Taranaki Petroleum.

New Zealand Graphic, Volume XXXVII, Issue 5, 4 August 1906, Page 40

Taranaki Petroleum.

Attention is directed to the advertisement on page 21 of this issue for the Taranaki Oil and Freehold Company, who, we understand, have been doing very satisfactory business in the sale of shares on the Auckland market during the week. The Company is being formed to pros»ect for oil on the Carrington-road, New Plymouth, in which district much interest has lately been centred on account of the further discoveries of fresh and undoubted surface indications of petroleum. It is thought from the lay of the strata that the oil may be found at some hundreds of feet less depth in the Car-rington-road district than at any other point at which a bore has been previously put down, and the directors of the Taranaki Oil and Freehold Company have decided to test the district for its petroleum yield at the earliest possible opportunity. There are 15,000 one pound shares to be issued, and a proportion of these are now offered for public application, the balance being reserved by the Company for future sale. Payments for shares are easy—2/6 on application, 2/6 on allotment, and calls if required, not to exceed 1/ per share per month. In the light of past events, and the experience of shareholders in the Moturoa Company, floated under somewhat similar circumstances, and whose £5 shares were afterwards sold for £62, the Taranaki Oil and Freehold Company may be regarded as offering a good deal more than ordinary attraction for speculation or investment, and it would certainly be difficult to find in New Zealand another industry offering anything like the huge possibilities the oil trade appears to give. The directors are very confident of the success of their boring operations, and entertain a strong belief that underlying the property proposed to be bored upon by them, and at a comparatively favourable depth, will be found petroleum deposits of immeasurable wealth. Applications for shares may be made to Messrs. V. J. learner. Stock Exchange, Auckland, or any of the brokers whose names appear below the Company’s advertisement on page 21.