TARANAKI OIL LANDS CO.

Taranaki Daily News, 11 December 1917, Page 6

TARANAKI OIL LANDS CO.

ANNUAL MEETING. The annual mooting 0 f the Taranaki Oil J.amis Acquisition and Development Co.. 1.ti1., wari lield at tin; wi-rotar.vV alii™ last night, ilr. \Y. X. ly.ving, chairman of directors, presiding" over a lair attendance of shareholders! CHAIRMAN'S REPURT. The chairman's report, was as follows: Since last mooting;, hold just twelve months ago, drilling" operations have resulted in the Blenheim well being deepened by 4(il Teet, bringing the total depth of the well down to 3021 feet. Considering the grout depth, the drilling progress was fairly satisfactory, and viewed in conjunction with the wire rope troubles it was decidedly satisfactory. Drilling ceased about the end of June owing to the wire drilling cable becoming so worn that it was useless. Finding it impossible to purchase any wire rope in New Zealand, we tried Australia, and wore there successful in buying a suitable _ supply, but the Federal Minister of Supplies and Munitions declined to allow its export, as it. was required for deep water boring in Queensland. We were then compelled to try further afield, and were eventually successful in purchasing ropo ideaTlv constructed for our purpose in and I am now pleased to announce [that a cable received from the manufacturers a few days ago gave us such information as to lead us to believe that it is on the point of shipment, if it has not already been shipped, in which case we can confidently expect to resume drilling towards the end of January or early in February next. The procuring of this wire rope has been (be. source of very great anxiety to me, and it is to be hoped that now it. has been secured it will successfully negotiate the Gorman submariii" zone. The well is cased with .Tin. casing, Which is in perfect order. It is moved up and down several times each month, so that it may remain in a movable condition when drilling resumes. ] Rm constantly asked by shareholders and others: What are the prospects of securing oil in the Pdenheim well? To my way of thinking it is like asking a person who is proceeding to Wellington, and has reached, say, .Tohnsonville, what his prospects are of reaching Wellington. It is merely a matter of accomplishing a journey. The ■leg of the well shows clearly that we have passed the varying formations which, according to the data of the Government geologists, we were expected to pass—just like passing railway stations on the Wellington journey. Though we cannot say definitely at what depth wo will roacli oil, we c?.n say ''sat accordini' to the geologists' time-table the main source of oil is not far below u?, and we mav roach it at any time, At the depth of t'2oo fe-t wo encountered a very strong pressure of gas when we lien rod the sandstone formation. Since leaving the sandstone we linve entered a olnv which is absolutely impervious to oil or gas. an.l therefore, naturally, we have nothing in the well in the nature of oil. and do not expect to hav" until the close nroxiinitv of the oil itself is reached. The needs of the Dominion in t^ l matter of crude oil were n"vcr so pressing as tlicv are to-dav. Judging by the inquiries I have had. 1 Relieve that if our well produced ."01 barrels daily, -"verv gallon of it would be required by the u=er; of Diesel engines throughout the Dominion. I sincerely hope, and am optimistic enough to beliove, the year IMS will not, have advanced far before we are able (o. at any rate in part, meet this dematjd. In moving" the adoption of the report, the chairman generally reviewed the •vovk of the vear. adding that the r.li,ireholders might well feel proud at owjiing a well which was doinsr such pioiieeriii? work as drilling below .">(100 feet, in what might prove to be a rich oil field. Tt was. lie claimed, a. truly Empire work of rrrcat- importance. There was a vorv brief discus-ion of the report, which, aff."r a tew questions had been satisfaetorilv answered, was adopted, ss was also the balance-sheet.

The retiring directors. Messrs Having and. Vesle. were re-elected. TTIe auditor. Mr I. Sf. ATonteatb, was al-o re-elected. A vote of thanks was accorded to the managing director, Mr. E. Griffiths, for bis services, and the usual compliment to the chairman concluded the meeting.