SUMMARY FOR EUROPE.

Otago Daily Times, Issue 10597, 18 February 1896, Page 6

SUMMARY FOR EUROPE.

Continued from page S. I STEUCK OIL. New Plymouth, January 21. Oil was struck by the Petroleum Company at Moturoa at 5 o'clock on Monday at a depth of 920 ft. The first indication was an explosion. The oil rose 600 ft in the bore. Experts expect that when the bore is clear of debris oil will flow freely. The boririg operations are prononnced by experts to be a great success. In the last bora water was mixed with the petroleum and prevented successful pumping. In the present bora there is no water to contend with, snd there is 700 ft of oil now in the well. ExperSs are confident that the bore will prove a flowing one. The finding of oil has given considerable itnpetu3 to business, and already properties are changing hands in view of the improved prospecbs of the district. There are inquiries for petroleum shares, but none are in tbe market. It ib expected that the good flnd will attract borers from Australia, and several new companies will probably be formed. Jannary 23. The Petroleum Company pumped 140 gallons of pure oil this morning as a trial, which was most succe«sf ul. The supply of oil is increasing. Orders for oil are being received, and the company will soon be in a position to execute orders regularly. The petroleum gas is in suoh large quantities that it.will be used for all future boring operations instead of coal, thus effecting a large saving. There is sufficient gas in one bore to light np New Plymouth three times ever. The directors express them3elvea assured that the present bore will be a highly remunerative one. The prospestg are moßt encouraging. Mr Fair, the oil expert, will arrive to-morrow from Sydney and take charge of the works.

January 26. Nine barrels of oil were pumped on Saturday in two hours, when the pump broke down. The oil was reported to be flowing last night. Bach barrel of oil is estimated as being worth from 10a 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 for the oil industry in Taramki. Property" is increasiug in value.