PETROLEUM.

Taranaki Herald, Volume LX, Issue 143764, 12 April 1912, Page 7

PETROLEUM.

THE GISBORNE OIL COMPANY. OIL STRUCK AT WAITANGI. Since the annual meeting of the Gisborne Oil Company preparations have boen in progress to test the 655 it. level of the Waitangi bore, wheie oil was previously struck. For the past two or three days the manager (Mr. A. Young) has been testing the well at the level mentioned, with most gratifying results. Oil of an excellent quality is ilowing freely, and three barrels a aay aiw being drawn off. It is the intention of the company to pursue these operations ami to thoroughly test the well. Oil was struck at 655tt. on September 8,1909, in a belt of oil sand of about lit. in thickness. The liow then was estimated to produce about 85 to 100 gallons per day. The well was not properly tested at the time, but boring operations were pushed on. When then casing had been put down to close on 2000 ft. it was. decided to sink a shallow well a little lower down the lull to further test the extent of the flow, but owing to difficulties experienced operations on this‘Veil were suspended, and the directors decided to tap their first well on the top of Waitaiigi Hill, fb® greater portion of the casing was withdrawn, and piping was put clown at the 6oott. level, .with the above result, home months ago considerable activity was noticeable, at the Waitangi well, and it was thought that this urns emanating from the strata at the 655 ft. level, and the directors came to the opinion that there was a greater showing of oil in the strata than the original testing had disclosed.

Th Poverty Bay Herald says there is considerable speculation amongst the residents of the coast, particularly in the direction of Te Araroa, concerning the proposals of a wealthy . syndic arc, that lias secured the oil rights over an extensive area in the \\ aiapu County. Recently the syndicate retained Mr. E. doC. Clark, and Ins report upon the prospects obtaining is stated to be have been very satisxacThe High Commissioner for tho CommouwealtH* is asking for offers ot an oil-tank steamer ot about 0000 J 00 ;® tank capacity for the transport or oil fuel from the oil wells of Eastern. Asia to Australia, and the distribution of the same around the coast. Ihe charter is for two years, with the optjon of purchase. A white crew is essential, of which, if possible, at least two-thirds should be British. The vessel is to be delivered at Melbourne. Ihis rathet suggests (says “Fairplay of February 2d) that the CommqmvealtJi has not found sufficient oil in Australia to answer its requirements a£ was expected, and has therefore to import the necessary oil for their war ships.