TARANAKI OIL BORES

Grey River Argus, 22 January 1943, Page 6

TARANAKI OIL BORES

At the annual meeting of Taranaki (N.Z.) Oilfields at Melbourne, the chairman, Hon. W. A. Watt, said there were in hand funds to meet requirements for a number of years. The company’s interest in the current drilling campaign in New Zealand centred in arrangements made with New Zealand Petroleum Company. Ltd., holder of prospecting rights over areas totalling 1,400 square acres. The Moturoa well had maintained production and was paying dividends on its preference capital. Mr Watt said that although production was small. Moturoa “clearly demonstrated the existence of oil in quantities ap preaching the commercial order; it suggests that a real oilfield may await discovery in this region.’’

Sr Colin Fraser, as chairman of Taranaki (N.Z.) Oil Development Company, N.L.. referred to the Midhirst well which had been carried to a depth of 10,925 feet, as “a fine technical achievement, arid, so far as I a.m aware, it ranks as the deepest hole sunk in the earth’s crust south <>f the equator.” He also said that oil was hard to find in a new field, and the search in New Zealand was very expensive. He added: “We can only hope for the best with the venture .and early success.” Sir Colin Fraser emphasised the high importance or the discovery of a really productrve oilfield in New Zealand at the present time, as it would make a most important contribution to the war effort of the Allies in the South-west Pacific area.