NZ Oil & Gas (NZO)

[Balance]

Balance this is the NZO thread not PRC. I appreciate a different view but you sound like a "broken record".

What happened with Pike and what is happening right now give you an excellent indication of what NZO directors and management are like when it comes to decision making.

Surely that is important when anyone is considering the decisions the company makes from hereon in?

Let us see one line of admission from NZO's directors about how badly they mismanaged their investment and involvement in Pike, and how it will not happen again. And if it does, they will resign. Surely 29 dead miners deserve some acknowledgement?

I will then shut up.

[the machine]

Kaheru looks interesting, although being on the same trendline as a series of relatively small on-shore discoveries a discovery may need to be somewhat bigger to bring it in off-shore - despite its proximity to the Kauri/Rimu production facilities.

Nice to be talking oil again.

This is very good as provides a very cheap entry for a 15% stake, plus of course the cost of drilling.
NZO might even increase stakewith roc farmdown - hope so.
grab another 15% for paying say 25% of the drill would equate to nzo paying total 40% of the drill for a 30% stake - very attractive.

interesting that the actual prospects in the permit are not detailed - per the announcement and also on roc's various presentations.


but what is really good is that since its only 25m water depth then that probably means it has to be a jack up rig as water much to shallow for a floater. now what else could be done with a jack up rig.

1st half 2013 looks like lots of talking by the drill bit- I like that

M

[fabs]

Balance this is the NZO thread not PRC. I appreciate a different view but you sound like a "broken record".
--------------------------
Chippie:

Count me in too, as having much the same sentiments regarding NZO management as Balance, said so on this forum over a long time.
Sold out more than halve of my not inconsiderable holding for more than double the present S/P long ago and needless to say wish to have quit the lot then and there, but i too still had hoped that the management had the nous to build on what was an excellent platform 4 years ago even without PRC.
About the only disagreement i have with Balances view was in regards D/S { Dr. Spin } everything turned from bad to worse under his rein
Predicted on this site that he would get out about 7 months prior to him announcing and just doing that.
Lot of the diehards have cut and run by now, yes 45-50 millions of shares have been bough for 70 cents or less, so are probably quite happy at the slow progress when every co. is doing relatively ok. It may takes something really spectacular and very soon to entice recourse investors or speculators to affect any upwards pressure on the S/p or prove the managing of this co. is worth backing.
They are masters at always creating the illusion that something is within grasp.-- yeah right--

[brucey09]

Snr. Balanced - you tell this well. Possible some other people should listen to you. Thank you.

[Balance]

Snr. Balanced - you tell this well. Possible some other people should listen to you. Thank you.

Thanks, Brucey09.

A note of warning that you are now officially considered to be in bad company as far as Noggers are concerned!

[neopoleII]

A note of warning that you are now officially considered to be in a bad company as far as Noggers are concerned!
gosh.... i almost miss read your comment.

[Balance]

A note of warning that you are now officially considered to be in a bad company as far as Noggers are concerned!
gosh.... i almost miss read your comment.



A note of warning that you are now officially considered to be in a bad company as far as Noggers are concerned!
gosh.... i almost miss read your comment.


Would not dare to say that this is a bad company, me ole matey! That is burning at the stake offense in this forum!

But have a look at this presentation released to the market yesterday:

https://www.nzx.com/files/attachments/154950.pdf

A lot of regurgitation of what the company has presented to the market in the past - with Pike this time round being taken out of the 'rah rah rah ' how great we are doing and what wonderful fortunes lay in wake for those who believe in us.

But most striking is this line :

" Able to pay dividends (a total of 22 cps in the last 4 years) and reinvest in growth."

Excuse me, Mr Knight, but what about the $200m plus of NEW CAPITAL your company have taken off shareholders in the last 5 years?

You are continuing the practice of misleading investors!

Shareholders are badly served by the directors and the company's new CEO does not appear to have a clue where to take this company, potentially valuable, forward.

No wonder the sp went backwards after the presentation yesterday!

[Mr Tommy]

Yep you have a good point Balance about the dividends comment.
I just looked back and in July 2008 they raised $192m from shareholders.
The announcement on 08/07/2008 also boasts "market capitalisation of approximately NZ$650 million". Today it is a miserable $298m, with Tui's good days well and truly gone.

[fabs]

Hello!
Some existing investors waking up and starting to-- NOTICE-- amazed at the fact the S/p going nowhere, still the members of the management quite happy to slip under the radar, been doing it for soooo-looong now, should not cause any ripples in the near future.
Even a mentally impaired Mushroom would avoid this co. like the plague.

[Balance]

http://www.nzog.com/f51,80557/80557_NZOG_Shareholder_Review_2008_Final.pdf

Go back to this review by the company's directors and management in 2008 and weep :

- all rah rah,
- photos of self-congratulatory smiling executives,
- how great we are,
- successfully raised $191m in new capital,
- generated $97.2m profit,
- "positioned for growth"

Well, Pike was then worth $633m (per the presentation) - now it's worth zero.

NZOG itself was worth $695m, now it's worth $295m.

So combined loss under the watch of the directors and management = over $1,000 million!

****** Breaking news ********* Breaking news ********

And who was on the board at that time? Mr Andrew Knight no less!

Now he is CEO and MD.

So Noggers, please ask yourself what has actually changed with this company?

[fabs]

BALANCE

no worries that existing NOGERS will influence S/p of this co.
But potential new investors probably getting the brokers rundown and prevailing sentiments in general Market about this lot will.
As I stated before, will take something extraordinary to turn that around.
BTW. Agree with your appalling stats over the last few years.
Thy have noting to rave about. But seem to be hell-bent of turning this around with endless repetitive presentations.

[arjay]

Have to agree there: extractng $1.50 from us and then bragging about giving 22c back is a bit rude. Digger?

[brucey09]

Snr. Balanced , your opinion is now the flavour of posters. Might be strong like the Marmite - yes.

[digger]

Snr. Balanced , your opinion is now the flavour of posters. Might be strong like the Marmite - yes.


You highlight a very good point brucey09,it is indeed the flavour of the month.Now if i remember my earlier sharemarket readings it might be a good indication of a bottom. Remember way back in 2008 when NZO could do no wrong there were mostly only positive posting then.Those very positive posting some of which were mine did nothing to stop the slide in the next 4 years.In fact the positive attitude then might well have sent the SP higher than was justified. I can not help but thinking that the negatives now have chased the SP lower than it should be thus making NZO a good buy on fundamentals. Believe me i have no expectations that Balance is going to agree.
I am expecting a very good first quarter to be released end of April giving high oil prices and contunious production.

[neopoleII]

yes oil prices are high, and they have continuous production, but it seems like we have to twist their arms to get a couple of cents divi a year.
end of the day....... we are in a different world now and hard earned monies cannot be chucked at a dream anymore, and if a producing company that doesnt share its spoils with it owners,.... why invest?
look at last year....... big announcement about no divi and the slide continued, then a buy back.... and it still couldnt stop the slide. that cash should of gone to shareholders as a gesture of thanks for the support. a 5cent divi (which is affordable) WILL support a high 90cent sp.... and give the co drill opportunity as well. instead we have what we have.. millions of part paid share "incentives to the employees" and some rather healthy salaries. all supported by the company owners who get what??? a chance of making it rich when the drill bit hits?.....well... it hit a few times already.
and another question...... if NZO completely wrote off PRC, why did they payout the banks and all these other creditors with the insurance money if they now expect nothing in return? kind heartedness?, guilt?.... this is business..... the bank should of been the last entity that NZO should of paid back in FULL. 33mill if i remember correctly.... oh well its just shareholder cash.
why give all that cash away, if there is no hope anymore.
NZO owes nothing to this bank ...... whats going on in the board room?

[Onthemoney]

As far as Divis go how many imputation credits do they have? Could be the problem best to pay in the most tax efficient way as far as I am concerned..

[Balance]

As far as Divis go how many imputation credits do they have? Could be the problem best to pay in the most tax efficient way as far as I am concerned..

$7.4m as at 30 June 2011. Be higher now. Certainly enough to pay another 5 cps dividend tax efficiently.

