Another Million For Papuan
p. 46 · Read in the full issue
Oil Bores
TO provide funds wherewith to continue drilling for oil in Papua, the Aus tralian Petroleum Co. Pty., Ltd., in August, made a further issue of 1,000,000 £1 shares. The two big partners in APC, Vacuum Oil Co., and Anglo-Iranian Oil Co., each accepted its proportion (407,000 shares) in this new issue; but Oil Search Ltd. was unable to take up its proportion of 186,000 shares. Consequently, the 186,000 were allotted to the two major companies. The issued capital of APC now stands at £7,500,000.
As reported in last issue, the shares of
Oil Search Ltd. enjoyed a sharp appre ciation on Australian stock exchanges in August. Now, they probably will slump again.
The Upoia and Nana bores, in Papua, are being proceeded with steadily. At Hohoro, the bore has been abandoned at 4,724 feet, and another hole is being put down, under better sub-surface conditions, three-quarters of a mile further north.
The Audio-Visual Aids Division of the Trans-Pacific Film Service will make films in Australia on a new sign language devised by Mr. Charles Bliss. The film company will then suggest to Mr. Spen der that the films be used to educate New Guinea natives.