PETROLEUM.

Taranaki Daily News, Volume LV, Issue 179, 16 December 1912, Page 6

PETROLEUM.

ACTIVITIES AT MOTI'ROA. Everything in well forward in connce- . ion with the erection of the refinery 'uildings and plant on the 'l'aranaki (New Zealand) -Oil Wells, Linr.itcd's property at Moturoa. Tlie erection of the jiaralVin shed is well under way, while the concrete walls for llie spirit stills an; in hand, and the excavation work for (he foundations of the acid, washing plant are being proceeded with. The stock and charging (auks for flic throe 20,000-gallon stills are in position on the foundations on which will he erected tlie top tiers, which will arrive by boat to-day. Six cylindrical tanks have also been fixed up ready for the pneumatic rivetters, while a large water pipe line is being laid to the, refinery, and to the rotary derrick, with branches lo which fire hydrants are being attached. In all 4,10 tons of refinery plant will arrive to-day. The derrick at Xo. bore, to replace, tlio one desroyed by fire, i,.s now nearing completion, and during this week the well will lie cleared from silt and deepened a few feet. Boring operations at the new rotary derrick will be commenced early this week. Very satisfactory progress is being 'made at Bell Block. especially at No. 2 bore, where papa formation wa>s encountered last week. The foundation is much harder at No. 1, but good progress has been made. TTIE BONITIION COMPANY.

I Tenders are elsewhere 'invited in this issue by iho Bonithon Company for carting from the ship'* side to Bonithon 200 tons of oil boring plant, which arrives in Wellington to-day, and is to 'be despatched on Wednesday by the Karamu, reaching here some time on Thursday. THE TAI'AXAKr OIL AXD FREEHOLD COMPANY, LIMITED, Tlio director*!'' report for the year ended the 30th .September, 1012 is as follows: —"Once more your directors present a somewhat meagru report, the necessary outcome of another twelve I months' inactivity. The past 'year has beeir one full' of' interest to all who. like ourselves, are concerned in the, great oil industry, which has now been fairly iniated' in this Dominion and promises to be a source of wealth to our colonists, | and of incalculable, value to the nation. )The event of the year has been the llojtation of the Taranaki (New Zealand) Oil Wells, Limited, which was effected in April lust witii a subscription of close upon £200,000, nearly the whole of which was subscribed in New Zealand, the jllome issue being made at a moment I when the British share market was paralysed by unforeseen conditions. The di- | rectors of that company have lost no I time in getting to work; experts of high qualification .have been from Britain and America, and a very complete and costly refinery is now in process of erection at Moturoa. The existing wells are being developed, 'ami several bores have been commenced or are [in contemplation. This company has [obtained from the United States the I first outfit erected in New Zealand of I the ''Parker Rotary" system, a new mej thod of drilling which has been very successful elsewhere, and seems likely to I supersede the old percussion system which has hitherto been ill vogue here. [The Bonithon Company, whose shares are mainly held here and in Wellington, lias found considerable further capital, anil a visit to America of its secretary has resulted in the purchase of another "Parker Rotary" plant which will also be <at work next month. Several other new companies have been formed in ih" Dominion, and considerable capital subscribed, and some of these are prepared to operate early in the year. Further overtures have been made to us by persons desirous of obtaining authority lo place our undertaking, on the market, but your directors have been, and are. unanimously of opinion that our policy at the present time is to wait the outcome of events, ,and we feel very sanguine that this will prove ,to the advantage of our shareholders. No other company has yet found oil outside the immediate vicinity of Moturoa. and this fact, should give our property a spcciul value. Tf.pil is got in either of the two wells now being put down bv the Taranaki (New .Zealand) Oil Wells,' Limited, at points between Bell Block and Waitiira, the prospects of the Taranaki field will be very beneficially affected as there will be no longer any doubt as to 'the existence of petroleum over a widespread area. Mr. M. Jones now retires in accordance with our Articles of Association, but is eligible for re-election, and holds himself at your service. The meeting will also be called upon to elect an auditor, and Mr. Mills is again available should the shareholders desire it."