PETROLEUM NEWS.

Taranaki Daily News, Volume LIV, Issue 138, 2 December 1911, Page 4

PETROLEUM NEWS.

THE KOTUKU FIELDS.

Mr. C. Engel, the London representative of tlig Shell Company's interest in the Kotuku Oilfields Sydnicate, is ut present visiting Greymoutli. Mr. Engel, who has been in the Dominion for some weeks, will remain in Xew Zealand for a few months to come, directing operations on behalf of his principals. He has already inspected the field at Ko-

tuku and was much interested in the boring operations in progress there. In conversation with a Star reporter, Mr. Engel said his company had a controlling interest in the Kotuku Syndicate and were determined to prove the field.

The country had not yet been proved, but showed unerring indications of the existence of petroleum. The question whether the oil existed there in payable quantities or not had yet to be proved. Suffice it to say that the company were acting on the advice of Dr. Wanner, one of the best experts in the world. After an exhaustive inspection of the field, that gentleman presented a favorable report, which induced the company to undertake exploitation work with a view to ascertaining whether the field would be payable or not. That was the problem which presented itself. In dealing with it, difficulties had been experienced on account of the industry being a novel one so far as Xew Zealand was concerned. Questioned as to the pro'speets at Kotuku, Mr. Engel said that as a result of Dr. Wanner's recommendation, the company had decided on the systematic prospecting of the field. One rig was already in operation,, another would bo to hand shortly, and others would be secured as occasion required. The prospects at Kotuku were satisfactory, but there was nothing to warrant a boom on the market, or any trafficking in shares. The scrip which his company owned would be held firmly, an& no matter what the market price, would not be parted with. His company was not a promoting one, but was straight out , after oil and to develop the industry if circumstances warranted. There was nothing speculative about their intentions; they would treat Kotuku as a . business proposition pure and simple. If there were no oil. or the. conditions were unworkable, the company would cease operations. If, however, on the other hand, circumstances were favorable, there was no limit to the capital which would be available to exploit the field and develop the industry. (