PETROLEUM NEWS
RISE IN SHAKES. Consequent on the information regarding the English oil-men's overtures to purchase the 'i'uranaki Oil Company'* rights and property, shares were almost unprocurable in New Plymouth yesterday. On the Auckland and Wellington exchanges they were quoted at between Ids and 18s. Up till midnight no tabic had been received by the company from Mr. Henry's people in reply to' the one dispatched from New Plyomuth the night before. The casing at No. 3 l>ore has now been lowered to the bottom of the bore, and drilling will be proceeded with this morning. During the last 24 hours this well has been flowing very strongly. At No. 5 bore the formation being, pierced has changed, that now met with being of a gravelly nature, highly impregnated with gas. At No. 2 bore oil is still flowing asusual.
Buy preference shares. They may turn to substantial profit. To-morrow may be too late. Send to Walter Bewley, New Plymouth.—Advt.
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Taranaki Daily News, Volume LIII, Issue 305, 19 May 1911, Page 4
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160PETROLEUM NEWS Taranaki Daily News, Volume LIII, Issue 305, 19 May 1911, Page 4
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