[Onthemoney]

$7.4m as at 30 June 2011. Be higher now. Certainly enough to pay another 5 cps dividend tax efficiently.

Not quite with a 5 cent divi. Net payment of close to 20 million. Dividend would not be fully imputed.

[brucey09]

Snrs. any pay dividend is better than nada with taxes paid. We pay, they play.

[upside_umop]

Yes, very negative sentiment here at NZO - probably a good time to buy. Although, I bet we will see down ramping forever from now, even when it surpasses it's previous historical high. I can see it now, "it's taken 8 years to get back to it's historical high blah blah.."

I do agree with you Neopole, they shouldn't have paid out the unsecured creditors ahead of themselves - they look a bit silly now.
As with the bank, they were equally ranked secured creditors. However, they let the bank have their share of the loss.

There should be tax losses built up again (they can claim the provision on debt as taxable??), and therefore they won't be paying any tax and imputation credits won't be getting generated in the near term? I think you have raised a valid point onthemoney and they should probably perform substantial buybacks if this is the case as it won't be 'double taxed.'

Disclosure: Don't hold any, but think it's a good investment from here. Cashflow is strong. Net backing is strong. I also have reason to believe Momoho also has potential.

[Onthemoney]

Yes, very negative sentiment here at NZO - probably a good time to buy. Although, I bet we will see down ramping forever from now, even when it surpasses it's previous historical high. I can see it now, "it's taken 8 years to get back to it's historical high blah blah.."

I do agree with you Neopole, they shouldn't have paid out the unsecured creditors ahead of themselves - they look a bit silly now.
As with the bank, they were equally ranked secured creditors. However, they let the bank have their share of the loss.

There should be tax losses built up again (they can claim the provision on debt as taxable??), and therefore they won't be paying any tax and imputation credits won't be getting generated in the near term? I think you have raised a valid point onthemoney and they should probably perform substantial buybacks if this is the case as it won't be 'double taxed.'

Disclosure: Don't hold any, but think it's a good investment from here. Cashflow is strong. Net backing is strong. I also have reason to believe Momoho also has potential.

Have to agree buybacks are the most effective use of the cash at the moment if surplus to requirements.

[Corporate]

UU, i thought momoho was dry?

[Balance]

Yes, very negative sentiment here at NZO - probably a good time to buy. Although, I bet we will see down ramping forever from now, even when it surpasses it's previous historical high. I can see it now, "it's taken 8 years to get back to it's historical high blah blah.."

I do agree with you Neopole, they shouldn't have paid out the unsecured creditors ahead of themselves - they look a bit silly now.
As with the bank, they were equally ranked secured creditors. However, they let the bank have their share of the loss.

There should be tax losses built up again (they can claim the provision on debt as taxable??), and therefore they won't be paying any tax and imputation credits won't be getting generated in the near term? I think you have raised a valid point onthemoney and they should probably perform substantial buybacks if this is the case as it won't be 'double taxed.'

Disclosure: Don't hold any, but think it's a good investment from here. Cashflow is strong. Net backing is strong. I also have reason to believe Momoho also has potential.

Momoho - a failure so abandoned in 2008.

http://www.stuff.co.nz/business/5374...-explorers-50m

Shows the quality of analysis and discussions on this stock?

[arjay]

Balance - the link you posted is about netball.

[Balance]

Balance - the link you posted is about netball.

Not sure why Stuff would switch a business page to sports but there we go!

http://www.stuff.co.nz/business/market-data/companies/538479/Momoho-field-failure-costly

"In May, Origin Energy made an internal estimate that Momoho might hold 100 billion cubic feet of gas and NZOG said later its estimate was 200 billion cubic feet."

NZOG is a master at ramping up its sp - in the above case, doubling the reserves estimate even though it is the junior partner in Momoho.

That's the beauty of the mining business in the hands of those who know their shareholders so well - as in NZOG.

Imagine what will happen in other businesses if management get it so wrong!

NZOG's track record (in the Momoho case, giving an extremely bullish estimate compared to its major partner) certainly does not equate with Andrew Knight's latest presentation of : "Experienced technical and commercial team."

[digger]

Momoho - a failure so abandoned in 2008.

http://www.stuff.co.nz/business/5374...-explorers-50m

Shows the quality of analysis and discussions on this stock?

Balance to call Momoho a failure is overstating the negative,but as you know at these times it will find fertile ground. I have it from a source i have undertaken not to quote that Momoho was a disappointment has they had hoped for more. Also likely or possible that sometime in the future MOMOHO will join up with the small oil field to the south[forget name] and the two could be producing although certainly not at that point in time.More test were to be done from which i have had no further info from.
Interesting that we should now be talking about MOMOHO as i was just thinking it about time we heard an update on this well.In fact Balance if you wanted something negative to say about NZO and be honest at the same time it is that NZO and JV partners are too often saying more test to be done then you never hear about them again. It reminds me of my Doctor.They take a blood test and if you want the results you have to drag it out of them.
so Momoho was labled at the time a disapointment but it is only from Balance that i have heard it called a failure.

[Balance]

Balance to call Momoho a failure is overstating the negative,but as you know at these times it will find fertile ground.
so Momoho was labled at the time a disapointment but it is only from Balance that i have heard it called a failure.

Eh, what do you call this statement in the article from Dominion Post dated 18 July 2008 :

"Momoho field failure costly
Last updated 00:19 18/07/2008

The Momoho offshore Taranaki exploration well is being abandoned, having cost partners including New Zealand Oil and Gas and state-owned Genesis the thick end of $50 million."

I think I read the word Momoho and failure in the headline but I could be mistaken!

http://www.stuff.co.nz/business/market-data/companies/538479/Momoho-field-failure-costly

[Balance]

Somehow, I think the Momoho incident in the last few exchanges probably provides a very valuable insight into how Noggers think?

From upside_umop : "Momoho has potential" when $50m had been spent and well abandoned.

From Digger : "Momoho is not a failure and it's only from balance that it has been described as a failure". Dominion Post would definitely take exception to you, Digger, ignoring them as a mainstream media calling the well a failure, no?

So what's the insight? NZOG has trained Noggers well to accept failures and disappointments.

May I offer the recommendation that Noggers would be better off spending their time taking the directors of NZOG to task for destroying over $1,000 million ($1 billion) of wealth in the last 3.5 years, than in harassing posters like myself who are trying to bring NZOG directors and management to account.

Maybe then, shareholders will truly benefit from their investment in NZOG.

[dsurf]

I would prefer to see capital returns than dividends if there are imputation credits available. Given the return of money from PRC this should not be an issue. As I have said for years, the only way to turn round the sentiment is to remind mr market that this is a producing company & giving the S/H a few regular crumbs.

[Balance]

I would prefer to see capital returns than dividends if there are imputation credits available. Given the return of money from PRC this should not be an issue. As I have said for years, the only way to turn round the sentiment is to remind mr market that this is a producing company & giving the S/H a few regular crumbs.

There you go again!

Why crumbs?

Why not hold the directors to account?

[digger]

Eh, what do you call this statement in the article from Dominion Post dated 18 July 2008 :

"Momoho field failure costly
Last updated 00:19 18/07/2008

The Momoho offshore Taranaki exploration well is being abandoned, having cost partners including New Zealand Oil and Gas and state-owned Genesis the thick end of $50 million."

I think I read the word Momoho and failure in the headline but I could be mistaken!

http://www.stuff.co.nz/business/market-data/companies/538479/Momoho-field-failure-costly

Balance i have long given up on the local newspaper as a source of accurate info,suprised your still there. I would describe Hochstettor,Hector and Albacore as examples of abandon failure wells ,Momoho was a disappointment and giving its time in history and other operating wells it needed more test for final decision.
Have now said my piece on this subject and well simple let others make there own desision. Amen

[Mr Tommy]

May I offer the recommendation that Noggers would be better off spending their time taking the directors of NZOG to task for destroying over $1,000 million ($1 billion) of wealth in the last 3.5 years, than in harassing posters like myself who are trying to bring NZOG directors and management to account.


This $1 billion of lost wealth you keep now quoting as a fact is misleading. You are calculating the market cap of NZO and PRC as they were a few years ago, less what the market cap is today. Also remember NZO only had 30% of PRC.

