Page 8 Advertisements Column 3

Dominion, Volume 8, Issue 2537, 11 August 1915, Page 8

NiAiZOL will clear away the worst , ~ 1. °, n sugar or inhaled. affords quiet relief. Carry /.NAZOL" is. your vest pocket or puree. All chemists. 60 do6es, Is. 6d —Advt. ,

ABRIDGED PROSPECTUS OF ..... The Taranaki Oil Lands Acquisition and Development Company, Ltd* ' (Incorporated under "Thß-€ompanies Act, 1908"). CAPITAL £50,000.' Divided into 50,000 shares ..of .£1 each,. of which 25,000 have been applied' for and issued as fully contributing shares and 18,000 have been issued as fully paid up 6hares. DIRECTORS: R/EDWOOI), FELIX GOTJLTBB, Farmer, Blenheim (Chairman): EUST4.TITTS GRIFFITHS, Merchant, New Plymouth (Managing Director); GEORGE M'KAY Settlei; Blenheim; GEOKGE HORN, Accountant, Blenheim; GEORGE M* .GUNN, Farmer, Seddon. ■ • ISSUE.OF PREFERENCE SHARES. 5000 of the remaining 7000 Shares in the capital of the Company are now offered to the shareholders and public for subscription. These shares confer upon the holders the right.to a fixed preferential dividend atthe rate of 10 per cent, per annum on the capital paid up thereon, such dividend to be paid, as regards eaxih year, out .of the profits of such year only and to be non-cumulative, AND the holders of' the said shares shall also be • en>titled to participate "parri passu" with the holders of the ordinary shares in the surplus profits of each year. •; Nearly 2000 of these shares have 'already been applied for bj'« shareholders ef the Company. The terms of issue are:—2s. 6d. per share to be paid on application; 2s 6d. per share to be paid.on allotment; a,nd the balance will be payable in calls of not more'than 2s. 6d. j)er share'at intervals of. not less than two months from the'' date tin. which the Directors proceed to allotment. - OBJECTS. The Company was established for the primary" purpose of drilling for oil in Taranaki, and more'particularly at Hoturoa (near Now Plymouth), in • the immediate vicinity of the wells of The Taranalsi (N.Z.) Oil Wells, Limited, where it has boring rights over sufficient property to allow of six wells being drilled. Through the kind assistance of Sir Boverton Redwood (petroleum adviser to the British Government), the Company engaged Mr. Fedorowicz and three expert drillers, all Poles from Galicia, where so much British capital is invested in oil enterprise. . Drilling on this Company's property was begun in April, 1913, and the well was christened the "Blenheim Well." The diameter of the firat - casing used was 22 inches. ' This' was gradually reduced as the well deepened. The well tecently reached a depth of 3600 feet,''and is in splendid condition. . The last string- of casing ,is 6 inches in diameter-at the bottom, and is in movable condition, which will enable the Company to push this string of casing to considerably over 4000 feet deep. Afterwards 5-inch' basing will be inserted and can be carried to 5000 feet, if necessary. PLANT, The plant owned'by .the Company ,is of: Canadian-Galician design ;is of the strongest type and of a* system which has proved most suitable to drill boreholes in the safest way, to the greatest depths, and under the most difficult and varied conditions. In Galicia, English companies have drilled numerous wells, over a mile deep, with identical plants. Modern tools and appliances for tho storing and handling of crude oil. aro on'hand. The Company, in view of the good prospects, is prepared for any development. WORKING PROGRAMME-EMPIRE OIL' SUPPLIERS. The opinion has been freely expressed by Dr. Bell (late Government Geologist) and many other able authorities; that the main source of oil in the New Plymouth field is. found at a considerable depth, near the bases of the tertiary formation— roughly, at 5000 feet. MivP.G. Morgan, Director of Geological Surveys, in his report presented to the Honourable Minister of Mines on the Ist June, 1914, says:—"Since the oil hitherto obtained is'probably not indigenous ' to the strata in which it is found,'but. has migrated from greater depth, the opinion may be expressed that the main oil horizon of the New: Plymouth field is at a greater depth than that to which any bore has yet penetrated." , Following these opinions the Company has resolved to push, the Blenheim Well to a depth of 5000 feet. ■ ; GOVERNMENT HELP. The Government has promised to help the Company in its endeavours,. with' a loan on the £ for £ basis up to is;to say, it has agreed to pay .2150 cash, and .half the entire cost per month of drilling, material, .wages, etc., until it has advanced a. sum not exceeding ~£2050. FINANCIAL'. The financial position of the Company shows an indebtedness of, approximately, ,£2OOO. The share of tho cost of drilling from 3000 to 5000 feet is estimated at ,£2250, thus making a total .of JE4250. _ In order to provide the above sum of .64250, it is proposed to oner for allotment 5000 =£1 shai-03 carrying a preference of 10 per cent, dividend (non-cumula-tive). Nearly 2000 of these shares have already been applied for by the present shareholders, thus leaving only about 3000 shares available for the public. OIL WON, REFINERY, ETC. Approximately 1,000,000 gallons of oil have been produced from the wells in the vicinity of the Blenheim Well, but it has been obtained almost entirely between the 2000 and 3000 feet levels, to which experts say, it has migrated from Mow A well-enuipped refinoTy belonging to The luranaki (rscu Zealand) Oil u ells, Limited, is situated only 200 to 300 yards distant from our well, thus ensuring-an immediate market for our production. Though tho allotment of the above shares will provide ample funds for drilling to a depth of 5500 feet, if necessary, it is confidently anticipated that good oil maybo reachcd at any moment, in which case only two or three calls of 2s. 6d. each, ™ aT No\pp q Hcation for a'less, number of shares than ten will be received The minimum subscription upon which tho Directois may proceed to .allotment of this issue is 2500 shares. APPLICATION FOR SHARES. Application for shares should be made on the form accompanying the ProniwtiK and forwarded to the Secretary of tho Company, togethor with the amount per share payable on application. Shares mil be allotted in priority of receipt of ippliC DaUd! the 3rd day. of MJ, , B. W. .