IMPORTANT ENTERPRISE

Taranaki Herald, Volume LX, Issue 143762, 10 April 1912, Page 2

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 auspices. The board is an exceptionally strong one, consisting, as it does, of the Earl of Ilanfurly, G.C.M.G., Chairman; Major Dudley Alexander, C-M.G.; 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 bo mentioned that the Oil Trust Limited 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 New Zealand. /The former will, indeed, con- " tinue 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 Now Plymouth from the Taranaki Petroleum Company, Ltd., and on which there are already three flowing wells yielding about 10,000 gallons of oil per week. There are, 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 bo remarked that the oil that is flowing from the three wells already active contains over 17 J per cent, of paraffin wax. Messrs. A. F. Craig and Co., of Paisley, Scotland, who analysed some of the oil, state: “We are aware of no natural petroleum which has been fonhd to be so rich in this valuable product,” Dr. J. M. Bell, again, in his review, says; “The geological structure of the Taranaki district, New Zealand, together with the production which has attended initial developmental work, indicates the exist--enco of an important oilfield.” Then Mr. J. D. Henry concludes his report with these words: “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.” Having regard to all these things—to the undoubted value of the property, to the approved richness of the oil, to the personnel of the directors, and finally to the experienced and competent management—ah investment in the shares of the Taranaki (N.Z.) Oil Wells, Ltd., would seem to be decidedly attractive. It should certainly command the serious attention of the public.