PETROLEUM.

Taranaki Daily News, Volume LV, Issue 89, 31 August 1912, Page 5

PETROLEUM.

BORING NEAR DANNEVIRKE. By Telegraph—Press Association. Dannevirke, Friday. A commencement was made with boring operations on behalf of the Kotuku Oilfields Syndicate at Waipatiki yesterday, and will be proceeded with night and day in the future. As soon as t'he necessary accommodation for the .men is provided the boring plant will probably be the best in the Dominion, and will be .supplemented bv others shortly to arrive. A feature of the operations is the utilisation of an escape of natural gas a quarter of a mile from the bore as fuel for driving the machinery, which will mean a big .saving in the working cost. This gas, and similar escapes in other parts, are indications taken to denote the presence of oil. They were first discovered accidentally some time ago by a lad and formerly were frequently on fire for months. The syndicate possesses options over an area of about 8000 ac.res. The capital involved is all foreign, and the possibilities of the field will be fully tested. The company is fully aware that the undertaking'is of the nature, of a gamble, but is prepared to take the risk, as there is hope of a big rewardl, even if oil is not discovered, it being considered that the gas, if found in a sufficient volume, will warrant the establishment of a plant for the manufacture of petrol and gasolene. ;