THE TARANAKI OIL SPRINGS.
[BY TBLKQHAPH.— ASSOCIATION.]
New Plymouth, Tuosday. Oil was struck by the Petroleum Company at Moturoa at five o'olock on Monday, at a depth of 920 feot. The first indication was an explosion. Oil roso 600 feet in the bore. The experb expects thab when the bore is cloar of debris, oil will flow freely.
The boring operations are pronouncod by experts to be a great success. In the last bore tho water was mixod with potroleum, and prevented successful pumping. In the present boro there is no water to contend with, and there nro 700 feot of oil now in the well. Exports are oonfident that tho bore will prove a flowing one, The finding of oil has given considerable impetus to businoss, and already properties are changing hands in view of the improved prospects of the district. There are enquiries for petroleum shares, bat nono are in the market. It is expected that the good find will attract borers from Australia, and several new companies will probably be iormed.
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Bibliographic details
New Zealand Herald, Volume XXXIII, Issue 10034, 22 January 1896, Page 5
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174THE TARANAKI OIL SPRINGS. New Zealand Herald, Volume XXXIII, Issue 10034, 22 January 1896, Page 5
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