TARANAKI PETEOLEUM.

Otago Daily Times, Issue 10397, 27 June 1895, Page 2

TARANAKI PETEOLEUM.

__, ■'. (Per United Phess Association.) ' j : ■-.:■■•■■ • WELLiNGTON t June 26. j Mr Olliver Samuel returned from Sydney by | the Takapuha to-day.■ He informed the Post that arrangements have been completsd for t'ormiog a new company to work the Taran.iki. petroleum deposits. Its capital will bs £50,000 "' in £1 shares, of which the present owners will ret&iu half fully.paid up. No new shares will be placed on the market, as the owners intend to provide the capital themselves, and'the depositrnaid on 5000 shares applied for in New Plymouth x will be returned; Mr B. E. Fair,, expert, is to be managing director. Work will be startsd at once oa a new-bore at Omata Mr Fair is sanguiae of striking a flowing weil which will give 100 to 200 barrels a day free from the sea water that has hitherto hampered operations. The fcotil area over which the new, company has secured rights is 10,000 acres. Another bore will ba put down at Strachmore, near Scrntford, as aoon'as the plant is ■ ready. The Sydney members of the syndicate are very sanguine as to their success. Proposals have come from Gisborqe to Messrs Fair Samuel wiih a view-to having a, test made of the deposits-in that district, but they are unwilling to enter into aay deSuite arrangements until they have suuk, at any rate, one other bore at Nor? "ljmouth.