[digger]

Would not dare to say that this is a bad company, me ole matey! That is burning at the stake offense in this forum!

But have a look at this presentation released to the market yesterday:

https://www.nzx.com/files/attachments/154950.pdf

A lot of regurgitation of what the company has presented to the market in the past - with Pike this time round being taken out of the 'rah rah rah ' how great we are doing and what wonderful fortunes lay in wake for those who believe in us.

But most striking is this line :

" Able to pay dividends (a total of 22 cps in the last 4 years) and reinvest in growth."

Excuse me, Mr Knight, but what about the $200m plus of NEW CAPITAL your company have taken off shareholders in the last 5 years?

You are continuing the practice of misleading investors!




How to mislead in three easy lessons,Balance style.
As many people suffer from being not as numerate as would be in there best interest it is easy to change the indexs of what you are measuring and cloud the picture. Look how Balance says they took 200 million and gave back only 22cents.My accountant says my income from NZO for tax is the dividend per share pluss the credits and withholding tax if any. On just my accounts sent to IRD and going for the ratio of the hold company NZO gave back not 22 cents but 116,600,000. Think about it we all say that with 400 million shares it cost NZO only 20 million to give a 5 cent dividend. Actually it cost adding back the credits about 26.5 million.
Now i just wanted to clear this up and in no way does it get around the fact that NZO has done bloody lousy in the last 4 years,but lets not mislead to just to be negative.

[brucey09]

Gentlemen
TR and Snr. Digger has been shareholders on this company for a very long time. Snr. Digger - NZO discovered only Tui and Kupe - Snr. Mathew did. Since he go - nothing . Yes?

[Balance]

How to mislead in three easy lessons,Balance style.
As many people suffer from being not as numerate as would be in there best interest it is easy to change the indexs of what you are measuring and cloud the picture. Look how Balance says they took 200 million and gave back only 22cents.My accountant says my income from NZO for tax is the dividend per share pluss the credits and withholding tax if any. On just my accounts sent to IRD and going for the ratio of the hold company NZO gave back not 22 cents but 116,600,000. Think about it we all say that with 400 million shares it cost NZO only 20 million to give a 5 cent dividend. Actually it cost adding back the credits about 26.5 million.
Now i just wanted to clear this up and in no way does it get around the fact that NZO has done bloody lousy in the last 4 years,but lets not mislead to just to be negative.

Digger - you are trying to defend the indefensible.

I merely point to the fact that Mr Andrew Knight (who was appointed to the board in 2008 so is well-versed now in matters NZOG) made the comment in his presentation that :

" Able to pay dividends (a total of 22cps in last 4 years) and reinvest in growth'

That is as misleading a statement as I have ever seen!

NZOG has only been able to do both because it took in $200m plus of new capital from shareholders.

Proof of that?

Cash in the bank is $136.7m now.

Where did the $63.3m of the new capital injected disappeared to?

Stop, Digger, playing the company's tune. The market and shareholders deserve better.

[Mr Tommy]

Gentlemen
TR and Snr. Digger has been shareholders on this company for a very long time. Snr. Digger - NZO discovered only Tui and Kupe - Snr. Mathew did. Since he go - nothing . Yes?

Tried to translate this from mexican to english on google, still cant understand what youre saying.

[Mr Tommy]

Where did the $63.3m of the new capital injected disappeared to?


Maybe: Momoho, Albacore, Hoki, Tui SW, Kahu, 15% of PPP, Pike, KUPE.

[brucey09]

Snr. Tommy
Much money spent since with no more oil found . Am I ok Snr. Digger?

[digger]

Snr. Tommy
Much money spent since with no more oil found . Am I ok Snr. Digger?

You are indeed correct brucey09.After Tui,Amokura and Pateke NZO looked very good on the world success rate compared to other companies. Since then all wells have been dry or just maybies. I think we are now down to the world average which is about 1 in 10.
It would be good to strike oil but if you do not understand the risk you should be in some other type of company or some other oil driller. That is the breaks and the risk we take.

[digger]

Australia’s Roc Oil has exited from its final New Zealand licence as it looks to shift its focus to projects off Malaysia and China.



Roc announced on Friday it had withdrawn from Block PEP52181, in New Zealand’s offshore Taranaki basin, which it had previously operated with a 50% interest.

“The decision to withdraw from the permit was based on the need for Roc to carefully balance expenditure and risk profiles over the coming years, as the company enters into an intensive period of activity, especially at the Beibu Gulf project, offshore China, and the Balai Cluster risk service contract, offshore Malaysia,” Roc chief executive Alan Linn said in a statement.

Linn said the company had been working to farm down its interest in the block to provide a more balanced equity position prior to entering into a commitment to drill an exploration well on the Kaheru prospect. The deadline for the drilling commitment was 18 May.

The withdrawal from PEP52181 marks Roc’s exit from the New Zealand scene having surrendered its interest in two other permits.

Last year Roc and its joint venture partners in Block PEP38524 surrendered the permit on 30 September to the New Zealand government following a permit wide prospectivity review, while Roc also withdrew its interest in Block PEP38259, in the Canterbury basin, in November.


Chris Roberts ,can you tell us who is now the operator and who did ROC sell there 50% holding to?















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[arjay]

Tried to translate this from mexican to english on google, still cant understand what youre saying.

He's making the observation that NZO's current stable of producers (Tui and Kupe) were discovered when Eric Mathew's was Exploration Manager and that nothing has been found, despite a lot of hype and cash burning, since Eric moved on to AWE. The last discovery (Pateke - almost 10 years ago now) was th elast discovery, made just before Eric's departure. The point may be factual (not sure if Eric was around in '86 for the Kupe discovery though) but perhaps not valid as someone else has previously pointed out that Eric did not take any luck with him to AWE.

[the machine]

so nzo should be able to aquire more of the permit from roc, without having to pay extra drill costs above their share - nice!

M

[brucey09]

Correct Snr. Arjay - thank you.

[Balance]

You are indeed correct brucey09.After Tui,Amokura and Pateke NZO looked very good on the world success rate compared to other companies. Since then all wells have been dry or just maybies. I think we are now down to the world average which is about 1 in 10.
It would be good to strike oil but if you do not understand the risk you should be in some other type of company or some other oil driller. That is the breaks and the risk we take.

Must mean that the next oil drill will be successful!

Buy!

Buy!

See how easy it is to ramp this puppy along?

[arjay]

Balance - if you flip a coin 10 times and it comes up heads every time, it does not increase the odds that the next flip will be tails. Then again, maybe you're not being facetious :-)

[digger]

Chris Roberts


I would like to call your attention about the question i asked late last Friday in case you missed it.
How does ROC OIL pulling out of the Kaheru permit affect NZO ?

[Mr Tommy]

Must mean that the next oil drill will be successful!

Buy!

Buy!

See how easy it is to ramp this puppy along?


Well done Balance ! ! !

SP is up 2c today, but more interesting volume is a high 1.3 million.

Pike sale due diligence date is this friday.

[notie]

Chris Roberts


I would like to call your attention about the question i asked late last Friday in case you missed it.
How does ROC OIL pulling out of the Kaheru permit affect NZO ?


NZOG will pile in for the 50% and commit to drill a well on 18th May!
Really!

[bung5]

Buyback seems to have stopped .. must be news about the PRC sale to solid going unconditional or not

[Mr Tommy]

Buyback seems to have stopped .. must be news about the PRC sale to solid going unconditional or not

Yep it stopped in early march

From post 11534 by Chris Roberts:
The share buyback was suspended last week as soon as we learnt that the Receivers were considering making an announcement. We have always taken a cautious approach and have suspended the buyback on a number of occasions.

[Chris Roberts]

NZOG is planning to hold several informal sessions where shareholders can meet the new CEO, hear about his plans for the company and ask questions. The first of these will be held in Auckland (time and place still to be decided) and similar sessions may follow in Christchurch and Wellington if there is sufficent interest.
Any NZOG shareholder who is interested in attending a session should email enquiries@nzog.com and register their interest. You will then be sent the details once they have been confirmed.
Thanks.

