New Caledonia Oil Sea[?]
p. 32 · Read in the full issue
Money Trouble
Holds Up
THOUGH indications of oil h been found in test bores Gouraou, New Caledonia, furl work was to be halted at the , of April pending additional final f fnn 9 0r £ s had been taken down 1,100 feet, with the last cores sh« mg signs of oil.
Mr. Pomeyrelle, geologist charge of operations, flew back bj L Alr France in April to port to the amalgamated compar interested in the operations. A ( cisipn was expected late in Ai as to whether work would be c tmued. the same time the Goven of New Caledonia. M. Hoffhc ln Paris, was pressing for continuation of the project Gouraou is about half-way ale the north-east coast. Earlier otl traces were reported in test co nea f Koumac in the extre; north-west. (See PIM, Februa P. 15). (There seems to be singular lack enthusiasm about New Caledoni signs of oil.” Similar announc ments in Australia have sent sha] skyrocketing. And shares have sb rocketed at times over Papuan dri mgs 10 times as deep as those found’ h at re f X SiBnS ° f °' lhaVe be