From Papua

Papuan Apinaipi Petroleum Co., Ltd.

WE are no longer searching for oil, we have found it by scout bores over an area oi 12 miles,” said the Chairman, Mr. W. M. Marks, at the annual meeting of the Co. in Sydney on November 27. ‘‘Four oil structures have been found in the Co.’s area, and in each bore traces of light oil and gas have been found. These are believed to have come up from depth.”

Cones taken from the scout bores are stated to be identical in every case with those taken from oil producing wells in Java, Sumatra and Borneo, continued Mr. Marks. With the deep boring plant leased from the Commonwealth Government, the Co. hopes to reach permeable sands where oil collects.

Mr. Marks pointed out that the scout drilling results had been achieved on the small capital of £62,500. Funds were available for drilling the first test well to approximately 5,000 ft., but further capital would be required to carry out a full programme of extended deep drilling if the undertaking was to remain an all-Australian venture. Approaches had been made by out side interests, but any proposal which the directors thought was worth consideration would not be completed before it was submitted to shareholders.

The Federal Government has granted the Co. a £1 for £1 subsidy to the extent of £lO,OOO and had also agreed to co-operate by hiring out a deep drilling plant.

In the year ended June 30 the Co. Incurred field expenditure of £10,851 and overhead ex penses of £3,297, a total of £14,148. Interest and discounts received were £ 185, Leaving net expenditure on development for the year £13,962.

The year’s outgo brought the total expenditure on development to £22,036. In addition, cost of plant, equipment, etc., is shown at £5,949, and preliminary expenses at £4,514, making total expenditure to date of balance £32,499.

Scout drilling has been carried out on an ex tended scale under the advice of the Common wealth Oil Advisory Committee with satisfactory results. Three further scout bores were put down, making four pores on the Oiapu struc ture. The gas pressure in these four bores varied from 140 lb. to 282 lb. a square inch at the surface.

Mr. Launcelot Owen, general manager, reported that, despite absence of surface indications of petroleum within the Oiapu structure, the under lying mudstone was definitely petroliferous throughout the area, and that the light gravity of the traces of oil encountered strongly sug

gested migration from depth. He stated that the area should be tested to a depth of 5,000 ft. or more, if necessary.

At the balance date, the Co. had £22,877 on hand, and £1,334 of other current assets. Out side liabilities totalled £299.

Yodda Goldfields, Ltd.

Directors of Yodda Goldfields, Ltd., have de clared a dividend of 3d. a share payable on December 18. Books closed December 11. The Co.’s gold yield for November was 83 oz. 3 dwts.

Gold Mines Of Papua, Ltd.

The annual report of Gold Mines of Papua, Ltd., issued in late November, stated that the plant was closed down on August 17 last and the staff reduced to a minimum. Prospecting work is still continuing, however, and a large body of ore has been located with generally similar physical characteristics to those of the Umuna lode. This ore body is being investigated, but the crosscut values to date are disappoint ing. Other lodes have been examined, but re sults have not warranted development.

Australasian Petroleum Co. Pty., Ltd.

Oil Search, Ltd., reports that Australasian Petroleum Co. Pty., Ltd., has been granted an

additional prospecting permit, of 1,704 sq. miles, in the hitherto uncontrolled area of Papua and adjoining the western boundary of the Co.’s present Permit No. 5. Geological investigations now in progress on Permit No. 5 will be extended over the new permit in due course.

The bulk of the drilling equipment ordered by A.P.C. has been landed at Port Moresby.

This plant, which cost £200,000, is designed to penetrate to a depth of 10,000 ft.

Cuthbert’S Misima Goldmine, Ltd.

Figures for the November clean-up from Cuth bert’s mine on Misima Island, Papua, compared with the two previous yields as follows:

(Continued Overleaf.)

Sept.

Oct.

Nov.

Mill treated, tons .. 3,341 3,208 3,260 Bullion, oz 3,331 3,018 2,914 Gold, fine oz 839 788 824 Silver, fine oz 2,407 2,170 2,030 Estimated value .. .. .. £6,856 £6,347 £6,710 Value per ton of ore 41/- 39/7 41/2 The directors have declared a dividend of 1/a share, payable December 18.

Books closed December 9.