Stir Over Papuan Oil

Search Drill Development Starts Sharp Share Rise

WHEN the APC bore-hole in Papua reached a depth of 13,743 feet (officially described as the deepest hole in the Southern Hemis phere) there were sudden develop ments.

The official bulletin says that “the circulating mud fluid became gas cut, with development of pressure at the surface and, subsequently, the hole caved in, causing the drill pipe and bit to stick.” The Co. added: “After the drill-pipe has been re covered, operations will be under taken to establish the significance of the occurrence.”

To the man-in-the-street, this was more or less meaningless. But it apparently meant a great deal to the many speculators who have been feverishly watching the ex pensive oil search over the years.

Within a few hours of the announce ment, the shares (nominally 5/-) of Oil Search Limited (which has a modest interest with the big over seas oil companies in the enterprise) began to jump. They had been around 2/-; within a week they were quoted in Sydney and Mel bourne at 4/-, and still rising.

As the years pass without success, and the big companies pour more and more millions into the enter prise, the share of Oil Search Limited in the total capitalisation becomes relatively less—hence the market quotation for Oil Search shares has slowly declined. It was 5/- in December, 1949.

IT P l '- J. Austin, who retire alter long service as medical supei intendent, Makogai Leper Static] has been appointed a member c the Lepers Trust Board, which dis tributes funds, raised by publi donations in New Zealand, amon French and British leprosy hospi tals in the South Pacific