Page 3 Advertisements Column 4

Press, Volume LXVIII, Issue 14326, 11 April 1912, Page 3

| THE SUBSCRIPTION LIST IS NOW OPEN. IT WILL DEFINITELY I CLOSE ON OH BEFORE WEDNESDAY, 24th APRIL, 1912. ABRIDGED PROSPECTUSThis Prospectus is being issued in Great Britain, New Zealand and Australiaj A copy of thi. Prospect-. ha» been filed with the Registrar oft Joint Stock Comp-ruea. 1 rIL lAmAIIIIIiI veaund/ UIL iilLLu __,_MIT_£-D. 1 Incorporated under the Companies (Consolidation) Act, iqoS, of Great Britain. \ CAPITAL - - .£400,000 ] Divided into 400,000 Shares of £1 each. I Subscriptions are b«w invited for an Issue of 275,000 Shares of £1 eacH, at par^ | PAYABLE AS TO _ 2/- per Share upon Application jj 3/- „ „ Allotment | And the Balance as and when required in Calls not exceeding 5/- per Share, at intervals of not le» than throe months. { Of ihe above isstu: Subscriptions far fjO,ooo Shares are guaranteed. \ -Mar -avmant of tho cash portirfti of thi purchase c*nsuiera«on tho present isste win, H fully s-bsorflie**, provWa « turn of Xt -200,000 for Working Capital. Payment of Preliminary F-xpatm. and tho flanora purposes of the Company. 41,000 Shares are held in reserve for lesue to provide further Working Captta* if an. when required. LONDON BOARD OF DIRECTORS: I THE EARL OF RANFURLY, G.C.M.G. (Chairman) [Chairman (London Board) Colonial Mutual Life Assurance I Society, Limited] 33 Lennox Gardens. London, S.W. 1 MAJOR DUDLEY ALEXANDER, C.M.G., 6 St. James Place, London, S.W. Q JOSEPH BRAILSFORD,. (Chairman, Ebbw Vale Steel, Iron and Coal Company, Limited, and Hudson's Consolidated, Limited), Leesons, Chislehurst. ANDREW L. HORNER, K.C., M.P., 34 Fitzwilliam Place, Dublin. AdvLorv Board in New Zealand: C CARTER (Chairman Taranaki Petroleum Company, Limited), Devon , ~, yMOVTH B j ()KE y M .p., Xkw p,,-, M ot;. n. Technical Advisor: J. D. HENRY. 4 London Wall Buii.iuxt.s. Luxr-osf. E.C. I Banker.: PARR'S BANK. LIMITED. o2 Tnr.KADNRF.oi.K Stkkkt. London E.C. Banner.. BA ryK OF NEAV ZEALAND, 1 QrEKX "Victoria Mt-f.kt, London', E.C. ' London Solicitor.: ALLEN EDWARDS & OLDFIELD. 10 Eastc_e._\ London. E.C. ! . New Zealand Solicitor.: GOVETT & QUILLIAM. Dkvon Stkekt. Ny.u- Plymouth. | riew _eai_nu WESTON & WESTON, Brougham Stri.kt. New Plymouth. Broker.-. HARRY FRANKLIN & CO., 23 Austin Friars London. E.C I Auditor.- DELOITTE PLENDER GRIFFITHS & CO., 4 London' W ai.i. Buii.mnv.s. London. L.C. Secretarie. and Registered Office.: THE OIL TRUST, Limiti.d, 4 London Wall Blii.dimis, London, E.C. | PROSPECTUS. | OBJECTS.—This Company has been formed for the primary purpose of acquiring and operating the Boring rights of The Taranaki Petroleum Company, Limited, over proved ' and oil-producing lands, and" near the seaport of Now Plymouth in Taranaki, North • Island, New Zealand. The Company acquires the oil-producing rights over property at I tidewater, a drilling and operating equipment, and boring rights over threo separata j- reserve territories carefully selected as the result of expert advice founded upon indieal Lions of oil.and gas. Tho total area over which boring rights extend is, approximately, [ij 4SOO acros. % GOVERNMENT SUPPORT, AND BONUS OF £10,000.—Tho Government has from ,| timo to timo made offers of £10,000, allotted as follows: (a) _2,500 to ho paid on proof a being submitted that not less than 250,001) gallons of markotahlo crude oil has been won; ,1 lb) £2,500 on 500,000 gallons; (c) £2,500 on 1,000,000 gallons; (d) the. balance of £2,500 I to be paid to the person or company who first produces, by his or its o.vn refining plant, 3 500,000 gallons of refined mineral oil; tho first claimant giving necessary proof is to ro--3 ceive respective bonus. i PRELIMINARY OPERATIONS.—The Taranaki Petroleum Company, Limited, Brougham Street, New Plymouth, New Zealand (nominal capital, £150.000), was formed in 1900. Five wells have been drilled on the property to-bo operated by this Company; hi three of these oil was secured under conditions fully described in tho reports of tho experts, 9 A fourth well has now struck oil; a recent" telegram announces that the wells aro at present flowing at the rate of 360 barrels per week. In order that the'pioneers might benefit by the Government bonus (above referred to), oil has been allowed to como to tho .-j surface by, natural flow. On May 11th, 1911, the pioneer Company was paid tho first " instalment'(£2,soo) of the bonus on tho production of 250,000 gallons of " marketable '. crude oil." "" . , | EXPERTS' REPORTS. —The British Empire Oilfields, Ximited, having received most | encouraging reports on tho properties, commissioned Mr. J. D. Henry to conduct inj| vestigations. "This gentleman had the assistance of well-known New Zealand experts. $ a and associated with him in the professional work done in connection with theso properties .