N.Z. OIL BORES

Gisborne Times, Volume LXV, Issue 10301, 10 January 1927, Page 4

N.Z. OIL BORES

ANGLCLP ERSIAN COMPANY IN-

THE FIELD

MORE EXPERTS MAY VISIT POVERTY BAY

DRILLING NEAR TOKOMARU EXPECTED SHORTLY

Negotiations recently commenced between the Anglo-Persian Oil Co., and Taranaki Oilfields, Ltd., are likelv to have an important effect upon the development of oil boring in the Dominion.

Messrs Wyllie and Baiilieu, two of the Anglo-Persian Co.’s _ leading geologists, have arrived in New Zealand and will make a thorough inspec P tion of all the areas held by Taranaki Oilfields,, Ltd., states the “Dominion”. It‘is expected that they will first visit the Taranaki district and will later come to Poverty Bay : On their report will rest the decision as to whether or not the company throws its resources in with the * New Zealand and Australian company. The principal shareholder in the Anglo-Persian Oil Co. is the British Government, which in 1912, secured the controlling interest with the object of safeguarding its future oil supplies. Some two years ago the company entered into an agreement with the Commonwealth Government, on an equal share basis, to refine and market petroleum products in Australia, and the year’s operations are reported to have resulted in a substantial profit being made. It is probable that another bore will be put down in Poverty Bay later in the year, and subsequent events doubtless will depend to some extent on the decision of the English geologists. If the AngloPersian Co. decides to co-operate with Taranaki Oilfields, Ltd., in the venture New Zealand will he thoroughly combed geologically and no efforts will be spared towards securing oil in payable quantities.

Boring is expected to commence on the new site near Tokomaru Bay before the end of this month and two American drillers. Messrs Blackwell and Richards, have arrived in the district to work on the new bore under the supervision of Mr Wheat, the chief driller.