TARANAKI OIL WELLS.

Colonist, Volume LII, Issue 12764, 4 February 1910, Page 3

TARANAKI OIL WELLS.

HOPEFUL INDICATIONS. [United Pbess Association.]. New Plymouth, Feb 3. When the pressure of gas struck m the Petroleum Company's No 3 well last week was sufficiently reduced drilling was resumed. Yesterday afternoon another blow out occurred, and about midnight the well commenced to now oil again, compelling a cessation of operations. This morning oil was flowing freely. The indications of being near an extensive*. oil seam are recognised as very hopeful indeed. Tho vein just struck is producing st the rat© of between 40 and 50 barrels of pure oil per 24 hours. It will probably be allowed to flow uninterruptedly for a few days. When opportunity offers an attempt will be made to push the casing past it, so as to enable the hole to be drilled deepor. As soon as the hole has been prospected to a greater depth the casing wiU be perforated opposite each vein, and the full oil capacity of the whole well will be utilised. Pumping operations liavo been resumed at No 3 bore, and from 8 to 10 barrels dail.y are being secured. Deeper boring will probably be commenced at this bore shortly. It is expected that No 1 will be producing oil in the course of a few days. Thei company has now over 40,000 gallons of crude petroleum in stock, and is waiting confirmation of an order for 500 barrels from the Government. The local market is very firm, and holders of shares are refusing to quit any.