TARANAKI PETROLEUM.

New Zealand Herald, Volume XLIII, Issue 13170, 7 May 1906, Page 5

TARANAKI PETROLEUM.

■ INCREASING PRESSURE. i STATEMENT BY THE MANAGER. [fit TELEGRAPH".— OWN COfcaESrtN-MNT.] New Plymoujh, Sunday. QUITE a large number of people visited the Moturoa, petroleum works to-day. Mr. Fair, the -manager, paid a visit to the Works early this morning; and found that r the pressure had so increased that the oil £ made a passage for itself, bursting through j the devices' arranged to prevent the outflow, A large quantity of petroleum had escaped, and covered the floor of the pipe- -j room. With some little difficulty the leak was stopped. On the return of Mr. Fair from Wellington on Saturday night he was informed by Mr. O'DoWda, the next in com- . mand, that the pressure at the bore had j largely increased during the day, but the manager seemed hardly prepared for such J demonstration of the strength of the pentup forces. For the benefit of a few of the public who were within the building, Mr. Fair turned on the tap, and showed the force of the outflow. Petroleum gushed out in a rich, wavy-looking, but fluid mass, in quantities that proved the exist- . ehce of large quantities- only awaiting a chance to flow into the tanks prepared for its reception. The sample was perfectly free from water, sand, grit, or any other deleterious matter, and was stated by Mr. Fair to be richer in various by-products than any he had previously handled in any part of the world. He. is more than ever sanguine that he has struck a payable well, and one that bids fair to supply far more | than the average. The manager also states ( that there will be absolutely no difficulty . in raising the £50,000 (not £100,000) required to establish the industry, erect refineries, and soon. Late on Saturday .night sales of shares were made at £55, at which price a small ; parcel changed hands. A further rise is expected on Monday, in consequence of the satisfactory nature of the reports from Wellington, where the manager and one of the directors has been on the company's business. Asked why the work of pumping was not strenuously proceeded with, the manager stated that the company at present operating was a prospecting company only, and that its mission was just about fulfilled when the oil had been struck in payable quantities, and the fact established that it could be secured free from water, which was the principal difficulty encountered by previous companies. The present company has boring rights over 6000 acres of freehold, and over the prison reserve of 23 acres, in close proximity to the present bore, Which is within a few hundred yards of the breakwater. Tafanaki petroleum shares were easier on the Auckland Stock Exchange on Saturday. : Sellers were prepared to do business at £44, but there were no buyers quoting.