AUSTRALIAN SHARES SLIP DURING WEEK

Press, Volume CV, Issue 31023, 31 March 1966, Page 19

AUSTRALIAN SHARES SLIP DURING WEEK

(NX. Press Association—Copyrioht) SYDNEY, March 30. The Sydney stock market lost ground over the last week with the share price index falling 5.95 points.

The total average daily turn-over of 652.800, including an average daily mining turn-over of 198.810. was slightly above average.

It was announced over the last week that Planet Mining Company Pty., a fully owned subsidiary of Planet Oil Company N.L., located a number of very large base metal prospects in an extensive mineralised area in the Petermann Ranges in the south-west corner of the Northern Territory. Directors reported that a series of gossans each extending over several miles has been found. Samples containing high silver and significant lead, copper and gold values were collected. An interesting geo-chemical anomaly suggesting possible copper, lead and silver mine-

ralisation has been discovered in the rocks near an intrusive granite contact. Before the announcement sales were chalked at 17 cents; now they are selling around 25 cents. An announcement was mad* by directors of Santos, Ltd., and Delhi Australian Petroleum, Ltd., that a drill stem test of permian sands over the interval 7699 to 7802 feet in the Moomba No. 1 wildcat well flowed natural gas at the rate of 4.5 m cubic feet a day The shares jumped from a last sale of 1.50 dollars to 2 dollars The Moomba structure is an anticline, approximately 18 miles south-east of Gidealpa gas field in the Coopers creek basin, in the far north of South Australia. The last sale chalked this morning was 2.13 dollars. Business Personal Mr L. G. Hucks, managing director of BP (New Zealand) has been appointed to the board of Straits Air Freight Express. Mr A. Williams has been appointed service manager of Philips Electrical Industries of New Zealand. He will be based in Wellington.

Feit end Textiles.— Directors say that, in accordance with terms of the prospectus, closing date for applications for loan stock oversubscriptions hat been extended.—(P A.)