AN IMPORTANT ENTERPRISE

Taranaki Daily News, Volume LIV, Issue 240, 10 April 1912, Page 4

AN IMPORTANT ENTERPRISE

THE TAIUXAKI (X.Z.) OIL WELLS, LIMITED. The prospectus of the Taranaki (X.Z.) Oil Wells, Ltd., will be issued to the public under wry favorable auspices. The board is an exceptionally strong one, consisting, as it does, of 'the Earl of Kanfurly, fi.C.M.G. (chairman), .Major Dudley Alexam! r, C.M.G., Mr. Joseph Brailsford and Mr. Andrew L. Horner, K.C., M.P. Two further directors will join the board after allotment, namely, Sir George Clifford, Bart., of "Stonyhurst," Ohristchurch, New Zealand, and Sir John Lane Harrington, K.C.M.G., the latter being chairman, of the Oil Trust, Limited. It should be mentioned that the Oil Trust, Ltd., will act as secretaries, and that consequently the management will be in good and experienced hands. Investigation and reports have been made liy those competent experts, Mr. J. D. Henry, of London, and Dr. J. M. Bell, until recently head of geological survey in Xew Zealand. The former will, indeed, continue to act as technical adviser.

The Taranaki (X.Z.) Oil Wells Company, Limited, has been formed to acquire the oil rights over some 4800 acres of property at Xew Plymouth from the Taranaki Petroleum Co., Ltd., and on which there are already three flowing wells yielding about MflW gallons of oil per week. There are, too, in the company's tanks, now stored some 310,000 gallons of oil awaiting the refinery, which it is the intention of the directors to erect.

It might be remarked that the oil that is flowing from the three- wells already active contains over 17 1 /. per cent, of paraffin wax. Messrs A~ F. Craig and Co., of Paisley, Scotland, who analysed some of the oil, state: "We are aware of no natural petroleum which has been found to be so rich in this valuable produet." Dr. J. M. Bell, again, in his report, says: "The geological structure of the Taranaki district, New Zealand together with the production which has attended initial developmental work, indicates the existence of an important oilfield." Then, Mr. J. D. Henry, concludes his report with these words': "The entire proposition can be recommended on the ground that it is complete in every detail, embracing as it doe's the production, refining and marketing of petroleum under the most favorable economic and trading conditions in one of the most progressive colonies of the Empire" ■Having regard to all thi,igs-to the undoubted value of the property, to the approved richness of the oil, to' the personnel of the directors, and finally to the experienced and competent manage-ment-an investment in the shares °of the laranaki (X.Z.) Oil Wells, Limited, would seem to be decidedly attractive, it should certainly command the serious attention of the public.