TARANAKI PETROLEUM.

New Zealand Herald, Volume XLVI, Issue 14203, 28 October 1909, Page 5

TARANAKI PETROLEUM.

■ -——— -^~ —_—_' A HOPEFUL OUTLOOK.

APPEAL FOR STATE AID.

[fit TELEGRAPH. —OWN" COB';iESrOXDEXT.]

New Plymouth, Wednesday. The annual report, and balance-sheet of

the Taranaki Petroleum Company, ■to be

placed < before the annual-' meeting on No- ; vember 15, ' states that thought the measure of success attained has hot" been all that- could -bo desired, yet never in the history of the company has there been greater cause lor hopefulness. ' During /the year No. 2 bore received most attention, and until the recent, developments at No. 3 was the centre of interest. Special interest has -been shown in the opera ions bore, consequent upon the test being made by Mr. D. Berry, t in which he sought, under a penalty of '£2 per day, •to win for a period of 24 working days from this well an average of 20 barrels per day, or a total of 480 barrels of crude petroleum (20,160. gallons). The test, was completed on October 11, resulting in 122 barrels (equal to 5124 gallons) of oil being won. . At No. 3 boro operations were resumed in May last, and after determined efforts

the obstruction at the bottom, was re-

moved. Drilling operations were diligently proceeded with, and at a depth of 2570 it, a strong vein of gas was pierced. The gas gave off in such largo quantities as to render it difficult, of control. lu ,this i-arae locality an oil seam was struck, • which up to date has yielded, by flowing •and sand pumping, 90 barrels of oi.l. The 1 full capacity of the well cannot .gauged ; until a deep well pump has been placed .'in position. : The discovery .of oil at this 1 depth amply confirms the opinion of those of the directors who advocated boring ,to lower levels. ' Owing to difficulty experienced in obtaining, .a. suitable ; deep well pump and outfit, and to the 'destruction of the derrick by fire, some delay has occurred in fully. testing the well, but the directors hoped to be in a position to give more definite information to shareholders as to , its "capacity at ; the annual meeting. }~

The director are of opinion that the energies of the company should be concentrated on Nots. v 2 a)jd 3 '. bores, with a view to •■■ demorst rating : the '"; presence ,' of payable oil. Indications fully warrant these bores being continued to deeper levels.';:•'/■ In order, however, to retain boring rights acquired by the company, it may be necessary to commence operations in other localities. In such cases, the directors propose that- bores be '*■ put down by contract. -> Ow.ing to the prospecting nature of the comipany's undertaking, no allowance" for depreciation lias been made, as it cannot be adequately assessed. Mr. W. :A. Simpson, manager -the company, in ' terms of his extended ; agreement, has given notice of his resignation, which will take effect on December 16 next. The directors feel that the time has now arrived when, tho Government should be asked to give practical assistance to developing an industry the success of : which would not only mean general prosperity to the district, but also to the Dominion, and ,to , this end they recommend '.' shareholders ito appoint J a '. deputation to ; wait.upon the ;(.<overnment with the view of securing practical assistance. ;

The quantity of oil won during the year 'was 36,700 gallons (equal to 874 barrels).; ' '-'.The retiring directors are Messrs. P.' N: Kin,gsv.-elI, of" Auckland, and H. Okey, M.P., of New Plymouth, who are eligible* iand offer themselves : for re-election. "• t..c l The i company's assets are 1 ■ shown * at '£82,554, inclusive" of £15,154 4s9d, the cost of five bores. The sale of oil brought £91 7s 4d, and .the stock of oil is shown at £385 13s 4d. "■■: The- report is signed by : Mr. J. J. Craig, vof Auckland, chairman of directors.