Oil Search
p. 140 · Read in the full issue
Cost Of Papuan
Is Ten Millions
By mid-January, the test bore by APC interests at Omati, in Western Papua, was down 12,162 feet—which is well over 21 miles.
The oil-seekers now are trans ferring the burden of their tests from deep-bore sinking to an air borne magnetic survey. A party of Canadian geo-physicists arrived in Moresby in January, and are about to use the latest scientiific methods in surveying Western Papua from the air.
Up to the end of December, thei two companies concerned (Austra lian Petroleum Co. and Island Ex plorations Co.) had spent no less; than £9,500,000 on their search for oil in Papua. They propose to spend another £1,200,000 in 1953.