GISBORNE OIL WELL.

Auckland Star, Volume LX, Issue 293, 11 December 1929, Page 4

GISBORNE OIL WELL.

LATEST PROGRESS REPORTS. INTERESTING DEVELOPMENTS. (By Telegraph.—Special to "Star.") GISBORNE, this day. Reports of Taranaki Oilfields concerning traces of oil discovered in return mud during the trial run of the new rotary drilling' plant are strictly non-committal, and the general manager, Mr. Moline, intimated to-day that he preferred not to comment at any length on the occurrence. A conservative policy has been followed by the company from the outset of operations in this district, and events have justified this policy fully, for though the district has frequently buzzed with rumours of success in search for oil. the management has always remained cautious in statements. It is easy to imagine a big flutter in stocks if oil traces had been greeted with an optimistic report on this occasion. Regarding these traces, alternatives are that they seeped in from a stratum bearing oil, but not in great quantities, or that they have been forced up from an underlying stratum by gas pressure. If the latter is correct the traces must be a more valuable indication than seepage would be, and definite results may attend drilling operations during the coming week.