By BRIAN GOMEZ
OIL Search shares hit a record high yesterday of A$4.52, up A$0.07, after world crude oil prices rose to unprecedented levels.
Lihir Gold shares were also in record territory but it shed A$0.11 to A$4.14 yesterday after hitting an all-time high of A$4.25 last Tuesday.
The improved market performance for Oil Search has occurred even though its Papua New Guinea crude oil production this year was anticipated to slip by about one million barrels to around 10 million barrels.
Lihir, however, was anticipating record output of just over 800,000 ounces of gold and is anticipating that production will hit the million ounce level in the next few years.
Among other PNG stocks listed on the Australian Stock Exchange, Allied Gold was also in record territory although it shed A$0.015 yesterday to close at A$0.70 while Marengo shed A$0.02 to A$0.39. Frontier rose A$0.015 to A$0.145.
Emperor Mines, owner of the troubled Tolukuma gold mine, shed A$0.01 to A$0.08 while Highlands Pacific gained A$0.05 to A$0.125 to continue to trade at five-year lows because of unresolved financial and technical problems at its Kainantu gold mine.