PETROLEUM NEWS.

Taranaki Daily News, Volume LIII, Issue 83, 16 July 1910, Page 4

PETROLEUM NEWS.

Mr. Okey lias been informed by the Prime Minister that 25 barrels of cruae petroleum won from the bores in the Taranaki district would be forwarded io the High Commissioner's office, in oi\!er that it might be brought under the notice of the Home naval authorities. So far this week one hundred barrels of oil have been secured irom -No. 2 bore, and the oil is still flowing well.

No. 1 bore has been reamed down to SSO feet, and now contains 727 feet of 8-iuch casing'. The excavation o? the tank at this bore is completed. This tank gives greater provision for the storage of crude petroleum than any tank yet excavated by the company. It is 20ft. 4in. in diameter, with a depth of 18ft.

No. 3 bore is now down to 3000 ft., and the manager has reported that the bore is full of oil to within a few feet of the top. The response to the circulars issued by the directors to the shareholders in connection with the issue of preferential shares to raise capital for the erection of a refinery, has been so gratrfying that it has been decided to hold an extraordinary general meeting of shareholders on Monday, August 8, to lake the necessary steps to give effect to the proposal. The Government, in reply to Mr. H. Okev, has promised to forward to the High Commissioner's Department in London twenty-five barrels of crude petroleum, won from the Moturoa bores in the presence of an officer appointed bv the Government, and certified to by the Government to that effect. The directors not onlv intend forwarding these twenty-five barrels for the use of the navv. but if arrangements can be made, will forward a lnr?c quantity that can be distributed to those interested in oil refinery.

The directors av f . also forwarfiwi specimens of refined oil to the four lanje centres.

Enquiries are onii'mrr to hand for crude oil in small and large quantities from various parts of the eolonv. As showing the nil-henrinsr proclivities of Motnroa, it mnv bo mentioned that the (lvcdtre. in its initial operations yesterday, dredged up n considerable quantity of oil. The sill and water deposited in the hopper were covered with a thick "ontinrr n f oil. whilst Hie water of the harbor for over a chain around the vessel -was also thinly covered with the snnie substance.