[blockhead]

Polish your shoes up (un) Balanced, now is your chance, get in there and tell him about the trough and his snout and all the other negative aspects you see !!

[the machine]

NZOG is planning to hold several informal sessions where shareholders can meet the new CEO, hear about his plans for the company and ask questions. The first of these will be held in Auckland (time and place still to be decided) and similar sessions may follow in Christchurch and Wellington if there is sufficent interest.
Any NZOG shareholder who is interested in attending a session should email enquiries@nzog.com and register their interest. You will then be sent the details once they have been confirmed.
Thanks.

good idea

m

[Balance]

NZOG is planning to hold several informal sessions where shareholders can meet the new CEO, hear about his plans for the company and ask questionhttp://www.bloomberg.com/s. The first of these will be held in Auckland (time and place still to be decided) and similar sessions may follow in Christchurch and Wellington if there is sufficent interest.
Any NZOG shareholder who is interested in attending a session should email enquiries@nzog.com and register their interest. You will then be sent the details once they have been confirmed.
Thanks.

Remember new CEO David Salisbury's meet the people, brokers and media sessions in 2007.

Must be mushrooms cultivation time again? Ready for your dose of horse manure?

Like "Able to pay 22 cps dividends and reinvest in growth"?

[dsurf]

Remember new CEO David Salisbury's meet the people, brokers and media sessions in 2007.

Must be mushrooms cultivation time again? Ready for your dose of horse manure?

Like "Able to pay 22 cps dividends and reinvest in growth"?

The broker meetings did increase awareness of the company and contribute to successful capital raisings. Good on him for trying to be proactive about turning around the prevailing very negative sentiment. If you do not go Balance then I think you should refrain from posting comments about the new CEO in the future!

[Balance]

The broker meetings did increase awareness of the company and contribute to successful capital raisings. Good on him for trying to be proactive about turning around the prevailing very negative sentiment. If you do not go Balance then I think you should refrain from posting comments about the new CEO in the future!

You are joking right?

Where did the capital successfully raised go to? $200m plus for NZOG and over $300m for Pike River!

Forgotten in all this is that shareholders have seen their wealth destroyed in the last 4 years after the capital raised were squandered in gross mismanagement of investments.

Next you will be telling us that the directors of Lombard should be congratulated for raising funds to keep Lombard going for another few more months?

[dsurf]

You are joking right?

Where did the capital successfully raised go to? $200m plus for NZOG and over $300m for Pike River!

Forgotten in all this is that shareholders have seen their wealth destroyed in the last 4 years after the capital raised were squandered in gross mismanagement of investments.

Next you will be telling us that the directors of Lombard should be congratulated for raising funds to keep Lombard going for another few more months?

LOL - going fishing this weekend! My point is that the new CEO should be given a chance to correct the previous mistakes.

[Queenstfarmer]

Im a firm believer if one does not play his/her part in an election then one should not complain. Balance..if youre not an NZO shareholder, why dont you do us all a favour and complain somewhere else. Yes you have some points..but seriously most of the time...youre a broken record. The oil and gas industry is extremely high risk. It clearly states for those with an appetite for just that. I`m sure all NZO shareholders no how to read and dont need you to attach articles left right and centre. For those who are not happy...it`s simple. SELL!

[Toulouse - Luzern]

For those who are not happy...it`s simple. SELL!

I believe this is a good strategy.

It is your money and you can invest it elsewhere with more positive outcomes.

I had mixed experience with NZO and PRC (and other stocks) a few years ago.
Some one posted similar advice to Queenstfarmer some years ago, maybe in relation to other stocks.

I exited NZO and PRC on this basis.

I also had the feeling at that time (no facts just my impression) that big insto's may have been playing us small guys successfully, eg especially on NZOOD.

I also felt that the size of the ASX market and ASX regulation offered better protection for individual investors if this was the case.

Looking at all of our relative results in the Sharetrader NZX and ASX share competitions a reasonable conclusion is that currently ASX and ASX energy appear more positive opportunities.

That said the charts will tell us if NZO is turning around with new management.

[Balance]

Im a firm believer if one does not play his/her part in an election then one should not complain. Balance..if youre not an NZO shareholder, why dont you do us all a favour and complain somewhere else. Yes you have some points..but seriously most of the time...youre a broken record. The oil and gas industry is extremely high risk. It clearly states for those with an appetite for just that. I`m sure all NZO shareholders no how to read and dont need you to attach articles left right and centre. For those who are not happy...it`s simple. SELL!

Sorry to disappoint you, matey but this is not a forum only for those who are here to ramp up shares and do investors out of dough.

Those who listened to some of us who are not mushrooms have saved themselves a lot of money.

Would you like to be one of those?

[Balance]

LOL - going fishing this weekend! My point is that the new CEO should be given a chance to correct the previous mistakes.

Mr Andrew Knight has been a director since 2008 and has been involved in all aspects of the decision making process in NZO.

He is part of the team which blew over $1 billion of shareholders' wealth in NZO and Pike.

Agree with you that he should be given a chance - but where's the evidence he has learnt? He is rolling out the same old rubbish in his presentations.

"Able to pay 22cps dividend while investing in growth." Yeah Right!

Absolutely no mention of Pike (lessons learnt) and over $200m capital raised.

[dsurf]

Mr Andrew Knight has been a director since 2008 and has been involved in all aspects of the decision making process in NZO.

.

True - but know as CEO he gets to lead the board. You have been correct for some time regarding the previous board. I am interested in the next chapter which will unfold with his leadership and look forward to a vigorous debate on the decisions by that current board. It is time to move on. We will need to wait and see what if anything changes. It certainly needs to as any company this far below NTA NPV etc needs to have a decent look at itself and ask why the market is discounting the SP so much.

[bung5]

Expecting an announcement on the PRC sale price today... or Monday at the latest

[digger]

Expecting an announcement on the PRC sale price today... or Monday at the latest




Where does ths theory spring from. Thought it was suppost to be May. Mr Tommy also thinks it will be shortly. How do you know that. Insiders here or just a hope?

[Queenstfarmer]

I`m happy where I am Balance. With no luck in the summer drill back in 2010..The tragedy at Pike and the Tui downgrade..you`d have to say NZO has had a fair ol battering. Onwards and upwards. Get in there now Balance! :)

[Balance]

Chris Roberts


I would like to call your attention about the question i asked late last Friday in case you missed it.
How does ROC OIL pulling out of the Kaheru permit affect NZO ?

Makes NZOG look like a prize idiot?

For agreeing to pay AGL (junior partner) US$3m for 15% share when ROC is pulling out altogether so their 50% is available for a song!

Does NZOG actually know what is going on and who is doing what?

Luckily the agreement is subject to a commitment to drill.

[Mr Tommy]

Where does ths theory spring from. Thought it was suppost to be May. Mr Tommy also thinks it will be shortly. How do you know that. Insiders here or just a hope?

I was thinking they might be able to announce the details once its gone unconditional.

PricewaterhouseCoopers partners John Fisk, David Bridgman and Malcolm Hollis, receivers of the coal company, today announced the agreement with Christchurch-based Solid Energy.
''The agreement is conditional upon due diligence by March 30, together with other conditions, with settlement expected in May or later depending on approvals being obtained,'' Fisk said.

[digger]

I was thinking they might be able to announce the details once its gone unconditional.

PricewaterhouseCoopers partners John Fisk, David Bridgman and Malcolm Hollis, receivers of the coal company, today announced the agreement with Christchurch-based Solid Energy.
''The agreement is conditional upon due diligence by March 30, together with other conditions, with settlement expected in May or later depending on approvals being obtained,'' Fisk said.

Thanks for that.Now i see where this thinking comes from. Still i do not think that due dilligence is necessarly the same thing as uncondional.
The SP is going up a bit so many others are expecting some action from somewhere to support this rise. Maybe it is the PPP 5 cent AUS return of capital,or has everyone forgotten that one. To remember you sure have to be into long term memory mindset.

