A NEW BOOM IN TARANAKI.

New Zealand Mail, Issue 1248, 30 January 1896, Page 32

A NEW BOOM IN TARANAKI.

OF THE PETROLEUM iTIONS. Mew Plymouth, January 21. Oil was struck by the Petroleum Company at Moturoa at 5 o'clock yesteruay, at a depth of 920 ft. The first indication was an explosion. The oil rose 600 ft in the bore, and the experts expect that it Avill flow freely when the bore is clear of debris. The boring operations are pronounced by experts to be a great success. Ln the last bore Avator was mixed with the petroleum, and this prevented successful pumping. In the present bore there is iu wat'-r to contend with, and there is 700 feet of oil now in the well. The experts are confident that the bore will prove a flowing one. The finding of oil has given considerable impetus to business, and already properties are changing hands in view of the improved prospects of the district. There are enquiries tor petroleum shares, but none are in the market. It is expected that the good find Avill attract borers from Australia, and scA'cral new companies will probably be formed. New Plymouth, January 23. The Petroleum Company pumoe'd I'M) gallons pure oil this morning at a most successful trial. _ (.'he supply of, oil is increasing, and the petroleum gas i.-s in such large quantity that it win be used for all future boring operations instead of coal. New Plymouth, January 2f>. Initie barrels cf oil were pumped on Saturday in two hour.-, when the pump broke down. The oil in the well was reported to be fioAving last night. Each barrel of oil is estimated as being worth from 10s to 15s. The Petroleum Company start another bore on Monday. It is now fully established that the present bore is a complete success, and that there is a great future in the oil industry for Taranaki, and propert3 r is increasing in value.