PETROLEUM NEWS.

Taranaki Daily News, Volume LIII, Issue 168, 25 October 1910, Page 5

PETROLEUM NEWS.

GISI3OKXE OIL COMPANY. At the last meeting of directors of the Gisborne Oil Cnnpnny Mr. J. H. Young, the compam's manager. jpivu an exhaustive report on the work up to date. His statement showed that boring operations with the ti-inch casing had now reached a depth of 1310 feet, this being 25 feet lower than the previous depth. He was working in a very sticky stratum, and consequently boring was difficult. but the indications were extremely favorable. The formation they are at present going through was of a similar nature to that negotiated just prior to striking oil at the 055 ft depth. Thefe was a considerable quantity of gas showing in the well, which was another good indication for oil. The formation was exactly the same as that described by Dr. Bell in his report on the survey of the locality, in connection with which he states: ''lt seems certain that the clay shales which form the lowest beds of the Wtiatatutu series are the upper portion of, or form an impervious cover for, the oil zone of this area. From its character the clay-shale is admirably suited for a cover for a stratum containing oil."— Poverty Bay Herald.