[the machine]

digger the 5c from ppp is welded to my memory, I just want to see the $.

be nice if NZO could extract a decent reply from ppp re same to use in the quarterly, since all my enquiries direct to ppp have come to zip

M

[Balance]

Thanks for that.Now i see where this thinking comes from. Still i do not think that due dilligence is necessarly the same thing as uncondional.
The SP is going up a bit so many others are expecting some action from somewhere to support this rise. Maybe it is the PPP 5 cent AUS return of capital,or has everyone forgotten that one. To remember you sure have to be into long term memory mindset.

Remind us again of why NZOG bought into PPP at the prices it did, after distributing PPP shares to NZOG shareholders years ago.

Sell low, buy back high.

[dsurf]

Remind us again of why NZOG bought into PPP at the prices it did, after distributing PPP shares to NZOG shareholders years ago.

Sell low, buy back high.

A cynic would say it was because the NZO board & especially the chairman TR had large holdings in PPP so wanted the PPP shareprice higher so he could presumably reduce his holdings or make them worth more

An optimist would say that PPP was below NTA (pre TUI drill & asian drills) & had the upcoming TUI drills as upside so it was a logical purchase

you choose

[dolor]

After sitting on the sideline forever, I feel compelled to offer my feelings regarding the ineptitude of the management of NZOG. Tony Radford has been in the controlling seat since David Kennedy left about 25 years ago and has dominated the board and its decisions ever since. At 73 he would have been retired under previous law but now holds the chairman's office longer than anyone else on the NZX and will continue as long as he wishes and the shareholders accept his tenure. Despite any obvious successor, he is not held in high regard by his Australian counterparts as attested in part by the failure to attract joint partners to languishing permits. Basque has known oil but has sought an experienced drilling operator for more than a year and expires next month. Kakapo has similarly struggled to find a major partner for 2 years, not surprising given the previous name of Kaupokonui means 'a big empty hole.' It took the board over a year to change the name once this careless oversight was drawn to their attention. Raisama are now involved by default after their inheritance from the t/o of Peak Oil and Gas. Even their obvious partner and associate PPP, have no interest in taking a stake. Roc have last week pulled their 50% out of PEP52181 where NZOG have just bought 15% for $3m with a committment to drill by May. Surely the board must have known all this ahead of time and have all contingencies covered, but on past performance one can but wonder. Has the new CEO been trapped with his first venture? Perhaps some of the emotion evident in these blogs can be harvested into shareholder activism to induce a Radford resignation.

[arjay]

Kaupokonui means 'a big empty hole.' It .

Welcome back Notie,

Kau-poko-nui means 'swim the head of Turi' and refers to crossing a river in the vicinity (a river of oil we hope). Breaking the word down into it's non-connected parts as you have done is the same as saying that 'Ba-lance' is an impliment used to catch sheep (although I'm sure Balance would probably agree with this definition).

[Balance]

Roc have last week pulled their 50% out of PEP52181 where NZOG have just bought 15% for $3m with a committment to drill by May. Surely the board must have known all this ahead of time and have all contingencies covered, but on past performance one can but wonder. Has the new CEO been trapped with his first venture? Perhaps some of the emotion evident in these blogs can be harvested into shareholder activism to induce a Radford resignation.

I see Digger is still waiting, ever so patiently, for NZOG to reply to his query re ROC.

As for PPP, NZOG thought they had great insight into the potential of Tui which the market had under-estimated. Oops - the reserve upgrades became downgrades!

Ad there are those on this forum who continue to sing the praises of NZOG directors and management!

[blockhead]

You must be reading different post to me (un) Balanced, I don't notice songs of praise for the Directors or Managers

[notie]

Welcome back Notie,

.

Oh it is all so true, nzog is a continuing money pit controlled by an idiot board

[swissboy]

arjay i love your sense of humour (re balance), but it is a pitty that dolor's viewpoint is so belittled by his translation missinterpretation

[brucey09]

Snr. Machine
I am thinking the ppp payment is in Australia$ - much more NZ. Is this OK.

[digger]

Snr. Machine
I am thinking the ppp payment is in Australia$ - much more NZ. Is this OK.

What payment are you talking about? Give you a little free math lesson. Anything times zero is zero regardless of whether the AUS is worth more than the Kiwi or not.

[Onthemoney]

Snr. Machine
I am thinking the ppp payment is in Australia$ - much more NZ. Is this OK.

Yes a 5 cent Australian payment for PPP is over 6 cents NZ quite a few PESOs more.....

[Balance]

What does this tell us about NZOG's directors and management?

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10796718

Excerpts : "But Mr Ward, who now lives in Australia, and other former directors - Tony Radford, Arun Jagatramka and Dipak Agarwalla - had been silent since the disaster.

She said only six of the 15 people in senior management roles had made submissions to the commission, and only two of 32 experts engaged by the company had appeared.

"Stacey Shortall said the Pike River Mine "dream'' had been years in the making, and it had been chief executive "Gordon Ward's baby'' for years before Mr Whittall joined the company."

Be really interested in the views of Digger, Bermuda and Wiremu.

[dsurf]

buying above VWAP at close - announcement tomorrow?

[arjay]

arjay i love your sense of humour (re balance), but it is a pitty that dolor's viewpoint is so belittled by his translation missinterpretation

Point taken swissboy - dolor does add some interesting angles to the conversation. I'm curious about the David Kennedy comment - I've had a few NZO's since way back in '84 but have always seen TR as being in charge from the start. Can anyone comment?

[arjay]

Be really interested in the views of Digger, Bermuda and Wiremu.

Way, way back a poster by the name of Spirit made quite a few comments about the wisdom of making young Gordon head of the Pike River project. Terms such as 'lightweight' come to mind and I think the appointment may hav ebeen the reason Spirit exited NZO. Unfortunately the link to the old thread doesn't work anymore so if you're out there Steve we would appreciate your views also.

[digger]

buying above VWAP at close - announcement tomorrow?

Only bad new announcement come out just before long weekends.

[winner69]

Only bad new announcement come out just before long weekends.

esp near 5pm eh digger .... so punters don't fret

[Balance]

Way, way back a poster by the name of Spirit made quite a few comments about the wisdom of making young Gordon head of the Pike River project. Terms such as 'lightweight' come to mind and I think the appointment may hav ebeen the reason Spirit exited NZO. Unfortunately the link to the old thread doesn't work anymore so if you're out there Steve we would appreciate your views also.

Lightweight?

On the contrary!

Many would argue Gordon was a super heavy weight.

Why?

Gordon had a super ability to keep raising capital for Pike River to pay for the gross mismanagements of the mine.

They were not gross mismangements, of course - just normal teething problems with developing a coal mine, according to him and those who chose to believe.

Heck, I remember he told a certain individual posting here (starts with 'D') that Gordon assured him after a meeting that "there will be no further capital raising."

Guess what happened within 6 months?

[dsurf]

Lamb chops anyone?

[fabs]

I guess for the buyers of NZO shares 8-9 months ago a 25-30% gain on there investment, is quite adequate and if they can get that over the next 9 months again, the management will gain some staunch supporters.
Some of course will have taken the profit and moved on.
Personally still think they are overvalued, just a humble opinion.
But who knows?

[bung5]

fabs, on what basis can the shares be overvalued ? If anything they a grossly undervalued on a fundamental basis. I have a average buy of under 70c per share so is going along nicely for me.
Sentiment is not a good enough reason for the shares to be undervalued. It just provides people the opportunity to make a good profit when that turns around.

[Balance]

I guess for the buyers of NZO shares 8-9 months ago a 25-30% gain on there investment, is quite adequate and if they can get that over the next 9 months again, the management will gain some staunch supporters.
Some of course will have taken the profit and moved on.
Personally still think they are overvalued, just a humble opinion.
But who knows?

Eh, what about all the legions of shareholders who bought over $1 and above 80 cents right up until July 2011?

And those who happily shelled out $180m for 120m shares at $1.50?

[fabs]

Yes Balance,
although not belonging into the two categories above, I have held them for far to long after they shown so much promise years ago only to see the mang. of this co. blow it over the last 4 years.
The reason for feeling that they are still overvalued, Kupe having now just about peaked and the present mix that supposed to run the show seemingly having lost there gip on the rope some while ago and have yet to demonstrate that perception to be wrong, or showing any sign of having regained it.

[bung5]

Eh, what about all the legions of shareholders who bought over $1 and above 80 cents right up until July 2011?

