PETROLEUM.

Taranaki Daily News, Volume LV, Issue 132, 22 October 1912, Page 4

PETROLEUM.

XGAMOTU OIL FIELDS, LTD. The Xgamotu Oil Fields, Ltd., proposition will be on the market onlv for a day longer, the share list closing tomorrow, and all applications must be in before that date. In a circular the promoters of the company "point oiit that four or more wells will be drilled on the half-acre secured by the company in the midst of proven oil-producing lands at Moturoa, and supposing each well produces an equal flow to that of No. 5 bore of the Taranaki (X.Z.) Oil Wells, Ltd. (it is anticipated by the promoters that it will be greater),'then the capital value of the half-acre of proven oil land would at least be equal to £24,800. Some of the special advantages claimed by the Xgamotu Company are:—(l) By making all the land. 54 acres (more or lets) freehold, thus securing "all'profits for;the shareholders. (2) The plot of land at Moturoa, half acre, is favorably situated between the wells of the Taranaki (X.Z.) Oil'Weils, Ltd. No. 2 bore is about 200 yards to the east; No. 5 •bore is about 300 yards to the, eaat-north-east: ,and No. 3 bore'is about 150 yards to the west. (3) The company's land on the Frankley road, 14 acres (more or less) is situated in a direct line between the bores of the Taranaki (X.Z.) Oil Wells, Ltd.. and No. 1 bore of the Taranaki Oil and Freehold Company, Ltd. (distant 2'/ 3 miles south-east from Moturoa) in which a vein of. oil has been struck at a depth of 13&5 feet. The promoters have great faith in the potentialities of this property, as it, has for the past 27 years shown strong indications of petroleum. (4) The land at Bell Block. 3fl'/ u acres (more or less), on which pronounced petroliferous indications have been discovered, is contiguous to lands over which the Taranaki (X.Z.) Oil Wells, Ltd., hold, oil options, and on which boring operations are now in progress. (5) Great expense will 'be saved in drilling, as it has been arranged with the Taranaki (N.Z.) Oil Wells Company, Ltd.. to supply all gas for fuel purposes required by the Xgamotu Oil Fields, Ltd. It has also been arranged that it will buy the company's output, of oil at market rates, or refine it on a commission, and as the refinery will be erected about 300 yards away from the property of the Xgamotu Oil Fields, Ltd., the cost of delivery will be reduced to a minimum.