Page 3 Advertisements Column 5

Evening Post, Volume LXXXIII, Issue 88, 13 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 ISSUED IN GREAT BRITAIN, NEW ZEALAND, AND! AUSTRALIA. ■A copy of this Prospectus has been filed jvith tho Registrar of Joint Stock Companies, j, LIMITED. INCORPORATED UNDER THE COMPANIES (CONSOLIDATION) "ACT, 1908, 01? GREAT BRITAIN. CAPITAL » - « £400,000. Divided Into 460,688 Shares of £1 each. SUBSCRIPTIONS ARE NOW INVITED FOR AN ISSUE OF 275,000 SHARES OF £1 EACH, AT PAR, PAYABLE AS TO i 28. per Share upon Application ( 38. ,i n m Allotment ; And tho Balance as and when required in Calls not exceeding Ss per Share, at intervals of not less than three month*. OF THE ABOVE ISSUE SUBSCRIPTIONS FOR 150,000 SHARES ARE GUARANTEED^ After payment of the cash portion of the purchase consideration the present Issuo will, If fully subscribed, provide a sum of about £2OO,oi« for Working Capital, Payment of Preliminary Expenses, and the general purposes of the Company. 4i,eoe Shares are held In reserve for Issue to provide further Working Capital If and when reQuiredi LONDON BOARD OF DIRECTORS: THE EARL OF RANFURLY, C.G.M.G. (Chairman) [Chairman (London Board) Colonial Mutual Life Assurance Society, Limited] 33 Lennox Gardens, London, S.W. MAJOR DUDLEY ALEXANDER, C.M.G., 6 St. James' Place, London, S.W. JOSEPH BRAILSFORD (Chairman, Ebbw Vale Steel, Iron and Coal Company, Limited, and Hudson's Censolidated, Limited), Leesons, Chlslehurst. ■.wniwu, «»na ANDREW L. HORNER, K.C., M.P., 34 Fitzwllllam Place, Dublin, 'ADVISORY BOARD IN NEW ZEALAND f C. Carter (Chairman, Taranuki Petroleum Company, Ltd,), Devon-street, Now Plymouth". H. J. Okey, M.P., Now Plymouth. TECHNICAL' ADVISOR: J. D. Henry, 4, London Wall Buildings, London, B.C. BANKERS: Parr's Bank, Ltd., 52, Threadneodle>street, London, E.C. - The Bank of New Zealand, 1, Queen Victoria-sfrcet, London, E^. • ' ' LONDON SOLICITORS: Allen Edwards and Oldfield, 16, Eastcheap, London, E.C. « " ' I NEW ZEALAND SOLICITORS: Govett and Quilliam, Devon-street, New Plymouth., - ■ < •• Weston and Weston,, Brougham-streot, Now Plymouth", BROKERS: Harry Franklin and Co., 23, Aufetin 'Friars, London, E.C. AUDITORS: Doloitte Plendcr Griffiths and po-> 4, London AVall Buildings, London, E.C. ? SECRETARIES AND REGISTERED OFFICES:, Tho Oil Tout, Ltd., 4, London Wall Buildings, London, - E.C, . PROSPECTUS. OBJECTS. --This Company has been formed for tho primary purpose o£ acquiring and operating the, Boring. rignle/oB lhe laranaki Petroleum Company, Ltd., over proved und oil-producing lands, and near tho seaport of New Plymouth in iaranaki, North Island, Now Zealand. Tho Company acquires tho oil-pvoducing rights over property, at tidewater,, a drilling and operating equipment, and boring ' rights over throe separate reserve territories carof ully selected as the result of expert advice founded upon indications of oil and gas. Tho total area, over which boring rights, extend is, approximately, n, n GOVERNMENT SUPPORT, AND BONUS OF £10.000.-Tho Government has from time to time : made offers of £10,000, allotted as follows : (a) £2500 to bo paid on prool being submitted that not lets than '2so,ooo gallons of marketable crudo oil has been won; (b) £2500 on 500,000 gallons; (c) £2500 on 1,000,000 gallons; (d) the balance of £2500 to bo paid to tho person > or company who nrst produces, Tty his or its own refining plant, 500,000 gallons of refined mineral oils the first claimant giving necessary proof is fo. receive respective bonus. PRELIMINARY OPERATIONS.-Tho Taranald Petroleum Company, Ltd., BrdUgham-stroet, New Plymouth, New Zealand (nominal capital, £150,000), was formed in 1906. Fivo wells have- bpeti drilled on tho property to be operated by this Company; in threo of theso oil was becurcd under conditions fully described in tho reports of tho experts. A fourth 1 well has now- struck oil; a recent telegram announces that tiio wells uro at present flowing at tho rate of ■ 360 barrels -pel" week. In order that the pioneers might benofit by the Government bonus (above referred to), oil has been allowed to come to tho surfaca by natural flow. -On 11th May, 1911, tho pioneer Company was paid the first instalment (£2500) of tho bonus on tho production of 250,000 gallons of "marketable crude oil." EXPERTS' REPORTS.— Tho British Empire Oilfields, Ltd., 1 having received most encouraging repasts on tho properties, commissioned Mr. J. D. Henry to conduct investigations. This gentleman had the assistance of well-known Now Zealand experts, and associated with him in tho professional work done in connection with theso properties is Dr. J. M.