Taranaki Petroleum.

Colonist, Volume XXXVIII, Issue 8286, 28 June 1895, Page 3

Taranaki Petroleum.

Wellington, Jane 27. Sir Olliver Samael returned from Sydney by the Takapana yesterday. He informed the 'Post' tbat arrangements had been completed for forming a new oompany to work the Taranaki petroleum deposits. Its capital will be £SQ,OW, ia pound Bhares, of whioh tbe present owners will retain half folly paid op. No new shares will be plaoed on the market, as the owners intend to provide the oapital themselves, and tbe deposit paid on 5000 shares applied for in New Ply-, month will be retained. Mr K. E. Fair, the expert, is to be managing director, and work will bd started at once oa the new bore at Omata. Mr Fair is sanguine of striking a flowing well which will give 10(P to 200 barrels a day, and free from B n a^water that hBB hitherto hampered operations. Tbe total area over wbioh the new company has secured rights is 10,000 acres. Another bore will be put down at Strathmore, near Stratford, as soon as tbe plant ia ready. The Sydney members of the syndicate aie very sanguine as to their saooes*. Proposals have come from Gieborne to Meßsra Fair and Bamnel with a view to having a tett made of the deposits in that district, but they are unwilling to enter into any definite arrangements until they have sunk, at any rate, one more bore at New Plymouth.