PETROLEUM NEWS.

Taranaki Daily News, Volume LVI, Issue 207, 2 March 1914, Page 4

PETROLEUM NEWS.

I'ISCOVKiSV IX \'K\V CUINEA,

<;krman .naval activity.

IW' table-Press Association-Copyright

IScrlm, February 27. In the Budget Committee of tli» Reichstag it was stated that the (i 0 - vermncnl mining expert l:,,l reported the discovery of oil at C;l pe Korth'>''"t.in'i<'fmaii::,.w{i«i i! , a . T ilecoiii. 1 ecoiii. mittec voted .«;..,,.;,> to , ou , 1 . th(J pnj _ liiniiiary work.

The oil is similar to that found i„ the Dutch Indies.

The (lerman naval authorities are deeply, interested in the discovery. Four large companies are applying for its exploitation, including ■.,. monopoly of the laud and telegraph- ;lI „| oxcmp . tion from taxes for fifteen ..ears.

TARANAKI (X.55.) OIL WBLi-S, LTD ROTARY BORE.

Cood progress ha., been made with the rotary bore of the Tarnnaki (N.Z.) Oil Wells Company, Ltd., during the past few days, and the bore is now in very interesting formation.

At about 0.30 a.m. on Saturday a good flow of oil was struck, alrout 10 barrel* of pure oil being obtained. The gas pressure was very strong, mud and oil in large quantities, being forced out, and it is anticipated that when the bore has cleared itself a really good flow of. pure oil will be obtained."

Orders have been brisk at the refinery during the week, and about 5000 gallons of kerosene anil a quantity of benzine and gas oil have been sent away to customers. Today 100 barrels of kerosene ami gas oil will l>a shipped. On Saturday night an order waß received from an outside customer for 10 tons of wax, and a 12 months' contract for the supply of gas oil was also asked for, Rumors have been in circulation to the effect that the refinery will 3hortly he closed down, but the chairman of the. Advisory Board (Mr C. Carter) states that this is not so. A slight decrease has been made in the staff, but work will proceed as usual.

HUIROA BORE. The Taranaki Oil Lands Acquisition and Development Company's bore at Huiroa is making good progress in favorable formation. PHOENIX BORE. The progress of the Phoenix bore of the same company has been slower in hard formation. The bore is Hearing tli« depth at which it will be necessary to shut off water. 9 BLENHEIM BORE. The ltlniiheim bore is being allowed to clear itself before anv further progress is made.