TARANAKI OIL

Poverty Bay Herald, Volume LV, Issue 16873, 9 February 1929, Page 8

TARANAKI OIL

FURTHER INVESTIGATIONS NEW COMPANY FORMING (Per Press Association.) NEW PLYMOUTH, last night. Further boring for oil at Moturoa- is i likely to bo undertaken in the near tut-1 uve. An option over 30 acres has ] been secured on behalf of Sydney busi- j nessmen, and an expert is being sent, with a. view to forming a company. i Activity in Blenheim boro shares continues. On the Exchange to-day a sale was made at £6 ss. At closing time sellers were asking £6. It is known that a parcel of shares changed hands at. £7. The company reported to-day that pumping and bailing had been continued to induce the flow through the Tin.' casing. The gas pressure was increasing daily, with a good showing of oilT SYDNEY SHARE TRANSACTIONS SYDNEY, February 8. In the absence of reports of further developments from the Rlenheim syndicate’s bore, profit-takers to-day took advantage of yesterday’s rise in shares and sales were effected at £5 IS, £s' 12s--6d and £5 12s. Taranaki Oil Co. shares receded to 6s 3d, The renewal of activity in the Blenheim oil bore is attracting a very lively, interest and may he regarded as distinctly encouraging, though excited speculation on the strength of it is to be deprecated, because excited speculation has done, a great deal of harm in the past. What has happened is very similar to what has frequently happened in the past in wells round Moturoa. There periodical outbursts, while not necessarily proving that payable oil has been struck, servo the useful purpose of confirming the existence of considerable oil deposits in the neighborhood. About 23 years ago it was believed that payable oil had been struck in what was known as No. 1, or the Birthday well, but difficulties arose in that and in wells, subsequently drilled in the vicinity,' which have'up to the present not been surmounted. It is sincerely to be hoped that better and more permanent results may he met with in the Blenheim bore. In 190.6 there was wild speculation in shares, and the ultimate effect was to discourage rather than encourage the investment of capital. Wo do not want to see a repetition of those experiences. Mr. Huse. on behalf of the present company, has demonstrated once more that oil in considerable quantities exists in the locality, and thero is room for hope that his skill will overcome the troubles experienced in other wells. What is really wanted to develop the field is very large capital, ! and this additional evidence is certain tto attract the attention of capitalists ■ who can afford to take the risks and em- | ploy the plant and skill required, A | cable from London recording certain j statements made by Sir Norman Leslie I about the Empire’s dependence on oil fuel leads us to believe that the Imperial Government, as well as the big oil concerns, will watch very carefully all prospecting ventures, even those at this remote corner of the world. The renewal of activity at the Blenheim well thereI fore is opportune and is likely to _ attract very wide and close attention. Those who have lately been providing the means for the prospecting work will deserve to reap a rich reward, Taranaki l$f??al(l.