Registered in Papua
p. 69 · Read in the full issue
Another Oil Company
Port Moresby. May 2.
'T'HE Papuan Aplnaipi Petroleum Co. * Ltd. was incorporated under the Papuan Companies Ordinance on April 29. The company has a nominal capital 0f'£250,000, divided into 1,000,000 shares of 5/- each.
It is understood that the company in tend prospecting for oil on a concession to the west of lokea, on the Kapure River, near Cape Possession, on the old Popo oilfield, worked formerly by the Anglo-Persian Oil Co. and the Common wealth.
This area is practically surrounded by the Oriomo Co.’s oil concession No. 5.
Their area (12,000 square miles) when taken up, was exclusive (for the time being) of this reserve (the Popo Com monwealth property).
EDITORIAL NOTE; No one we have seen can explain why this area was kept out of the oil companies’ concessions, and priven to small private interests. If it is to be the subject of “a Pitt Street float,” there probably will be an outcry.
It was reported in the Melbourne Aye on April 23 that “Mr. W. Marks, a former member of the Federal Parliament, has been granted a permit to prospect for oil in Papua over an area of 75 square miles.
The permit is for 12 months, and under it the lessee is required to spend at least £5OOO on oil prospecting during the first six months of the lease and a similar sum during the second six months.”