GISBORNE OIL COMPANY.

Gisborne Times, Volume XXVII, Issue 2674, 2 December 1909, Page 2

GISBORNE OIL COMPANY.

MEETING OF DIRECTORS

A meeting of directors of the Gisborne Oil Company was held at the residence of Mr. John Clark Te Arab yesterday afternoon, as owing to that gentleman 7 s indisposition, he was unable to come to town. The meeting was for the purpose of conferring with Dr. Bell. Director of Geological Survey, and Mr MacDonald, manager of the,company, was also present. , . . Dr. Bell told the directors that in his opinion, the bore was situated in an excellent position, and that _no effort should be spared to get right down, regardless of cost. He considered that without doubt there was a good oil field in the locality, and the sticky strata through which the bore had recently been passing was an excellent indication, while the formation through which the bore was passing at present was very similar to the formation met with in Canada. . The pros, pects, in his opinion, were very good, and he strongly advised them not to attempt to shift from the .present site. He would not attempt to advise them on the question of how to sink the bore, but thought they could have every confidence in their manager, Mr. MacDonald, a sound, practical man. The report of the manager stated that very little progress had been made for the last two or three weeks, and that the depth stood at 2 o’clock on Saturday at 847 ft, where the new strata was struck, and at 12 o clock on Monday they had reached 901 ft, and the hole was'standing well.