Page 3 Advertisements Column 1

Wairarapa Age, Volume XXXII, Issue 10606, 12 April 1912, Page 3

THE SUBSCRIPTION LIST IS NOW OPEN. IT WILL DEFINITELY CLOSE ON OR BEFORE WEDNESDAY, 24th: APRIL, 1913. ABRIDGED PROSPECTUS THIS PROSPECTUS IS BEING ISSUED IN GREAT BRITAIN, NEW ZEALAND ANITAUSTRALIA. A (Copy of :tilii& Prospectus 'has Leon filed with the -Registrar tof Joint Stock Cbmpaiiies. The TARANAKI (ZEALAND ) OIL WELLS LIMITED. Incorporated under the Companies (Consolidation) Act, 1908, of Great Britain. Capital, £400,000 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 PER SHARE UPON ALLOTMENT. And the (Balance m and when required in Calls mot exceeding- 5s per Share, at-Intends of not less than three months. Oif lie above issue Subscriptions for 150,000 "Shares -are G-uaranteed. After payment of tt'he cash portion if 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 of the Oompa.iy. •41,000 Shares are held in reserve for issue to provide further "Working Capital if and ;when a'equi-red. LONDON BOARD OF DIRECTORS: THE EA/RIL OiF RANFURLY, G.C.M.C. (Chairman), (Chairman London Board, Colonial Mutual Life Assurance Society, Limited), 33 Lennox Garden®, London, S.W. • : 'MAJOR DUDLEY ALEXAiNDER, C.M.C., 6 Sit. James Place, London, S.W. ; JOSEPH BRAILSFORD, (Chairman, Ebbw Yale Steel, Iron and Coal Company, Limited, and Hudson's Consolidated, Limited), Leesons, Ohisilehurst. , : - ' ANDREW L. HO(RNE,R, ,'K.C., M.P., 34 Fitzwilliam Place, Dublin. ADVISORY BOARD IN NEW ZEALAND. C. CARTER. (Chairman Taranaki Petroleum Company, Limited), Devon Street, New Plymouth. H. J. OKEY, M.P., New Pijimoutli.,: i TECHNICAL ADVISOR: J. D. HENIRY, 4 London "Wall .Buildings, London, E.C. BANKERS: PARIf'S BANK. (LIMITED. 52 Threadneedle Street, London, E.C. TH.E BANK OF NiEW ZEALAND, 1 Queen Victoria Street, London, E.C. LONDON SOLICITORS: ALLEiN EDWARDS AND OLDFIELD, 16 Eastcheap, London, E.C. NEW ZEALAND SOLICITORS: GOVETT AND QUILLIAM, -Devon-Sitlieet, New Plymouth. WESTON AND WESTON, Broughmm. Street, New Plymouth. * BROKERS: HARRY FRANKLIN AND CO.. 23 Austin Friars, London, E.C. AUDITORS: DELOITTE PLENDER GRIFFITHS AND CO., 4 London Wall Buildings, loidou, E.C. SECRETARIES AND REGISTERED OFFICES: THIE OIL TRUIST,; Limited, 4 London Wall Buildings, London, E.C. • ....... j a OBJECTS.— This Company lias been formed for the primary pm-pose of acq,wring and operating the "Boring rights -of The Taranaki Petroleum Company, Limited, over provedand oil-producing <land6; and near .the seaport of New Plymouth, in Taranaki, North Island, New Zealand. The Company awyuiree 'the oil-producing rights ©vesr property int tidewter, a drilling and operating equipment, and boring rights itfcree separate Preserve territories carefully selected-' as' the result <sff ex,pert : advice founded upon indications of oil and gas. The total area over which boring rights extend is, approximately,'4,Boo acres. ,} ' . : : ' GOVERNMENT SUP.POiRT, AND BONUS OF £10,000.—-The' Government lifl-s from time to time made offers of £IO,OOO, allotted as (follows: (a.) £2,500 to 'be paid on" proof being submitted thatmot less than. 250,000 gallons of marketable crude.oilrlrais .been won; (:b) £2,500 on 500,000 gallons(c) £2,500 on-1,000,000 gallons; (d) .the balance of £2,500 to be paid tortile person or company who first produces, by liis or its own refining plant, 500,000 gallons of refined- miner al oil; the: first claimant giving necer.3a.ry proof is to receive respective bonus. '.. PRELIMINARY OPEiRIATIOiNS. The Taranaki Petroleum Company, Limited, Biimiwbam, Street, New Plymouth,New Zealand (nominal capital £150,000), .was formed in 1903. Five wells have been drilled oil the property to be opera ted by this Company; in three of (these oil was secured under conditions fully described in the reports of the expert's. • A fourth .well has now struck oil; a recent telegram announces -tfotat the wells are at present flowing at the rate-of 360 bari*els per week; In order that the pioneers might benefit by the Government- bonus (above referred to), oil lias been allowed to come to the surface by natural flow. On May lltli, 1911, the pioneer Company wais paid tlie first instalment {£2,500)■ of the bonus on the production <of 250,000 gallons of "marketable crude oil." iEXPERTS'. REPORTS. — The British Empire Oilfields, Limited, having received most encouraging reports on the properties, commissioned Mr J. D. Henry to conduct-"investigations. This .gentleman had the assistance of welHunown New Zealand expert®, and associated with him in the professional work done in connection with these properties is Dr