Page 7 Advertisements Column 4

Press, Volume LXVIII, Issue 14328, 13 April 1912, Page 7

The Subscription List is now open. It will definitely close on or before Wednesday, 24th April, 1912. ABRIDGED PROSPECTUS. THIS PROSPECTUS IS BEING ISSUED IN GREAT BRITAIN, NEW ZEALAND. AND AUSTRALIA The Taranaki (AO Oil Wells LIMITED. CAPITAL - - ;£400,000 Divided into 400,000 Shares of £1 each. Subscriptions are now invited for an issue of 274,000 Shares of Cl each, at par, payable as to 2s. per Share upon Application ; 3s. per Share upon allotment ; and the Balance as and when required in Calls not exceeding s<. per Share, at intervals of not less than three months. Of the above issue Subscriptions for 150,000 Shares are guaranteed. Alter payment of the cash portion of the purchase consideration the present issue will, if fully subscribed, provide a sum of about £"200,000 for Working Capital, Payment of Preliminary Expenses and the general purposes of the Company. 41.000 Shares are held in reserve for issue to provide further Working Capital if and when required. LONDON BOARD OF DIRECTORS : THE EARL OF RANFURLY. G.C.M.G. (Chairman) [Chairman (London Board) Colonial Mutual Life Assurance Society, Limited:, 35 Lennox Gardens, London. S.W. MAJOR DUDLEY ALEXANDER. C.M.G., 6 St. James' Place, London, S.W. JOSEPH BRAILSFORD (Chairman Kbbw Yale Steel, Iron and Coal Company. Limited, and Hudson's Consolidated. Limited), Lccsons, Chislehurst. AXDREW L. HORNER, K.C., M.P., 34 Fitr.william Place, Dublin. ADVISORY BOARD IN NEW ZEALAND : C. Carter (Chairman Taranaki Petroleum Company. Limited!. Devon Street. New Plymouth ; H. J. Okey, M.P.. New Plymouth. Technical Advisor : J. D. Henry, 4 London Wall Buildings, London, E.C. . Bankers : Parr's Bank, Limited, 52 Thrcadnccdle Street, London, E.C.; The Bank of New Zealand, 1 Queen Victoria Street, London, E.C. London Solicitors : Allen Edwards and Oldlicld. 16 Eastchcap, London, E.C. N«W Zealand Solicitors : Govett and Quilliatn, Devon Street, New Plymouth ; Weston and Weston, Brougham Street. New Plymouth. *•''•. Brokers : Harry Franklin and Co.. 23 Austin Friars, London, E.C. Auditors : Deloitte. Plender, Griffiths and Co., 4 London Wall Buildings, London.E.C. Secretaries and Registered Offices : The Oil Trust. Limited. .1 London Wall B'ttildines London, E.C. ~..-, PROSPECTUS OBJECTS.— This Company has been formed /or the primary' purpose of ac* quiring and operating the Boring rights of the Taranaki Petroleum Company Limited, over proved and oil-producing lands, and near the seaport of New Plymouth in Taranaki, North Island, New Zealand. The Company acquires the oil-producing rights over property at tidewater, a drilling and operating equipment, and borinc rights over three separate reserve tern lories carefully selected as the result of expert advice founded upon indications of oil and gas. The total area over which boring rights extend is, approximately, 4,800 acres. GOVERNMENT SUPPORT AND BONUS OF. £10,000.— The Government has from time to time made offers of £10,000, allotted as follows :—(a) £2,500 to be paid on proof being submitted that not less than 250,000 gallons of marketable crude oil has been won; (b) £2,500 on 500,000 gallons ; (c) £2,500 on i.000.000 gallons; (d) the balance of £2,500 to be paid to the person or Company who fir-=t produces' - by his or its own*refining planC 500,000 gallons o£ refined mineral oil; the first claimant giving necessary proof is to receive respective bonus. PRELIMINERY OPERATIONS.— Five wells have been drilled on the property to be operated by this Company ; in three of these oil was secured under conditions " fully described in the reports of the experts. A fourth well has now struck oil. The wells are at present flowing at thcrate of 360 barrels per week. On May 1 ith, 101 1 the pioneer Company was paid the first instalment (/2.500) of the bonus on the production of 250,000 gallons of " marketable crude oil." EXPERTS' REPORTS.