TARANAKI PETROLEUM.

Dominion, Volume 2, Issue 334, 22 October 1908, Page 10

TARANAKI PETROLEUM.

(bt teleguaph:— speciai, cm; [irsmxiiENT.) New Plymouth, October 21. There has been little change in the position at No. 2 bore of the Taranaki Petroleum Company since Monday. The manager is continuing the work of cleaning out the silt from the bottom of the well. The oil remains at about the same level—2ooft. from the surface. There is'an occasional slight gush of oil after the deposit has been stirred by tjie sand pump. Shares changed hands to-day at lis. Local people are holding shares and eagerly snapping up parcels offored by outside shareholders. Several visitors were admitted to the derrick to-day, and they say. there is no trace of water with the oil. To-day's flow of pure petroleum totalled ten barrels, making thirty-seven barrels for three days worth about 15s. a barrel. An extraordinary meeting of shareholders of the Inglewood Oil Boring and Prospecting Co., held last night (Mr.' li. W. Alexander, chairman directors, presiding), considered ah option, that had been offered to the company of the complete mineral and oil rights .of 2700 acres of land at Mokau. Professor Parkes had reported very favourably on the property. It had a big rising stratum right off the volcanic ground, and drilling would be easier. Sir James Hector had also spoken-well of Mokau 'as a . probable oilfield if worked. In this property : the company had a chance of striking all or any of three things—oil, anthracite, and shale. It was not proposed to give'up the rights held at Inglewood, but their expert, Mr. M'Donald, who had had charge of the Norfolk Koad bore, had reported very.poor indications of oil at a depth of 2500 ft., and there tho strata was such as to make it impossible to shut off water.. Indications did not warrant proceeding further in that district at ures»nt. The meeting decided to authorise the directors to obtain Dr. Cochrane's advice-on the Mokau property, and if his opinion be favourable to bring down a schome for increasing tho capital of the company, the directors also to secure an option over the Mokau property at once, if deemed advisable. tor TELEGRAPH—PRESS ASSOCIATION.) • New Plymouthj October 21. The indications of the Moturoa. petroleum bore continue to improve. To-day ten barrels flowed without pumping, making thirty-seven barrels since the bore started to flow on MonUntil the staff get the silt thoroughly cleaned out from the bottom' bore a clear flow cannot ensue. The oil is worth in a crude state about 15s.'per'barrel.