TARANAKI PETROLEUM COMPANY.

Wairarapa Age, Volume XXX, Issue 8870, 2 November 1907, Page 5

TARANAKI PETROLEUM COMPANY.

ANNUAL MEETING. CHAIRMAN HOPEFUL. By Telegraph—Press Association. NEW PLYMOUTH, Nov. 1. The annual meeting of the shareholders in the Taranaki Petroleum Company was held at New Plymouth to-day. . There, were about a hundred shareholders present. Reports were submitted to the effec*; that as yet payable oil had not been struck, and the Birthday well (or- No. 1) which had been reported as down on payable oil, had been found to be blocked by an accident which the -staff had not reported, It bad been "found necessary now to sink below the obstructions in the well. On the advice of the present manager it had been decided to close down all bores but No. 3 and work that with a double shift and thoroughly test * the Moturoa locality. This bore was now passing through granular limestone, and the Chairman of Directors said he was hopeful to strike oil below this hard strata. The failure so far was due to the impossibility of shutting off the water from the bore. In discussing as to whethar the directors knew the Birthday well was blocked, it transpired that the previous manager had been aware of it. Two retiring directors, Messrs E[. Berry and J. B. Roy, were re-elected without opposition. The sum of £l5O was voted to the directors in recognition of the past year's services. The manager spoke confidently of prospects, but declined to make any promises.

CABLE; WOTS.,

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