Page 6 Advertisements Column 3

Taranaki Herald, Volume LX, Issue 143765, 13 April 1912, Page 6

THE SUBSCRIPTION LIST IS NOW OPEN. IT WILL DEFINITELY CLOSE ON OR BEFORE WEDNESDAY, 24TH APRIL, 1912. ABRIDGED PROSPECTUS. fhis Prospectus is being issued in Great Britain, Hew Zealand and Australia. A Copy of this Prospectus has been filed with the Registrar of Joint Stock Companies. Ik TARANAKI New [Zealand ML WELLS LIMITED. Incorporated under the Companies (Consolidation) Act, 1908, of Great Britain, CAPITAL - - - £400,000. Divided into 400,000 Shares of £t each. SUBSCRIPTIONS ARE NOW INVITED FOR AN ISSUE OF 275,000 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 the 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 OP RANFURLY, G.C.M.G. (Chairman) [Chairman (London Board) Colonial Mutual Life Assurance Society, 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, K.C., M.P., 34 Fitzwilliam Place, Dublin. Advisory Board in New Zealand: C. CARTER (Chairman, Taranaki Petroleum Company, Limited), Devon Street, New Plymouth. London Solicitors: ALLEN EDWARDS & OLDFIELD, 16 Eastcheap, London, E.C. H. J. OKEY, M.P., New Plymouth. New Zealand Solicitors: GOVETT & QDILLIAM, Devon Street, New Plymouth. WESTON & WESTON, Brougham Street, New Plymouth. ■ Technical Advisor: J. D. HENRY, 4 Loudon Wall Buildings, London, E.C. Bankers: PARR’S BANE, LIMITED, 52 Threadneedle Street, London, E.C. . THE BANK OF NEW ZEALAND, 1 Queen Victoria Street, London, E.C. Brokers; HARRY FRANKLIN & CO., 23 Austin Friars, London, E.C. Auditors: DELOITTE BLENDER GRIFFITHS & CO., 4 London Wall Buildings, London, E.C. Secretaries and Registered Offices: THE OIL TRUST, LIMITED, i London Wall Buildings, London, E.C. PROSPECTUS. OBJECTS. —This Company has been formed for the primary purpose of acquiring 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-producing rights over property at tidewater, a drilling and operating equipment, and horing rights over three separate reserve territories carefully selected a> the result of expert, advice founded upon indications of oil and gas. The total area over which boring rights extend is, approximately, 4,800 acres. GOVERNMENT SUPPORT, AND BONUS OF £IO,OOO. —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; (b) £2,500 on 500,000 gallons; (c) £2,500 on 1,000,000 gallons; (d) the balance of £2,500 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. 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 og the property to he 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 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. 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 & Fraser), who was, until recently, head of the Geological Survey in New Zealand. One statement made by Mr. Henry reads: ' ' v “ 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 capifal; 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 district, 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 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 their position capable of more expeditious and economical 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: (1) The erection of an up-to-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 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 carry 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. ~ QUALITY OF THE OIL. —Oil from the wells has been analysed by Messrs. A. F. 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 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 extarordfinarlly 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 THE 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 brokerage of sixpence per Share on all Shares allotted to persons other than subunderwriters on application forms bearing a broker’s stamp. The preliminary expenses are estimated at £6OOO, inclusive of amount payable to the British Empire Oilfields, Limited, but exclusive of brokerage. IT IS INTENDED TO ESTABLISH A NEW ZEALAND REGISTER OF SHAREHOLDERS IN DUE COURSE. Dated this 2Sth day of March, 1912. ______ Application for Shares in New Zealand and Australia will bei 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; and by THE PRINCIPAL SHAREBROKERS THROUGHOUT THE DOMINION. SPECIAL NOTE.—Since the Prospectus was printed SIR GEORGE CLIFFORD, Bart., Stonyhurst, CHRISTCHURCH, 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.