NEW ZEALAND PETROLEUM COMPANY.

Taranaki Herald, Volume XXXIX, Issue 8790, 28 May 1890, Page 2

NEW ZEALAND PETROLEUM COMPANY.

DRILLERS FOR NEW PLYMOUTH.

EXPEDITION ON ITS WAY FROM AMERICA.

We understand that Mr Samuel received by ihe last mail a letter from Mr Charles Marvin, the Managing Director of the New Zealand Petroleum Company, in which he states he is making arrangements in America tor engaging a master driller, with two assistants, who willjproceed direct to New Plymouth, via 'Frisco. They will take with them the best well-boring machinery to be procured; and the master driller will thoroughly test the Taranaki District for oil. The following is Mr Charles Marvin's speech at a recent meeting of the Company :—: — Mr Charles Marvin said : As you may have already gathered from the chairman's remarks, the financial position of the company is very satisfactory. We have ample working capital — £15,000 — and active operations on the spot will commence as sooi as the drillers and wellboring machinery arrive from America. Since the formation of the company special significance has been given to a portion of its lease by the alleged discovery of a new and successful process for working the ironsands of New Zealand. As you are aware, our lease from the New Plymouth Harbour Board gives us power to smelt and work the ironsands extending filong several miles of beach, as well as bore for petroleum. This ironsand, of which several examples are present on the table, is a singular and unique feature of the Taranaki district. Countless millions of tons of the article lie pulverised and unused along the coast, and if abundance of cheap fuel were available and a suitable method of sirelting could be applied, the New Plymouth district would rapidly become one of the chief iron-producing districts of the world. .An analysis of one of the samples, taken without any preparation from our beach, shows the ironßand to consist of peroxide and protoxide of iron, 88-44 ; oxide of titanium, 6-0 ; silica, &c, 5-56 ; total parts, 100. Primarily our syndicate was intended to devote its operations to boring for oil, but the interest excited by the successful discoveries that are said to have been made for smelting the ironsands of New Zealand has caused us to give attention to the ironsand question as well, and if we see dur way to definite business of a profitable character, we shall take it in hand side by side and concurrently with the boring for petroleum. In regard to the latter, we have recently received a sample consisting of a gallon or more petroleum, taken from one of the oiloozings on the New Plymouth beach, and an analysis of this is being made by Mr Boverton Redwood — perhaps the most eminent petroleum expert in Europe. The oil is one that will take a high rank among the better-class petroleums, and if we can only tap a copious supply tlie results cannot fail to bo extremely lucrative to this company. You arc already familiar with the report of Inspector Gordon, who was sent to the spot by the New Zealand Government ; but in excess of his testimony we have that of many independent persons, former residents at New Plymouth or casual visitor*) to the locality, who have spontaneously attested the existence of these surface oozings and oil pools, and wish us success with our enterprise. What lies below the surface the drill can alone reveal ; but, in the meanwhile, it is well to know that the surface indications are as gr od as any in the majority of the petroleum regions of the world. In America, and again at Baku, in Russia, the copiousness of the present supply was not suspected, even by the most sanguine of the pioneer oil borers, until the subterranean streams were struck many hundred feet below the surface, and the oil began to gush forth. Such a result, we naturally hope, will attend our contemplated boring operations; and, at any rate, we shall do our best to render the enterprise successful. The ablest drillers wo can find and the best machinery will be sent to the spot ; and if there is any large subterranean supply, as elsewhere, it will not be our fault if we do not tap it. We have been in communication with a number of firms and drillers in regard to our operations, and, in order that the best selection shall be made, it has been arranged that I shall proceed to Canada and the States, and properly organise there the drilling expedition to be sent to New Plymouth. The responsibility attaching to such a task of selection and organisation will not be a light one, but it has to be faced, and I shall certainly do my best to render the arrangements so complete that, once the drilling party arrives at its destination, the operations will proced with rapidity, and the results be made known to the shareholders as soon as it is possible to do so.