THE POVERTY BAY OIL SPRINGS. (Poverty Bay Herald.)

Waikato Times, Volume VII, Issue 372, 1 October 1874, Page 2

THE POVERTY BAY OIL SPRINGS. (Poverty Bay Herald.)

Tiie shareholders of the Poverty Bay Petroleum Company ought to feel gratified with the report of Mr Parsons, regarding the probabilities of ultimate success, and the most prejudiced would now be unable to deny the fact that the future of the companj has every appearance of being a prosperous one. Mr Parsons, who has had twelve years' experience of oil boring operations in Pcnnsylrania, states that ho is most favorably impressed with the ground. The source of tho petroleum, as far is is known up to the present time, is generally found to be in a bi'lt of honey-combed, porous rook, and the oil, which in this instance is oozing out of the surfuee, has been forced upward from its matrix, as tho bed of rock may be termed, by tho inflammable gas with which it is invariably associated. The other details of the report speak for tlieuifclres ; tho manager considers that the oil is, to all appearance, similar in quality and value to that obtained in Pennsylvania, and according to the rate of wages, &c, in this dibtrict, ho assert that a well yielding 30 barrels (1200 gnllons per diem, would pay handiorae dividends to the company. A. " thirty barrel " well is, however, a very lowaverage, and although tho manager is of course unable to predict the quantity obtainable in this instance, he has strong hopes that if ho succeeds in striking tho oil belt, the yield will be infinitely greater than that we have above quoted. Every requisite is on tho ground, with the exception of soino minor additions in the way of a fair extra heavy beams of timber, and opciations will bo commenced as soon as these oro supplied. Bofore leaving this subject, we would caution, shareholders and the public against look in at this matter in any falso light. From whnt we have heard and seen of Mr Parsons, wo should judge him to be eminently qualified to conduct operations on tho company's ground, and it now romuins for him to do his host to find it. There is great uncertainty, however, about tho work of oil boring. In many instances, the actunl spot nliero the "lead" is struck proves to be half a milo distant from where it crops out on the surface, and tho very fact of the lead varying so much in width, rendered it by no means certain that Mr Parsons will succeed in h s first, second, or thud boring. Be that at it may, tbo »hnreholdois have a right to pm tlieir faith to the enterprise, ami to afford Mr Pnr&ons ample time and opportunity for thorough]/ proving the ground, for thero is little doubt us to the ultiiuato success of tbo undertaking. _^