SENSATION IN MINING CIRCLES

Dominion, Volume 20, Issue 46, 18 November 1926, Page 11

SENSATION IN MINING CIRCLES

AUSTRALIAN OIL SHARES NOT QUOTED

ON MELBOURNE STOCK EXCHANGE Melbourne, November 17.

A sensation lias been caused in mining circles over the suspension of the 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 from 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 show that no natural oil has occurred. REINSTATEMENT ON LIST ATFER EXPLANATION BY DIRECTORS. Melbourne, November 17. Following a conference between the committee of the. Melbourne Stock :Exchange and representatives of: the directors of the South Australian Oil ..Wells Company, it has been officially announced that it has been decided to reinstate the shares of the company on the' official list of Exchange quotations. The chairman of the Stock Exchange made a statement that, after hearing the explanation 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 shareholders, the result of. the analysis immediately upon receipt thereof. In view of the circumstances, and, after an assurance that future information of any nature would be immediately made public, the committee has decided to reinstate the shafes'ou the official list.