Oil Boom Lifts Stock Prices In Sydney

Press, Volume CI, Issue 30004, 13 December 1962, Page 23

Oil Boom Lifts Stock Prices In Sydney

(N.Z. Press Association—Copyright)

SYDNEY, December 12. A new oil boom has been very much the highlight of trading on the Sydney Stock Exchange this week. On Monday the Associated group reported the presence of oil and gas in its Sunnybank No. 1 well near the oil search town of Roma in Central Queensland. On Wednesday this oil ex-

ploration group announced that in a 34 minutes drill stem test, clean 43 a.p i. gravity oil flowed through a §in coke at the rate of 600 barrels a day. Associated Australian Oilfields rose from 12s 6d on Friday to close at 23s 6d on Monday, 28s 6d on Tuesday and around 33s on Wednesday. A peak of 35s was reached on Wednesday. Associated Continental Petroleum, the small company in the group with its 5s shares only paid to Is, had the highest turn-over in the group but in monetary terms Associated Australian had easily the highest turn-over. H. C. Sleigh Up Is

Approximate gains by other companies in the group from Friday to Wednesday were as follows: Associated Conttnental, 4s 3d (up 2s 7d), after a peak of ss; Associated Freney, Ils 3d (up 7s 3d), peak. 12s; H. C. Sleigh, 12s 6d (up Is), peak, 12s 7d; Interstate Oil, Ils 6d (up 4s 3d), peak, 12s; and Papuan Apinaypi, 7s 3d (up 4s), peak. 9s A.O.G. added further interest to the oil market on Wednesday when a successful production test was completed at Moonie No. 10, the tenth successive “wet” bole at Moonie, which is southeast of Sunnybank. The investment market has been overshadowed but has made a sound advance, with A.C.I. at 66s 6d particularly impressive. Amalgamated Chemicals, which expects to receive a cash take-over offer, jumped 4s 6d to 22s 6d’ on Wednesday. On this basis the offer will need to be well over the £8 million mark. Fire Fighting Equipment, Ltd., has broken off its negotiations with an overseas group.