Horizon sales probed
PA Wellington The Securities Commission is investigating sales of shares in Horizon Oil Exploration NL made before last week’s announcement that the Kongahu 1 well, off Karamea, was dry. The commission’s chairman, Mr Colin Patterson, said yesterday the sales were being traced with reference to movements in the company’s share price. At 18 per cent, Horizon had the largest interest in Kongahu 1.
In the week-and-a-half before the abandonment announcement, Horizon contributing shares fell from a high of 18c to 9c. Options also fell during the same period, from 8c on June 21 to 4c on July 3, the day of the announcement.
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Press, 12 July 1984, Page 32
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106Horizon sales probed Press, 12 July 1984, Page 32
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