Annual Meeting

Oil To Smooth

[?]E Waters

[?]rmy Scenes at Apinaipi Annual Meeting

HEN and where do we drill and how much will it cost? This was the dominant cry of share ers at the well-attended and ny 18th Annual General Meet of the Papuan Apinaipi Petro [ Company Ltd., held at 5 i St., Sydney, April 9. ter 21 hours of mounting heat recrimination from many ters, the matter was still un ved when the Press was asked eave—some matters of an in iting and confidential nature about to be presented to share srs. i this intriguing note the Press rted, leaving the majority of eholders agreed, on a show of Is, to see this issue through the Vernal dissension in the direct ; became apparent in March,

when Mr. R. Richardson, of tne Board —who is credited with pre venting the liquidation of this com pany at an earlier period—issued a circular to shareholders criticising the Board for procrastination.

As a result of this action the Board recently passed the following motions: (1) that the appointment of Mr.

Richardson with the Company as Research Manager be terminated, and (2) that the Board has no con fidence in Mr. Richardson as a fellow Director, and it is the ex pressed wish of the Board that he resign.

But Mr. Rupert Richardson chose not to resign, and, at this meeting, following a resume of the recent findings and present attitude of the technical consultants to the Com pany’s oil claims, the chairman, Mr.

B W. Graham, asked Mr. Richard son to present his views to share holders.

For close upon one hour Mr.

Richardson proceeded to do this. In his long, historical survey numerous personalities received honourable or

dishonourable mention and there were implications of possible political and international activities behind the scenes.

Mr. Richardson’s contention appears to be that the wealth of material now available as a result of the use of every known method of technical survey over 30 years could not be improved upon and that nothing should now stand in the way of action on the spot—but which spot, and when and how, Mr.

Richardson did not state.

The Board, too, says that drilling should proceed as soon as possible— but, by the nature of the Permit issued to the Company, they con tend that they must take the advice of its consultants and comply with additional specified surface surveys to secure the Commonwealth Gov ernment’s OK to drill.

The presence of Mr. Richardson on the Board was, the chairman claimed, an embarrassment to this end, which made it clear, as a share holder pointed out, that the re-elec tion of Mr. Richardson to the Board would not resolve the present stale mate.

Therefore, said another share holder, the whole Board should re sign and another be elected in its place. But his motion was drowned in a storm of interjections.

One fact emerged from this un resolved turmoil: While Mr. Richard son has got across the necks of the Board and others by his methods, he has a considerable body of share holders behind him.

He wants “oil for Australia” with out more ado, and that is what the shareholders want, too.

Result of the election of directors was announced some days after the meeting. Mr.

G. H. R. Jones replaces Mr. R. Richardson.

Other members are Messrs B. W. Graham, G. F. Gregerson, L. F. Nix, A. E. Prince, and F. A. Mackell.