Page 9 Advertisements Column 1

Dominion, Volume 5, Issue 1415, 16 April 1912, Page 9

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. LIMITED. CAPITAL '- £460,000., DIVIDED INTO 400,000 SHARES OF £1 EACH. SUBSCRIPTIONS ARE :NOW INVITED FOR AN ISSUE OF 275,000 SHARES OF £1 EACH, AT PAR, Payable as to 2s. pep 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 OF RANFURLY, G,CM.G. (Chairman) [Chairman (London Board) Colonial Mutual Life Assurance Society, Limited], 33 Lenox Gardens, London, S.W. MAJOR DUDLEY ALEXANDER, C.M.G., 6 St. James's 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; H. J. Okey, M.P., New Plymouth. ■ Technical Advisor: J. D. Henry, i London Wall Buildings, London, E.C. Bankers: Parr'a Bank, Limited, 52 Threadneedle" Street, London, E.C. Ihe Bank of New Zealand; 1 Queen Victoria Street, London, E.C. London Solicitors: Allen Edwards and Oldfield, 1G liastcheap, London, E.Ci . New Zealand Solicitors: Govett and Qujlliam, Devon Street, New Plymouth. - Weston and Western, Brougham Street, Ne-w Plymouth. Brokers: Harry Franklin and Co., 23 Austin Friars, London, E.C. Auditors: Deloitte, Plcnder, Griffiths, and Co., i London Wall Buildings, London, E.C. Secretaries and Registered Offices: The Oil Trust, Limited, i London Wall . . • . Buildings, London, E.C. , A t \,,r. ,: i:ro ,; ;',. v .,: : . : . u ,. ii . i 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,; Ndrth'lsland, New Zealand. The-Company acquires the oi'lproducinr rights over property at tidewater, a drilling and' operating equipment, and goring rights over three separate reserve territories carefully selected as the result of expert advice founded upon indications of oil and gas. The total area over which boring rights extend is, approximately, 4800 acres. GOVERNMENT SUPPORT AND BONUS OF £10,000.-The Government has from time to time made offers of ,£IO,OOO, allotted as follows: (a) to be ■ paid on proof being.submitted that not less than 250,000 gallons of marketable crude oil has been won; (b) £2500 on 500,000 gallons; (c) ;E2oOO on 1,000,000 gallons(d) the balance of .£2500 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 i 3 to receive respective bonus. PRELIMINARY OPERATIONS.-Five wells have been drilled on the property to bo .operated by this Company; in three of these oil was secured under conditions tully described in the- reports of the experts. A fourth well has noi» 6truck oil. The wells are at present flowing at the rate of 360 barrels per week Oh May 11th, 1911, the pioneer Company was paid the first instalment U2500) n>. the bonus on the production of 250,000 gallons of "marketable crude oil." EXPERTS' REPORTS.-Tlie British Empire Oilfields, Limited, having rebeived most encouraging reports on the properties, commissioned Mr. J. D. Henry to conduct investigations. ■ Associated with him in the professional work don'p in connection with these properties is Dr. J. M. Bell, who was, until recentlv 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 which I have a knowledge in the Colonies, has tho primary essentials of an oilfield in which cue can with confidence recommend an investment of British and Colonial Capital; it has production, oil which, as analyses show, is of the very highest quality, and a position at tidewater ensuring tho easy nnd economical delivery of plant and export of the crude and refined products." . ~ . B : : i Be". , in his Report, -says:—"The" geological structure of the Taranaki district, New Zealand, together with tho production which has 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 tho Moturoa block, which fringes Now Plymouth Harbour and encloses wells yielding petroleum of the highest quality. These oil properties, which possess great potential value, are from their position capable ot more expeditions and economical development than any others with which.l am acquainted. Oil production here, considering the geographical position which the Dominion holds both from commercial and defence standpoints, possesses nniqnq advantages; and tho more extensive exploitation of your Company's holdings affords a most promising enterprise fo>the investment of capital." .. . ' . ;,, FUTURE primary objects of this Company will bo:- ■ _, P The-erecrion of an up-to-date Refinery. (2) The immediate dispatch to New '; Zealand ot. an "expert drilling.staff.. (3) The immediate drilling of additional welh ' on the proven property. (1) The gradual, development of tho reserve territories (5) ■ • wTS™. °l lin 011 - sn,e ? 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. '* ■ ' REFI NERY.-The estimated cost of a refinery erected upon the property having a capacity, of 10,000 gallons per day,'is 423.000. 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 1 Follows'?-" 11 ' *' Scotlaml ■ Tho inclusion of their Report reads' as "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 charac ter 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 tho-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 Pennsvlvanlan petroleum, but greatly excels it in the extraordinarily high .proportion of solid" paraflm wax which it yields. We are aware of no natural petroleum which has been found to be so rich in this valuable product. "roienm MARKETS.-The well-know.n protective policy of the Dominion ensures oDer *tors an unassailable homo market, while, when an export business has been organised, Australia should take all tho surplus oil produced. ° Mr. Henry concludes his Report 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 a brokerage of sixpence per Share on all Shares allotted . to persons other than subunderwriters on application forms bearing a broker's stamp. ° , Jhe proliminary expenses are estimated at ,fl»00, inclusive of amount payable to the British Empiro Oilfields, Limited, but exclusive of brokerage. if IS INTENDED TO ESTABLISH A NEW ZEALAND REGISTER OFSHAREHOLDERS IN DUE COURSE. Dated this 28th. day of March, , 1912. Application for 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 of the TARANAKI PETROLEUM COMPANY, LIMITED, New Plymouth; by MR. A. T. BATE, Sharcbroker, Nathan's Building, Wellington; and by THE PRINCIPAL SHAREBROKERS THROUGHOUT THE DOMINION. Special Note.—Since the Prospectus wag printed SIR GEORGE CLIFFORD, Bart., Stonyhurst, CffRTSTCHtIJCH. and SIE J^^,, L St TOX ' K - CM - 6 - Chairman of the Oil five con£«ntd to join the Board of Directors aftor. allotment