Oils fire Aust. market

Press, 2 September 1983, Page 8

Oils fire Aust. market

Preliminary indications of oil in a relatively unexplored region off the coast of the Northern Territory triggered keen interest in the oil and gas sector of the Australian sharemarket yesterday. The energy issues led a broad market advance in renewed busy trading. Major attention was focused on partners involved in Jabiru No. IA, the exploration well off the coast of the Northern Territory, which excited the market with the mid-morning announcement that a test had indicated the presence of hydrocarbons. The announcement, although based on the result of a wireline test only, generated considerable excitement as the well is located in a relatively unexplored region, according to market analysts. BHP, which holds a 50 per cent interest through its wholly-owned subsidiary, Hematite, subsequently rose quickly, to close 35c up in Sydney and 40c in Melbourne.

Weeks Australia, which holds a 10.31 per cent interest, gained 11c to 55c in Sydney, and 19c to 62c in Melbourne. Its options, after rising as high as 33c, closed 12c higher at 26c in both major centres. The news from the Jabiru well also prompted sympathetic gains by oil and gas explorers without interests in the permit area. In Sydney, Vamgas, Crusader, Claremont, AOD, Santos, and Woodside firmed.

In the mining sector, Western Mining fell 18c after announcing a sharp decline in earnings and a ?Aust24sM capital raising plan.

MIM, which yesterday reported a strong earnings improvement for the latest trading year, gained 2c. Some gold stocks posted further good gains, in spite of the easier world bullion prices, because of enthusiasm over rumours of a promising find by Metana at its Beacon’s prospect in Western Australia.

Metana, whose directors had denied knowledge of any new information which could explain the 60c gain on Wednesday, yesterday overcame a shaky start to surge further ahead. After falling 10c at the opening, Metana recovered to close 5c higher in Melbourne and 10c up in Sydney. On the industrial boards, Oakbridge fell after reporting that its profit declined 12.3 per cent to sAustB.B million in the year to June 30.

Brambles also finished 5c higher, at 265, ahead of the announcement that net profit rose 6.9 per cent to sAust3o.6 million in the year to June 30.

Industrials. —ACI, 159; AGC, 228; ANI, 275; ANZ, 488; APM, 221; AWA, 390; AdelStm, 340; Amatil, 270; Ampol, 175; Ariadne, 34; BHP, 1175, Boral, 320; Borg-W, 220; Brambles, 265; Bundaberg, 340; Burns P, 270; CSR, 423; CUB, 285; Carp, 260; Carrier, 115; C’maine, 415; Clyde, 165; Coal All, 420; Coles, 335; Comalco, 325; Dunlop, 132; EZI, 620; Elders, 420; Email,

125; Forestwd, 230; Gen Prop, 174; GGotch, 210; Hanimex, 58; JHardie, 400; Hooker, 131; Humes, 142; ICI, 210; IndEquity, 350; Jennings, 170; DJones, 280; Kern, 68; LLease, 495, Life Savers, 300; MLC, 980; Mayne Nick, 295; McPherson, 120; Monier, 160; PMorris, 450; Myer, 160, Natßank, 336; NatCons, 103; News, 900; Oakbridge, 137; Pion Con, 165; Repco, 121; Sleigh, 106, HSmith, 415; Soul, 740, TNT, 207, Tooth, 410; Walton, 51; Westpac, 325; Woolworth, 252; Wormaid, 323. Mining.—Aberfoyle, 910; Allstate, 65; Ashton, 158; AustDeev, 70; Bouganvle, 297; CentNorse, 830; CRA, 608; Carr Boyd, 160; Fmperor, 360; ERA, 186; GMK, 1250; GemEx, 11; Gold Copp, 60; Hill 50, 58; MIM, 450; Mary Kath, 53; Metals Ex, 90; NthßH, 323; NthFlndr, 175; PancontMin, 175; Paringa, 125; Peko, 776; Placer, 2350; Poseidon, 610; Queen Mary, 26; Renison, 500; Robe Rivr, 220; Sthland, 38; WMC, 480; West Sand, 125. Oils.—AOD, 100; AOG, 140; AmpolEx, 355; Beach, 29; Bridge, 326; Hartogen, 320; L’reach, 13; Magellan, 320; Magnet, 7; Mid-East, 95; PancontPet, 39; Santos, 820; Timor, 6; Vamgas, 400; Woodside, 135.