TARANAKI OIL PROSPECTING.

Gisborne Times, Volume XXV, Issue 2227, 2 November 1907, Page 2

TARANAKI OIL PROSPECTING.

POSITION UNPROAIISING.

i Press Association. NEW PLYMOUTH, Nor. 1. The annual meeting of shareholders of the Taranaki Petroleum Company was held at New Plymouth to-day. About 100 shareholders were present. Reports wore submitted to the effect that as yet payable oil had not been struck and the Birthday well (or No. 1), which had been reporter] down on payable oil, had been found blocked by an accident which the staff had not reported. It had been necessary now to sink below the obstruction in. the well. .On t]i e at close down all bores but number 3. and work that with double shifts to. tlu rough!.v test the Moturoa locality. . Ins bore was now passing through granular limestone, and the chairman ot directors was hopeful to strike oil below tins hard strata. The failure so far was due to the imnossibilitv ol shutting off tlic water'from the bore. In discussion as to whether the directors knew the Birthday well was blocked, it transpired that the previous manager had been aware of it. Hie two retiring directors, Messrs IX Beiry and J. B. Roy, were rc-eleeted without opposition. The sum of i'loOi was voted to the directors hi recognition of thou- past year’s services--1,10 manager spoke confidently of the prospects, but declined to make anypromises.