REVIVAL OF OIL-BORING.

Taranaki Daily News, 18 September 1920, Page 4

REVIVAL OF OIL-BORING.

LOCAL SYNDICATE TO WORK. PURCHASE OF TARANAKI COMPANY'S WELLS. Prospects of an early resumption of the oil-boring industry'in Taranaki are provided by the report that a New Plymouth syndicate has purchased the whole of the assets of the Taranaki (N.Z.) Oil Wells, Ltd., which went into liquidation some months ago. No official statement concerning the deal is available beyond the fact that the sale has been arranged and that confirmation is awaited from London, a fuller announcement being postponed for a week or two. Enquiries made by a Daily New 3 representative go to show that the syndicate comprises seven or eight business men, all of whom, with two exceptions, reside in New Plymouth, and some of them have been prominently connected with petroleum prospecting here in the past. The two exceptions are New Zealandcrs, and it is stated that one of the objects of the syndicate in making the purchase was to continue the control of the industry in local hands. 4 While the price involved is not stated, it is gathered that it will give a very small return, if any at all, to the shareholders of the old company. It is stated to be the intention of the syndicate to immediately go into the question of reviving oil-boring, and as a preliminary step measures will be taken to clean out the bores at Moturoa. The property comprises Nos. 2), 3, and 5 bores at Motuma, and the rotary bore