OIL AT NEW PLYMOUTH.

New Zealand Herald, Volume LXVI, Issue 20172, 5 February 1929, Page 10

OIL AT NEW PLYMOUTH.

BLENHEIM BORE OPERATIONS.

A BRIEF TEST FLOW.

SEVENTY GALLONS A MINUTE.

[BY TELEGRAPH. —OWN COItnESrOXDENT. ] NEW PLYMOUTH, Monday.

An official test of the flow of oil at the Blenheim well at Moturoa was made this afternoon, when the cap was lifted and the oil allowed to flow into a measured bin which had been temporarily constructed around the mouth of the bore. This showed a flow of 70 gallons a minute, or an hourly flow of 4200 gallons. The test, however, was a very brief one.

On the cap being raised a few inches there was an escape of gas at high pressure, but this was quickly replaced by oil, which was allowed to flow for only a few minutes before the cap was replaced and a computation made. The work of connecting up the pipe lines to the tanks is not yet complete, and the well will not be given an opportunity to flow over a continuous period until this connection is made.

A local agency reports that several inquiries were received by cable from Australia to-day for property in tho vicinity of Moturoa.

The secretary to the company, Mr. S. E. Nielsen, states that several parcels of shares have changed hands at 35s and 40s, but that holders are now quoting 50s. It is stated that the crude oil flowing from the bore is worth Is 2d a gallon.

OIL SHARE VALUES KISE.

TARANAKI OILFIELDS, LTD.

WIDESPREAD INTEREST SHOWN

A remarkable stimulation of interest in oil shares has followed publication of accounts of latest developments at the Blenheim oil well at Moturoa, New Plymouth. Shares in Taranaki Oilfields were sold yesterday on New Zealand, Melbourne and Sydney Stock Exchanges at several times the price at which they were quoted in Auckland by sellers as late as Saturday. In Auckland, eight sales were made at prices ranging from the level of the last local sale, 5s 6d, in December, to 8s In Wellington, 10s was paid, and in Christchurcli two parcels changed hands at 9s and two at 13s. An Auckland broker estimated that about 2000 shares changed hands in the city yesterday. Ho said the publicity given to the Moturoa oil strike in Australia had resulted in a similar trend on stock exchanges in Sydney and Melbourne, where Taranaki Oilfields shares had been sold round about lis.

The rise in price is accentuated by the fact that the shares were offered on the Auckland Exchange on Saturday at 4s, buyers offering Is 9d. In February, 1928, they touched 10s 9d in Auckland, and in June sold up to lis 6d.

QUOTATIONS IN SYDNEY. SHARP RISE IN SHARES. (Received February A, 11.15 p.m.) SYDNEY, Feb. i The reported activity of the Blenheim oil bore, New Plymouth, has resulted in greater attention being paid on the SydneyStock Exchange to Dominion oil ventures. Inquiry for Taranaki oilfields shares which hitherto have had no buyers at 4s 9d, opened on Saturday at 7s 6d, firmed to 8s 6d and closed later at 7s 9d. Business to-day commenced at 8s 3d, then jumped to 12s and closed at 10s Id. More than 2000 shares changed hands.