TARANAKI OIL PROSPECTS.
Drilling for oil iv the Whaugamomoua district is to be started next month by the Whangamomona Petroleum Prospecting and Development Co., Ltd.; which has lately been established to acquire boring and other rights over about 20,000 acres in the.locality mentioned. The capital is ■:£lo,ooo;.divided into £1 shares. The sum of £2500 was subspribed before registration,\'and shares for a further £2500 are'now-being issued. The area on which the-well will be made has been selected, and'a coritract for drilling has been -eri-. te'red'into. Professor E. Speight, F.G:S., ■F.A.M.G.S., Professor of Geology,. at Canterbury College, has reported favourably :on ; the district held. He says: "The features of this district merit very serious consideration. : There are . indications of the presence of petroleum that, although weak in character, are decided evidence that th area is ptroliferous, and further, the structural features are very promising. In fact, I know of no locality in Taranaki, with the possible exception of the immediate vicinity of Paritutu, that is so favourably situated." . The professor will not "say that petroleum will be fouud in payable' quantities, but it is certainly a petroliferous area, and indications point decidedly to the existence of favourable structural features."
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Evening Post, Volume CVIII, Issue 81, 2 October 1929, Page 14
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197TARANAKI OIL PROSPECTS. Evening Post, Volume CVIII, Issue 81, 2 October 1929, Page 14
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