Page 10 Advertisements Column 1

Lyttelton Times, Volume CXXIII, Issue 15900, 11 April 1912, Page 10

THE SUBSCRIPTIONS LIST IS MOW OPEM. BT WILL DEFINITELY CLOSE DM 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 with the Registrar of Joint Stock Companies. NEW OIL WELLS LIMITED. ' Incorporated under the Companies (Consolidation) Act , j9OS, of Great Britain. CAPITAL’ 03 J§4€i©g€l©© , . Divided into 400,000 Shares of £1 each. Snbscriptions are eow iaviSed for an Issne ©f 275,800 Shares of £1 eacb, at par PAYABLE AS TO 2/- per Share upon Application 3/- „ „ Allotment And the Balance as and when retired in Calls not exceeding 5/- per Share, at intervals of not less than three months. Of the above issue Subscriptions for 150,000 Shares are guaranteed. . 1 .h. nf tho mirclias# oonsldsration tha prssant issue will, If fully sufcsorliißd, provldo a sum of After Psyj" jyjg f or Working Conltcl, P Paym3nt of Pralimlnary Expe-isos and tho gonoraj purposes of the Company, about www for Issue to provide further Working Capital if and when retrod. LONDON BOARD OF DIRECTORS: THE EARL OF RANFURLY G.C.M.G. (Chairman) [Chairman (Loudon Board) Colonial Mutual life Assurance Society, Limited] 33 Lennox Gardens, London, B.W. MAJOR DUDLEY ALEXANDER, C.M.G., 6 St. James Place, London, S.W. JOSEPH BRAILSFORD, (Chairman, Ebbw Vale Steel, Iron and Coa! Company, Limited, and Hudson’s Consolidated, Limited), Leesons, Chislehurst. • ANDREW L. HORNER, K.C., M.P., 34 Fitzwilliam Place, Dublin. ~ . - . New Zealand : C.' CARTER (Chairman Taranaki Petroleum Company, Limited), Devon AdTtsery Board H j OKE y. M.P., New Plymouth. Technical Advisor: J. D. HENRY, 4 London Wall Buildings, London, E.C. _ , . p APR’S BANK LIMITED. 52 TnRF.ADNF.EDLE Stp.eet, London, E.C. Bankers. PARIES ojl ZEALAND, 1 Queen Victoria Street, London, E.O. , Solicitors • ALLEN EDWARDS & OLDFIELD, 1(5 Eastchk.vp, London, E.C. London So * p OVFTT & QUILLIAM. Devon Street, Nfav Plymouth. < • New Zealand Solicitors. & WESTON, Brougham Street, New Plymouth. _ , tiippY FRANKLIN & CO., *23 Austin Friars, London. E.C. • DELOITTE PLENDER GRIFFITHS & CO., 4 London Wall Buildings. London, E.C. i L “c r etari« and Registered Offices: THE OIL TRUST, Limited, 4 London Wall Buildings, London, E.C. ' PROSPECTUS* OBJECTS.— This Companv lias been formed for tho primary purpose of acquiring and operating tho Boring rights o'f The Taranaki Petroleum Company, Limited, over proved and oil-producing lands, and near the seaport of New Plymouth in Taranaki, North Island, New Zealand. Tho Company acquires the oil-producing rights over property at tidewater, a drilling and operating equipment, and boring rights over three separate reserve territories 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, 4800 acres. COYERNPdENT SUPPORT, AND BONUS OF £lo,ooo.— Tho Government has from time to time made offers of £IO,OOO, allotted as follows: (a) £2,500 to he paid on proof beimr submitted that not less than 250,000 gallons of marketable crude oil has been won; (b) 1*2,500 on 500,000 gallons; (c) £2,500 on 1,000,000 gallons; (d) the balance of £2,000 to bo oaid to the person or companv 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.— I The Taranaki Petroleum Company, Limited, Brougham Street, New Plymouth, New Zealand (nominal capital, £150,000),.was formed in 19CK3. 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 tho reports of the experts, A fourth well has now struck oil; a recent telegram announces that the wells nrq at present flowing at tho rate of-360 barrels per week. In order that the pioneers might benefit bv the Government bonus (above referred to), oil has been allowed to come to the surface bv natural flow. On May 11th, 1911 the pioneer Company war. paid the first instalment (£2,500) of the bonus on the production of 200,000 gallons of marketable crude oil.” EXPERTS' REPORTS. —The British Empire Oilfields, Limited, having received most encouraging renorts on the properties, commissioned Mr. J. D. Henry to conduct investigations. This gentleman had tho assistance of well-known New Zealand exports, and associated with him in the professional work done in connection with these properties is Dr. J. M. 801 l (Messrs. Bell and Fraser), who was, until recently, head of the Leo-' logical Survey in New Zealand. One 'statement made by Mr. Henry reads. "Th* nroporty, in a more conspicuous deereo than any othor of which I have a knowledge In tha oolonios, has the primary cssontials of an ollfioid in which ono can with confidence recommend an investment of British and Colonial capital; it has production, oil which, as analyses show, is of the very highest quality, and a position at tidowater ensuring the easy and economical delivery of plant and export