TARANAKI OIL LANDS CO.

Dominion, Volume 8, Issue 2537, 11 August 1915, Page 6

TARANAKI OIL LANDS CO.

In our .business columns in this issue will be found the abridged prospectus of the Taranalci 'Oil Lands Acquisition and Development • Company, Limited. The capital of the company is £50,000 in 50,000 shares of £1 eadi, but only 5000.preferenec shares are being offered for public subscription. The companyhas boring rights over sufficient property at Moturoa, New Plymouth, to allow of six wells boing drilled. Drilling on this company's property was begun in April, 1913, and the well was christened the "Blenheim Well," and tile bore is down about 3600 feet, and it is proposed to penetrate to 5000 feet. The company owns a modern plant whicOi is of Canadian-Galician design. The plant is claimed to be of the strongest type and of a system which has proved most suitable to drill hore holes in the safest way to the greatest depths, and' under the most difficult and varied conditions. Modern tools and appliances for the storing and handling of crude oil are on hand. The Government has promised to help the company in'its endeavours'and lias agreed to pay £150 cash, and half tilio entire cost per month of drilling, material, wages, etc., until it lias advauoed a sum not exceeding £2650. Tho financial position of the company shows an indebtedness of approximately £2000, and the share of the cost of drilling from 3600 feet to 5000 feet is estimated at £2250, thus making a total of £4250. The present issue of 6000 preference shares is to cover this. Nearly 2000_ of these shares liavo already been applied for, leaving only about 3000 available. The shares confer upon the holders the right to a, fixed preferential dividend of 10 per cent, per annum (non-cumnhitive),' out of the profits of tTie year. The terms of issuo are 2s. 6d. per sharo on application, 2s. 6d. on allotment, and the balance in calls of not more than 2s. 6d. per share at intervals of not less than two months.