-Bell (Messrs. Bell and Eraser), who was, until rccontly, head, of the Geological Survey in Now Zealand. Ono " statement mado by Mr. Henry reads:— "Tho property, in a moro > conspiouous degree than any other of which I have a knowledge in the Colonies, has the primary essentials of an .oilfield m which ono can wit" confidonco recommend an investment of British and Colonial capital; it has production, oil which, as, analyses show, w of tho very highest quality, and a position at tidewater ensuring tho easy and economical delivery of plant and export of tho crude and refined products. Dr. Bell, in his report, says: — . . .". Tll , G geological structure of the Taranaki district, New Zealand, together with the production, which has attended initial developmental work (> indicates tho oxistence of an important oilfield. Of primo importance in the light of present knowledge aro tho properties covered by this report, including as they do tho Moturoa Block, which fringes New Plymouth Harbour and encloses wells yielding petroleum of tho highest quality. These oil properties, which possess great potential value, are from their position capab!o of moro expeditions and economical development than any others with , which I am acquainted. Oil production here, considering tlio geographical position which the Dominion holds both from commercial and defenco standpoints, • possesses unique advantages ; and the moro extensivo exploitation of youc Company s holdings affords a most promising enterprise for the investment of capital." FUTURE OPERATIONS.— The primary object:' of this Company will be .— ' (1) The'erection of an up-to-date Refinery. (2) The immediate despatch to New Zealand of an expert drilling staff. (3) The immediate drilling of additional wells on tho proven property. (4)' Tho gradual development, of tho reserve territories. (5) The organisation of an oil sales department, and, generally, (6) Tho conversion of what has hitherto been a purely local industry into a modern oilfield business with ample finance and a, thoroughly experienced management. Tho Minimum Working Capital (guaranteed by the Vendor Company under contract No. .3) will, in tho opinion of tha Company's technical advisors, enable this Company to carry out tho above work in tho most thorough and expeditious manner. REFINERY.— The estimated cost of a refinery erected upon the property, and having a capacity lot 10,000 gallons per day, is £23,000. Ac the output is increased this .refinery can' be added to .without any disturbance ,of tho original ereotion. QUALITY OF THE OlL.—Oil from the wells has been analysed by Messrs. A. F. Craig and Co., of Paisley, Scotland, The conclusion of thoir report reads as follows:— « "This is a crude petroleum of tho most excellent quality both as regards tho market value of tho products obtained from it and the purity and character of these products themselves. The petroleum is easily handled and refined at low cost, and tho solid paraffin can bo extracted direct from the heavy oil from the first distillation without any chemical treatment whatevor, and is of oxccllent colour nhd crystalline structure. "Tho spirit and finished koroseno are of nret-cluss quality, walor-white, and of good smell. * "This orudo petroleum in purity closely resembles the old pure Pcnnsylvanian petroleum> bui; greatly excels it ii| the extraordinarily high proportion of solid paraffin wax which it yields. "Wo are awaro of no natural petroleum which has been found to ,bo so rich in this valuable product." POSITION OF THE PROPERTIES.— Tho plots on which the wells have been drilled ore, on thoir western boundary, within 150 yards of tho seashore of Now Plymouth Harbour. A public road and the Stato branch railway connects Now, Plymouth with tho wharves and' breakwater. The Company's Experts say:— "Tho geographical relationship of tho field to ,tho harbour, the land gradient, and the depth of water at tho loading point enable us to say that tho property has unsurpassed positional advantages." MARKETS.— Tho well-known protectivo polioy of tho Dominion ensures operators an unassailable homo market, while, when an export business has been organised^ Australia should take all tho surplus oil produced. Therefore, theso oil. resources can be developed regardless of foreign operations or competition, Mr. Henry concludes his report upon tho properties us follows:— "The entirb proposition can ,bo recommonded on tho ground that it is complete in every detail, embracing as it does the produdtion, refining, and marketing of petroleum under tho most favourable economio and trading conditions in ona of tho most progressive Colonies of tho Empire" Tho Company will pay a brokerage of sixpence per Share on all Shares allotted to persons other than subunderwritore on application forms bearing a broker's stamp. The preliminary expenses are estimated at £6000, inclusive of amount' payable to tho British Empire Oilfields, Ltd., bufc exclusive of brokerage. IT IS INTENDED TO ESTABLIBH A NEW ZEALAND REGISTER OF SHAREHOLDERS IN DUE COURSE. ... Duted this 28th day of March, 1912. ' Application for Shares In New Zealand and Australia will bo 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 Mr. A. T. BATE, Sharobroker, Nathan's Building, Wellington j and by THE PRINCIPAL SHAREBROKERS .THROUGHOUT THE DOMINION. SPECIAL NOTE.— Since tho Prospectus was printed . ' ■ SIR U-OUGIS CLIFFORD, Bart,, Stoujrhuctt, CHUISTCHURCI-I, aiu. Silt JOHN LANE HARRINGTON, K.C.M.G., Cljaimmu of the Oil Trust, Ltd M LONDON, liavs coaseAted to join. Ui« Bpitrd .of iDU'wfitaKt niter. .uUgtmen,*, _, - >