Word: sumatra
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...potential has attracted dozens of companies. Union Oil Co. of California is drilling off Sumatra; Cities Service brought a rig in from Beaumont, Tex., to bore beneath the Java Sea. Others scheduled to begin exploration wells this year include Continental Oil, Phillips Petroleum, and possibly Italy's state-controlled AGIP. Last month a number of new offshore exploration contracts were signed. British Petroleum agreed to invest $8,500,000 in the first eight years of a 30-year contract. Gulf & Western Industries, the Manhattan-based conglomerate that has never been in the oil-drilling business, also signed a pact...
...northern Sumatra, military authorities illegally sell export licenses to Chinese merchants-and the licenses are not cheap...
Natomas Co. would not seem to be the ideal speculative stock. About 80% of its revenues come from the lackluster shipping industry. With its 37% stake in oil concessions in the ocean off the Indonesian island of Java, and a 68% stake in a concession off Sumatra, the company may yet become an important oil producer. But, as officials of San Francisco-based Natomas concede, no one knows how much oil will be found in either field...
...York Stock Exchange. From an early 1969 low of 34⅛, it climbed to a June high of 130½. In July it fell back into the 70s, then swiftly rebounded. An announcement by company officials that they are "formulating plans" to begin exploratory drilling off Sumatra by year's end sent the stock up 101 points in one day early last week, to 106⅜. It closed Friday at 101⅜−or about 85 times Natomas' 1968 earnings of $1.20 a share...
...orangutan-Malay for "man of the forest"-is badly in need of a helping hand. Once these big red-haired primates (an adult male stands about 5 ft. tall, weighs 150 lbs.) inhabited the jungles of Borneo and Sumatra by the tens of thousands. Today, only 6,000 or so are left. Spreading farms and logging operations have driven the survivors ever deeper into the rain forest; native hunters shoot the mothers and carry off the young orangutans for illegal sale to foreign zoos (price: as much as $4,000 apiece). To save this vanishing Asian cousin of Africa...