Page 30 Advertisements Column 1

Otago Witness, Issue 3030, 10 April 1912, Page 30

THE SUBSCRIPTION LIST IS APRIL 24, 1912. 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. Incorporated under the Companies (Consolidation) Act, 1908, of Great Britain. Divided into 400,000 Shares of £1 each. Payable as to—2s per Share upon Application; 3s per Share upon Allotment; and the balance as and when required in Calls not exceeding 5s 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 the present issue will, if fully subscribed; provide a sum of about 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. 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. JOSEPH BRAILSFORD (Chairman Ebbw Vale Steel, Iron, and Coal Company, Limited, and Hudson's Consolidated, Limited), Leesons, Chislehurst. ANDREW L. HORNER, KG., M.P., 34 Fitawilliam Place, Dublin. C. CARTER (Chairman, Taranaki Petroleum Company, Limited), Devon Street, New Plymouth; 11. J. OK ICY. M.P., N t ew Plymouth. J. D. HENRY, 4 London Wall Buildings, London, E.C. Brokers: HARRY FRANKLIN & CO., 23 Austin Friars, London, E.C. viK, LIMITED, 52 Threadneedle Street, London, E.C. Auditors DELOITTE PLENDER GRIFFITHS & CO., 4 London Wall Buildings, /"kin vo«' 71,M r AVII 1 Onuirv \'TfTnnu KfRWET. LONDON. E.C T ~ ~ Technical Adviser: J. D. HENRY, 4 London Wall Buildings, London, E.C. Bankers: PAKE'S BANK, LIMITED, 52 Threadneedle Street, London, E.C. THE BANK OF NEW ZEALAND, 1 Queen Victoria Street, London, E.C London Solicitors: ALLEN EDWARDS & OLDFIELD, 16 Eastcheap, London, E.C. New Zealand Solicitors: GOVE IT & QUILLIAM, Devon St., New Plymouth. WESTON & WESTON, Brougham St, New Plymouth. London, E.C. Secretaries and Registered Offices: THE OIL TKUST, LIMITED, 4 London Wall Buildings, London, E.C.

=^=:*«

QUALITY OF THE OlL.—Oil from the r 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 retards the market value of the products obtained from it and the purity and character of these products themselves. The petroleum is easily handled and refined at low cost, 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. " The spirit and finished kerosene are of first class quality, water-white, and of good smell. " This crude petroleum in purity closely resembles the old pure Pennsylvanian petroleum, but greatly excels it in the extraordinary 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." POSITION OF THF. PROPERTIES.—The plots on which the wells have been drilled are, on their western boundary, within 150 yards of the seashore of New Plymouth Harbour. A public road and the State Branch railway connects New Plymouth with the wharves and breakwater. The Company's Experts say :—" The geographical relationship of the field to the harbour, the land gradient, and the depth of water at the loading point enable us to say that the property has unsurpassed positional advantages." MARKETS. —The well known protective policy of the Dominion ensures operators an unassailable home market, while, when an export business has been organised, Australia should take all the surplus oil produced. Therefore these oil resources can be developed regardless of foreign operations or competition. Mr Henry concludes his Report upon the properties 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 .' '1 Shares allotted to persons other than subunderwriters on application forms hearing a broker's stamp. The preliminary expenses are estimated at UtiOOO, inclus pire Oilfields, Limited, but exclusive of brokerage. jf amount payable to tli IT IS INTENDED TO ESTABLISH A NEW ZEALAND REGISTER OE SHAREHOLDERS IN DUE COURSE. Dated this 28th day of March, 1912. Application for Shares in New Zealand and Australia will be received on behalf of the Company by the Rank of New Zealand, at any of its principal Branches, or at the Offices of the TARANAKI PETROLEUM COMPANY, LIMITED, New Plymouth; and by THE PRINCIPAL SHAREBROKERS THROUGHOUT THE DOMINION. Special Note. —Since the Prospectus was printed SIR GEORGE CLIFFORD, Bart., Stonyhurst, CHRIST/CHURCH, and SIR JOHN LANE HARRINGTON, K.C.M.G., Chairman of the Oil Trust, Ltd., LONDON, have consented to join the Board of Directors after allotment.

OBJECTS.—This Company has been formed for the primary purpose of acquiring and operating the Borinc 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. Jhe Company acciuires the oil-producinc rights over property at tidewater, a drilling and operating equipment and quires the oil-producing rights over property at tidewater, a drilling an operating equipment ami Soring rights over three separate reserve territories carefully selected as the result of expert aclv.ee founded upon indicati ns of oil and gas. The total area over which be g rights extend is, approximately, 4800 acres. GOVERNMENT SUPPORT. AND BONUS OF £lo.ooo.—The Government has from time to time mado offers of £IO,OOO. allotted as follows: (a) £2500 to be paid on proof being .submitted that not less than 250.000 gallons cf marketable crude oil has been won: (b) £2500 on 500,000 gallons; (c) £2500 on 1,000.000 gallons; (d) the balance of £2500 to be paid to the person or company who fcrst produces, by bis 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.—The Taranaki Petroleum Company, Limited, Brougham Street. New Plymouth, New Zealand (nominal capital, £150.000), was formed in 1906. 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; a recent telegram announces that the wells are at present flowing at the rate of 360 barrels per week. In order that the pioneers might benefit by the Government bonus (above referred to), oil has been allowed to come to the surface by natural flow. On May 11th. 1911. the pioneer Company was paid tha first instalment (£2500) 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. I). Henry to conduct investigations. This gentleman had the assistance of well-known New Zealand experts, and associated with him in the professional work done in connection with these properties is Dr J. M. Bell (Messrs Bell and Fraser), who was, until recently, head of the Geological Survey in New Zealand. One statement made by Mr Henryreads : " 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 recom = mend an investment of British" and Colonial capital; it has production, oil which, as analyses show, is of the very highest quality, and a p sition at tidewater ensuring the easy and economical delivery of plant aiid export of the crude and refined products." Dr Bell, in his Report, says : " The geological structure of the Taranaki district. New Zealand, together with the produce tion which has attended initial develonment work, indicates the existence of an important oilfield. Of prime importance in the light of present knowledge are the 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 possess great potential value, are from t..eir position capable of more expeditious and economical development than any others with which I am acquainted. Oil production here, considering the geographical position which the Dominion holds both from commercial and defence standpoints, possesses unique advam tages; and the more extensive exploitation of your Company's holdin's affords a most promising enterprise for the investment of capital." FUTURE OPERATIONS. lis Company w (1) The erection of an ur> to date Refinery. (2) The immediate dispatch to New Zealand of an expert drilling staff. (.'5) 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 modern oilfield business" with ample finance and a thoroughly experienced management. The Minimum Working Capital (guaranteed by the Vendor Company under contract No. 3) will, in the opinion of the Company's technical advisors, enable this Company to cany out the above work in the most thorough and expeditious manner. REFINERY. —The estimated cost of a refinery erected upon the property, and 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.