PETROLEUM NEWS.

Taranaki Daily News, Volume LIII, Issue 43, 31 May 1910, Page 4

PETROLEUM NEWS.

OPERATIONS AT MOTUROA. The result;of operations at the Tarairaki Oil Company's No. 2 bore continue ro give great satisfaction. Twenty oarrels of oil were steamed yesterday. The manager is now experimenting with the oin. casing, and intends'to use a perforated casing to test the present bore. No. 3 bore is full to within 50 feet of the top. The general indications arevery encouraging. NEGOTIATIONS WITH BRITISH FINANCIERS.. There was a rumor in towa yesterday that the negotiations between bntisU investors and the Taranaki Petroteum Company were on the point of realising a successful issue. Upon mentioning the matter to Mr. Carter, chairman of directors of the company, a News reporter was l informed that there was nothing in the story. Mr. Carter added that shareholders could rest content that the directors will make an announcenu:.it if anything definite is ar-, rived at.

A PAGE OUT OF THE PAST We have been shown a copy of a lialfvoai'ly report and balance sneet of the Taranaki Petroleum Company, Limited.' covering the period between May 29 and December 31, 18(i(i. This was the company's first report, and in it Mr. Richard Chilnuin (the chairman ot directors) reported that two holes had been sunk,, one on the beach .'11!) feet deep, when further work wan stopped pending the arrival of a winding machine, the windless in use not being considered 1 safe at that depth. The second hole had been sunk at Mikotahi. and was then 318 feet deep. The work had been proceeded with, although at a great "disadvantage, owing to the 11011arrrval of a steam engine and the exceeding hardness of the stuff gone through. From the indications at Mikotahi the directors had reason to hope that ofl in payable quantities would be obtained there. Although the hole bad been pumped, it wits impossible to know whether or not tliis was the cae. According to the report there was considerable difficulty in collecting the calls on shares. After some discussion relative to the present mode of boring, and the reading of a report from Mr. Warwick Weston, who had visited the oil regions in Pennsylvania for the express purpose of furnishing the directors with information, the chairman explained why the American system of boring could not be tried by the directors at present, and stated that as soon as the steam engine and tubing arrived the bores on the beach and at Mikotahi would ibe finished. These statements appeared to give general satisfaction, and the report was unanimously approved. The total amount received from shareholders at that date was £2499. There were 1000 shares, and £3 lisul been paid tip. The property held by the company was shown as follows:—Buildings at No. 1 and Mikotnhi £103; leasehold of part < f Scgarloaf Reserve. 140 acres, to»jt!ior with value of three bores at No. 1, Xo. 3 and Xo. 2 (the first 310 feet <leo», the s'econd 318 feet deep, and the ')st .).) feet deep), ,€120.) 18* -plant, £479 0s Id.