Page 3 Advertisements Column 1

Evening Post, Volume LXXXIII, Issue 86, 11 April 1912, Page 3

THE SUBSCRIPTION LIST IS NOW OPEN. IT WILL DEFINITELY CLOSE ON OR BEFORE WEDNESDAY, 24th APRIL, 1912. ABRIDGED PROSPECTUS. THIS PROSPECTUS IS BEING ISSUEDIN GREAT BRITAIN, NEW ZEALAND, AND AUSTRALIA. THE TARANAKI (A) OIL WELLS UNITED. CAPITAL • • £400,000. DIVIDED INTO 400,000 SHABES OP £1 EACH. SUBSCRIPTIONS ARE NOW INVITED FOR AN ISSUE OF 275,000 SHARES OF £1 EACH, AT PAR, payable as to 2s. per Share upon. Applloatlon ; 3s. per Share upon Allotment; and the balance as and when required In Calls not exceeding Ss. per Share, at Intervals of not less than three months. OF THE ABOVE ISSUE SUBSCRIPTIONS FOX 150,000 SHAKES ABE GUAKANTEED. 'Alter payment of the cash portion of the pureliaso consideration the present issue •will, if fully* subscribed, pKn'ide a t>uni of about £200,000 tor Working Capital, Payment of Preliminary Expenses, and the general purposes of the Company41,000 Sharea aro held in reserve for issue to provide further Working Capital if and when required. LONDON BOARD OF DIRECTORS: THE EARL OF RANFURLY, C.C.M.G., Chairman, Chairman London Board Colonial Mutual Life Assurance Society. MAJOR DUDLEY ALEXANDER, C.M.C., 6, St. James's-place, London, S.W. JOSEPH BRAILSFORD, Chairman Ebbw Vale Steel, Iron and Coal Company, Limited, Lessons, Chislehur&t. ANDREW L. HORNER, K.C., M.P., 34 Fitzwllllam-plase, Dublin. ADVISORY BOABD IN NEW ZEALAND: p. CARTER (Chairman Taranaki Petroleum Compiny, Limited), Daron-street, New Plymouth ; IL J. OKET, M.P., New Plymouth. Technical Advisor— J. D. HENRY, 4, London Wall Buildings, London, E.O. Bankers— PAßß'S BANK, LIMITED, 52, Threadneedle-fstreet, London, KG. ; THE BANK OFjNEW ZEALAND, X Queen Victoria-street, London, E.C. London Solicitors- ALLEN EDWARDS AND OLDFIELD, 16, Eastcheap, London, E.C. , JveW Zealand Solicitors— GOVETT AND QUILLIAM, Devon-street, New Plymouth ; WESTOX AND WESTON, Brougham-street, New Plymouth. Brokers— HAßßY FRANKLIN AND CO., 23, Austin Friars, London, E.C. Aiidiiore-DELO-ITTE, PLENDER, GRIFFITHS AND CO., 4, London Wall Buildings, London, E.C. Secretaries and Registered Offices— THE OH* TRUST, LIMITED, 4, London Wall Bmldiogß, London, E.C. ~ PROSPECTUS. V ~ OBJECTS.— This Company has been formed for the primary purpose of acquiring and operating tho Boring rights of The Taranaki Petroleum Company, Ltd., over proved and oil-producing lands, and near tho seaport of Now Plymouth in Taxanaki, North Island, Now Zealand. The Company acquires the oil-producing rights over property at tidewater, a drilling and operating equipment, and boring rights over three separator-reserve territories carefully selected its tho result of expert advice founded upon indications of oil and gas. The total area over which boring rights extend is, approximately, 4800 acres. GOVERNMENT SUPPORT, AND BONUS OF £10,000.— The Government has from time to tim& made offers of- £IO,OOO, allotted as follows t (a) £2500 -to be paid on proof being submitted that not lees than 250,000 gallons of marketable crude oil has been won; (b) £2500 on 500,000 gallons; (c) £2500 on 1,000,000 gallons; (d) tho balance of £2500" to be paid to the person or company who first produces, by his or its own refining plant, 500,000 gallons of refined .mineral oil; the first claimant giving necessary proof is to receive respective bonus. PRELIMINARY OPERATIONS.— Five wells havo been drilled on the property to be operated by this Company; in three of these oil was secured under conditions fully described in the .eports of tho experts. A fourth -well has now struck oil. The wells are at present flowing at the rate of 3&0 barrels per week. On 11th May, 1911, the pioneer Company was paid tho first instalment (£2500) of the bonus on tho production of 250,000 gallons of "marketable crude oil." EXPERTS' REPORTS.