TARANAKI OIL.

Marlborough Express, Volume XLII, Issue 248, 19 October 1908, Page 4

TARANAKI OIL.

FAVOURABLE REPORTS

{.PRESS ASSOCIATION.!

i NEW PLYMOUTH,/ Oct. 17. The manager of the Taranaki Petroleum Company reported to the directors last night as follows:—' 'This afternoon gas at No. 2 bore was coming very strongly. The well is dry. Cuttings are thrown up by the gas, which contain a quantity of oil, an«b indications continue to improve. Gas continues to flow at from 80,000 to 100,000 feet per day. Buyers of shares at 6s (3d this- morning." Later.

At ten o'clock this morning Mr Simpson, manager of the Taranaki Petroleum Company, reported to the directors that there were 500 ft of oil in No. 2 well, mostly pure, but a small portion mixed with debris from a mud vein struck recently. Tanks are being moved- over to the well to hold the oil, which, Mr Simpson says, may settle down to two barrels a day or perhaps develop to. fifty barrels or more. •

The directors advise shareholders not to be led away, as it is impossible yet to say what the prospects may be; but they can rest assured that they will be. promptly informed.