Oil strikes fail to stimulate market

Press, 15 April 1980, Page 36

Oil strikes fail to stimulate market

News of promising oil strikes in South Australia and Queensland were among the few bright spots on Australian stock exchanges yesterday, but drifting gold prices and rising interest rates continued to subdue trading. . Hartogen Energy led the resources sector with a 30c gain to 310 c after reporting a strong oil flow at its Kincora No. 18 well in Queensland’s Surat basin. The Hartogen announcement estimated a flow of between 250 and 500 barrels a day; Santos finned 10c to 710 c after reporting a 320barrel flow at its Dullingari No. 4 well, in the Cooper Basin.

However, the news failed to rub off on other oil stock-6; Woodside slipped 2c to 190 c despite an announcement that the company had awarded contracts which will bring the North West shelf gas project closer to production. - -- Gold shares were largely ignored until early reports from Hong Kong indicated a

slight firming of prices, but gains were few, led by Emperor Gold’s 10c rise to 155 c. Elsewhere, major stocks moved in a narrow range, although a 10c rise by BHP to $12.00 indicated the market leader’s return to favour

; after the failure to deliver a ' widely predicted bonus issue, i Sellers continued to punish the diamond sector ! for the Ashton joint ven- , ture’s disappointing quarterly • report, and marked down • Ashton shares another 5c to ■. 230 C.

AUSTRALIAN SALES

Industrials.—Amatil, 210; ACT, 200; Aust Fert, 145; AGC, 138; Acmil, 88; Ampol Pet, 100; ANZ, 425; APM, 158; Assoc Pulp, 180; ARC, 150; Assoc Props, 102; Advertiser, 160; AWA, 312; Bundaberg, 250; BHP, 1200; Brambles, 190; BMI, 144; NSW, 290; Boral, 235; Burns P, 228; Carp, .170; CBA, 272; CBC, 275; Clyde, 252; Comalco, 475; C’maine, 300; Coles, 181: CSR, 500; Containers, 270; Com Union, 110; CUB, 181; Dunlop, 78; Elders, 260; EMI, 110; Email, 126; EZI, 600; Fairfax, 142; Fiji, 250; Gen Prop Trust, 148; GUD Bids, 200; Hardie, 380; Hooker, 99; Hanimex, 120; Humes, 125; Herald, 230; ICI, 232; Ind Equity, 240; Jennings, 90; D. Jones, 127; Lend Lease, 335; LNC, 180; Lifesavers, 225; Mayne Nick, 185; McPhersons, 130; Monter, 70; P. Morris, 455; -Mauri Bros, 80; Myer, 162; Nat Bank, 247; News, 210; Nylex, 102; NZ Forest, 235; Oakbridge, 320; Olympics, 99; Pion Cone, 185; Pion Sugar, 295; Protector, 235;, PetersviUe, 122;

[, QBE Ins, 175; Repco, 104; RothI; mans, 245; Sleigh, 107; H. Smith, 740; Swan, 177; TNT, 225; Tooths, l; 200; Union Carbide, 250; Waltons, I- 57;' Wwths, 146; Wormaid, 305. l " Mining.—Aberfoyle, 582; Aust '• Dev, 95; Allstate, 130; Ashton, ’ 230; BH Sth, 410; Bougainville, 4 335; CJH, 290; Cent Norse, 610; 4 CRA, 495; Carr Boyd, 40; Em- • peror, 150; Gem Exploration, 55; •« G M Kalg, 420; Gold Copper, 105; ;• Hamersley, 360; HUI 50 Gold, 57; 1 Hath Inv, 514; Mid East, 17; 5 Metals Ex, 120; HIM, 410; MKU, 4 90; Nth BH, 280; Nth Flinders, ’ 140; Pancont, 560; Peko, 710; Poseidon, 225; Qld Mines, 560; 4 Queen Margaret, 29; Robe River, ’■ 110; Southland, 35; Tasminex, 65; ? Utah, 405; Woodsreef, 4; WMC, ;» 380; wesfralian, 23. ; Olis.—Ampol Ex, 175; ADD, 45; AOG, 135; Beach, 115: Bridge, i; 265; Hartogen, 310; Oil Search, i; 22: Sth Pac, 1350; Santos, 700; i; Stirling opts, 10; Timor, 15s Vam- !; gas, 330; Woodside, 191.