PROSPECTING FOR OIL.

Auckland Star, Volume LVIII, Issue 294, 13 December 1927, Page 9

PROSPECTING FOR OIL.

A PROMISING OUTLOOK.

"There are quite a number of wiseacres to be found in our Dominion," said Mr. G. C. Creagh, at the annual meeting of the Auckland Stock Exchange to-day, "who without really knowing anything about the subject are prepared to predict failure for the oil-boring operations now being carried on in New Zealand. They are the kind of people who lack vision, and never have done, nor are they ever likely to do, anything to help their country to fulfil her destiny." After referring to the operations of the Taranaki oilfields Mr. Creagh said if the views of acknowledged experts were to be accepted the outlook for the development of successful oilfields in this country is decidedly promising. Mr. P. G. Morgan, Director of Geological Survey, had reported: "There are strong reasons for believing that the Dominion will ultimately become a considerable oil producer. Optimism is justified, but it should be tempered with caution." Mr. Herbert Stewart, reporting on the Blackwater oil areas, stated that the geological strata, conditions and results of bore to date, clearly demonstrate the probability of Murchison becoming the centre of a large commercial oilfield in the near future. Mr. Creagh also quoted from the annual report of the Taranaki Oilfields: "It can be stated without reservation that the prospects of the company are good—better by a considerable margin than at any previous time. It is the opinion of all competent geologists who have examined the territory that persistent effort should meet with success."

Mr. Creagh added: 'Tersonally, I prefer the Morgans and the Stewarts, with their wholesome optimism, backed up by a knowledge of what they are speaking about, with knowledge the pessimists do not possess."