Papuan Apinaipi Not To

Wind-Up

i MAJORITY of shareholders at a meeting of Papuan Api ipi Petroleum Company, Ltd., on pril 2 decided not to wind up the mpany. They made this decision ainst the advice of directors who ited that the company cannot y for maintenance or assets jch less continue with the search r oil in Papua.

The company has spent about 100,000 on oil search but the deral Government refused to re w the company’s oil search per t which expired on March 31, ?ause the company failed to meet nditions laid down.

The directors were in favour of luntary liquidation last December t shareholders, led by Messrs. G. lynes and R. Richardson, were of i lopinion that the Government )uld receive a shareholders’ de lation if some specific proposal deep-testing their permit area Lild be put forward.

Fhe Department of Works and Rising Mess in Malaguna Road, haul. NG, is nearing completion.