New Impetus
p. 17 · Read in the full issue
IN
P-Ng Oil Search
AFTER a hold-up extending over several months, operations should soon be resumed at the Australasian Petroleum Co.’s Omati No. 1 bore in Central Papua, where a drill collapsed and jammed just after the bore had reached a depth of about 2i miles, and reported ex treme pressure of gas.
New equipment from America is now arriving at Omati and the Co. reports it “expects to change the well-head early in February to en able resumption of operations for recovery of the stuck drill pipe.”
A road has been built to another Omati location (No. 2) and a site for drilling another bore is being prepared.
The discovery of oil in West Aus tralia has sharply re-awakened in terest in the Panua bores. Al though nothing much has happened in Papua for months—except of course an important extension of surveys by air operations—the shares of Oil Search Ltd. (one of the APC partners) have risen quickly in value; and even the shares of the once little-thought of Papuan Apinaipi Co. have come in for flattering attention.