TELEGRAMS. TARANAKI PETROLEUM CO.

Hawera & Normanby Star, Volume LIII, Issue 9261, 8 January 1907, Page 3

TELEGRAMS.

TARANAKI PETROLEUM CO.

[press association 1

NEW PLYMOUTH, January 7.

Good reports of progress were made today by the chairman of the Tarenaki Petroleum Company. The pressure at No. 1 is. so great as to be almost dangerous, and extra precautions are being taken. From a blow out on Christmas Day 55 barrels were saved. The new tank of 8000 gallons capacity is almost Teady, and all the reservoirs will be filled as soon as the pressure eases. No. 2, down 1740 feet, is discharging oil, gas, and water. An accident to the casing is causing delay here. The work of clearing out No. 3 is progressing steadily. It is down 520 ft, and oil is within 12 feet of the top. At bores 4 and 5 everything is in readiness to commence boring. On behalf of the company Sir J. G. Ward has communicated, with Sir Wilfrid Laurier to secure an experienced driller and oil expert to succeed the late Mr Fair, and he is expected to leave by the next boat. The gentleman engaged is from petrolia centre of the Canadian oil fields.

Owing to the delay in getting quotations for a. refining plant from America, quotations have been invited fjx>m a leading firm in Scotland.

The company is. making enquiries in London if there is any market for crude oil.

The Bonithon Company's plant is on the ground. A start will be made very shortly. The Oil and Freehold Company haa almost completed the road to the site selected for the bore at Carrington road. Timbet and 1 machinery have been ordered, and the work will 'be under way next month.

Inglewoodj and Eltham also report active preparatory work. ihe share market is buoyant, with a rising tendency.