STILL HOPEFUL

New Zealand Times, Volume LIII, Issue 12622, 6 December 1926, Page 12

STILL HOPEFUL

TARANAKI OILFIELDS CONFIDENCE OF COMPANY. The prospects of securing payable quantities of oil in Taranaki are regarded with hope and confidence by the authorities controlling Taranaki Oil Fields, Ltd., of which Mr A. H. P. Moline is general manager. This viewv is taken in spite of the fact that three wells have been abandoned on the company’s preserves. The annual report emphasises the sanguine outlook in the following passage ;

“It is freely admitted that this venture is the first sustained effort guided by expert scientific direction, and employing modern drilling equipment that has been made to find oil in the Dominion. The consensus of geological opinion is that commercial oil exists in the territory in which the company is operating. While some sense of disappointment with regard to the company’s initial drilling work is unavoidable, the more reasonable view is that as a result of systematic detailed geological work, and tho efficient drilling of several of the most promising structures, the company’s efforts should ultimately achieve success.

“The New Zealand properties do not present* new and unexpected features which have to bo interpreted in a theoretical way; on the contrary, there are abundant data and experience from tho exploitation of similar country overseas, to guide tho field staff in their interpretations. As the result of the past year’s work, the company already has evidence that several of its areas aro definitely worthy of testing, and tho aim of the hoard is to act upon these recommendations as promptly as xiossible. At the same time, duo regard must be had to other investigations in progress and to tho possibility that they will point to even better locations. Tho objective is to apply the company’s resources in the most effective way, and to sink eacli well on the location of best promise.”