Taranaki Oilfields

Taranaki Daily News, Volume LIII, Issue 304, 18 May 1911, Page 4

Taranaki Oilfields

ON EVE OF GREAT DEVELOPMENTS. NEGOTIATIONS FOR THEIR SALE TO ENGLISH CAPITALITSS. On Tuesday au important cable was received by the Taranaki Petroleum Company from Mr. J. D. Henry, the British oil expert, who has just returned to London after his visit, on behalf of a group of English oil financiers, to Taranaki and other parts of New Zealand. The cable was considered last night by the directors and a reply despatched by eable. We understand the negotiations are in a particularly satisfactory and forward state. If they arc completed, as is likely; they will be shortly, it may be necessary for u responsible member of the directorate to proceed to London directly. Tt is also expected that Mr. Henry will be returning to New Plymouth in a few months' time, and with him a plant and staff to exploit the oilfield on comprehensive and up-to-date lines will arrive. Mr. Henry's people, it may be mentioned, have unlimited financial resource?. We might mention that if the negotiations are completed, shareholders in the present Taranaki Company will be on a "good wicket." Operations at the bores are proceeding satisfactorily. No. sis now down to a depth of 1750 ft, and if indications go for anything oil cannot be far away. At No. 3 oil is coming up in large ' quantities between the casings, whilst tho gas pressure is considerable. No. 2 is Btill doing its duty at the rate of 20 barrels a day.