PETROLEUM.

Taranaki Daily News, Volume LV, Issue 80, 21 August 1912, Page 4

PETROLEUM.

SITE FOR REFINERY. It is understood that the Taranaki. Oilwells, Ltd., are negotiating with thjeGovernment (through the Taranaki Land Board) for the lease of five acres of land on the Prison Reserve at Moturoa, adjacent to Xo. 2 well, for the purpose of erecting the refinery. Yesterday, members of the Land Board and the local directorate of the company inspected the--1 proposed site. THE INGLEWOOD COMPANY. No word has yet been received as to i the fate of the proposition placed or* the Home and Paris markets by the lnglewood Boring and' Prospecting Corapany. Failing news of a sale, the proposition will be placed in the hands of Mr. H. J. Brown for flotation. XGAMOTU OIL WELLS, LTD. The erection of a refinery at Moturoa should prove an incentive to the successful flotation of the proposition of the Ngamotu Oil Fields, Ltd., which is ac present on the market. In addition to handling the product of the wells of the Taranaki (New Zealand) Oil Wells, Ltd., the refinery will be in a positio* to treat with other companies for th» j disposal of the oil they produce. The ' I company, the prospectus of which will withstand the searchlight of public invegi tigation, has been formed for the pur- - pose of acquiring as freeholds (1) land j in the midst of proven and producing oil I lands at Moturoa; (2) land on the j Frankley road, within seven minutes' j walk of the Post Office at New Ply- | mouth; (3) land at Bell Block, contiguI ous to land held by the Taranaki (New | Zealand) Oil Wells, Ltd., and for earj rying on boring operations for petroleum on the land acquired. The total area of land to be acquired is 54 acres. ! The land at Moturoa is favorably situ- , i ated between the bores of the Taranaki [.(New Zealand) Oil. Wells, Ltd., No. 2 bore being about 200 yards to the east, No. 5 bore about 300 yards east-north- | east, and No. 3 bore about 150 yards to j the west. All of these wells are flowing I oil, and four or more wells could b« sunk with every prospect of getting payable oil. Therefore commercial wells will be sunk, and not prospecting bores. The„ directors anticipate being able to arrange with the Taranaki (New Zealand) Oil Wells. Ltd., for a supply of gas from Nos. 2 or 3 bores, for fuel purposes, and the latter company has intimated its willingness to enable this to be done/ This would effect a great saving in the working expenses of the company. Drilling will lie commenced at Moturoa, and it is the intention of the directors to have the latest and most up-to-date plant, and they are now in communication with several of the best-known American oil well supply houses. A particularly pleasing feature of the > prospectus is that the properties of th« company, being all freehold, no royaltiee will be payable on the oil won.' The vendors of the properties have accepted so many shares as part payment, which indicates their complete confidence in the success of the venture. The promoters, ■by making the time for payment of calls' to extend over a period of practically two years, anticipate that the shares will be readily taken up by all classes of investors. In all undertakings there must be a certain element of risk, but there is this, that speaks much for the proposition under review: it is a straight-out proposal, one which is not being placed on the market to simply fleece a confiding public. In event of success, all that the promoters will receive will be 100 shares apiece, while if it fails they each stand to lose a certain sum. But they have little fear for the ultimate fate of the proposition. Neveii in the history of the civilised world have the .manifold uses and increasing adoption of oil been so prominently and constantly .before the public, the Diesel engine, driven by petroleum, is fast becoming the ideal motive power, steamships, locomotives and motors all require oil, and therefore the demand is outgrowing the supply, thus pointing to an increased price for petroleum. Applications for shares should be i n the hands of the secretary (Mr. D. McAllum, Egmont street, New Plymouth)' not later than August 31. ;

SANGUINE OF SUCCESS.

By Telegraph—Press Association. '■ on T - . , 3 nnevirke ' Tuesday. ' The Ivotuku Oil Field? Syndicate' lias removed most of its plant to Wnipatiki. in the Weber district. It is ioped ta commence boring operations next week. ■The promoters of the enterprise ar* sanguine of success.