Boom Again

Oil Search Shares Boom Again

OIL Search shares reached their highest price for a couple of years in July when the 5/-share was up to just over £l. They are the current favourite of oil specu lators in Australia and a consider able amount of London buying has helped the current rise.

Oil Search shares went up to over 30/- about 21 years ago after there were indications of gas pressure in Omati No. 1 hole, then being drilled in the Papuan Gulf Country. This hole was finally abandoned and Oil Search shares slumped.

The present rise is attributed to a reaction of investors against Western Australia oi 1 company shares plus the recent developments at another APC well at Kuru, where a substantial flow of gas, which manifested itself five months ago at about 900 ft, has successfully been sealed off. Another hole will be put

down adjacent to the first in the hope of finding out what the gas pressure means. (Was 500 ft early July).

Oil Search holds about a 10 per cent, interest in Australasian Petroleum Co. For years before the oil boom began the shares were well under the par value of 5/-.