PETROLEUM NEWS.

Taranaki Daily News, Volume LIV, Issue 201, 4 May 1912, Page 4

PETROLEUM NEWS.

REVOLUTIONISING THE INDUSTRY. Mr. William McLean, secretary of the Bonithon Freehold Petroleum Company Extended, was on a visit to New Plymouth yesterday on business connected with his company's operations at Moturoa. Mr. McLean is about to leave for America to purchase on behalf of his company a 1912 Parker-Mogul 20-in. rotary boring plant, which is said to be the last word in petroleum drilling machinery. In conversation with a News representative, Mr. McLean remarked that by the aid of this machine, which was being taken up by the leading oil companies of America, a 20-in. well could be put down in a few weeks at a cost of only 5s per foot. Thus a 4000 ft well could be drilled for but £IOOO. He will inspect the drilling plants in operation in America, and if they come up to expectations, as he believes they will, he will return with a set and get under way with it on the Bonithon property. The company's capital has been increased to £25,000, the shares being mainly held by Wellington financiers, and Mr. McLean is certain that good things are ahead of them. "The difference between this new type of machinery and the old cable system in vojnie at Moturoa can be likened to the difference between the pace of a corpulent pedestrian and a modern motorcar. It is revolutionising the oil industry of other parte—the great Pearson firm are using 95 per cent, of the rotary drilling plants—and it will revolutionise the industry in TaTanaki and place it on an assured and successful footing." Mr. W. McLean, who is one of Wellington's leading and most trusted business men, returns to Wellington this morning.