PETROLEUM NEWS

Taranaki Daily News, Volume LII, Issue 334, 9 March 1910, Page 4

PETROLEUM NEWS

On the Wellington Stock Exchange yesterday Taranaki Petroleum shares sold at Bs.

Boring is_proceeding satisfactorily at Nos. 2 and '3. The latter bore is now down 2720 ft, and indications continue very promising.

Oil is still flowing from between the five and six inch casing at No. i. Mr. Keith has ingeniously led the oil, wliick. is accompanied by a considerable force of gas, into a JOO-gallon tank, above the ordinary tanks, and from tliis the gas is tapped for fuel purposes. The result is that the engine is now almost exclusively driven by the gas, which makes a capital fuel. An adjourned meeting of the directors of tlTe Gisborne Oil Company was held last Saturday, when (states the local Herald) a letter was "received from Mr. Alex. D. McDonald, driller, manager to the company, requesting, owing to the state of his' health, that he be relieved of his position. The directors decided to accede to his request, and to place Mr. Young in charge. Mr. Young~has been head man at the works since th'e commencement, and has a full grasp of all the operations. He has had considerable experience working with Mr. McDonald, and lias supervised the work of putting down one of the deepest bores in Taranaki, where he was successful in shutting off the water. As regards the well, it ■was reported that lifting operations ■wore proceeding satisfactorily, though the pipes are still held stiffly in the bore. It is apparent that the friction which lias caused so much trouble occurs aTTue tofTTor in lifting the pipe there •was as much friction as when 200 ft lower in the ground. Tt is assumed that, a big stone has lodged against the pipe, imneiTing the lifting. The directors resolved that the necessary steps be taken to call a general meeting of shareholders to authorise the further issue of shares to nmfend the articles or prospectus of the company so as to take off the restriction limiting the number of shares a shareholder can hold in tKe company in any one issue and to place the financial position fully before the shareholders.