Prospecting For Oil In Canterbury 50 Years Ago

Press, Volume CI, Issue 30004, 13 December 1962, Page 8

Prospecting For Oil In Canterbury 50 Years Ago

Nearly 50 years ago a well was put down to about 400 feet at Chertsey in an attempt to find oil. In the words of a reader of “The Press” who brought in a prospectus of that venture, the attempt “fizzled out.”

There is a story that a geology professor was asked about the project and he said he hoped the company would continue drilling. So he thought there was oil? No. He was sure there was no oil but he was keen to know the depth of shingle on the Canterbury Plains. A brochure published by The Canterbury Petroleum Prospecting Company, Ltd., in 1915, gave the capital as £30,000 in £1 shares. There was to be an issue of 20,000 shares and 5000 shares were to be held in reserve, with 5000 vendors’ shares which were not transferable until payable oil was obtained. On the front of the brochure is a picture of the works at Chertsey, a tall tower with buildings attached. The tower apparently housed the drilling plant, portion of which is shown in another picture. • “This company has been promoted for the purpose of testing whether there are payable deposits of petroleum beneath the Canterbury Plains,” says the brochure. “As to the prospects of the company, it may be stated that reports of oil have been prevalent in the Ashburton district for many years. It has been stated that in a well sunk at Highbank the water was so impregnated with oil as to be unfit for use. ...

“At the present time, April, 1915. about 10,500 shares have been applied for. As soon as the issue reaches a total of 15,000 it is proposed to put down a second well near the north bank of the Rangitata river. A valuable plant was obtained under ex-

ceptionally favourable conditions.

“The well at Chertsey was commenced with 191 inch inner diameter casing, which was put down to a depth of 220 feet, when 16 inch casing was inserted and carried to the depth of 390 feet. This work is being continued with 14 inch casing, of which 1000 feet are o nthe ground. . . . “The indications of oil and the general similarity of the district to that of cither oilfields in the world make the prospects of the company very encouraging. Should the results of the test wells be satisfactory the oil industry at Canterbury will • probably compare favourably with its wool, gram or meat production and may possibly exceed the whole of these industries in value.” Part of this brochure is an application form for shares, "tear along the perforated lines” style. On application a fee of 2s 6d was to be paid on each shares, and on allotment another 2s 6d with the remainder payable by monthly calls of 2s 6d. The minimum was 10 shares.