THE PETROLEUM DISCOVERY.

Thames Star, Volume XXVI, Issue 8080, 27 June 1895, Page 4

THE PETROLEUM DISCOVERY.

(Press Association.)

Wellington, June 26. Mr Oliver Saraael returned from* . Sydney by the Takapuna to-day. He informed the Post that arrangements were completed for forming a new company to work the Taranaki petroleum deposits. Its capital will be £50,000 in pound shares, of which the present owners will retain half fully paid-up. No uew shares will be placed on tbe market, as the Owners intend to provide the capital themselves, and the deposits paid on the 5000 shares applied for in New Plymouth will be returned . Mr R, E. Fair, the expert, is to be managing director. The work is to be started on a new bor° ah Umata. Mr Fair is aasgniiie of striking a flowing well which will give 100 to 200 barrels a day free from the sea water that has hitherto hampered operations. The total area over which,the new company has received rights is 19,000 acres. Another bore will be put down at Sfcrathmore, near Stratford, as soon as the plant is ready. The Sydney members of the syndicate "are very sanguine as to their success. Proposals have come from Gisborne to Messrs Fair and Samuel wifcfi a view to having a test made of the deposits in that district, bat they are unwilling to enter into any definite arrangements until they have sunk at any rate one other bore at New Plymouth*