And those who happily shelled out $180m for 120m shares at $1.50?

Nothing to do with me, I'm in to make a buck or two.

[Balance]

What does this tell us about NZOG directors and management?

Still trust them with making and managing investments?

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10797181

Although some of the evidence is contested and conclusions cannot be drawn ahead of the commission's final report, due by September 28, the inquiry heard some startling revelations about the causes of the tragedy.

INEFFECTIVE MANAGEMENT

The inquiry was told the mine had a "dysfunctional" culture.

MONEY AND PRODUCTION WOES

The company had invested some $350 million in a mine that was not delivering the annual 1.3m tonnes of high-grade coking coal it was meant to.

PRESSURES ON STAFF

The inquiry heard a disproportionate number of miners were relatively inexperienced. The manager in charge of the newly introduced hydraulic mining process received no formal training and had to learn on the job. Staff carried prohibited items like lighters and cellphones into the mine. One contractor was so concerned about a potential explosion that he would not enter the mine and later quit over safety concerns. There were allegations of workplace bullying.

SERIOUS METHANE ISSUES

Levels of flammable methane gas were known to be an issue but not enough was done about it. The inquiry heard the ventilation system was poorly designed and inadequate. Gas sensors were in a bad state of repair, improperly calibrated or deliberately tampered with. A new gas monitoring system was removed from the budget and advice to increase methane drainage capacity was not acted on by the time of the blast.

INADEQUATE ESCAPE PLANS

Mine safety manager Neville Rockhouse, who lost son Ben in the blast, said a 108m ventilation shaft used as the emergency escape route was too strenuous to climb. Half the ascent was up a vertical ladder that could hold only eight people and lacked platforms. Two men who attempted a test climb were unable to reach the surface. There was no hoist system to remove injured miners, and no refuge station despite repeated requests. Safety measures like a smoke-guidance system were delayed.

SUBSTANDARD INSPECTIONS

The Department of Labour's sole mines inspector gave evidence that a lack of specialist experts and on-site time made it difficult to assess health and safety issues. A former inspector said he faced an "impossible" workload and had not seen or acted on a long list of safety failures. The mine's own safety checks were also questioned. Mr Rockhouse was not told of incidents including gas spikes and tampering with sensors. He gave evidence that he was so busy with paperwork that he was rarely able to enter the mine.

FATAL CONSEQUENCES

Australian mining expert David Reece, who led an expert panel that helped the Department of Labour investigate the blast, gave evidence on the possible cause of the tragedy. He said a coalface had probably collapsed, expelling methane gas. The gas travelled up the mine and mixed with fresh air. A pump was switched on from the surface, causing electrical arcing that sparked the explosion. Another expert gave evidence the men were killed in the initial blast, either by the shockwave or suffocation.

A MUDDLED RESPONSE

The inquiry heard of chaos and confusion after the blast. Police in charge of the rescue operation lacked expertise. There were delays as key decisions were signed off in Wellington. Opinions were divided on whether it was safe to enter the mine. Experts believed the miners were dead and urged for the mine to be sealed to prevent further blasts, but authorities clung on to the hope of a rescue. A second blast followed five days later. Superintendent Gary Knowles gave a tearful apology over the way news of the deaths was broken to families. He accepted some aspects of the rescue could have been handled better, but said he did his best to save the miners.

[Chippie]

Balance. The article you provided refers to PRC not NZOG. They are different companies.

[Balance]

Balance. The article you provided refers to PRC not NZOG. They are different companies.

Same, same.

Look at the close linkages between the two companies - directors, management, funding, etc.

[Lizard]

Put it into context Balance. Anyone who holds just one share is sadly either naiive, greedy or having a flutter.

So NZO has lost >50% in the last two years. Yawn. Not exactly the only company to do so.

The issues surround PRC are real and not to be brushed over lightly. But life goes on and so does NZO. Ethical investment remains mired in its contradictions. Everyone else looks to trimming their mainsail and sailing with the wind. We are sorry.

[digger]

Balance i read that report also and about 5 mins later i see you posted it on NZO and pike sites. I found it showed dysfunction was common everywhere only some of which can be pointed back at NZO or PIKE. The real tragady here is that the RC never gets to the real problem which was the way DOC and the greenies disallowed a road above the mine so air holes that i have mentioned about 10 times before could be made. The RC in the end gets down to just making the legal team richer and probably solves nothing more than what a pratical person could have stated in the first place.

[Balance]

Balance i read that report also and about 5 mins later i see you posted it on NZO and pike sites. I found it showed dysfunction was common everywhere only some of which can be pointed back at NZO or PIKE. The real tragady here is that the RC never gets to the real problem which was the way DOC and the greenies disallowed a road above the mine so air holes that i have mentioned about 10 times before could be made. The RC in the end gets down to just making the legal team richer and probably solves nothing more than what a pratical person could have stated in the first place.

That is a real cop-out if ever I read one!

You are 100% right about the air-holes, but that is not the point.

Once NZOG decided to proceed with Pike, as approved, absolute, total responsibility and accountability resided with directors and management to make the project work, and safe.

As we now all know, they failed abysmally.

All they did was to keep throwing money at the development and along the way, ignoring very obvious signs that things were going very badly at the mine.

29 good men, be them father, brother, son, friend or mate, died.

Don't let those men died in vain - by trying to shift the responsibility for safely operating the mine elsewhere.

Notice that none of the directors fronted at the RC? Cowardly behavior but to be expected, though.

But I will be the first to eat my words and apologise profusely - if the directors from NZOG on the board of Pike resign.

The Japanese has a word for it - 名誉.

[arjay]

The real tragady here is that the RC never gets to the real problem which was the way DOC and the greenies disallowed a road above the mine so air holes .

Not sure I agree here. PRC went ahead with the project once those covenants were in place. It can therefore be assumed that PRC considered the project safe with the covenants, so responsibility for safety failures falls squarely on PRC. It has nothing to do with DOC. WRT to 'greenies', who or what are these beasties and how were their demands enshrined in the permits? Maybe you are referring to the illustrious Euginie Sage? - then F&B spokesperson and now MP?

[Mr Tommy]

Is this is a silly question? Story today saying London based Kea has struck oil onshore in Taranaki. A few weeks ago Canadian Tag Oil is producing 4000 barrels a day.
So offshore companies are happily drilling onshore in Taranaki, why isnt NOG doing something similar rather than sniffing around Tunisia and Indonesia. These onshore wells are pretty cheap to drill compared to offshore.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10790521
Canadian-listed oil and gas company TAG Oil is producing 4000 barrels of oil a day from its onshore Taranaki fields after adding a further 1100 barrels a day from its Cheal-B7 well and has a further 3500 barrels daily ready to come on stream.
TAG says Cheal-B7 is achieving a natural daily flow rate at an average of more than 1100 barrels of light oil, as well as associated gas.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10798058
London-based Kea Petroleum has made its second potentially commercial oil strike in the onshore Taranaki Mt Messenger reservoir sands, and will begin flow-testing shortly.
The Puka-1 well, east of Stratford, found a 40 metre interval at 1400 metres depth, indicating "a minimum of 4.5 metres of moveable hydrocarbons in good reservoir quality sands", which it expects will be a "light oil, somewhat gassier towards the top of the interval."

[Chris Roberts]

Further to the earlier message. The first of a series of informal presentations by NZOG CEO, Andrew Knight, will be held in Auckland Thursday, 19 April, 2012.

Time:
10.00-11.30

Venue:
UBS
Level 17
Price Water House Coopers Tower
188 Quay Street
Auckland

If you are able to attend please confirm by emailing enquiries@nzog.com

Thank you
Chris Wikaira (on behalf of Chris Roberts)

Please note Chris Roberts is out of the country at present

[Balance]

Further to the earlier message. The first of a series of informal presentations by NZOG CEO, Andrew Knight, will be held in Auckland Thursday, 19 April, 2012.

Time:
10.00-11.30

Venue:
UBS
Level 17
Price Water House Coopers Tower
188 Quay Street
Auckland

If you are able to attend please confirm by emailing enquiries@nzog.com

Thank you
Chris Wikaira (on behalf of Chris Roberts)

Please note Chris Roberts is out of the country at present

Getting the mushrooms ready for next harvest?

