Poor Horizon debut analysed
PA Auckland The disappointing sharemarket debut by Horizon Oil Exploration, NL, on Wednesday was probably caused by many investors being over-committed, said a Horizon Oil director, Mr Michael Fay, yesterday.
The shares had been under strong selling pressure from people who could not really afford them.
Horizon was not a oneday exercise in sharemarket trading, but a company
formed for oil exploration, he said. The market for oil shares was also going through a shakedown period and it seemed that the last issue to arrive was quoted at the lowest price. On an analytical basis, there was no way Horizon shares should be the cheapest.
Horizon is one of the interest holders in the MokiI well to be drilled by Benreach.
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Press, 21 October 1983, Page 12
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125Poor Horizon debut analysed Press, 21 October 1983, Page 12
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