Page 8 Advertisements Column 1

Lyttelton Times, Volume CXXIII, Issue 15920, 4 May 1912, Page 8

A LIMITED NUMBER of shares are now open for subscription. List will olose definitely on on BEFORE the 11th MAY, 1913 »IW€ (Inoorpormted under "The Campania* Act, 1908") r CAPITAL , DIVIDED INTO 500,000 SHARES OF 5/- EACH 100,000 of which (fully paid up) hava bean allotted to the vendor of the property ' 100,000 are held In reserve to secure further working capital If required 300,000 are now offered to the public, subject to existing applications, for over 100,000 shares 500,000 PAYABLE: 6d. per Share on application. 6d. per Share on allotment THE BALANCE in Calls not exceeding 3d. per Share, and at intervals of not less than three months should same be required Total Working Capital provided for DIRECTORS: SIR JAMES CARROLL, K.ff.M.G., MP., Wellington HON. J. A. MILLAR, M.P., Wellington M. F. EOURXE, Wool Broker, Wellington NOTE. The Articles of Association provide that the Directors shall not bs loss than three nor more than sovon, Shareholders will, therefore, ii they so desire, be ab'c to e'.ect fou: mere Directors. Bankers—BANK OF NEW ZEALAND Solicitors—FlNDLAY,. DALZIELL & CO., Wellington N 'Secretary—OSCAß KEMBER, o? the firm o? HEKRY KEMBER & SON, Lambton Quay, Wellington Registered Office— BANK CHAMBERS; Lambton Quay, Wellington > s> " Auditors— BADHAM & BISS, Wellington PROSPECTUS OBJECTS.—The Company has been formed for the purpose (infer alia) of acquiring and washing the properties as ■et forth in the agreement between the Vendors a-d the Trustee of the Company, whereby the oil rights arc secured to the Company for the period of about forty-five years with other* valuable rights and bene its contxined in deed of grant which may be inspected at the office of the Solicitors, o: at the Registered Office of the Company. Pi_ka.se Note that whereas the boring grants of the Taramaki Oil Wells Limited (nowbefore the public with a Capital of .£400,000) have only fromSix years to under twenty years to run, we have, as set forth above, some Forty-five Years. Included in our rights, of the utmost Importance, arc the rights lot e following : First. To lease one acre round each bore at the rental of U per acre per annum, and at any time during th / currency of the first year's lease to puich ise the freehold of the said acre. Second. To erect refineries, buildings, and construct all pipe lines, tramways, races, etc.. free of all charges. Th| r a\—The only charges the Company have to bear is a royalty of five per oent. of the Petroleum won; payable in Petroleum, not cash, the Company having the right to purchase same, thereby giving the Company the oontrol of its whole output. r ~ SITUATION. —The properties (3) of the Company are situated in B ock 9 of the Paritutu Surv Road, New Plymouth, within about two miles of New Plymouth, and are bounded on the north, east, and west by part of the property of the Takanaki Oil Wells of New Zealand Limited (already referred to), and on the south by the •property of the Standard Oil Company of New Zealand Limited, who have at three different depths encountered oil, see log and illustration published in J. D. Hendry's Work—On. Fields of New Zealand, it mu;t therefore be apparent to anyone that the property is situated right in the midst of what is considered the proven oil-bearing area. In confirmation of this statement. Dr. J. Mackintosh Bell, late Director of the Geological Survey Department of the Dominion, and now of 621 Salisbury House. Loudon, E.G., in his report states:—" The unexplored Okey and German Hill Blocks lying southward of Moturoa, are on the liri: ot spmj of ; the.mest persistent gaseous emanations in the district, tn the absence of out-cropping strata and exudatioos of •Oil these occurrences may bs regarded as the best surface Indications of the existence of subterranean pools of Petroleum." Portion of the property of The British Empirb Petroleum Company of New Zealand Limited is that of Edward Okky, and the balance of the area of the Company's properties all adjoins the above, making one complete and unbroken block of land. ►4 FUTURE OPERATIONS.—It is the intcution ot the Company, Ist—to erect an up-to-date drilling plant; 2nd—to procure an experienced staff of drillers; 3rd —to proceed diligently to bore, and if indications warrant, to erect further drilling plants, and to proceed to thoroughly develop the property ; 4th —if advisable, to erect a refinery capable of dealing with the products of • the wells; 5th —to establish a sales department for the purpose of» conducting business throughout the Commonwealth of Australia, the Dominion of New Zealand, and elsewhere. QUALITY OF THE OlL.—From all reports and analyses, both foreign and others, the quality of the oil that hks up ' to the present been produce! on the field ranks with the. highest that has yet be;n discovered in the world, INDUCEMENTS TO BECOME SHAREHOLDERS.