-« i« Dr. .1. M- 801 l (Messrs. Bell and Fraser), who was, until recently, head of tho Coord logical Surv«y in New Zealand. One statement made by Mr. Henry reads:— J "The property, in a more conspicuous degree than any other of which I have a knowledge % in tha colonies, has the primary essentials of an oilfield in which ono can with confidence I ,recommend an investment of British and Colonial capital; it has production, oil which, as y analyses show, is of the very highest quality, and a position at tidewater ensuring the easy ~1 and economical delivery of plant and export of the crude and refined products." ' i Dr. 8011, in his Report, says:— jj "Tfte geological structure of the Taranaki district, New Zealand, together with the proi duction which has attended initial developmental work, indicates the existence of an important s oilfield. Of prime importance in the light of present knowledge are the properties covered by ithes -report, including as they do the Moturoa block, which fringes New Plymouth Harbour and encloses wells yielding petroleum of the highest quality. These oil properties, which possess great potential value, are from their position capable of more expeditious and eMwmtcal development than any others with which I am acquainted. Oil production here, considering the geographical position which the Dominion holds both from commercial and a defence standpoints, possesses unique advantages; and tha more extensive exploitation of your fl Company's holdings affords a most promising enterprise for the investment of capital." 1 FUTUftE OPERATIONS. —The primary objects of this Company will be:— 1 (1) Tho erection of an up-to-date Refinery. (2) The immediate dispatch to New I Zealand of an expert drilling staff. (3) The immediate drilling of additional wells on the U prow-n property. (4) Tho gradual development of the reserve territories. (S) The I organisation of an oil sales department, and, generally (6) The conversion of what has ,J hitherto-been a purely focal industry into a modern oilfield business with ample finance I and a thoroughly-experienced management. $ The Minimum Working Capital (guaranteed by the Vendor Company under contract ■ * No. 3) will, in tho opinion of the Company's technical advisors, enable this Company to * carry out-the above work in the most thorough aud expeditious manlier.' | REFINERY.—The estimated cost of a refinery erected upon the property, and having i a capacity of 10,000 gallons per day, is £23,000. -As tho output is increased this refinery i can lie added to without-any disturbance of tho original erection. ♦ QUA4.ITY OF THE 011—Oil from tho wells has been analysed by Messrs. A. F. c Craig and Co., of Paisley, Scotland. The conclusion..of their Report reads as follows:— | "This ie~a crude petroleum -of the most excellent quality, both as regards the market 3 vatae-of _tt*#irroducts obtained from it and the purity,and character of these products them. I selves. T_e petroleum is easily handled and refined at low cost, and the solid paraffin can ~| be-extracted direct from the. heavy oil from the first distillation without any chemical treat- | r>—-fttMcrtiaiUvor, and is of excellent cotour and crystalline structure. •V " Toe-spirit and finished kerosene are of first-class <n-ality, water-white, and of good smell. "i "This crude petroleum-in purity closely resembles the old pure Ponnsylvanian petroleum, | bun greatly excels it-in the extraordinarily high proportion of solid paraffin wax which it )j yields." -it "We are aware of no natural petroleum which has-been found to be so rich in this j v-l-aWe-prod tret." I \- POSITION OF THE PROPERTIES The plots cm which the wells have been drilled ' I *' - are, on their western boundary, within 150 yards of the seashore of New Plymouth harbour. fl A public road and-the State Branch railway connects New Plymouth with tho wharves and i breakwater. Tho Company's Experts say:—" The geographical relationship of the field to the harbour, the land' gradient, and 'the depth of water at the loading point enable us to say that the property has unsurpassed positional advantages." MARKETS.—The wdl-knowri protective policy of the Dominion ensures operators an r ' unassailabte home market, while, when an export business has been organised, Australia should take all the-surplus oil produced. Therefore tries* oil resources can be developed rogar-S-s. of foreign-operatlons or competition. t - Mr.'Henry concludes h is Report upon the properties aa follows:— "The entire proposition can be resom-n-nde_ on the ground that it Is complete In every:detail, embracing as it dees the production, refining and marketing of petroleum under the most favourable economic and trading conditions In one of the most progressive Colonies of the-Empire." The Company will pay a brokerage of sixpence per Sli_re on all Shares allotted to persons other thanrsubuiiderwriters on.application forms-bearing a broker's stamp. The preliminary expanses are estimated at £6000. inclusive of amount payable to tho British Kmpire Oilfields,. Limited, but exclusive of brokerage. I IT IS INTENDED TO ESTABLISH A NEW ZEALAND REGISTER OF SHABB- -■] HOLDERS IN DDE CODRSE. Dated this-28th day of March, 1912. *<PK-H--_-H-MH------R-____-a____-MM-M'-M i * ; Application for Shares in New Zealand and Australia will be received on behalf of the Company by the Bank of New Zealand, at any of its princl- ' pal Branches, or at the Offices of the TARANAKI PETROLEUM COMPANY, ; LIMITED, New Plymouth; by Messrs. R. HILL FISHER & SON, F. GRAHAM & SON, and HENDERSON &. BURNS, Christchurch, and by the principal Sharebrokers throughout the Dominionspecial Note.—Since-the Prospectus was printed ' SIR GEORGE CLIFFORD, Babt., Ston-t____t, CHRISTCHURCH, and l SIR JOHN LANE HARRINGTON, K.C.M.G., Chairman of the Oil Trust, ' Ltd., LONDON, * have consented to join the Board of Directors after allotment. 1