Enterprise (NG) Issue Millie

1/- Shares

\ FTER years of battling against official i willingness to allow oil-seekers in Nt Guinea country as yet only partly under cc trol. Enterprise of NG Gold and Petroleu Development NL (the mouthful could be reduc perhaps to ENGAPED) is now really getting); move on.

The company has authorised the issue 1,038,300 new 1/- shares, at a premium 1/-. Each holder of three shares is entitled one of the new issue.

It is planned thus to raise, in Februae £103,830; and the money is to be spent in t company's special area, in the Sepik countt on a gravity-meter survey, other geophysii work and, probably, some scout-boring. 1 directors say that a geological survey in 19? proved the existence of a sedimentary fat trough, covering some 300 square miles. T 1 evidently is regarded as promising country.

Like all oil searches, it is a highly spe* lative enterprise, calling for huge funds. 1 company's present shares are quoted at I tween 2/7 and 2/9.

Sandy Creek Gold

Sandy Creek Gold Sluicing, Ltd., of W Guinea, has just issued its report for the yi' ended March 31 last. During that year, t company won gold worth £8,225, and mini operations and administrative expenses wiv just over £7,000, leaving £1,197 to go P/L Account. The company reports that was seeking a better area to be worked, acrn the river, and that it was having difficulty finding reliable European personnel. t Mr. A. D. Bonham Carter, director of Unilever, was visiting tic combine’s interests in Australia ai.

New Zealand in January-Februar.

In keeping with the magnitude the combine, Mr. Bonham Carter 6 ft 7 in. tall.