Australian market

Press, 20 April 1982, Page 26

Australian market

Three hydrocarbon flows provided the main interest on a day when the Australian sharemarket moved lower because of a weak resource sector. At the close, the all-ordin-aries index wsa down 1.2 points at 476.1, the industrial measure firmed about a point, and the resource marker eased three points. Brokers said that the weaker energy sector re-, fleeted a fail in gold prices overseas before the week-end and a larger-than-expected blow-out in the weekly U.S. money supply figures. They added that in the last week metal issues have moved in line with the price of gold in New York and London. However, late yesterday the precious metal had risen in Hong Kong to $358.65. In the declining resource sector, two oil flows and a gas flow, from the Cooper Basin of South Australia, made little impact on prices. Merrimelia No. 8 added to a 2500 barrel-a-day oil flow in' March with a clean-up flow of 2376 bpd. The well has now been completed as an oil producer from the Jurassic Namur sandstones. Dullingari No. 23, whose brother wells have provided encouraging oil flows, produced 960 bpd from the Jursic Namur section, and Jake Lake No. 1 flowed 260,500 cubic metres of gas a day. Jake Lake flowed 21,000

cubic metres of gas in a test earlier this month. Of the oil stocks with interests in the three wells.

Santos rose 5c to 465 c, Vamgas was 6c higher 610 c and CSR, which has interests through Delhi Petroleum, was steady at 312 c.