TARANAKI OIL

Evening Post, Volume CV, Issue 140, 15 June 1928, Page 10

TARANAKI OIL

GEOPHYSICAL SURVEY OPTIMISTIC .REPORT ((By Telegraph.—Press Association) NEW PLYMOUTH, This Day. ' Six months ago the Coal Oil (N.Z.), Ltd., a Sydney company, engaged a party of Elbof geophysicists to investigate the petroleum deposits in this district. The results of half a year's work have now been published by Mr. M'Gcachie, the managing director of the company. <■ The survey has so far resulted in locating about four hundred acres containing extensive commercial crude oil accumulators west of Paritutu in the Ornata district. The locality was favoured for boring by Professor Wanner, of Bonn University, in 1911, and he urgently recommended a detailed geophysical investigation by the Swiss petrologist, Dr. Bossard, and Dr. Krahluanu, of (he Berlin Mining Academy. A most exhaustive investigation clearly indicates large unbroken oil'accumulators. The original scat was in the Terliary layers, whence the oil has worked its way by volcanic movements and earth pressure to the Secondary layers at a convenient depth which has been located. Large unbroken accumulators will be encountered, and weaker oil horizons will probably be met in the higher strata. Whether tho areas cast of Paritutu are equally favoured is still only soluble by geophysical investigation, which will lie continued for six months before investigating the holdings at Waipatiki and in tho Gisbornc district,- which are meanwhile being geologically surveyed by Dr. Bossard. The New Plymouth discoveries, states Mr.' M'UeacJiie, can. be safely regarded as having finally established the existence ot! crude oil in extensive commercial quantities, and the investigations prove it to be of an extraordinary rich qualit*. The discovery heralds a great new industry in New Zealand, and assures the future economic independence 'of the Dominion and Australia in re--1 spect to petroleum oils.