[?]L Search Has A

[?]Opeless Look

‘sistent reports that oil-drilling ipua had finally failed —which the shares of Oil Search Ltd. ling down to 1/7 oti the Aus n Exchanges culminated on iry 7 in an unofficial hut “in id” statement that Australasian leum Company probably would ttinue its search in Papua; hat a final decision would be in London soon.

TISH Petroleum and Standard acuum together hold 90 per jnt, of the shares in APC— ther 10 per cent, are held by ustralian Company, Oil Search re have been many indications in Papua. The big companies spent about £34 millions and ars on a drilling programme, sets sometimes were good— imes very bad. They had lly decided to withdraw in idien a drill tapped an enorm servoir of gas; and later a flow at Puri. most hopeful recent signs it lehi bore. It was APC’s 17th Dore —but it was finally added e unvarying list of failures, bandoned late in December, it had gone to 10,000 feet. le drilling has been going on ;ars in Australia and in the -West Pacific generally, not ell has ever been brought in •itish territory in this area, was one reason why the APC led so long in Papua after apparently had faded. re are said to be good oil cts in the Trustee Territory v Guinea; but the trusteeship discourages big enterprise i if British Petroleum and ird Vacuum withdraw, it is e that an effort will be made J Australian Government to some smaller concerns to ae drilling. Papuan Apinaipi Australian company—is still I modestly in limited but ing country, several years, APC has spent rage of about £2 millions per l on the search for oil in and maintained a very big lere. Cessation of this enter vill give Papua’s economy a jolt. rman of Oil Search Ltd., Mr.

Cater, said on January 7 that ected British Petroleum and rd Vacuum to withdraw from but his company would con he search.