AN IMPORTANT ENTERPRISE.

Lyttelton Times, Volume CXXIII, Issue 15899, 10 April 1912, Page 6

AN IMPORTANT ENTERPRISE.

THE TARANAKI N.Z. OIL WELLS LIMITED. The Prospectus of the Taranaki N.Z. Oil Wells Ltd. will be issued to the public under very favourable auspices. The board is an exceptionally strong one, consisting, as it does, of the Earl of Ranfurly, G.C.M.G., Chairman; Major Dudley Alexander, C.M.G. ; Mr Joseph Brailsford; and Mr Andrew L. Horner, K.C., M.P. Two further Directors will join tho Hoard after Allotment, namely, Sir George Clifford, Bart., of “ Stonyhurst,” Christchurch, N.Z.; and Sir John Lane Harrington, K.C.M.G., the latter being Chairman, of The Oil Trust Limited. It should be mentioned that the Oil Trust, Ltd., will act as Secretaries, and that consequently the management will be ill good and experienced hands. Investigation and reports have been mads by those competent Experts, Mr J. D. Henry, of London, and Dr J. M. Bell, until recently head of Geological Survey in New Zealand. The former will, indeed, continue to act as Technical Adviser Tlie Taranaki N.Z. Oil Wells Company, Ltd, has been formed to acquire the‘oil-rights ovey some 4800 acres of property at New Plymouth, from the Taranaki Petroleum Co., Ltd., and on which there are already three flowing wells, yielding about 15.000 gallons of oil per week. There are, too, in tho Company’s tanks, now stored, some 310; 000 gallons of oil awaiting The Refinery, which it is the intention of the Directors to erect. It might be remarked that the oil that is flowing from the three wells already active contains over 17£ per cent of paraffin wax. Messrs A. F. Craig and Co., of Paisley, Scotland, who analysed some of the oil, state: a 'We are aware of no natural petroleum which lias been found to be so rich in this valuable product.” Dr J. M. Bell, again, in his Review says: “ The geological structure of the Taranaki district, New Zealand, together with .the production which has attended initial developmental work, indicates tlie existence of an important oilfield.” Then, Mr J. D. Henry, concludes liis Report with these words: “The entire proposition can bo 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 t-lie Empire.” Having regard to all things—to the undoubted value of the property, to the approved richness of llio oil, to the personnel of the directors, and finally to the experienced and competent management—an investment in tlie shares of The Taranaki N.Z. Oil Wells, Limited, would seem to be decidedly attractive. It should certainly command the serious attention of the publia.