13 JULY 1985, Page 19

Snake Oil

THE bid document from The Exploration Company of Louisiana invites holders of L. Texas Petroleum to accept shares of inde- terminate value, with no cash alternative, issued by a loss-making company with one or two questions to answer back home. Texas shareholders vote on this proposal next week. In the continued absence of the guidance which they are entitled to expect from their company's City advisers, they should stay in their frying-pan.