NEW ZEALAND PETROLEUM

New Zealand Herald, Volume XLIII, Issue 13287, 20 September 1906, Page 6

NEW ZEALAND PETROLEUM

REPORTED NEGOTIATIONS BY STANDARD OIL COMPANY. IMPORTANT DEVELOPMENTS PROBABLE. [BT TELEGRAPH. —PRESS ASSOCIATION.] New Plymouth, Wednesday. , A well authenticated report is current here that a representative of the Standard Oil Company in Sydney is negotiating for large boring rights and options in this district. Two gentlemen, acting for the holders of the rights, are now in Sydney. [by telegraph. OWN CORRESPONDENT.] New Plymouth, Wednesday. There are big developments probable in connection with the Taranaki oil industry. Mr. Nelson, who, in partnership with Mr. Jchn Petrie,' has been acquiring boring options in all parts of the Taranaki district for months past, arrived in New Plymouth on Tuesday. In the course of an interview this evening he stated that Mr. Petrie is now in Sydney offering options to the representative of the Standard Oil Company. "Can you tell me if Mr. Rockefeller is trying to close up the industry?" asked the interviewer. " Nothing of the kind," he answered. " I have been in communication with the Standard Oil Trust for some time, and can tell you they are not coming here with their own oil to dump New Zealand oil off the inaiket, but if they buy the options we are offering them they are going to compete against other local oil companies." " That is, they will open up wells of their own?" " That's it. They will open up wells themselves. Their American oil would not be able to compete with our oil, except at a loss. The Taranaki petroleum is so rich in lubricating oil and other products that the trust cannot put its oils on our market and compete against us; but I have little doubt they will take up options." Mr. Nelson stated that the syndicate holds options over the Bonithon estate, just outside the New Plymouth borough, and on the road to Moturoa, also over Were's, Ciompton's, and Magee's farms, at Omata. In the first case the plant is' being purchased in Sydney to start operations. The Omata options have been acquired by the New Plymouth Petroleum Company, of £10,000 capital, floated •by this firm, in Dunedin, who intend boring right away on the site of an old bore, and this syndicate is also floating the Toko Petroleum Company, to exploit Mr. W. Were's farm at Toko, inland from Stratford, with £10,000 capital, and hold big options in Ngaire Swamp and other land near Eltham. M!r. Nelson says a sample from Ngaire Swamp has been forwarded by the manager of the Borneo Oil Company to the London directorate, and operations are probable from that quarter. The news that the big oil concerns of the world are investigating, and are likely to take a hand, will enhance the value of all the boring options and petroleum companies' shares. The secretary and manager of the Taranaki Petroleum Company were also inter,. viewed, but they knew nothing of this matter. Mr. Fair (the manager) emphatically asserted that he would never be a party to selling the Taranaki Petroleum Company's options to Mr. Rockefeller or any other trust or outside financiers. Operations at the Taranaki Petroleum Company's bores are proceeding: apace. The depth at No. 2 bore is about 270 ft, and the rate of boring is now over 30ft daily. It is expected to set the drill to work next week in No. 3 bore. Out of 500 shares in the Inglewood Oil Boring and Prospecting Company Taranaki investors took upwards of 400 at, £10 each.