Page 7 Advertisements Column 1

Dominion, Volume 5, Issue 1411, 11 April 1912, Page 7

THE SUBSCRIPTION LIST IS NOW OPEN. IT WILL . DEFINITELY CLOSE ON OR BEFORE WEDNESDAY 24th APRIL, 1912, ■ •* ABRIDGED PROSPECTUS. • ♦ .this Prospectus Is being issued in Great Britain, New Zealand, and Australia. Tk Tirrali-Oil fells , LIMITED. CAPITAL - £400,000. DIVIDED'INTO 400,000 SHARES OF £1 EACH, . i BUBSCRIP'rioNS ARE NOW INVITED FOR AN ISSUE OF 275,000 SHARES OF £1 EACH, AT PAR, Payable l ai to ;2s. ptr Shafs upon Applications 3s, per Share upon Allotment; the Balance as and. when , required in Calls .not exceeding ss, per Share, '■ i 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 OF RANFURLY, G.C.M.G. (Chairman) [Chairman (London Board) Colonial Mutual Life Assurance Society, Limited], 33 Lenox Gardens, Lon- . don, S.W. MAJOR DUDLEY ALEXANDER, C.M.G., S St. James's Place, London, S.W. 'JOSEPH BhAILSFORD (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, T-araiiaki Petroleum Company, Limited), Devon Street, New Plymouth; H. J: Okoy, -New Plymouth. - • Technical Advisor: J. 1). Henry, i London AVall London,,E.G. Bankers: Parr's Bank,' Limited, 52 Threadneedle Street, London, KC. The Bank of-New Zealand,! Queen Victoria Street, London, E.G. Londop Solicitors: Allen Edwards and Oldfield, 1G Eastcheap, j/ondoii, E.G. New Zealand Solicitors: Govctt and Quilliam, Devon Street, New Plymouth. ' 1 " Weston and Weston, -Brougham Street, Now Plymouth. Brokers: Harry I'ranklin and Co., 23 Austin Friars, London, E.G. Auditors: Deloitte,-Plender, Griffiths, and Co.; 4 London Wall Buildings, ■London, E.G. , • Secretaries and Registered Offices: The Oil-Trust, .Limited, i London Walt ' Buildings, London, E.G. .} , ' ; PROSPECTUS. ' Company has'been formed fur 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-pj-Oducing' lights over 'property at tidewater, u drilling and operating equipment,. and boring rights over three separate, reserve territories carefully selected as the result of expert, advice founded upon indications of oil and gas. the total •area oyer which boring rights extend is, approximately, 4HI it) acres. ; -GOVERNMENT SUPPORT AND BONUS OF £10,000.—The Government has from time to time made offers of ,£IO,OOO, allotted as follows:'(a) .£2500 to. he paid on proof being submitted that not less than 'J50.000 gallons of marketable crude oil has been won; (b) .£2500 on 500,000 gallons.; (c) -C' 2500 on 1,000,000 gallons; (d) the balance of JC2500 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 tu receive respective bonus. PRELIMINARY OPERATIONS.-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 tho reports of the experts. A fourth well has now struck oil. The wells are at present flowing at the rate of 360 barrels per week. On Jlay 11th, 1911, the pioneer Company was paid the first instalment (422500) of the bonus'on the production of 250,1100 gallons of "marketable crude oil." ' EXPERTS' REPORTS.—Tho British Empire Limited, having received most ( encouraging reports on the properties, commissioned Mr. J. D.Henry to conduct investigations. Associated with him in the professional work done in connection with ; these properties is Dr. .T. St. Bell, who was, until recently, head of tho Geological Survey in New Zealand. One statement made bv Mr] Henry reads:— "The property, in a more conspicuous decree than an.y 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 Colo-nial-capital; 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." fir. Beil, in his Report, says:—"The geological structure of the Taranaki district, New Zealand, together With the production' which ha.-; attended initial developmental work, indicates tho 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 .Moluroa 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 ppsitio.i which the Dominion holds both from commercial and "defence standpoint.-,, 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 ivill be:— (1) The erection of ait-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) 1 The-gradual development of tho reserve territories. (5) The organisation'of ah oil sales department, and, generally, (G) The conversion of what has hitherto, been .a purely local industry into a modern oilfield business .with ample financß and a thoroughly experienced management. REFINERY.—The estimated cost of a refinery erected upon the propertv having a capacity of 10,000 gallons per day, is ,£2.3,000. As the output is increased this refinery can be added to n-ithout any disturbance of the original erection. QUALITY OF THE OlL.—Oil from tho wells has been analysed by Messrs. A. F. Craig and Co., 6f Paisley, Scotland. The conclusion of their Jicport 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 lie extracted direct from the heavy oil from the first distillation without, any chemical treatment whatever, and is of excellent colour and crystalline structure. "This crude petroleum in purity closely resembles the old pure Pennsylvanian petroleum, but greatly excels it in tho extraordinarily high proportion of solid paraffin wax which it yields. Wr are aware of no natural petroleum which has been found to be so rich in this valuable product. MARKETS.—The well-knov;n protective policy of the Dominion ensures oner rtors an unassailable home market, while, when an export business has been organised, Australia should take all the surplus oil produced. Mr. ttonry concludes his Ileport as follows:—"Tho entire proposition can be TecOwmeiided on the ground that it is complete in everv detail, embracing as it does the production, refining and marketing of petroleum under the most favourable. economic, and trading conditions in one oi' the mosf progressive Colonies of the Empire." The Company will pay a brokerage of sixpence per Share oil 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 pavable to the British Empire Oilfields, Limited, but exclusive of brokerage. U IS INTENDED TO ESTABLISH A NEW ZEALAND REGISTER OF SHAREHOLDERS IN DUE COURSE. Dated this 2Sth day of March, 11)12. Application 'or Shares in New Zealand and Australia will be received on behalf of the Company by the Bank of New Zealand, at any of its principal Branches, or at the Offices ol tho TARANAKI PETROLEUM COMPANY, LIMITED, Mew Plymouth; by Mi!. A. T. BATE, Sharebroer, Nathan's Building, Wellington; and by THE PRINCIPAL SHAREBROKERS THROUGHOUT THE DOMINION. Special Note.—Sincc the Prospectus was printed SIE GEORGE CLIFFORD, Bart., Stonyhursl, CHRISTCHI'RCH.-uml . . -■-SrR.-JOHN- L.A.VE HARPfNGTO.V, K.C.M.G.,. Chairman of th° Oil Trust,-' Ltd.. LONDON, Rave consented to join the Board of Directors after allotment^