PETROLEUM NEWS

Taranaki Daily News, Volume LII, Issue 353, 2 April 1910, Page 4

PETROLEUM NEWS

THE TARAXAKI COMPANY. The directors of the Taranaki Petroleum Company met last night The manager reported that good progress iiad been made during the day In repairing No. 1 and No. 2 bores, and ho contemplated that by Tuesday morning. both derricks would be ready for resuming operations. The men engaged at No. a had practically cleared the derrick, which was brought down by the gale, and he expected that should the weather prove favourable thU' derrick would be re-erected by the end of next week. Although the gale played havoc with the derricks, no damage was caused to the machinery. As a set-oit' to the unfortunate wrecking of the derricks by the forcesov. r winch t:ie company had no control, since Friday last some 90 barrels' of oil had been secured from No. 2 bore, tfrfe having come up between the casings, and from the 12th to the 24th March 45 barrels of oil were secured horn No. 3.

At No. 2 bore there has heen no ce* sation of nil flowing from between th« casings since January 5. During the past week, owing to the bore being shut down for the holidays, the weH has been undisturbed, and consequently there has been oil and water, and no silt. This accounted for the good results of the week.

The depths of tho bores respectively are:-No. 2, 2802 feet; No. 3, 2842 feet. The directors,' have decided to call for tenders for the construction of another underground tank at No. 3 bore.