Pacific Islands Monthly
The news magazine of the South Pacific · since 1930
Pacific Islands Monthly, 18 June 1947Vol. XVII, No. 11

in Papua

p. 8 · Read in the full issue

Page 88

Rumoured Oil Strike in Papua

RUMOURS that drillers had struck rich oil in Papua caused a mild flutter on the Sydney Stock Exchange on June 12. Shares in the several com panies interested in oil search in the Territory rose; and one evening paper splashed the “strike” all over its front page.

Latest report from Australian Petro leum Co. Ltd. regarding their drilling operations at Kariava. Papua, is that the bore is now down more than 8,000 feet.

Developments from this stage may well be interesting, but neither oil company representatives in Australia nor the Ex ternal Territories Department has any knowledge of the rumoured strike.

Digitised by the National Library of Australia · OCR text via GLAM Workbench · uncorrected OCR, expect errors
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