A MINING SENSATION

Nelson Evening Mail, Volume LXI, 17 November 1926, Page 5

A MINING SENSATION

OIL SHARES SUSPENDED

(By Electric Telegraph.—Copyright.) .• (Australian £ N.Z. Cable Association.)

(Received 17th Nov., J3.3Q a.m.) MELBOURNE; This Day

A sensation was caused, in _ mining circles over the suspension . of. ‘shares in the South Australian Oil Wells Company from Hie official list of quotations on the Melbourne Stock Exchange, as a result of two reports on , the company’s land at Caroline, South Australia, not being sent to the Exchange. According to a statement made b"V tlje Director of the Geological Survey.,, excerpts" from the reports were posted regarding the department’s analysis, which action, he declared, was not fair. He : addccl that no oil had.yet been discovered:; by the South Australian ; Oil. Wells Company in the Glenelg * River district. Samples sent to the department - show (hat no natural oil has occurred. ""

SHARES REINSTATED (Received 17th Nov., 12.10 p.m.j * MELBOURNE. This Day. Following a conference between the Committee of the Melbourne Stotk:.Exchange and representatives of the clire*tors 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 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 the directors made a serious but honest error of judgment in not disclosing for the information of shareholders the result of analysis immediately on receipt thereof. -In view of the circumstances and an assurance that, in future any information of any nature will be immediately, made public, Hie; Committee decided to reinstate the shares on the official list. " ' ;