PETROLEUM NEWS.

Taranaki Daily News, Volume LIII, Issue 241, 17 February 1911, Page 8

PETROLEUM NEWS.

THE TARANAKICOMPANY.

That the presence of petroleum in Taranaki is becoming known the world over was shown last night, when the directors of the Taranaki Petrolaum Co. received several applications for samples! for testing and for quotations for supplying crude oil in quantities. These, latter were from colonial firms, but those |

who asked to be supplied with fairly, bulky parcels for testing purposes with a view of using it in their various com-! mcrcial undertakings included two Eng- 1 lish firms and one German, who all wrote direct. One of them wrote iu connection with an order for plant received by a colonial electrical power and light supply company with the idea o! : producing electricity by means of machinery driven by oil fuel. The directors were, of course, immensely pleased to notice that the field was beginning to receive more attention, particularly as there are enormous stocks of crude oil in the huge underground tanks at the bores. Generous samples of the crude petroleum will be shipped. The operations at Moturoa still conI tinue satisfactory. I Oil is still flowing steadily from No. ' 2 bore, and at No. 3 the flow is still

very satisfactory during very progressive drilling operations. | At No. 5 bore, some little distance away, drilling is going on rapidly, a.nd there are already, at a depth of about 700 feet, very pleasing indications of gas. A fair number of the new preference shares were allotted at last night's meeting of directors, and the transfers put through indicated that there was a good market for paid-up shares.

During his visit to the West Coast, Mr. J. D. Henry, the English oil expert, stated it would take £2,00,000 to exploit Taranaki, Kotuku and Gisborne. This, however, is but a seventh part of the money subscribed in England last year for oil company flotation. ! A modern drilling plant for Kotuku is on its way from England. I