J. M. Bell (Messrs Bell and Eraser), who was, until recently, head of itihe Geological Survey in New Zealan I '. One statement made.iby Mr Henry reads:— "* !'The property, in a imore conspicuous degree than any other of-which -1 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 lias production, oil -which, as analyses show, is of the very highest quality, and a position at tidewater "ensuring the easy and economical delivery of plants and export of the crude and refined products." Dr Bell, 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. Of prime imporance in- the lijjhlt,of present knowledge are the properties covered by this report, including as tlliey do the Moturoa block, -which fringes New Plymouth Harbour and encloses wells yielding petroleum of the'highest quality, These oil properties, which possess great. potential 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 1 position whidh the Dominion iholds both from commercial and defence standpoints, possesses .unique -advantages; and tlie more extensive exploitation of your -Company's (holdings' affords a most promising enterprise for the investment of capital." FUTURE -OPERATIONS.— The primary objects of this Company will be: (1) Tiro erection of an up-to-date .Refinery. (2) The immediate despatch (to New Zealand of an expert, drilling staff. (3) The immediate drilling d additional wells on the proven property. (4) The gradual development, of .the reserve territories. -(5) Tlie organisation of an oil tsales 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 tlioroughly experienced management. The Minimum Working Capital fjguaranteed by the Vendor Company under .contract No. 3), will, in the opinion of the Company s technical advisors, enable this Company to carry out the above 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 per day, is £23,<)(!0. As the output is increased this refinery can be added to without any disturbance of tlie original erection. - i •pF.THE OIL.— Oil from the wells has been analysed 'by Messrs' A. F. Craig and Co., of Paisley, Sootland. Tlie conclusion of their Report reads as follows a ; crw * e Petroleum 0 f itlie most excellent quality botih ,ns regiards the market value of tlie products obtaiiw'd from it and tflie purity iand character of these products themselves. The petroleum is easily handled and 4 'P aTa ® n c ® n . he extracted direct from the heavy oil from the first distillation luthoiit. any chemical treatment whatever, and as of exoellent colour and crystalline structure. -'"Tlif* r - ? first-class quality, m-ater-white,: and of good smell. - in (P ur % closely resemble® the old pure PennSylvairian petroleum, but greatly excels it in the extraordanaoly high proportion of sohd paraflto wax Widi it vie-klis '• are -aware of no natural petroleum which has found to be so well In this valuable product." • Plots on which the wells have been drilled lare, on. their western boundary, wharves and breakwater ° Ur ' A public mul m,d !' t3l ° Brmvh raihvay connecte NeW o f the field to.tho harbour, tlie land gradient, and the depth of .vatei at the loading point e-nabk us to say that the .property has unsurpassed positional advantages," "<>xinor+ e hn l^ ie Dominion ensures operators an unassailable home market, -oil resources con be developed'regardless of foreign operatic r * Wph,S oi) P rotlllced - lllieref<)re these Mr Henry concludes his (Report upon the properties as folj ows . - i "The entire proposition can be recommended on the invmml +.ln+ ;+ , • -, ~ , the production, refining and marketing of petroleum under of the most progressive Cofonies of the tllG most and trading conditions m one The Company will pay a .brokerage of sixpence per share „ n a n Shares plotted to oersons other than sub-underwriters on application forme, teanng a broker's stamp, ; to,pcisoiib ouiei viu\n suu uuu€iwuw.i.s ■ - \ The preliminary expenses arc estimated at £6OOO, inclusive 0 f payment payable to the British Empire Oilfields, Limited, but exclusive of brokerage. . ' 1 IT IS INT-ENDED TO ESTABLISH A NEW ZEALAND REGISTER OF SHAREHOLDERS IN DUE I»UUHS£ # Dated this 28th day of March, 1912. APPJjTCAITONS FOR SHARES 1 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 MESSRS C. C. ROSS AND CO., Masterton, and by- M CU.MP.fINi, THE PRINCIPAL SHAREBROKERS THROUGHOUT THE DOMINION. Special note.— Since the Prospectus- was printed SIR GEORGE CLIFFORD, Bart. Stonyhurst, OHiRJ.STOHUiRCH, and , SIR JOHN LANE HARRINGTON. K.C.M.G., Chairman of the Oil Trust, Ltd., LONDON, . * laTe consented to join the 'Board, of Directors after allotinejitjp t J : ' ' ..J,- k:'. _ fL--...