TARANAKI PETROLEUM.

Lyttelton Times, Volume CXX, Issue 15184, 23 December 1909, Page 8

TARANAKI PETROLEUM.

• [Per Press Association.] NEW PLYMOUTH, December 22. Tho. directors of the Taranaki Petroleum Company report that the whole of the plant has been thoroughly overhauled by the new manager, Mr Keith, who. recommends cleaning out No. 1 bore, which continues to flow at the rate of one barrel per day, and ho thinks it may be made payable. The- directors decided to adopt the recommendation. Drilling is proceeding in No. 2 bore, where important developments may take place at any moment. No. 3 is yielding six to eight barrels per day, which, at 10s per barrel, will pay 10 per cent on the cost of the well, as well as a share of management expenses. Water is effectually shut off, and the directors decided to make a prolonged test to prove tho capacity of tho well.