— The British Empire Oilfields,. Limited! haviug received most encouraging reports on the properties, commissioned Mr. J. D. Henry to conduct investigations. Associated with him in the professional work done in connection with these properties is Dr. J. M. Bell, who was, until recently, head of the Geological Survey in New Zealand, One statement made by Mr. Henry reads :— " The property, in a more conspicuous degree than any other of which I have a knowledge in the Colonies, has the primary essentials of an oilfield in which one can. with confidence, recommend an investment of British and Colonial capital; it has production, oil which, as analyses show, is of- the verj highest quality, and a position at tidewater ensuring the easy and economi- - cal delivery of plant and export of the crude ami refined products." Dr. Bell, in his Report, says :—" The geological structure of the Taranaki District, New Zealand, together with the production which has attended initial developmental work, indicates the existence of an important oilfield - Of prime importance in the light of present knowledge arc the properties covered by this 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 gr»iat potential < value, are, from their position, capable of more expeditious and economical - development than any others with which! am acquainted. . Oil production here, considering the geographical position which the Dominion holds both from commercial and defence standpoints, possesses unique advantages • • and the more extensive exploitation of your Company's holdings affords a. most promising enterprise for the investment of capital." FUTURE OPERATIONS.— The primary objects of this Company will be -— (1) The erection of an up-to-date Refinery. (2) The immediate dispatch to New Zealand of an expert drilling staff. . (3) The immediate drilling of additional wells on the proven property. (4) The gradual development of the reserve territories • (5) Ihe organisation ot an oil sales department, and, generally, (0) The conversion of what has hitherto been a purely local industry into a modern oilfield business • with ample finance, and a thoroughly experienced management. REFINERY.— TIie estimated cost ofa refinery erected upon the property having a capacity of 10.000 gallons per day, is £23.000. As the output is increased this refinery can be added to without any disturbance of the original erection. QUALITY OF THE OlL.— Oil from the wells has been analysed by Messrs. A. F Craig <t Co., of Paisley, Scotland. The conclusion of their Report reads as follows :— " This is a crude petroleum of the most excellent quality both as regards the market value of the products obtained from it, and the purity ami character of these products themselves. The 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 treatment whatever, and is of excellent colour and crystalline structure. " This crude petroleum in purity closely resembles the old pure Pennsylvanian > petroleum, but greatly excels it in the extraordinarily high proportion ot solid Jj»ratfin wax which it yields. We are aware of no natural petroleum which nas been found to be so rich in this valuable product" MARKETS.-T-The well-known protective policy of the Dominion ensures operators an unassailable home market, while, when an export business has been organised, Australia should take all the surplus oil produced. Mr. Henry concludes his Report as follows:—" The entire proposition can be recommended on the ground that it is complete in every detail, embracing, as it docs, the production, refining and marketing of petroleum under the most favourable economic and trading conditions in one ol the most progressive Colonies of the Empire.'' The Company will pay a brokerage of sixpence per share on all shares allotted to persons other than sub-underwriters on application forms bearing a broker's stamp. The. preliminary expenses are estimated at £6,000, inclusive-of amount payable to the British Empire Oilfields. Limited, but exclusive of brokerage. IT IS INTENDED TO ESTABLISH A NEW ZEALAND REGISTER OF SHAREHOLDERS IN DUE COURSE. Dated this 2srh day of March, 19 v. 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 principal Branches, or at the Offices of the TARANAKI PETROLEUM COMPANY, LIMITED, New Plymouth ; by Messrs. R. HILL FISHER and SON, F. GRAHAM and SON, and HENDERSON and BURNS, Christchurch, and by THE PRINCIPAL SHAREBROKERS throughout the Dominion. Special Note.— Since the Prospectus was printed— SIR GEORGE CLIFFORD. Bart., Stonyhurst. CHRISTCHURCH. <fc 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. __.__ 44j0