THE TARANAKI PETROLEUM WORKS.

Hastings Standard, Issue 266, 9 March 1897, Page 4

THE TARANAKI PETROLEUM WORKS.

Though hut little has been hoard recently of the oil-boring operations at New Plymouth, it appears that work has been steadily ami quietly proceed injj. In a recent i --ne of the i>aily News (New Plymouth) it is stated that after the first failure drilling was resumed, and, atadei)th<»f l'JTHft, oil, with f/a- in quantities, was struck. The boro was then ca>ed with fivoineh casing to a depth of 1 *(M)ft, and by a process technically known as " packing " the water, which Hows into the bor« from different levels, was temporarily shut otT, and oil at the rate of KM) trail. >n - p. r diem came up without pumping. The past four or live months have been spent in attempting to permanently stop the water llow in.- into the bore, but owing to the friable nature of the strata and it- liability to •* cave," these operations have not yet ken successful. ll is now proposed to temporarily abandon this bore and commence another about luO yards from it. Though somewhat discouraged, the directow congratulate themselves re 1 ejecting tb«ir past action ia prettnt-

ing anything like a boom, and. in warning the public not to look on shares in the company as investments but as speculations. The News suggests that, more companies should ho floated in order to more speedily develop the field, but Ml- O. Samuel, one of the directors of the Nov,- Plymouth Petroleum Company, thinks that tue present company, by risking its own funds, has done more good than any number of companies, which would have boomed and burst and discouraged further investing in oil-boring operations.