A liberal dose of horse manure is always good.

Last time DS did it in 2007, the mushrooms delivered over $180m of new capital at $1.50 a pop.

Nice one, Noggers!

[Arbitrage]

If the "trend is your friend" NOG has been on a steady upward climb since late last year. Is it the price of oil or the buyback or something else?

[Balance]

If the "trend is your friend" NOG has been on a steady upward climb since late last year. Is it the price of oil or the buyback or something else?

It's the mushrooms getting their periodic dosage of horse manure.

[digger]

Balance you are too quick off the draw. I was about to say a number of things were responsible for the slow upward rise formost of them was that in the last little while you had missed your hourly mushroom post whereby investers could think they were making a sound decision when if fact they were just suffering withdrawal problems from not getting enough of your advice.
Could you not just set an automatic time interval report and save these mushrooms from suffering as they have done from too long a wait between your sammmmmme comments.

[Balance]

Oh shucks, Digger, you are such a pal.

You really do care for the Noggers, don't you?

So much so that you want them to only read the good news and what the directors and management want them to hear and read?

Let's be very very frank - what have you heard or read that's new from NZOG?

When they actually articulate some real truths - like "we are sorry but we have been a bunch of incompetent nincompoops for blowing over a billion dollars of shareholders' wealth AND here's how we are going to do better" - there may be room to have a healthy discussion re the stock.

Venturing into Indonesia and Tunisia - what are NZOG's competitive advantages beyond bringing in some $? Sure way of blowing more shareholders' cash.

But do the directors and management care? They are winging their way first-class around the globe, doing what they love best, spending shareholders' funds.

Heck, it beats having to explain Pike River, PPP and dry holes.

[Mr Tommy]

Are any of you fellow "mushrooms" going to the CEO chat tomorrow in Auckland?

If so, can someone ask about Tunisia. Its now april and all gone very quiet. Heres was David Salisbury quoted 5 months ago:

At November's annual meeting, Salisbury hinted that a significant international deal was in the wings, with talks "quite advanced".
The recent investment in Tunisia was a "smallish investment up front" but in an oil discovery which, if all went well, would be an oil field development in a year's time, which would be a big step, potentially a $100m deal.

[fabs]

Yes, TUNISIA, nice place this time of the year, actually all year round if you have the time and money.

[fish]

Due to the short notice given of tomorrows meeting and unable to get time off work I wont be able to make it . Have a lot of questions I would like answered-anyone going tomorrow ?

[stanace]

Due to the short notice given of tomorrows meeting and unable to get time off work I wont be able to make it . Have a lot of questions I would like answered-anyone going tomorrow ?

I hope to go, give me some Questions?

[fish]

I hope to go, give me some Questions?

Thats great stanace.
Have solid energy completed due diligence-if not what is the delay and when will we know the offer?
PPP stated several months ago ago that they were returning 6c/share to shareholders-nzo is a major shareholder and should be concerned as to why this is delayed-what do they know ?
Lack of a major operator buying into Kakapo and Barque is a concern to shareholders-has any progress been made here ?
What plans for further development of Tui and kupe-especially with regard to near field drilling ?
When will the share buy-back resume?

Have a great day-it should be an interesting morning !

[digger]

Thats great stanace.
Have solid energy completed due diligence-if not what is the delay and when will we know the offer?
PPP stated several months ago ago that they were returning 6c/share to shareholders-nzo is a major shareholder and should be concerned as to why this is delayed-what do they know ?
Lack of a major operator buying into Kakapo and Barque is a concern to shareholders-has any progress been made here ?
What plans for further development of Tui and kupe-especially with regard to near field drilling ?
When will the share buy-back resume?

Have a great day-it should be an interesting morning !

Stanace can you also ask those questions for me. As well where is the Tunisa Diodore prospect needs updating. Also the Samatra near drill was very close to the major earthquake they just had. Any conquences from that quake.
Hope you get chance to ask some of those questions and thanks in advance.

[BigBob]

I hope to go, give me some Questions?

One from me too if OK stanace...: In their March presentation they said that drilling in Indonesia was "imminent"... has it already started, or if not when exactly is "imminent"..?

[dsurf]

One from me:

Do they know the actual name of the disgruntled ex employee called "balance" on ST?

[digger]

One from me:

Do they know the actual name of the disgruntled ex employee called "balance" on ST?


I sort of like Balance and i hope he stays with NZO on sharetrader.That way we can keep in the dark and get fed SH-t.
Just thinking the other day what Balances post will be if NZO strikes oil and the SP does a ggod rise. Well i think it will be something like this. " See i warned you mushrooms that giving AK 3 million options was a bad idea now he has doubled his money and you mushrooms got nothing and that is after the managements blew a billion dollars of your money drilling empty holes"

[pietrade]

Balance does seem to be very disgruntled and I wonder if he's ever been really gruntled?

[fish]

I hope to go, give me some Questions?

I see the sp closed 1.5 cents up at the end of trading today.

Was the meeting informative or provided clarification of some of our concerns ?

[fabs]

MR. CHRIS ROBERTS
can you answer a 2 parts Question I did not ask Andrew yesterday?
How many monthley payments of $800000.00 has NZO payed out to the receiver so far and what are the expected chances of getting any of that money back at the conclusion of the sale?
I assume it is deemed to be secure, but in case the net return falls short of covering it, WILL THAT BE AN OTHER WRITE-OFF?

[fish]

Fabs I am sure in the spirit of this forum it would be appreciated by many if you could relate what was discussed and any facts or impressions you gained.

Thanks in anticipation

[fabs]

FISH
Will not attempt to put the nearly 3 Hrs. of discussions down on record.
After more than 1 hr was wasted by questioning Andrew going over the saga of PRC, how some money could be salvaged by doing this or that, more or less repeating harebrained schemes trashed out over the last 15 months on this forum, so let that RIP.
As to the path forward, I will sum up thus by saying most of it has been said 5 years ago, but to be fair to Mr. Knight he deserves a chance, mainly because he has embarked on doing something that his predecessor promised but seemed not have managed to implement, creating more wealth to Co. & S/Hs.
So personally i feel something positive should be reflected short term in the next 3 months to again for me, medium term 6 Months, everything being equal,to restore some credibility with general investors in the co.which it is clearly lacking.
NZO in my view will ultimately only really go places and have a significant impact on the S/P if they strike oil/gas in a MAJOR PROSPECT, for that to happen there has got to be a firm date and prospect to drill, that looks at this point to be 2 1/2 to maybe even 4 years down the track.
That is not Andrews view of course, just mine.
I certainly would like to attend a similar meeting in 6 months time.
Hope that this is of some use, i know to some of us it is,
same old song same old refrain.

[fish]

thanks fabs

no current news then but some hope for an increase in the sp soon ?

Yes I would like to attend such a meeting in 3 months time-agm will be 6 months but hopefully more than 2 weeks notice of the date as i am still peeved at the short notice.I believe good communication between ceo and shareholders is important .
Any chance of this being arranged Chris ?

[Mr Tommy]

FABS, you suggest no major drilling for 2-4 years. But the NZOG website mentions a drill in the next 2 months in Indonesia. Was there any mention of this at last weeks meeting? Its costing NZOG US$6.5m so not a small venture. Theres no mention of how big the potential is.

Also in December 2011, NZOG acquired 90% of a company which has an interest in the Kisaran exploration permit in Central Sumatra, effectively giving NZOG a 22.5% share of the permit. A well is planned for the first half of 2012.

[777]

link to presentation

http://www.nzog.com/f314,170087/170087_Shareholder_Presentation_20_February_2012.p df

[fabs]

TOMMY!
not sure whether they can be deemed Major, but will see.

[Balance]

link to presentation

http://www.nzog.com/f314,170087/170087_Shareholder_Presentation_20_February_2012.p df

Cosmos Concession - US$3m upfront, US$19m contribution to partner's cost if development proceeds?

Does that not sound like a Nigerian scheme to you?

Bet you the money is gone for good.

[Mr Tommy]

TOMMY!
not sure whether they can be deemed Major, but will see.

