New APC Well
p. 140 · Read in the full issue
Papuan Oil
Shares Rise
Gas Flow In New APC Well
WHEN news of a gas flow in the new Australian Petroleum Co.’s well at Kuru, Papua, was re ceived on January 11, Oil Search shares rose from an overnight level of 9/9 to 13/3 in Sydney and by January 16 were over 16 -.
The new well at Kuru was spudded in only on January 1. On January 10. APC advice was to the effect that the well was drilled to 449 ft,
to which depth 181 in. casing had been cemented. Apparently, however, the drilling had been carried on for another 500-odd feet —the gas is re ported to have manifested itself at 998 feet.
APC has stated that the signific ance of the gas cannot be de termined until the hole is put in “satisfactory condition.”
It has been stated that gas is escaping not only from the well head, but from cracks in the ground around the site. Port Moresby speculators radioing orders to Sydney brokers started the share buying “flap” on January 11. Most of the subsequent buying has come from UK, Singapore and P-NG.
Last occasion that Papuan < search caused such excitement Australia was about two years ae when an oil drill stuck at 31,743 I after signs of gas pressure at Omsj No. 1. At that time, Oil Sean shares rose from 2/- to 32/- c July, 1954). It took a year for AH to get back to work on Omati No t —then the hole was deepened 14,000 ft and abandoned. The gsj in that instance, had meant not! ing.