MINING SENSATION

Evening Star, Issue 19408, 17 November 1926, Page 5

MINING SENSATION

AUSTRALIAN OIL COMPANY . SHARE QUOTATIONS SUSPENDED ACTION BY MELBOURNE STOCK EXCHANGE. Press Association—By Telegraph—Copyright MELBOURNE, November 17. ‘ (Received November 17, at 9.30 a.m.) A sensation has been caused in mining circles over the suspension of shares in the South Australian Oil Wells Company from the official list of quotations on the Melbourne Stock Exchange, as the result of two reports on the company’s land at Caroline, South Australia, not being sent to the exchange. According to a statement made by the Director of Geological Survey, excerpts Item, the reports were posted regarding the department’s analysis, which action he declared was not fair. He added that no oil had yet been discovered by the South Australian Oil Wells Company in the Glenelg River district. Samples sent to the department showed that no natural oil had occurred.

TO BE REINSTATED. AN ERROR OF JUDGMENT. MELBOURNE, November 17. (Received November 17, at 12.10 p.m.) Following a conference between the committee of the Melbourne Stock Exchange and representatives of the directors of the South Australian Oil Wells Company it was officially announced that it had been decided to reinstate the shares of the company on the official list of the Exchange quotations. The chairman of the Exchange made a statement that after hearing an explanation by one of the company’s directors, the committee of the Exchange considered that the directors had made a serious but honest error of judgment in not .disclosing for the information of the shareholders the result of the analysis immediately on its receipt. In view of the circumstances and on the assurance that in future any information of any nature would be immediately made public, the committee decided to reinstate the shares on the official list.