PETROLEUM NEWS.

Taranaki Daily News, Volume LIII, Issue 198, 30 November 1910, Page 4

PETROLEUM NEWS.

THE TARANAKI WELLS. A RECENT VISITOR'S IMPRESSIONS. '"lt is somewhat surprising that tins great interest lias dropped of late so much out of notice," writes a Welling: ton visitor to the Taranaki district in. the Dominion. "Yet, the recent measure of success leaves the prospects of further developments well assured. The Taranaki Oil Company has three bores yielding oil, one of which awaits the arrival of further necessary pipes, but both the others which have been sunk to over 30QOft are continuously flowing, and one of these even since last January. The oil is discharged continuously with much force,, but intermittently in volume as the gas or liquid prevails. At first, as the company had made no sufficient preparation the oil was largely wasted, but by excavating large tanks in the clay, some 150,000 gallons of crude oil are now so stored; the clay proving impervious to the congealed oil, which, while discharging, is at about blood heat, and thickens as it cools. The present success affords confident warrant to expect that the company will be able to develop a large oil field and wells without the water which, as at present, is intermixed in a small proportion; but the immediate problem before the directors is not alone the disposal of crude oil, but its economic conversion and sale as kerosene, benzine, lubricants, paraffin, and pitch. In its success so far the company has unquestionably a valuable asset; for its development, knowledge with capital and enterprise are required. The directors are discreetly reticent as to their intentions, but negotiations are, by current report, in train with British capitalists. Yet, surely there should be sufficient local enterprise to develop an industry offering reasons so valid for its early assured success. Why is it that an undertaking with such a probable future hangs fire? Have confidence and enterprise really fled our shores, or to wh# is this due?"

Work is proceeding as usual at No. 1 bore of the above company, and No. 2 continues to flow without any variation. At No. S, 3034 ft of 4rn casing is now in the well, thus being within about 50ft from the bottom. At No. 5 drilling is proceeding, and good" progress is being made. Boulders and a hard conglomerate are now being encountered.

There were many visitors at the bores during the past few days, amongst them being Mr. Mlean, of Napier, who was greatly impressed with the possibilities of the industry.