Looks like it's missing parts. What's inside the secondary cylinder with the screw off ends? Can you unscrew the bottom of the other bit to put fuel in it?
I was originally thinking spare fuel in the secondary but that doesn't look to be the case, threads are too large to keep anything in and you wouldn't want that wadding in there since it's already in the main lighter (for lack of a better term). It is interesting. The elbow part is just odd with a wick like that since the flame goes up either way. Maybe it's for reaching in to light something.
I was thinking for lighting a banquet burner. But i have zero idea. Youre right. Those threads seal virtually nothing. The caps are very flimsy. I might use it light my parkimg lot on fire though.
Is the thing that looks like a flanged tailpiece (the cylinder on the left) closed at the bottom or open?
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