Page 5 Advertisements Column 1

Dominion, Volume 5, Issue 1416, 17 April 1912, Page 5

"' THE SUBSCRIPTION LIST IS NOWJJPEN. IT WILL DEFINITELY CLOSE ON OR BEFORE WEDNESDAY, APRIL 24th, 1912. ABRIDGED PROSPECTUS. This Prospectus is being issued in Great Britain, Hew Zealand & flestralia. A copy of this Prospectus has been filed with the Registrar of Joint Stock Companies. ¥1 • I J f|gf /|jl 111 || LIMITED. Incorporated under the Companies (Consolidation) Act, 1908, of Great Britain. 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; per Share upon application. 3s. „ „ 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. Aft*r 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 ef 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 Lennox Gardens, London, S.W. 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 Petrojeum 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'S BANK, LIMITED, 52 Threadneedlo Street, L-ndon, E.C. THE BANK OP NEW ZEALAND, 1 Queen Victoria Street, London, E.C. • London .Solicitors: ALLEN EDWARDS AND OLDPIELD, 16 Eastcheap, London, E.C. i New Zealand Solicitors: GOVETT AND QUILLIAM, Devon Street, New Plymouth. WESTON AND WESTON, Brougham Stwet, 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, 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 tho 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 boring rights over throe 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 jEIO.OOO, allotted as follows: (a) JE2500 to be paid on proof being submitted that not less than 250,100 gallons of marketable crude oil has been won; (b) «g2500 on 500,000 gallons; (c) .£2500 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 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 tho 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 (.£2500) 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 pro- . pc-rties, commissioned Mr. J. D. Henry to conduct investigations. This gentleman had the assistance of well-known New Zealand experts, and associated with him in tho professional work done in connection with these properties is Dr. J. M. Bell (.Messrs. 801 l 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 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 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." Dr. Bell, in his Report, says:— "Tho geological structure of the Taranaki district, New 2ealand, together with the production which has attended initial developmental work, indicates the existence of an important eilfield. 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 potental 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 • posi'.;on which the Dominion holds both from commercial and defence standpoints, possesses unique advantaaes- : and the more extensive exploitation of your Company's holdings affords a most promising enterprise for the invest' I ment 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 tho ' Company's technical advisers, enable this Company to carry out the abovo 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 nor : day, is .£23,000. As tho output is increased this refinery can bo added to without any disturbance of tho original erection. QUALITY OF THE OlL.—Oil from the wells has been analysed by Messrs. A. F. Craig and Co., of Paisloy, Scotland Tho 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 nreatlv nvoit It in tho extraordinary 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," 1 POSITION OF THE PROPERTIES.—The plots on which tho wells have been drilled are on Hipir w«<,fA™ l^,^j n . • within 150 yards of the seashore of New Plymouth Harbour. A public road and the State New ' Plymouth with the wharves and breakwater. ■ • ■ J y - < " •" ew 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 organissd, Australia should take all the surplus oi! produced. Therefore these oil resources can be developed regardless of foreign operations or competition. p Mr. Henry concludes his Report upon the properties as follows:— . "The entire proposition can be recommended on the ground that it is complete in everv detail tmbracino 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 por Share on all Shares allotted to persons other than sub-underwriters ■ on application forms bearing a broker s stamp. Tho 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 28th day of March, 1912. / pplications 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, Sharebroker, Nathan's Buildings, Wellington; and by THE PRINCIPAL SHAREBROKERS THROUGHOUT THE DOMINION. Special Note.—Since the Prospectus was printed SIR GEOBGE CLIFFOED, Bart., Stonyhurst, CHRISTCHURCH. and SHI JOHN LANE HARRINGTON, E.C.M.G., Chairman of the Oil Trust, Ltd., LONDON, lave consented to join the Board of Directors after allotment. ;