of ths crude and refined products." Dr. Bell, in his Report, says : "The geological structure of the Taranaki district, New Zsaiand, together with tho production which has attended initial developmental work, Indicates fha existence of an important oilfic'd. Of primo importanco in the light of present knowledge are tho 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 po'sess great potential value, are from their position capable of more expeditious and esonamical development than any others with which I am acquainted. Oil production here, considering tho geographical position which the Dominion hold 3 both from commercial and defonoe standpoints, possesses unique advantages; and tho moro oxtonsive exploitation of your Company's holdings affords a most promising enterprise for tha investment of capital. FUTURE OPERATIONS. —The primary objects of this Company will bo:— (1) Tha erection of an up-to-date Refinery. (2) The immediate dispatch to Now Zealand of an export drilling staff. (3) The Immediate drilling of additional wells on the proven property. («) Tho gradual devolopmont of the marve territories. (5) The organisation of an oil sales department, anti, genora!!.v (6) The conversion of what has hitherto boen a purely local industry into a motiorn oilfield business with ample finanoe and a thoroughly experienced management. The Minimum Working Capital (guaranteed by th 9 Vendor Company under contract No 3) will, in the ouinion of the Company’s technical advisors/ enable this Company to carry out the above work, in tho most thorough and expeditious manner. REFINERY. The estimated cost of a refinery erected upon the property, and having a canacitv of 10.000 gallons per day, is £23,000. 'As the output is increased this refinery can be added to without any disturbance of tho original erection. QUALITY OF THE OlL. —Oil from tho wells lias been analysed by Messrs. A. F. Craig and 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 tho markot value of tha nroiiucts obtained from it and the purity ar.d character of these produots themselves. Tho petroleum is easily handled and rofinod at low cost, and tho solid paraffin can be oxtractcd diroct from tho heavy oil from the first distillation without any chemical treatment whatsver, and i 3 of excellent colour and orystallino structure. “Tho spirit and finished kerosene are of first-class quality, water-white, and of good smell. "This orude petroleum in purity closely resembles tha old pure Pennsylvanian petroleum, but greatly oxcels it in tho extraordinarily high propsrtion of solid paraffin wax which it yields." "Wo are nwarß of no natural petroleum which has been found to be so rich in this vaiuabio product." POSITION OF THE PROPERTIES. —The plots on which the wells have been drilled are on their western boundary, within 150 yards of the seashore of New Plymouth narnour. A public road and the State Branch railway connects New Plymouth with tho wharves and breakwater. The Company’s Experts say:— "Tho geographical relationship of the field to the harbour, the land gradient, and the depth cf water at tha .oadlng point enable us to say that tho property has unsurpassed positional advantages.” MARKETS. —The well-known protective policy of the Dominion ensuros operators an unassailable home market, while, when an export business has boen organised, Australia should take all the surplus oil produced. Therefore these oil resources can ba developed regardless of foreign operations or competition. Mr. Henry concludes hiS Report upon tho properties as follows: "The entire proposition can be reoommenc’-.'d on the ground that it is complete In evory cfot-'Il, embracing as it decs tho Droductien, refining and marketing of patroleum under th3~niost favourable economic and trading conditions in one of the most pi-csjesslvo Colonies of the Empire.” The Company will pay a brokerage of sixpence per Share on all Shares allotted to persons other than subunderwriters on application forms bearing a broker’s stamp. The preliminary expenses are estimated at £6OOO, 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 28th day of March, 1912. Replication for Shares in New Zealand and Australia will be received on behalf of the Company by tho Bank of Mew Zealand, a t any of its prtneiBranches, or at the Offices of the TARAPdA&I PETROLEUM COMPANY, LIMITED New Plymouth; toy Messrs. R. H3LL FISHER & SOW, F. GftAMAM & SON, and HENDERSON & BURNS, Christchurch, and by the principal Sharebrokers throughout the Dominion. Snecial Note. —Since the Prospectus was printed P SIR GEORGE CLIFFORD, Baut., STONvnunsT, CHRISTCHURCH, and SIR JOHN LANE HARRINGTON, K.C.M.G., Chairman of tho Oil Trust, * Ltd., LONDON, have consented to join the Board of Directors after allotment.