TARANAKI PETROLEUM

Gisborne Times, Volume XXII, Issue 1751, 17 May 1906, Page 3

TARANAKI PETROLEUM

ENORMOUS PRESSURE AT THE

BORE,

Now Plymouth, MondaySome disquietudo is being felt by shareholders of tho Motoroa Oil Company regarding ippoits that tho direotors may allow the control of tbo industry to pass out of Taranaki. A mooting attended by 53 shareholders was hi Id on Saturday, the following resolutions being passed : • Tnat (ho directors of tho oompany be requested (1) to call an extraordinary general meeting of shareholders on the tires possible day, and (2) at such meeting , to lay boforo shareholders a statement cf ( ) what they have dono iu tho mattor cf tho sale or working of tho company’s ptopoity, or flotation of any company or oom panics to take over this company s pro- I petty ; (b) What they proposo to do in the same matters, or any of them ; (3) In I the meantime to stay all preo odings or I negot ations in respect of the sale of suoh

property or dotation of any suob company or companies ; and that iu order to faoili tato the business of tbo meeting whiob the directors ace requested t.) c ill, a statemoot of what they have done nud propose to do bo furnished to shareholders for oousideration prior to the mooting.” Tbo directors subsequently held a meet-

ing and decided not to ucoept the tentative proposals with rtgtrd to the Wolliugtou fiota' ion

Interviewed to day, Mr J. B. Roy (chairman of direotor.-) hi Id the view that there would bo any amount of capital forthcoming for the industry, but ho declined to forecast linos on witch the directors would probably docido to woik. He said: '‘You may aunounco for the information of tho eharobcldors that the directors have no iutfntion whatever of advocating any proposal which would load

to tho registered office of tho oompany, or any portion of tbo works, being conducted outside Now PA' outb.”

Indications at .oo bore were never more assuring. As to the stability of the oil

supply, the pressure below is enormous On Sunday morning the mansger found the foroes of nature were tosiiug tbo joints of tho bore, as oil was issuing from every crack or seam. Toe blow out apparently occurred about half past four in the morning, and to toliove tho tension the blow was directed for some time into a tank bofore it was shut obi.—N Z. Herald,

No sales of Taranaki petroleum shares wo o reported on ihe Auckland Stock Esbaogo ou Monday. Tuere were eollors at L 62 at tho first cali, at L6O at tho seoenJ, and at LSS at the last call.

Duiing the past few days (says tho Taranaki News) esc t.mant has prevailed amongst some of tbo people at Inglewood As in many other parts of the provinop, the oil indications in this locality are very enoouragiug, so muoh so that it is reported that an Australian syndicate has made an offer to purchase a settler’s farm of 200 aores, with the idea of exploiting it, The price reputed to have been effsred for the land, which belongs to Mr B. H. Nioholls, is no less than L‘20,000. The offer was refused. At another spot, situate not maQy miles from the town, oil is freely flawing into a small stream. In this; latter locality the petroleum is so plentiful that the whole face of the creek can be ignited with a match, and the flame has been known to burn for over a quarter of an hour. Ad round tho immediate district oil gas is frequently met with.