THE TARANAKI OIL SPRINGS.
WORK SUSPENDED. New Plymouth, July 26. The New Plymouth Petroleum Company, after spending about £ 14,000 and boring about 7000 ft in five bores, have suspended operations. In three bores oil was struck, in two of which it was in. payable quantity, but mixed with water, whilst from one bore, 2000 ft deep, oil mixed with-watsr continued to flow incessantly. The prospects of obtaining a permanent yield are still good, but the present shareholders, whose pluck and energy are beyond praise, are few in number, and do not feel justified in continuing to bear the whole burden of the expenditure further. The staff of American drillers and two complete plants will remain available for a few days, and it is hoped that the Government may prevent the enterprise from being abandoned by giving some small subsidy towards the completion of another bore.
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New Zealand Mail, 28 July 1898, Page 19
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145THE TARANAKI OIL SPRINGS. New Zealand Mail, 28 July 1898, Page 19
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