PETROLEUM NEWS.

Taranaki Daily News, Volume LIII, Issue 192, 23 November 1910, Page 4

PETROLEUM NEWS.

THE TARANAKI COMPANY. Work at No. 1 bore of the Taranaki Petroleum Company is progressing satisfactorily. There is no abatement in the flow of oil from No. 2, and No. 3 has flowed 30 barrels of oil between the •i-inch and 5-inch casing since Friday. The well is still flowing. At No. 5 good progress is being made with the drilling.

THE OIL AND FREEHOLD COMPANY. Negotiations are reported to be in progress which will probably result in the acquisition of the interests of the Taranaki Oil and Freehold Company by a wealthy English combination, whose object will be to develop the company's present undertaking and also test other localities in Taranaki under expert advice and with the most modern appliances. It is now an open secret tiat the directors were approached sevcMl months ago by the representatives of a London syndicate, with whom the questions of price and terms were discussed, and it seems probable that business may result very shortly on conditions which will not only be most satisfactory to the shareholders but very advantageous to this district . Since his arrival in England a few weeks ago, Mr. W. Balloch, of the Oil and Freehold Company, has been in touch with leading London financiers, who cabled a request that they might be enabled to discuss with him the prospects of the Taranaki oil field. As Mr. Balloch took with him very complete information as to the geological conditions, borings, and the physical features of this district, as well as samples of the oil obtained by himself at Vogeltown, he is in a position to supply at first hand the most reliable data hitherto available. The chairman of the Oil and Freehold Company advised the High Commissioner of Mr. Bailoch's visit to the Old Country, so that homight be able to avail himself of any information Mr. Balloch qould aflord^£ijj^