Search In Papu[?]

Millions For Oil Search In Papu[?]

ANOTHER £5 million will be spent d oil search by the APC in Papua GC country during the next two years—tl will bring the total expenditure on search there to over £3O million.

Future of the venture depends considfa ably on results from three new wells tot commenced this year—Kuru this mom Morehead in April and Barikewa abc June. However, even if these wells failures the search would not necessan cease, but may be modified.

Oil Search’s investment in APC will 1 £1,944,150 when shares taken up in recent share issue are fully paid. TT means that by June, 1957. the compa will have somewhat less than a 10 cent, interest in APC.

Papuan Apinaipi’S New

Permit Area

The chairman of the Papuan Apinn Petroleum Co., Ltd., announced at annual meeting in December that company was granted last June an prospecting permit for over 8,600 sqm miles of country to the north-west of H Moresby, from about Galley Reach to Kikori River. This area (called Pen No. 23) includes the company’s old * (No. 6) of only 75 square, miles, the pen for which expired in 1952.

Main activities of the company si. 1952 have been the restoration of a pen area and achieving the financial strem necessary to undertake large-scale search. However, a field party, led J Dr. E. K. Sturmfels and Mr. R.

Mathews is now in Papua.

Enterprise’S Prospects

“Never Better”

Prospects of Enterprise of New Guii Gold and Petroleum Development NL better now than at any other time inn history.

Mr. W. L. Moss, chairman of the co pany, said this at the annual meeting shareholders in Melbourne on December!

In their oil search permit area on upper Sepik River, NG, geological evide confirmed that a sedimentary trough ex and the company’s geologists are consid ing the next step to be taken. It is < dicated that a gravity survey or ou geophysical work will be necessary.

On the gold mining side, little headb could be exoected until an access r was constructed from Edie Creek to company’s leases. This would enable ht>i machinery to be taken to the site.

P-NG Mines Dept, has promised assists;! in surveying the road. (Enterprise was formed before the T but for years was denied the righto/ prosect for oil in the Territory—in official view the company had insuffio capital to undertake the costly busiii of oil search. However, more capital raised and in 1954 the company was g§ permission to prospect an area betw the October River, a tributary of Sepik, and the Dutch border.)