Page 3 Advertisements Column 2

Wanganui Chronicle, Issue 12856, 13 April 1912, Page 3

THE SUBSCRIPTION LIST IS NOW OPEN. IT WILL DEFINITELY CLOSE ON OR BEFORE WEDNESDAY 24 IH APRIL, 1912. ABRIDGED PROSPECTUS. This Prospectus is being issued in Great Britain, New Zealand and Australia. A ropy of this Prospectus lias been filed with the Registrar of Joint Stock Companies. » ™F TARANAKI ( m \ fill U/Flic L lAnAliAm Zealand/ UIL WILLj Incorporated under the Companies (Consolidation) Act ,1908, of Great Britain. CM PI TM L^^~~£4OO, 000. Divided into 400,000 Shares of £1 each. SUBSCRIPTIONS ARE NOW INVITED FOR«T OF 275,000 SHARES OP £1 EACH, AT PAR. 2s. pei« share upon application; 3s. per share upon allotment; And the Ealance as and when required in Calls not exceceding ss. per Share ,at intervals of not less than three Jij.oiiLHS> Of the above issue Subscriptions for 150,000 Shares are guaranteed. After payment of the cash portion of the pureltase consideration the present issue will, if fully subseHh«l nN »,i<i n a sum of about £200,000 for Working Capital, Payment of Preliminary Expenses, and ffSh£££ 25K?- 41 '000 Sharesare ld Jn "^fOl' iSBUe t7»™™° *^ m4S?cL_SS-. LONDON BOARD OP DIRECTORS: THE EAF^Zy n£Z^h^™hX"%i^'£%? <LoiMlon BMrt) co")-"a MM™' ™< *—— MAJOR DUDLEY ALEXANDER, C.M.G., 6 St. James' Place, London, S W JOSBPHS2f4S^)f22^£S_S? Bteo1 'I"°"'"*Coni^'"^ MmiM ' — H-"-->s«—*■ ANDREW L. HORNER, K.C., M.P.. 84 Fitzwilliam Place, Dublin. ADVISORY BOARD IN NEW ZEALAND: C. CARTER (Chairman, Taranaki Petroleum Company, Limited. Devon Street New Plymouth- H J OKEY, M.P., New Plymouth. ' ' Technical Advisor: J. D. HENRY, 4 London Wall Buildings London EC Bankers: PARR'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 AND OLDFIELD, 16 Eastcheap, London, E.C. New Zealand Solicitors: GOVETT AND QUILLIAM, Devon Stret New Plymouth WESTON AND WESTON, Brougham Street, New Plymouth. Brokers: HARRY FRANKLIN AND CO., 23 Austin Friars, London, E.C. Auditors: DELOITTE PLENDER GRIFFITHS AND CO., 4 London Wall Buildings, London, E.C. Secretaries and Registered Offices: THE OIL TRUST, Limited, 4 London Wall Buildings, London, E.C. Prospectus. OBJECTS.—This Company has been formed for the primary purpose of acquiring and oneratine the Rnrin-r ' rights of The Taranaki Petroleum Company, Limited, over proved ami oil-producing lands, and new" he sLnort at New Plyiuouth.in Taranaki, North Island, New Zealand.. The Company acquires the oil-producing rights ove? uro perty at tide water, a drilling and operating equipment, and boring rights over thrct* senanMe reserve territorim carefully selected as the result of expert advice founded upon indications of oil and «'•>■• Tho"*ntii w , ™ll which boring rights extend is, approximately, 4,800 acres. " a °^er GOVERNMENT SUPPORT AND BONUS OF £Jo,ooo— The Government has from time to-time mad, offers of £10,000, allotted as follows: (a) £2,500 to be paid on proof being submitted that not less than 250 OOo'uallonji of marketable crude oil has been won; (b) £2,500 on 500,000 gallons; (c) £2,500 on 1,000 000 gallons- id) 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'person 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 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, conimisioned Mr J. D. Henry to conduct investigations. This gentleman had the assistance of wellknown 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 Henry reads: — . . The property, in a more conspicuous degree than any other of wliich I have a knowledge in the Colonies has the primary essentials of an oilfield in which one cau with confidence recommend an investment of British' and Colonial capital; it has production, oil whicfy 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 Moturo.i 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 I am 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-tod ate Refinery. (2) The immediate dispatch to New Zealand of «n expert drilling staff. («) Tine 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 wliat lias liitherto 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 advisers, enable the 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 incresed this refinery can be added to without any disturbance of the original erection. QUALITY OF THK OlL.—Oil from the wells has been analysed by Messrs A. F. Craig and Co., of Paisley, Scotland. The conclusion of their Report reads as foloAvs: — "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 I*:>w cost, and the solid paraflin can bo 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 Peimsylvanian petroleum, but greatly excels it in the extraordinarily high proportion of solid paraffin wax winch 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 100 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 says:—"he geographical relationship of the field to the harbour, the land gradient, a.nd the depth :>f water at the loading point enable us t:> say that the property has unsurpsscd positional advantages." MAI.KETS. — The well-known protective policy of the Dominion ensures o}>erators an unassailable home market, while, when an export business has been organised, Australia should take all the surplus oil i>roduced. Therefore these oil resources can Ik* developed regardless of foreign operations or competition.' Mr Henry concludes his Rpe'ort upon the Properties as follows: — "The entire proposition can be recommended on the ground that it is complete in eviry detail, embracing as it does the production, refining, and marketing of petroleum under the most favourable economic and trading conditions in one of the m<:«t progressive Colonies of the Empire.'' The Company will pay'a 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 £6000, 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 IX IRK (OURS!]. Dated this 28th day of March ,1912. Application for Shares in New Zeahind and Australia will be received on behalf of the Company by the. Hank of New Zealand at any of its principal Branches, or at the Offices of the TARANAKI PETROLEUM COMPANY, LIMITED, New Plymouth; by MESSRS FAIIUJURN AND SILK, WANGANUI; and by THE PRINCIPAL SHAItKiiHOKEIi.S THROUGHOUT THE DOMINION. Special Note.—Since the Prospectus was printed SIR GEORGE CLIFFORD, Bart., STONYHURST, CHRISTCIIURCH, and SIR JOHN LANE HARRINGTON, K.C.M.G., Chairman of (he Oil Trust, Ltd., LONDON, have consented to join the Board of Directors after allotment.