Page 3 Advertisements Column 2

Poverty Bay Standard, Volume I, Issue 63, 21 June 1873, Page 3

PROSPECTUS OP THE POVERTY BAY PETROLEUM AND KEROSINE COMPANY. (limited). To be incorporated, under "The Joint Stock Companies Acts." CAPITAL—£SO,OOO in 10,000 shares of FIVE POUNDS EACH. Payments— Ten Shillings per share on application and the balance as may be required. PROVISIONAL DIRECTOES : Chairman: A. G&aham. G. E. Read. A. M'Donaud. W. Smuabt. J. W. Johnson. W. S. Gbeene. J. H. Stubbs. Bankers : Bank op New Zealand. Solicitor : J. Cuff. BROKERS: Auckland Napier Wellington Dunedin Nelson Christchurch Secretary : A. F. Habdy. Temporary Offices: Court-house, Gisborne. PROSPECTUS. THIS Company having been formed for the purpose of obtaining Petroleum and manufacturing kerosine therefrom, in the Poverty Bay District, and a transfer of the lease obtained from the original lessees, the following information is tendered for the guidance of intending shareholders. The block of land is known as the “ Pakake a Whirikoka,” contains 6,354 acres, and is situated about 30 miles from Gisborne.

It has for some time past been well-known that numerous springs of exuding Petroleum exist on the said block of land, as the native name of the block, “ Pakake,” or the “ Whale,” indicates. The fact of these springs occurring on the most elevated plateau of the block and not filtering into the creeks at a lower elevation, as through a faulty strata, would seem to indicate direct communication with a subterranean reservoir. The term for which the Lease has been granted is 21 years determinable free of forfeit at the will of the Lessees or their assigns. The rent is an increasing one: —£6oo for the first five years, and an additional £lOO for each succeeding five years —commencing when payable oil is struck. Other minerals as per agreement. The original lessees, in consideration of the transfer of their interest, hold 1000 paid up £5 shares, and are entitled to 15 per centum royalty on the net profits of the manufactured oilThe Company proposes to expend a sum not exceeding £9OOO in striking payable -oil. It is, however, believed that bxe cost of boring will not amount to that sum. That being determined, the remainder of the capital will have to be called up for the purpose of erecting refining houses and the necessary plant for carrying out the works. The fact of the large profits accruing from the American Petroleum Springs is too well known to need comment. Having considered the question of boring, the Directors have deemed it best to telegraph at once for the special boring gear and pump used at the Pennsylvanian Petroleum wells rather than precipitately to initiate experiments with ordinary and imperfect boring apparatus; and are also taking steps to obtain a competent Manager of Works, and will give full consideration to the question of the most economical transit of the oil from the works to the shipping port. When a sufficient number of shares have been taken up—say 6000—the Directors will commence boring operations.

Extract from the Colonial Museum and Laboratory Reports, 1866-7, p. 20. 11. Poverty Bay Petroleum. “ The samples of oil forwarded cannot be completely analyzed until some apparatus arrives from Dunedin to replace that formerly used in the Laboratory which has been broken. “ In the meantime the following data are sufficient to indicate the quality of the oil which is very much superior to that obtained at Taranaki. “ Sample 1. (in large black bottle) was only found to contain a small quantity of semi-solid bitumen, but of which there was too small a quantity for examination. “ Sample 2. (in square bottle) was nearly pure oil very similar, but slightly superior, to a sample previously examined from the East Coast, exact locality not communicated. “Sample 3. (in white bottle) contained a mechanical admixture of water with oil which, on separation, proved to be of the same description as number 2. “ The following is a note of the specific gravities and boiling points of all the samples of petroleum'yet examined : — Specific Vapour Oils gravity in flames Boil deg. Fah. deg. Fah. Sample No. 2. ... *864 210 SOO „ No. 3. (after separation) • *867 210 300 Oil from East Coast *873 230 290 „ Taranaki *962 260 340