PETROLEUM

Taranaki Herald, Volume LVIII, Issue 14344, 24 October 1910, Page 2

PETROLEUM

At the monthly "meeting of tho directors of the Gisborne Oil Company last week, Mr. J. H. Young, the company’s manager, gave an exhaustive report on the work up to date. Hit statement showed that boring operations with the 6in casing had now reached a depth of 1310 ft ,this being 25ft lower than the previous depth. Ho was working in a very sticky patch, and consequently boring was difficult} blit the indications were extremely favourable. The formation they are at present going through; was of a similar nature to that negotiated just prior to striking oil at the 665 ft depth. There was a considerable quantity of gas showing in tho well, which was another good indication for oil. The information was exactly as that described by Dr. Bell in his report to the Survey Department on the locality. Mr. Young said tho Gin casing would be put down as far as possible, and then a start would be made with the sin, of which there was 200 ft on the ground. They were working continuously, with night , and day shifts, and everything was going on satisfactorily.

There were buyers of Taranaki Petroleum shares at 10s 3d in Auckland on Saturday, but no sellers.