Pacific Islands Monthly
The news magazine of the South Pacific · since 1930
Pacific Islands Monthly, 1 May 1955Vol. XXV, No. 10

[?]ati No. 1 Abandoned

p. 19 · Read in the full issue

Page 1919

G Oil Search

was announced in mid-April by Lustralasian Petroleum Co. Pty. ,td., that Omati No. 1 had been idoned. This is the hole that two years ago sent Oil Search es soaring when a drill became k at 13,743 feet after there had i signs of intense gas pressure, took well over a year to free drill and since then the hole been deepened to 14,352, deeper I which the company says it is ationally impossible to go. gh hopes were entertained — icularly by oil shares speculators at the gas pressure at Omati 1 meant something. Oil Search es (Oil Search has a minority mg in APC) rose to 32/- in , 1954, when their nominal ation for years had been around or three shillings. Their present ation is around 8/-.

Drk is proceeding on deepening ti No. 2, which had reached a h of 9,731 feet in mid-May. it mid-April a new hole commenced at Aramia, about dies west of Omati.

Digitised by the National Library of Australia · OCR text via GLAM Workbench · uncorrected OCR, expect errors
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