and industry

Pacific Commerce and industry

Stralasian Petroleum Co. Pty., Ltd.

Island Exploration Co. Pty., Ltd

ess in the search for oil has been made >llows—Kuru No. 2: The hole has been ed back to 4,420 feet and deviated, sidetracking hole has been drilled to feet. This operation became necessary caving formation caused the drill pipe lick with the depth at 5,838 feet and all attempts to free it had failed, ewa: The depth remains unchanged at feet. The hole has been enlarged to inch prior to running 16 inch casing, lead: Has been deepened 306 feet to feet. i Papuan operating companies might ily effect a reduction in the 1957 budget 1,500,000, said the chairman (Mr. E. F. i) at the annual meeting of Oil Search Oil Search Ltd. has a 10 per cent, ist in Australian Petroleum Co. Total ex ture up till then was more than 00,000, most of which was subscribed le company's partners, British Petroleum and Vacuum Oil Pty., Ltd. The current was expected to produce £687,000. ;ompany would then have sufficient funds ts 1957 contribution of about £450,000, \o provide its quota of expenditure well 1958. $ $ %

Ferprise Of New Guinea Gold And

)LEUM DEVELOPMENT NL.—The company t further delays in its search for oil ie Sepik River region of New Guinea, the chairman of directors (Mr. W. L. at the annual meeting, the company could take some solace the fact that the history of all Aus ian oil search projects had proved r and more cumbersome than expected.

' of time had been lost because of the nely dry season. > Sepik had fallen below navigable In spite of this most of the gravity survey was completed before the wet i came. The core drilling programme, rer, had not made the progress desired, tuld have to be continued later when the icr was better. ing the year the company spent £54,611 il exploration including other charges; 42 of this represented capital expen !. Gold Mining; The adits driven at ig levels had not yet yet confirmed the given in the 1955 report that the rich r discovered earlier appeared to be a of a much larger goldbearing formation. * * *

N Guinea Goldfields Ltd.—December

ction; Golden Ridges Mill, 974 ozs fine and 914 ozs fine silver from 3,050 tons ial treated. Golden Ridges Alluvials, 65 ne gold. Koranga Alluvials, 189 ozs fine from 125,155 cubic yards. Tributes, 105 ne gold. Timber, 104,920 super feet. ❖ * *

Rfolk Island And Byron Bay Whaling

LTD. —This company's shares were called lie Sydney Stock Exchange for the first on December 20. The issue of 420,000 liares was rushed by investors when the any was floated in September. The shares since been split into 5/- stock units, company's Norfolk Island subsidiary My reported a successful first season. ❖ ❖

. Drilling And Exploration Ltd

company plans to acquire an interest imor Oil Ltd., which was formed to re an area in Portuguese Timor. The company was formed in Sydney tly with a nominal capital of

•0,000 in 20,000,000 5/- shares. The man of Oil Drilling (Mr. J. Kruttschnitt) that Oil Drilling would be manager drilling contractor for the new venture, as now operating, or had command of, he deep well rotary drilling equipment Australia, except one rig in Victoria, company's outlook was brighter than iome time. * * *

Ndy Creek Gold Sluicing Ltd

g November about 110 ounces of gold recovered from about 12,000 cubic of material treated. r. Bert Henry, of the Postal

artment, Fiji, was spending part

iis leave in Sydney in January

ruary.