Page 4 Advertisements Column 4

Lyttelton Times, Volume CXXIII, Issue 15902, 13 April 1912, Page 4

flhe SEfescriptioia List is mow ©pea. lit will definitely close on or before Wednesday, 24th April, 1912. ABRIDGED PROSPECTUS. ; THIS PROSPECTUS 13 BEING ISSUED IN GREAT BRITAIN, HEW ZEALAND, AND AUSTRALIA The Taranaki (A) Oil Wells LIMITED. ©APITAL - - £400,000 j Divided into 400,000 Shares of SI each. Subscriptions are now invited for an issue of 274,000 Shares of £1 each, at par, payable as to 2s. per Share upon Application ; 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 for 150,000 Shares are guaranteed. After payment of the cash portion of the purchase consideration th* present issue will, if fully subscribed, provide a sum of about £200,000 for Working Capital, Payment of Preliminary Expenses and the general purposes of the Company. 41,000 Shares are held in reserve for issue to provide further Working Capital if and when required. LONDON BOARD OF DIRECTORS: THE EARL OF RANFURLY, G.C.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. I JOSEPH BRAILSFORD (Chairman Ebbw Vale Steel, Iron and Coal Company, Limited, and Jludson’s Consolidated, Limited), Leesons, Chislehurst. ANDREW L. HORNER, K.C., M.P., 34 Fitzwilliam Place, Dublin. ADVISORY BOARD IN NEW ZEALAND: " ■* C. Carter (Chairman Taranaki Petroleum Company, Limited), Devon Street, Nen® Plymouth ;H. J. Okey, M.P., New Plymouth. > Technical Advisor : J. D. Henry, 4 London Wall Buildings, London, E.C. Bankers : Parr’s Bank, Limited, 52 Threadneedle Street, London, E.C.; The Bank of New Zealand, I Queen Victoria Street, London, E.C. London Solicitors : Allen Edwards and Oldfield, 16 Eastcheap, London, E.C. NSW Zealand Solicitors : Govett and Quilliam, Devon Street, New Plymouth J Weston and Weston, Brougham Street, New Plymouth. Brokers : Harry Franklin and Co., 23 Austin Friars, London, E.C. Auditors : Deloitte, Plender, Griffiths and Co., 4 London Wall Buildings, London,E.CL Socretarlos and Registered Offices : The Oil Trust, Limited, 4 London Wall Buildings London, E.C. ■ PROSPECTUS OBJECTS. —This Company has been formed for the primary purpose of ao. quiring and operating the Boring rights of the Taranaki Petroleum Company Limited, over proved and oil-producing lands, and near the seaport of New Plymouth in Taranaki. North Island. New Zealand. The Company acquires the oil-producin'* 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 Svhich borin'* rights extend is, approximately, 4,800 acres. 0 GOVERNMENT SUPPORT AND BONUS OF £10, 000.-The Government has from time to time made offers of £IO,OOO, allotted as follows :—(a) /2,500 to be paid on proof being submitted that not less than 250,000 gallons of marketable crude oil has been won; (n) £2,500 on 500,000 gallons; 1 (c) £2,500 on 1,000,000 gallons; (d) the balance of ,£2,300 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. i ■ PRELIMINERY OPERATIONS. —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 the reports of the experts. A fourth well has now struck oil. The wells are at present flowing at the rate of 360 barrels per week. On May nth,. 1911, the pioneer Company was paid the first instalment (£2,500) of the bonus on the* production of 250,000 gallons of “ marketable crude oil." EXPERTS’ REPORTS. The British Empire Oilfields, Limited, having received most encouraging reports on the properties, commissioned Mr. J. D. Henry to conduct investigations. Associated with him in the professional work done in connection with these properties is Dr. J. M. Bell, who was, until recently, head 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 have a knowledge in the Colonies, has the primary essentials of an oilfield in which \ one 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 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 Dis- * trict, New Zealand, together with the production which has attended initial developmental work, indicates the existence of an important oilfield. Of prime importance in the. light of present knowledge axe the properties covered by this report, including, as they do, the Moturoa block, which J. fringes New Plymouth Harbour, and encloses wells yielding petroleum of 4;, the highest quality. These oil properties, which possess great potential value, axe, from their position, capable of more expeditious and economical T : development than any others with which lam acquainted. Oil production here, considering the geographical position which the Dominion holds both from commercial and defence standpoints, possesses unique advantages ; and the more extensive exploitation of your Company’s holdings affords a most promising enterprise for the investment of capital.” FUTURE OPERATIONS. —The primary objects of this Company will be ■ (:) The erection of an up-co-date Refinery. (2) The immediate dispatch to New Zealand of an expert drilling staff. (3) The immediate drilling of additional wells on the proven property. (4) The gradual development of the reserve territories. (5) The organisation of an oil sales department, and, generally, (6) The conversion of what has hitherto been a purely local industry into a modem oilfield business with ample 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 is increased this refinery can be added to without any disturbance of the original erection. QUALITY OF THE OIL ■ —Oil from the wells has been analysed by Messrs. A. P. Craig & 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 the of these products themselves. The petroleum is easily handled and refined ... cos t, and the solid paraffin can be extracted direct from the heavy oil from the first distillation without any chemical treatment whatever, and is of excellent colour and crystalline structure. ' This crude petroleum in purity closely resembles the old pure Pennsylvanian petroleum, but greatly excels it in the extraordinarily high proportion of solid paraffin wax which it yields. We are aware of no natural petroleum which has been found to be so rich in this valuable product." MARKETS.— The well-known protective policy of the Dominion ensure* operators an unassailable home market, while, when an export business has bees organised, Australia should take all the 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 sub-underwriters on application forms bearing a broker’s stamp. The preliminary expenses are estimated at £6,000, inclusive of amount payabls to the British Empire Oilfields, Limited, but exclusive of brokerage. IT IS INTENDED TO ESTABLISH A NEW ZEALAND REGISTER OF SHARK* HOLDERS IN DUE COURSE. Dated this 28th day of March, 1912. t 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 Messrs. R. HILL FISHER and SON, F. GRAHAM and SON, and HENDERSON and BURNS, Christchurch, and by THE PRINCIPAL SHARE. BROKERS throughout the Dominion. . •• i • 1 , Sp9dal Note. —Since the Prospectus was printed— “ ‘i J.A ; 1 i , ‘ ; . SIR GEORGE CLIFFORD, Bart., Stonyhurst, CHRISTCHURCH, & , • SIR JOHN LANE HARRINGTON, K.C.M.G., Chairman of the Oil Trust, .i ‘ ‘ : Ltd ; LONDON, have consented to join the Board of Directors-afteg ,i allotment.