An Oil Permit For
p. 129 · Read in the full issue
Enterprise Of Ng?
ENTERPRISE of New Guinea Gold and Petroleum Develop ment whose original purpose in cluded oil search in New Guinea night now be granted a permit to cover an area in the Sepik River district of NG.
Mr. W. H. Best acting chairman told an extraordinary meeting on lune 20, that the Minister for Terri fies had said that a permit would be given the company if it had sufficient financial standing and was otherwise fitted for the exer cise of its rights and obligations.
Mr. Best said that the first step was to increase nominal capital from £150,000 to £500,000.
A considerable amount of sur veying was done in the Sepik- Aitape area by Oil Search Ltd. be fore the war and directors of En terprise believe that there is a reasonable possibility of finding oil in the area in which they are in tcrßstcd This company has been asking for a permit since 1937 and has always been refused for a variety of reasons —one being that the Se pik River was an “uncontrolled area." The Minister has not men tioned this objection in his latest communication with the company.
However, oil search is an expen sive business —APC has poured millions into the ground in Papua
without producing, as yet, one barrel of oil.