THE TARANAKI OIL SPRINGS.
Oil was struck by the Petroleum Company at Moturoa at five o'clock on Jan. 20, at a depth of 020 feet. The first indication was an explosion. Oil rose 600 feet in the bore. The expert expects that when tno bore is clear of debris, oil will flow freely. The boriag operations are pronounced by experts to bo a great success. In the last bore the water was mixed with petroleum, and prevented successful pumping. In tho present bore there is no water to contend with, and there are 700 feet of oil now in the well. Experts are confident that the bore will prove a flowing one. The finding of oil lias given considerable impetus to business, and already properties aro changing hands in view of the improved prospects of the district. There are enquiries for petroleum shares, bat none are in the market. It is expected that the good find will attract borers from Australia, and several now companies will probably bo formed.
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New Zealand Herald, Volume XXXIII, Issue 10036, 24 January 1896, Page 3 (Supplement)
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169THE TARANAKI OIL SPRINGS. New Zealand Herald, Volume XXXIII, Issue 10036, 24 January 1896, Page 3 (Supplement)
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