Sharp Rise In Oil Search

Shares

THERE was a sudden rush on the shares of Oil Search Ltd., on the Australian Stock Exchange at the end of July.

Oil Search has about an 18 per cent, interest in the Australian Petroleum Co., which is conducting oil-boring operations in Papua.

AP is largely owned by Vacuum and Iranian Oil interests; and as the latter have already spent a huge sum in the search for oil in Papua, it is assumed that they will not abandon the effort while the slightest hope remains. For that reason shrewd investors think that Oil Search shares should be at least worth par (5/-) but in recent months they have drifted down to about 3 —probably the result of constant disappointments re ported from the bores in Papua.

The report got around in July that heavy orders for the purchase of Oil Search shares at 3/- or 4 - had been re ceived from the men on the boring opera tions in Papua, and a buying boom en sued. The price jumped to par—and someone somewhere apparently made quite a pretty cleanup. Meanwhile, bor ing operations proceed steadily in Papua and there has been no sensational de velopment.

Directors of Papuan Apinaipi Petro leum Co., Ltd., are seeking renewal of their permit, which expires on September 30. The permit covers a small area west of Port Moresby—really an island in the large area over which the Australian Petroleum Co. has boring rights. Apin aipai directors say they want another £600,000 to continue their boring pro gramme: but in view of threatened war time difficulties, their immediate plan is to spend about £8,500 (all their remaining funds) in keeping their leases in good order.

Mr. L. Costin, general sales manager of International Correspondence Schools (A/asia) Pty., Ltd., arrived in Suva from Sydney by air on August 15 and is stay ing at the Grand Pacific Hotel, Suva, for four weeks. The purpose of his visit is to service existing ICS students and to enroll others; and also to confer with Fiji Government officials concerning "the introduction of new forms of education by correspondence, under which selected students will be sponsored by the Govern ment for enrolment in modem technical education courses.