main oil measures have been pierced and not a pocket. At the present time. .Mr. .Simpson informed us last night, it is impossible to say whether the well is permanent and payable: it may be anything—a rich well or" a 'Hash in the pan.'' Though ipiitc noii-coniniittal, the expert is hopeful regarding the prospects of the Held.

The Wellington quotation for Tai\i ntvki Petroleum shares vesterdav wasliuyers Ills, sellers lis. Operations at the bore of the Hadl-. Company on (lie Carringlon P v oad li-iv ccascd iudelillilely.

Commenting on the balance-sheet of Ihe Taranaki Petroleum Company, the Wellington Dominion says:—"The cost of the office seems large for a company that should have very little office work, but perhaps the directors can justify the expenditure. The report and balan.fsheet were issued before the favorable results in the No. 2 bore, were disclosed, consequently there are no references to the matter. Private advices from Neiv Plymouth, while not too sanguine, av distinctly optimistic; at all even's, T'aranaki speculators are buying the shares very freely. The people of N::iv Plymouth have suffered so many disappointments over petroleum that they may well be excused if they are displaying scepticism now, but they are not. They still believe in oil, and they are buying the shares."