NEW ZEALAND PETROLEUM.

New Zealand Herald, Volume XLIII, Issue 13352, 5 December 1906, Page 7

NEW ZEALAND PETROLEUM.

[BY TELEGRAPH.PRESS ASSOCIATION.]

New Plymouth, Tuesday. The Inglewood Oil and Prospecting Company's directors mot on Monday night, and allotted 130 additional shares. Only 100 were offered, but the opinion of tho shareholders favoured a larger issue. The directors hope to conclude an agreement with an expert driller in a few days, and to have the plant at work by the end of January.

The Taranaki Petroleum Company is pushing on actively with its various operations at Moturoa, says the Taranaki Herald of Monday . last. Pending, the. engagement of an expert manager, work is carried on under the direction of three foremen, each being responsible for his own shift. At No. 2 bcre— tho Roy well—the broken casing has still to bo recovered, but with a new tool which was being made at the foundry to-day it is hoped that not much trouble will bo experienced. If no further mishap occurs, it is still possible that oil will be reached by Christmas. The work of cleaning out No. 3 bore is still proceeding, and the casing is down to about 380 ft. At No. 4, on the mission property, the derrick is completed, and the machinery is almost ready to start boring, while the timber is on the ground for No. 5 (Gilbanks'). At the Birthday well there are evidenoes of great pressure below, and it will not he surprising if the oil breaks out again before the proposed tanks are constructed.