—We have taken into consideration the fact that the principal consumers of the manufactured products of Petroleum are not confined to the wealthy oiass, therefore we have decided to niake the share value and the application and allotment money thereon, wifchlu the reach of all classes, the call ■> being limited to 3d., and at periods of not less than three months ; it would take a period extending over four years, before the capital of the Company could be called up. It is not anticipated, howaver, that any calls for at least eighteen months will be made, and then only should the Company be unfortunate enough not to strike oil within that time (a very remote possibility). With One Well only down, and producing say only 10a barrels per day of 24 hours (and please note the property is capable of accommodating from 800 to 1000 wells) the value of the product of one well only taking the value of the oil at 4d. per gallon, the price at which the Taranaki Petroleum Company Limited, have sold their output to the Taranaici Oil Wells of New Zealand Limited, returns the handsome sum of approximately £26,000 per well per annum. This shows a profit of IS per oent. per annum, en the share capital value— after making provision for all working expenses, and, as the Company should be down to the eil stmts in about twelve months from start of boring, the paid-up capital at that date oeuld net exceed Is. 3d. par share, it will therefore be readily "seen what enormous profits are capable of being returned to the shareholders on their investment. Please note the above calculation is based upon the product of one well only. As showing the confidence the venders have in the future prosperity of the Company, they are subscribing for thirty thousand (30,009) Contributing Shares en the same terms and conditions «s offered to the publio. MARKETS. —The demand for Petroleum and the manufactured products is such that no matter what the output, the demand will be greater than the supply for a great many years to come. Petroleum in New Zealand, on account of its isolated position from the principal producing fields of the world, makes the product of much greater value here than elsewhere. As the publu are well aware, the Union Steam Ship Company are now building their latest and largest steamers tp burn oil fuel; while the Oceanic Steam Ship Company are converting the "Sonoma" and *' Ventura "—the •■Sierra," the sist*r ship to the above, lias already been running on oil fuelfor the last two years ; the above steamers arc well known in New Zealand. The Australian Navy is built to consume oil fuel. It is estimated that the markets of Australia and New Zealand for the manufactured and crude product will exceed £5,000,000 sterling per annum, as soon as the product can be produced in quantities to warrant the conversion from coal to oil fuel. The Articles of Association state— I. The Directors may proceed to allotment on a minimum subscription of 100,000 shares. 3. The number of Directors until altered heroin as provided shall be not less thun three, or more, than seven. i 3. The names of the first Directors shall he— SIR JAMES CARROLL, K.C.M.6., THE HON. JOHN ANDREW MILLAR, MICHAEL FRANCIS I6URKE, AH subscribers hereto, and they shall hold office until the first Annual General Meeting in the year 1912. 4,- No person shall be eligible for a Director unbss he is a member of the Company, holding not loss than 1,000 shares. 5. The Directors shall be paid out of the funds of the Company, by way of remuneration for their services, such Sum or sums, not being less thai! £IOO each, as the Company may from time to time fix at a general meeting, and such remuneration shall be divided amongst thvin in such proportions and manner as the Directors may determine. 6. Upon any offer of shares to the public for subscription, the Company may pay a commission of not more than 5 per cent, on the nominal amount of thy shares in pursuance of the powers in that behalf expressly conferred by " The Companies Act, 1905." The name and address of the vendor to the Company is L. E. Hadley, of Auckland, the consideration being £7,500 in cash, debentures for- £7,500 payable within two years, bearing interest at'the fully paid-up shares in the Company. The following are the particulars of the only material contracts to which the Compony is a party, and copies thereof Ciay be inspected at the registered office of the Company : (t) Agreement, dated the iSth day of April, 1912, between L. E.'Hadley (of the one part) and Andrew Hanna, Auckland. Solicitor (as trustee) for and on behalf of the Company (of the other part) ; (2) Agreement, dated the 32nd day of April, 1912, between the Company (of the first part, the said Andrew Hanna (of the Second part), and the.said L. E. Hartley (of the third part). No amount has been paid, or is intended to be paid to any promoter other than the said L. E.'Hadley. The estimated amount of preliminary expenses is £I,OOO. APPLICATIONS FOR SHARES will bb recsived by the Secretary at the Registered Office of the Company, Bank Chambers, Lambton Quay, Wellington, or through the principal Sharebrokors throughout the Dominion, up to and Inclusive of the I ith day of May,'l»l2. Note.—No application will be received for less than one hundred shares. A» it is confidently anticipated that the shares will be largely over-subscribed, early application is neoeS3ary. \ COPY OF THIS PROSPECTUS HAS BEEN FILED WITH THE REGISTRAR OF COMPANIES. AT WELLINGTON. . " Dated this 25th day of Aprili IQJ2. • ' %