PETROLEUM NEWS

Taranaki Daily News, Volume LIV, Issue 94, 11 October 1911, Page 4

PETROLEUM NEWS

KOTCKC FIELD. According to a cablegram sent lo London, the Xo. 1, well on the Kotuku Oilfields Syndicate's property is now down •20Oft. The country is described as> ''hard sandy marl, strongly impregnated with peltMlcum." This is a progress of ftjfr. for tlie week. The first well started was. begun oil August 7 last, and was named "The Udy Islington." The boring is in the hands of Galacian experts, who have been specially sent out from Galieia for the Kotuku Company. The machinery is extensive, complicated, and costly, and is the. very latest that could be obtained. Greymout'h is naturally keenly interested in the venture, inasmuch as Mr. Ziwrnn stated at the naming of the well that 'he hoped "to see Greymouth the largest town in Xew Zealand, employing tens of thousands of men in the oil industry."

POVERTY BAY FIELDS. Says the Gishorne Times:—Great interest has been manifested in the Dominion's oilfields, both at home and abroad during recent years, but hitherto Taranaki has been to the forefront in the production of petroleum. However, since oil was discovered there other parts of Xew Zealand have come into prominence, and at the present time Poverty Bay bids fair to provide one of the great oil strata* which would not only give an impetus to the trade of Gisborne, but would be a great benefit to the whole of the Dominion.

Last week the New OilQelds Company commenced operations at Waihircre at what is known as No. 2 bore. The site is 265 ft. above sea level, and is a most favorable one for canning on the work. Mr. Clayton, in the course of a speech, said this company was floated in London, and the British capitalists found: the mony to prospect this practically unknown country. At the time they had nothing in the way of really expert opinion, but yet they found a strong company formed to 'bring about prosperity not only to its own shareholders but the whole of this district. The people of Poverty Bay were not aware of the potentialities of .'the country. If oil was struck in payable quantities, as he hoped they would strike it, he felt sure that .Gisborne would take a position in the Dominion such as no other

town had taken. The oil would be perj manent, not like a transitory ,goldlield I Wat fizzled out. They expected j that the district would be'fuHy develj oped, and that they would find Gisborne ! a huge commercial city, instead of a small town with 10,000 'inhabitants. He was confident they were going to strike oil, and his confidence was strengthened when they had Mr. Henderson in charge. The London Board hud also confidence in him, and felt that the enterprise would be brought to a successful issue. He hoped that before long the land would be flowing with milk and oil. to the general prosperity of everybody.