Page 6 Advertisements Column 2

Taranaki Daily News, 11 August 1915, Page 6

EXTRACTS FSOM TEE PROSPECTUS OF, The Taranaki Oil Lands Acquisition and Development Company, Ltd. (Incorporated under "The Companies' Act, 1908"). CAPITAL - - £50,000 Divided into 50,000 shares of £1 each, of which 25,000 have been applied for and issued as Ml?, 'con* tributing shares and 18,000 have been issued as fully paid up shares. DIRECTORS. REDWOOD FELIX GOULTER, Farmer, Blenheim (Chairman). EUSTATIUS GRIFFITHS, Merchant, New Plymouth (Managing Director). GEORGE McKAY, Settler, Blenheim. GEORGE HORN, Accountant, Blenheim, GEORGE M. GUNN, Farmer, Seddon. Issue of preference shares. 5000 of the remaining' 7000 Shares in the capital of the Company are now offered to the shareholders and public for subscription. These shares shall confer upon the holders the right to a fixed preferential dividend at the rate of 10 per cent, per annum on the capital paid up thereon, such dividend to be paid, as regards each year, out of the profits of such -year only and. to be non-cumulative, AND-tk-frioldess-of-thar,said.shares shall also be participate ",'parri passu,';', -with the..holders of the ordinary:; shares in the surplus profits of each year which shall remain after paying the fixed dividend aforesaid, for suchyear, on the said preference shares, and a like dividend for such year on the capital paid up on the ordinary shares. Nearly 2000 of these shares have already been applied for by shareholders of the Company. The terms of issue are:— 2/6 per share to be paid on application. 2/6 per share to be paid on allotment. And the balance will be payable in calls of not more than 2/6 per share at intervals of not less than two months from the date on which the Director.? proceed to allotmentjunder this prospectus. OBJECTS. The objects and powers of the Company are set out in the Memorandum of Association, which forms part of the prospectus. The Company was established for the primary purpose of drilling for oil in Taranaki, and more particularly at Mot-uroa (near New Plymouth), in {he immediate vicinity of the wells of The Taranaki (New Zealand) Oil Wells, Limited, where it has boring rights over sufficient property to allow of six wells being drilled at such distances apart as will enable each to produce without material effect upon the others. The Company is also interested in rights over a considerable area eastward of New Plymouth. Realising the difficulties-met with in previous,drilling, the Company decided to secure the services of the best available talent for dialling and supervising our works. Through the kind assistance of Sir Boverton Redwood (petroleum adviser to the .British Government), the Company eilgagedMr. Fedorowicz and three expert drillers, all Poles froi^ Galicia, where so much British capital is invested in oil enterprise. Drilling on this Company's property at a point distant about 150 yards from the No. 5 Bore of The Taranaki (New Zealand) Oil Wells, Limited, was begun in April, 1913, and the well was christened the "Blenheim Well." The diameter of the first casing used was 22 inches. This was gradually reduced as the well deepened. The well recently reached a depth of 3600 feet, and is in splendid condition. The last string of casing is 6 inches in diameter at the bottom and is in movable condition, which will enable the Company to push, this string of casing to considerably over 4QOO feet deep. Afterwards 5-inch casing will be inserted and can be carried to 5000 feet, if necessary. PLANT. The plant owned by the Company is of Canadian-Galician design, and was manufactured by the Perkins Macintosh Petroleum Tools and Boring Company, Limited, St. Albans, London. It is of the strongest type and of a system which has proved most suitable to drill boreholes in the safest way, to the greatest depths, and under the most, difficult and varied conditions. In Galicia, English companies have drilled numerous wells, over a mile deep, with identical plants. Our Company has a complete set of drilling and fishing tools, which is of the greatest value in case of an accident to, or interruption of the drilling. The modern tools and appliances for the storing and handling of crude oil are on hand, and in the moment of reaching the expected production, no delay by reason of unpreparedness will occur. The Company, in view of the good prospects, is prepared for any development. In addition to two large above-ground iron