Oil and Gold

in 1954

>OTH Pacific oil and Pacific gold

\ had varying fortunes during

1954. Gold in the area is, of

Lirse, a declining industry and re-

Its obtained during the year held surprises. But oil iVent through

“boom-and-bust” phase and ends

5 year as it began it—with noth r in Australia or in Papua or New linea proved one way or the ler.

Ul Prospects In Papua - New

INEA: Hopes are based mainly on the ►rts of Australasian Petroleum Ptv., and Island Exploration Co., Ltd . find oil in Western Papua. Investors interested principally through Oil rch, Ltd., which itself has been in ssted in oil prospecting in the Terri -7 for 25 years but which, in 1937, led its majority partners Vacuum Oil Pty., Ltd., and Anglo-Iranian Oil Co., (through D’Arcy Exploration Co.), il Search’s share in the two operatin'’' ipanies is now only 10 per cent., al agh at one time it was much higher le fall in proportion is due to inability raise capital to keep pace with the enditure by the two major partners, uring 1954, interest has centred on Omati bore west of Kikori in the f Country, where, over a year ago, •e were cave-ins at 13,743 feet after t was believed to be a significant ying of high gas pressure. Fishing *ations for the drill which became ; k as a result of the cave-in were ontinued during 1954 and the hole -tracked from 11.666 feet. In ember, the side-tracked hole was 37 below the bottom of the original sd-in hole—but no additional infor lon concerning the original gas show available at end of first week in lary.

April, 1954. Number 2 well was begun >mati and this, by the end of the year reached 7,500 feet. ■ring 1955, the operating companies ct to spend £4 million on an lerated search for oil in Papua—Oil ch’s proportion of this will be 0,000 and it is likely that they will for an increase of capital to cover during the coming year, rectors of Enterprise of New Guinea 1 and Petroleum Development, which a prospecting permit over 1,650 re miles in the upper Sepik and ist * River areas (near the Dutch er) have advised that their survey i will probably be withdrawn soon rtainly no later than February—with onslaught of the wet season, i expedition under the direction of company’s New Guinea manager, Mr. . Jentzch, began a survey of the area September. iring their wet-season withdrawal, the ?any will plan the next phase of their paign. ie directors of Papuan Apinaipi ileum Co., Ltd., report that the corn ’s further application increasing to 1 square miles the area sought for lit, has been gazetted in the Territory *apua and New Guinea Government ;tte.

)Ldmining In Ng And Fiji:

uction at Bulolo Gold Dredging is cted to fall again with the close i of No. 2 dredge at the end of 1954. close down leaves three dredges still

working—No. 4 which will dredge through tailings until about the end of 1955 before quitting; and Nos. 5 and 7 which should continue in operation until mid-1959.

A profit of about 700,000 dollars is expected in the current year (ending May 81) well over 200,000 dollars less than for the previous year.

The company may distribute early in the new year, the balance of the amortisa tion fund, amounting to about 70 cents Canadian a share.

One dollar a share, absorbing one million dollars, was distributed from the fund last March.

In Fiji, Emperor Mines, Ltd., in con junction with the Loloma and Dolphin companies, will embark on a three-years developmental and exploration programme which will cost £500,000. This was announced by the general manager of the company. Mr. N. E. Nilsen. at the annual meeting in Melbourne in December.

Emperor had a profit of £106,107 in the year ending June 30, 1954—in the same period Loloma made only £7,752 from mining (and over £87,000 from investments). Barely a year’s supply of ore is available for milling at Loloma.

Mr. Nilsen told shareholders something of Fiji manganese deposits also. He said that many small pockets of high grade manganese had been found on Viti Levu—and if six or seven of them could be worked together they could prove profitable. fl When the Rev. Father Gehberger, SVD, returned to New Guinea in December following his first vaca tion home to Vienna for 20 years, he said that he had spent most of his leave in hospital with a broken hip after being knocked off his

bicycle—seemingly deliberately by

a Russian vehicle. Though an Aus trian policeman who witnessed the event gave court evidence in Father

Gehberger’s favour, the Russians

made no compensation. With him on leave also was Brother Heribert and Brother David, SVD. Brother

* Henbert was one of a large number 01 P™oners which the Japanese were transferring from Alexishaven to Hollandia during the war when American planes heavily bombed the Ehlp killin 8 prisoners' aboard r mn ”, f OUT Fiji Government Scholarships for study at Gatton Agricultural College, Queensland, have this year been awarded to Konone Ragitawa, Muthu Sami Sek ove B. Raboillku, and AL Hazelman. The first two recioients are Field Assistants with the De partment of Agriculture - the third 1S a n Assistant Sfacff; t^ o , dII Assistant Master at Ratu College, and the last, a C erlc With the Posts and Tele graphs Department.