PETROLEUM.

Gisborne Times, Volume XXVII, Issue 2404, 20 January 1909, Page 3

PETROLEUM.

THE FUTURE OF TARANAKI.

INTERVIEW WITH AN EXPERT

The many individuals who are concerned in investigating the oil deposits of the Poverty Bay 'district will be interested in the opinions of Mr. L. Keith, who is at present on a visit to Gisborne, as to the future of the Taranaki oil fields. iMr. Keith is in charge of the Bonithon well, the deepest oil (bore in New Zealand. Speaking to a “Times” reporter yesterday, he said that if payable oil could he got in New Zealand there would be a good market for the product, for use as fuel for steamers or in any industry where steam is employed. He considered ia 40-gal-lon barrel of oil equalled 30 or 35cwt of coal, and the oil occupied much less space, and so gave more cargo room 'upon steam :r:'. He did not think there was any probability of- an oil refinery being put down in Now Zealand. A refinery would cost £20,000. Mr. Keith remarked that the Taranaki oil contained all the qualities of the best petroleum. A week or two ago the Taranaki Oil Company had drawn as much ias 100 barrels of oil from tlieir No. 2 .bore. Complaints had been made of the insufficiency of information supplied to the public, but they could be quito assured that any details .given by the manager, Mi*. W. A. iSimson, were absolutely accurate. Oil shares, he .added, were standing firm. x Taranaki had; gone through much excitement, but shareholders now hpd become quite sanguine that oil was .beyond doubt', and he had every faith in the future of the Taranaki oil fields. Mr. Keith added that the had been unable to examine the oil deposits in this district, hut hoped to do so at a future date, and be did not intend to put in a tender for .boring for the Gisborne Oil Company. “The .area that has heen_ prospected by bores in the Taranaki district,” said Mr. Keith, “is very small. The Taranaki Company’s 1,2, 3, and -5 bores were all within half-a-milo of each other, whilst the No. 4 bore was only ia mile away. The Bonithon bore is .about a, mile and a-quarter from the Moturoa bores, whilst the Carrington road boro (down about 850 ft) is four miles from Moturoa No. 2. The iHedley bore is being put down .about seven miles away to the eastward, .and had • reached 1500ft,where the prospects 'are promising.

The Inglowood Company, which Had concluded recently that there was no oil in their bore, has since decided to refloat their company, and to start operations at. Mokau.” In conclusion, Mr. Keith said that from what information lie had gathered the prospects of obtaining oil in Gisborne were good, while the oil samples were equal to those of the Taranaki district. Oil -boring cost money, and ho would advise investors not to be discouraged if success did not attend the first effort to locate a deposit, us. success could only come by judicious prospecting.