PETROLEUM NEWS.

Taranaki Daily News, Volume LIII, Issue 197, 29 November 1910, Page 5

PETROLEUM NEWS.

The manager of the Taranaki Petroleum Company, Mr. L. Keith, reports that work at No. 1 is proceeding steadily; No. 2 is flowing as usual; at No. 3 the new 4in casing was on the ground on Saturday, and this morning 150 ft had been lowered into position, whil« the oil continues to flow between the casings; at No. 5 good progress is being made with drilling operations. There is a distinct hardening of the outside sharemarket in Taranaki Petroleum Company's shares, holders ol 1 which are asking higher prices. . > At the Standard Oil Company (N.Z.) property on the Carrington road the bore is now down to a depth of 3240 feet, and the working is going on smoothly and satisfactorily. The drill is now traversing a limestone and sandstone and blue clay formation. There are frequent ebullitions of gas, which sometimes blow the silt and stuff a considerable distance up the casing. Mr. Young, manager of the Gisbome Oil Company, presented a satisfactory report to a directors' meeting last week. For some weeks past the shortage of water, owing to the drought, had proved a handicap to the work. The manager had vainly endeavoured to get supplies from various springs, and then decided to bore for water close to the oil bore. The result was successful.. At a dep<R of 66ft a supply equal to 1500 gallons a day was obtained, that being amplfl for all. requirements. With this problem settled, it is expected that the 1 progress will be much greater in the next few weeks.