"Carry On"
p. 23 · Read in the full issue
Oil Search Will "Carry On"
i, announcement at the begin i of February that Oil Search carry on the search for oil in ua with an 80 per cent, interest 1 PC, while the big partners in * will retain a 20 per cent, in st, was some relief to Papuan lents —but did not entirely put n out of their misery.
JCE 1938, the Australasian Petroleum Company and its as sociate, Island Exploration Co.
Ltd., have spent £34,000,000 on search for oil in Papua—most of nee the end of the war. 1 this money flowing in to aa, which is poor in natural re ces and is responsible for only it 25 per cent, of the combined G Territory’s export income, has ed this half of the Territory mously. le big partners in APC, until February announcement, were Standard-Vacuum groups and ish Petroleum. They held 85 per . of the shares. Oil Search, an ;ralian company, held the rest.
Increased Holdings
1 Search Ltd. will now increase holding to 80 per cent., by a zt transfer of shares from the others (although how this is to inanced is not clear). 1 Search will also take over the 3tion, management and control ;he two exploration companies will nominate three of the five itors on their boards. 1 these decisions were reached irinciple at a meeting of the e partners in London in Jan ’, and speculation as to the re of the company has been in Papua since it was known the last well at lehi, drilled , depth of 10,000 ft, had pro d plenty of gas but no trace of the time of the announcement, Search Ltd. had about £A1,000,000 land to finance its share of re oil prospecting. Now, until company can reorganise itself ?r the new conditions, all drill has ceased, field personnel have l reduced to a minimum, surplus pment and installations will be ised of, and the company is con ng with its geological advisers, yer and MacNaughton, of Dallas, is about its forward plans, the meantime although the big ners of APC, and the big ey they represent, have gone or going from Papua, many people, Tts and otherwise, still maintain there is oil in Papua, ley probably are right—but doesn’t help matters if no one find it.