IMPORTANT ENTERPRISE.

Stratford Evening Post, Volume XXXII, Issue 86, 10 April 1912, Page 6

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 aukpices. The board is an exceptionally strong one, consisting, as it does, of The Earl of Ranfurly, G.CJM.G., chairman; Major Dudley Alexander, C.M.6. ;• Mr Joseph Brailsford; and Mr Andrew L. Horner, K.C., M.P. Two further directors will join the board 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 in good and experienced hands. Investigation and reports have been made by those competent experts, Mr J. D. Henry, of London, and Dr. J. M. Bell, until recently head of Geological Survey in Zealand. The former will, indeed, continue to act as technical adviser. The Taranaki N.Z. Oil Wells Company, Ltd., has been formed to acquire the oil rights over 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 arc, too, in the 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: "Wo are aware of no natural petroleum which has been found to be *o rich in this valuable product." Dr. J. M. Bell, again, in his review, says: "The geological structure of the Taranaki District, Now Zealand, together with the production which has attended initial developmental work, indicates the existence of an important oilfield." Then, Mr J. D. Henry, concludes his report with those words: "The entire proposition can be recommended on the ground that it is complete in every detail, embracing as it docs 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."