reservoirs, with a capacity of 600 tons, we have a pumping plant and pipe line running to the Refinery of the Taranaki Oil Wells, Limited, where the oil can be pumped and dealt with daily. WORKING PROGRAMME—EMPIRE OIL SUPPLIERS. The opinion has been freely expressed by Dr. Bell (late Government Geologist) and many other able authorities, that the main source of oil in the New Plymouth field is found at a considerable depth, near the bases of the tertiary formation—roughly, at 5000 feet. Mr. P. G. Morgan, Director of Geological Surveys, in his report presented to the Honorable the Minister of Mines on the Ist June, 1914, says:— "Since the oil hitherto obtained is probably not indigenous to the strata in which it is found, but has migrated from greater depth, the opinion may be expressed that the main oil horizon of the New Plymouth field is at a greater depth than that to which any bore has yet penetrated." Following thes| opinions the Company has resolved to push the Blenheim Well to a depth of 5000 feet. The importance of oil supplies within the Empire, not only from an economical, but also from strategical and political point of view, justifies considerable sacrifice to secure them, and the efforts of the Company in its pioneering work should meet with the support of all who have the welfare of our Empire at heart. GOVERNMENT HELP. The Government, realising the importance of the Petroleum industry to the Dominion and the Empire, has promised to help the Company in its endeavors, with a loan on the £ for £ basis up to £26 so—that is to say, it has agreed to pay £l5O cash, and hall; the entire cost per month of drilling, material, wages, etc., until it has advanced a sum not exceeding £2650. This should be more than sufficient to enable the Company to bring the wel' to the intended depth. FINANCIAL % The financial postilion of the Company shows an indebtedness of, approximately, £2OOO. The Company's share of the cost of drilling from 3600 to 5000 feet is estimated at £2250, thus making a total of £4250. In order to provide the above sum of £4250, it is proposed to offer for allotment 5000 £1 shares carrying a preference of 10 per cent, dividend (non-cumulative). Nearly 2000 of these shares have already been applied for by the present shareholders, thus leaving only about 3000 shares available for the public. It is impossible (o make an estimate of profits for an oil undertaking in an undeveloped field, Jurithere are many occasions in the history of the oil industry where a month's production, or wen less, has covered the entire cost of drilling the well, after the proper source of oil was reached. In order to achieve this result, besides suitable geological conditions, pood tools "and a skilled technical supervision and workmanship are indispensable—we have all o£ tkese. OIL WON, REFINERY, ETC. Approximately 1,000,000 gallons of oil have been produced from the wells in the immediate vicinity of the Blenheim Well, but it has been obtained almost entirely between the 2000 and 3000 feet levels, to which, experts say, it has migrated from below. A well-equipped refinery belonging to The Taranaki (New Zealand) Oil Wells, Limited, is situated only 200 to 300 yards distant from our well, thus ensuring an immediate market for our production. Though the allotment of the above shares will provide ample funds for drilling to a depth of 5000 feet, if necessary, it is confidently anticipated that good oil may be reached at any moment, in which ease only two or three calls of 2/6 each may be required. No application for a less number of shares thanten will be received. The minimum subscription upon which the Directors may proeeed to allotment of tiria issue is 2500 shares. ; The estimated preliminary expenses of the Company was £350. The commission payable as brokerage for procuring subscriptions shall not 'exceed five per cent. APPLICATION FOB SHARES. Application for shares should be made on the form accompanying the Prospeetns and forwarded to the Secretary of the Company, together with the amount per share payable on application. If no allotment is made on any application the deposit will be returned in full, and if the number of share* allotted on any application is less than the number applied for, the batatwe of appEcstioa money wi&. be applied in reduction of the Allottee's future liability on thesham allotted. allotted; in priority of receipt of application. Dated the 3rd day of August, 1915. SsSrefeiy. ;