PETROLEUM.

Timaru Herald, Volume XIIIC, Issue 13728, 19 October 1908, Page 3

PETROLEUM.

TH£ TARAXAKI COMPANY. Per Press Association. NEW PLYMOUTH, October 17. The manager of tlie Taranaki Petioleun Company reported to the directors las night as follows:—This afternoon the ga at No. 2 bore was coming up very strongh in the well. As the dry cuttings tlirowi up by the gas contain a quantity of oil and the indications continue improving The gas continues to flow at from 80, OCX to 100,000 feet per day. There wer< buyers of bhar<t> ;it 6s 6d this morning. At 10 o'clock this morning Mr Ximson manager of (lie Taranaki Petroleum Com pany, reported to tho directors that then was 500 feet of oil in No. 2 well. It wa«» mostly pure, but a small portion was mixed with debris from the mud vein, btruck recently. The tunki> are being moved over to the well to hold the oil, which, Mr Simson says, may settle down to two barrels a day, or porhajts develop to fifty barrels or more. The director?, advice the shareholders not to be led away, as it is yet to say what the prospects may be. but they can rest, aebured that they will Ik- promptly informed.