NEW ZEALAND PETROLEUM

New Zealand Herald, Volume XLIII, Issue 13192, 1 June 1906, Page 5

NEW ZEALAND PETROLEUM

NEW COMPANIES FORMING. FRESH FIELDS TO BE TESTED. [BY TELEGRAPH. —OWX CORRESPONDENT.] New Plymouth, Thursday. Tub indications at the Moturoa petroleum bore were never more premising. A large number of visitors this morning witnessed a demonstration" of increasing pressure from below. Applications for shares in the Taranaki Petroleum Company are coming forward in large numbers, and there seems no doubt that the required capital will be fully subscribed. Two other companies are in course of formation. One has given an /.undertaking to. the Franklev Road settlers, over whose property it has secured boring rights, to have the bore started inside six months, It is understood this capital is from Melbourne. The rumoured formation of the company telegraphed a couple of days ago is confirmed. The company is being formed with a capital of £20,000, to test oilbearing country at Otnata, where the indications are said to be extremely favourable. The properties of Mr. Albert Bayly and Mr. R. C. Clemow are under option. Probably only half of the capital will be called up. Mr. Hadlcy left on Wednesday night, en route for Sydney, to arrange for a plant and to engage -drillers and competent people to undertake boring for a company representing foreign capitalists, who have secured about three square miles of some reputed oil-bearing country in the district. Mr. J. B. Roy, finding that his work as chairman of directors of the Moturoa Petroleum Company interfered too much with his private business, has decided not to come forward for a seat on the directorate of the new Tutanekai Petroleum Company. General regret is expressed locally. •-