B.H.P. Oil Strike Fails To Prop Market

Press, Volume CVIII, Issue 31783, 13 September 1968, Page 20

B.H.P. Oil Strike Fails To Prop Market

(N.Z. Press Association—Copyright) SYDNEY, September 12. B.H.P. shares fell on the Sydney Stock Exchange today as investors apparently assessed the oil flow from the Barracouta gasfields as not being a bull point for the stock.

The price of the “big one” came down 50c to 2070 c. There was a notable lack of enthusiasm about yesterday’s news and the keenest operators were on the selling side. The Premier of Victoria (Sir

Henry Bolte) last night welcomed the oil news but declared: “We would need this kind of strike 10 times over to achieve self-sufficiency in oil.” Australia, he said, “is still lamentably short of oil, and unless we keep finding it we are only going to produce a percentage of our needs.” Activity on the mining board was boosted by the appearance of a new stock, MidEastern Minerals. Stags had a handy profit of up to 260 per cent when the 10c paid shares hit the list at 36c. The company is an off-shoot of Mid-Eastern Oil, which followed the pattern of floating its mineral interests off as a separate public company. Over-all the market was dull with activity fairly quiet. In spite of a general easing among key mining stock a few stood out with good gains. The striking issue was Great Boulder, which shot ahead 30c to 1780 c. Oil Search was again the most active of the oil issues and went up 7c to 77c in spite of yesterday’s bearish drilling report from the 1.N.1. well.