— The British Empire Oilfields, Ltd., having received most encouraging reports on the properties, commissioned Mr. J. D. Henry to conduct investigations. Associated with him in tho professional work dono in connection with these properties is Dr. J. M. Bell, who was,- until recently, bead 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 hare a knowledge ii> the colonies, has the primary essentials of an oilfield in which one can vrith confidence recommend an investment of British and Colonial capital; it has production, oil -which/ as analyses show, is of the very highest quality, und a. position at tidewater ensuring the easy and economical delivery of plant and export of the crude and refined products." Dr. Bell, in his report, says :— "The geological structure of the Taranaki district, New Zealand, together vrith the production which lias attended initial developmental work, indicates the existence of an important oilfield. Of prime importance in the light of present knowledge are ttie 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 great potential value, are from their position capable of more expeditious and economical development than any others with, which lam acquainted. Oil production here, considering the geo- . giaphiciil position which the Dominion holds both from commercial and defence standpoints, possesseß unique advantages; and the more extensive exploitation of your ' Company's holdings affords a most piomisiDg 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 propexiy. (4) Thp gradual development of tho reserve territories. (5) The organisation of an oil sales department, and^ gonerally, (6)<The conversion of what has hitherto been a- purely local industry into a modern oil--field business with amplo finance and a thoroughly experienced management. REFINERY. — The estimated cost of a refinery erected upon the property, having a capacity of 10,000 gallons per day, is £23,000. As the output Ib increased' this refinery can bo 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 and Co., of Paisley, Scotland. The conclusion of their report reads ss follows:— "This is a crude petroleum of *he most excellent quality both as regards the market value of the products obtained from it and the purity and character of these products themselves. The petroleum is easily handled and refined at^ low cost, and the solid paraffin can bo extracted direct from tho heavy oil from tho first distillation without tiny chemical treatment whatever, and is of excellent colour and crystalline structure. "This crude petroleum in puriiy closely resembles the old pure PennsylYatiian petroleum, but greatly excels it in tho extraordinary high proportion of tiolid paraffin wax which it yields- We aro aware of no natural petroleum .which has been found to be so rich in this valuable product.'' MARKETS. — The well-known protective policy of tho Dominion ensures operators an unaesailablo home market, while, when an export business has beon organised^ Australia should take all tho 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 does 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 Share on all Shares allotted to persons other than subunderwritsrs on application forms bearing a broker's stamp. The preliminary expenses are estimated at £6000, inclusive of amount payfcbla to the British Empire Oilfields, Ltd., but exclusive of brokerage. IT IS INTENDED TO ESTABLISH. A NEW ZEALAND REGISTER OF SHAREHOLDERS IN DUE COURSE. Dated this 28th day of March, 1912. APPLICATION for Share 3 in New Zealand and Australia will be received on behalf of tho Company by tho Bunk of New Zealand, at any of it 3 principal Branches, or at the Offices of the TARANAKI Jf^IROLEUM COMPANY, LTD., New Plymouth ; by MR. A. T. BATE, Sharebroker, Nathan's Buildings, Wellington, and by — THE PRINCIPAL SHAREBROKERS THROUGHOUT THE DOMINION. SPECIAL NOTE.— Since tha Prospectus was printed SIR GEORGE CLIFFORD, Bart., Stony hurst, CHRISTCHUCH, and SIR JOHN LANE HARRINGTON, K.C.M.G., Chairman of the Oil Trust, Ltd., LONDON, ♦ h*xs consented to join the Board of Directors after allotment..