TARANAKI OIL WELLS.

Taranaki Daily News, 2 December 1916, Page 4

TARANAKI OIL WELLS.

MEETING OF COMPANY,

SATISFACTOIiV PROCiEKSS MADE.

Confidence and optimism, formed thi keynote of the annual meeting of thi Taranaki Oil lands Acquisition an 4 Development Co., Ltd. (known as thi Blenheim Company), which was heltj last evening. Mr. W. N. Ewing (chair, man of directors) presided over a fail attendance.

In the annual report, it was stated. that £49 8 3 3d was due to sundry credt tors, against which there was £6OO in |N the bank and £145 to come in from preference calls. Since the batanee-sheet was prepared the £145 outstanding had been paid, and the major portion of the funds available had been spent in drilling operations. On July 1, 191* depth of the well was 3600 feet. The depth was now 4460 feet, and tfhe hole was cased to the bottom with 6-ineh casing. Through shortage of fund* drilling was suspended from May 15,, 1013, to November 8, 1916, and then on April 12, 1010, when "the company vnu forced to suspend drilling owing to delay in the arrival of casing, and it was not again resumed until early in Sep-' tembcr, 1010. Monthly reports of the work had been issued regularly to shareholders by the managing director, thus keeping them in touch with the progress of the well. Considering the great depth of the bore, drilling had been quite satisfactory. Escapes of ga* bad been constantly met with, and on one occasion silt was thrown out of the well to the height of the derrick. It appeared that the papa formation had been passed through. The bore had now penetrated 100 feet of sandstone. Below this, it was expected, limestone and green sandstone containing the oil would be met with, ,

HISTORY OF THE BORE, Mr. Ewhig moved the adoption of tn« report, and Mr. E. Griffiths, the nmnag-' ing director, seconded. Mr. Griffithstraced .the history of the work since the annual meeting, held in Blenheim- in August, 1915. He pro-' ceeded to deal with the financial posltion, and said that in September, 1915, arrangements were made to issue 2500 shares. These were readily taken up, and on November 8, 1015, drilling wa» resumed. In April it was found necessary to discharge the employees, owing to tiie shortage of material. Thanks tc the splendid offices of the High Commissioner, Sir Thomas Mackenzie, the necessary supplies of casing came to hand, and work ■was continued in September, lf)i6. Economy had been exercised to the fullest oxtent, and when the coal stocks became depicted, oil wag burned as fuel, and a saving of £IOO was effected. As the bore became deeper, encouraging signs, such as ga» and dark shale, were met with. At tho. depth of 1550 feet tho bore was operating in quartz sandstone. Tho progress mndq each month, and the total depth reached at the end of each month since November S, were as follows: November, mi;., Ofift., 3(190ft. : December, IMS, 112 ft., 3902 ft.; January, 1810, 141 ft., 3fM.'tft.: February, 152 ft., 4095 ft.; March, 114 ft., 4209 ft.; April, 21ft„ 4230 ft Work was suspended from April, 1010, until August, lfilft, when 22ft. was sunk, making the depth of the bore 4252 ft. The work then progressed as follows:—September, li>lo, 120 ft.. 4372 ft.; October, 108 ft!, 4 ; )goft. ; November, Kift., 4,)ffflft. The depth reached was now half the height of Eginont, observed Mr. Griffiths.

A remarkable phase of the progress of the bore \rtis the striking of kauri «i:in at the depth of 44!Hlft. Although the here had pulverised it, the gum was / 01 fi»:e quality. Mr.. Griffiths paid a tribute to the splendid work that had been done by; tlio manager (Mr; Fedorowicz) and his staff. He also sounded an optimistic, note, and said he felt confident thnfc success would he achieved. . The report was adopted. SHAREHOLDERS SATISFIED.

Shareholders present expressed theftr satisfaction with the position as outlined by tho directors, and said .they felt confident that their interests were being carefully watched, Mr. I* M. Monteath said it was felt the shareholders were getting a good run for their money, and Mr. Q. Horn, a director, resident at Blenheim, alsd expressed satisfaction with, the posls tion. (FAVOBABLE PBQSPECTB. Mr. Fedorowicz said the formation* that had been passed through at t.ha Blenheim well were In conformity with the formations in the Galician oilfields, which were among the' richest field* in Europe. At these fields oil was produced at a depth varying from 4000 t« (I«X> feet. The formation of the strata was in the same sequence at Moturoa. as in Galicia, and the speaker expected that oil would be struck at about the) COOOft. level at the Blenheim bore , ELECTION OF DIRECTOBS. Tho following directors were rfr elected: Messrs. W. N. Ewing (chairman), George M.'Gunn, W. C. TMlips, George Horn, George M. McKay, Allen Veale, E. Griffiths (managing director). Mr. L. M. Monteath was appointed auditor.