PETROLEUM NEWS.

Taranaki Daily News, Volume LIII, Issue 64, 24 June 1910, Page 5

PETROLEUM NEWS.

OPERATIONS AT MOTUROA. Reports from Moturoa yesterday show that the Taranaki Petroleum Company's No. 2 bore is normal. No. 3«. flowed to' the top of the derrick and.several times in it. The gas is very strong, and the indications are excellent. No. 1 is satisfactory. THE CARRINGTON ROAD BORE. The Australasian 'Standard Oil Company's bore on Upper Carrington Road is now down 3000 feet. Very promising indications have lately been met with', and the bead driller expects to reach the oil supplies before he proceeds much further. A deep well pump has just come to hand, and this will be put in operation at an early date. i THE PALMERSTON EXHIBIT. From the accounts that have been received from Messrs. Elwifl and Grace, who are in charge of the Taranaki oil exhibit at the Palmerston Shdw, deep' interest is being manifested in Tara-, naki oil properties. , The company have wisely issued a circular furnishing tbe public with particulars of some of the salient features of the company, ihe oil and the industry generally. The following are, the points:— 1. That three wells have already produced about 125,000 gallons of oil, of ( which about 75,000 gallons is now stored; on the premises. j

2. That these wells are about 3000 feet deep, and are calculated to produce at least 140 barrels or 24 tons every week. ' . ■ ' I 3. That No. 2 bore has flowed continuously sLice January 5. J 4. That on Saturday, June 11, all three were flowing at the same time. |

5. That crude oil "will be tried on the Government railways, and all the fleets, of all nations are wanting it as fuel, j 0. That all geological reports tend to emphasise the fact that petroleum exists in great quantities in Taranaki. . j 7. That the Government Geologist (Dr. Bell) in his report suggested deeper boring at No. 2 and No. ,3, and present results prove Dr. Bell's conclusion to be absolutely correct..

8. That the present outputtrng wells J are close to New Plymouth, adjacent to the railway, and within a few chains of the port. ' 9. That about £IOO,OOO has already been spent in obtaining present results. I 10. That •Government analysis and re- \ suits of refining show Taraiiaki oil to ,' be about 2% times greater commercially valuable than any other known oil. 11. That as'the profits on refining 100, tons of American oil ore about £300,' I those on 100 tons of Taranaki oil should i lie £750. I

12. That 24 tons produced each week a-rfd refined would yield a profit of £2OO, which will give say £10,500 per annum.

13. That When the whole capital, £120,000, of *he Taranaki Company is raised and the refinery Ibuilt and at work the present output will yield oyer 8% per cent, on capital. 14. That further boring and greater output will be obtained without requiring greater capital. 15. That this industry should at all cost be retained in the hands of New Zealanders.