BIG OIL FIELD

Evening Star, Issue 19893, 15 June 1928, Page 7

BIG OIL FIELD

NEW INDUSTRY FOR H.Z. TARANAKI SURVEY RESULTS [Per United Press Association.] NEW PLYMOUTH, June 15. Six months ago Coal and Oil (Neic Zealand), Ltd., a Sydney company, engaged a party of geophysicists to investigate tho petroleum deposits in this district. Tho results of hall a year s work arc now communicated by Mr M'Gcachic, managing director of Coal and Oil, Ltd. Tho survey so far has resulted in tile locating" of about fqur hundred acres -containing extensive commercial crude oil accumulators, westerly of Paritutu, in the Omaia district, a locality favoured for boring by Professor Wanner, of Bonn University, in 1922, and urgently recommended for detailed geophysical investigation by tho Swiss pctrologist, Ur Bossar, and Dr Krahraann, of the Berlin Mining Academy. Most exhaustive investigation clearly indicates large unbroacn oil accumulators. Their original seat was in the tertiary layers, whence the oil has worked its way by volcanic movements and earth pressure to secondary layers at convenient depth, located by tho survey. Hero large unbroken accumulators will bo encountered, and weaker oil horizons will probably bo met in higher strata. Whether tho areas oast of Paritutu aro equally favoured is still only soluble by geophysical investigation, which will bo continued for six months before investigating tho holdings at the Waipatiki and Gisborne districts. which meanwhile have been geologically surveyed by Dr Boasard. The discoveries, Mr M'Geacbic says, can ho safely regarded as having finally established tho existence of crude oil in extensive commercial quantities, and seepages prove it of extraordinarily rich quality. The discovery heralds a, great new industry in New Zealand and tho assured future economic independence of tho dominion and Australia in respect of petroleum oils.