Funny the indonesian prospect in that presentation states "22.5% stake in permit with drilling imminent"
No mention of how big it is, or how much money being spent, or who the partner is.

[Balance]

Funny the indonesian prospect in that presentation states "22.5% stake in permit with drilling imminent"
No mention of how big it is, or how much money being spent, or who the partner is.

NZOG is throwing shareholders' money around, hoping that something will pop for them. US$3m here, US$15m there etc.

New strategy now of 'investing' in farm-in projects - now that throwing money at drilling (dry) holes do not work anymore.

Don't look further than NZOG agreeing to pay US$3m for a 15% stake from AGL in Kaheru - a week after that, ROC offered its whole 50% stake for nothing!

I can hear the AGL boys laughing all the way from Sydney!

Gives you heaps of confidence these clowns know what they are doing with shareholders' wealth?

[Mr Tommy]

If the indonesian or cosmos or kaheru come off then hopefully we will be the ones laughing.

Hopefully the quarterly report will be out this week and give a bit more info on this mysterious "imminent drilling" that we are spending US$6.5m on.


Balance - the Kaheru announcement states "NZOG will pay US$3m for AGL's stake, conditional on the joint venture making a commitment to drill a well "
So if ROC has pulled out and theres no well drilled then I read it as no $3m cost to NZOG.

[Balance]

If the indonesian or cosmos or kaheru come off then hopefully we will be the ones laughing.

Hopefully the quarterly report will be out this week and give a bit more info on this mysterious "imminent drilling" that we are spending US$6.5m on.


Balance - the Kaheru announcement states "NZOG will pay US$3m for AGL's stake, conditional on the joint venture making a commitment to drill a well "
So if ROC has pulled out and theres no well drilled then I read it as no $3m cost to NZOG.

Eh, just like Nogges are laughing at how Pike River, PPP and all the oil drillings were going to deliver?

Correct - it's conditional. The issue here is market and oil intelligence - NZOG has demonstrated it has none! Just shareholders' wealth and funds for directors to throw around.

Why would you negotiate months on months with AGL and not be aware that ROC is pulling out!

Gives you a lot of confidence about the farm-ins in Indonesia and Tunisia?

[digger]

Eh, just like Nogges are laughing at how Pike River, PPP and all the oil drillings were going to deliver?

Correct - it's conditional. The issue here is market and oil intelligence - NZOG has demonstrated it has none! Just shareholders' wealth and funds for directors to throw around.

Why would you negotiate months on months with AGL and not be aware that ROC is pulling out!

Gives you a lot of confidence about the farm-ins in Indonesia and Tunisia?

I am still waiting for a reply posted some weeks ago about who or what picked up the 50% ROC stake. Hpefully the quartely will deal with this as we did buy the conditional 15% stake in this time frame and it is important to be informed as to what is happening.I do realise that it is on one hand not NZO's position to release to the market what ROC"arrangements are but NZO shareholders concerns need at least some statement to clear up what is happening.

[NZOG Communication]

I am still waiting for a reply posted some weeks ago about who or what picked up the 50% ROC stake. Hpefully the quartely will deal with this as we did buy the conditional 15% stake in this time frame and it is important to be informed as to what is happening.I do realise that it is on one hand not NZO's position to release to the market what ROC"arrangements are but NZO shareholders concerns need at least some statement to clear up what is happening.

Digger,
As previously noted, NZOG’s entry to the Kaheru JV isconditional. Until such time as the entry conditions are complete NZOG can sayvery little as it is under confidentiality obligations to the Kaheru JV. However, it is worth noting that ROC does not formally withdraw until 18May. The existing JV partners have until then to sort things out.

fabs,

Confidentiality prevents us from saying anything at present.

Regards
Chris Wikaira (filling in for Chris Roberts)

[the machine]

Digger,
As previously noted, NZOG’s entry to the Kaheru JV isconditional. Until such time as the entry conditions are complete NZOG can sayvery little as it is under confidentiality obligations to the Kaheru JV. However, it is worth noting that ROC does not formally withdraw until 18May. The existing JV partners have until then to sort things out.

fabs,

Confidentiality prevents us from saying anything at present.

Regards
Chris Wikaira (filling in for Chris Roberts)



hey this level of response it very good

M

[digger]

Digger,
As previously noted, NZOG’s entry to the Kaheru JV isconditional. Until such time as the entry conditions are complete NZOG can sayvery little as it is under confidentiality obligations to the Kaheru JV. However, it is worth noting that ROC does not formally withdraw until 18May. The existing JV partners have until then to sort things out.

fabs,

Confidentiality prevents us from saying anything at present.

Regards
Chris Wikaira (filling in for Chris Roberts)

Hi, Thanks for reply. Very much as i expected but good to hear anyways. I did not know about the the 18th deadline. Cheers

[fabs]

Thanks for that Chris,
just hope it will not take till the AGM or longer to find out.
Cheers

[Balance]

Hi, Thanks for reply. Very much as i expected but good to hear anyways. I did not know about the the 18th deadline. Cheers

18th deadline known at time of announcing this great deal.

Font size: Date posted: 16/03/2012 17:20:00
NZOG (New Zealand Oil & Gas Ltd) has today signed a conditional agreement to purchase a 15% stake in the Kaheru permit (Petroleum Exploration Permit 52181) off the south Taranaki coast.

The agreement is with AGL Upstream Gas (MOS) Pty Ltd, a wholly owned subsidiary of AGL Energy Ltd.
AGL acquired the interest in the Kaheru permit through its corporate acquisition in 2010 of Mosaic Oil. The other partners in the permit are ROC Oil (50% and Operator), TAG Oil (20%) and L&M Energy (15%).
NZOG will pay US$3m for AGL's stake, conditional on the joint venture making a commitment to drill a well (and on joint venture and Crown approval of the transfer of ownership from AGL to NZOG).
The permit currently has a drilling commitment deadline of 18 May 2012, with a well to be drilled by 18 May 2013.
The permit lies to the east of NZOG's Kupe gas and oil field and is on trend with the onshore Rimu and Kauri fields.
The Kaheru prospect lies in 25 metres of water, and is 8 kms from shore. Figures previously released from the joint venture have estimated the mean recoverable reserves (unrisked) at 45 million barrels (mmbbls) of oil in an oil case; or 200 billion cubic feet (bcf) of gas and 7.5 mmbbls of condensate in a gas case.
Chief Executive Andrew Knight says the agreement signed today with AGL provides a sensible way to expand NZOG's interests in its core Taranaki area.
"The Kaheru prospect is a long-recognised structure with the potential to extend the producing trend southward. 3D seismic coverage and advanced processing undertaken by the joint venture has enhanced the structural imaging.
"We have clearly stated our desire to replenish our Taranaki Basin prospect inventory, and we recognise the eastern margin of the Basin as favourable in having a reliable oil and gas charge, and multiple proven reservoir systems.
"Kaheru is a welcome addition to our exploration portfolio".

[digger]

Balance the 18th i refered to applies to ROC having that date to formally withdraw,not the date to commit to drilling

[Balance]

Balance the 18th i refered to applies to ROC having that date to formally withdraw,not the date to commit to drilling

Same, same, Digger.

The JV partners (with ROC at 50% and so, senior partner) have until 18th May to commit to drill. ROC wants out so it is up to the other partners, being AGL and TAG, now to fund the drilling commitment and thdey need to get that done by 18th May.

NZOG communications has simply stated the obvious but of course, it is met with profuse thanks by Noggers!

What a well trained lot you are!

Why not ask the question post 18th May (when confidentiality no longer applies) about the basis on which NZOG made the decision to buy the farm-in from AGL when there's ROC basically handing over its 50% on a plate? Was NZOG aware ROC was wanting out? Kinda like missing the storm because of the raindrops?

[bermuda]

I have only got a few of these ( in my wife's name ) and don't really follow it that much these days but NZOG is starting to look like a winner again. 47 cents per share in cash, the buy back still in operation and a SW Kupe project to boot. Forget Barque ( never liked it ) but they have a few other irons in the fire that are starting to look good as well.

Stay onside.

[Balance]

I have only got a few of these ( in my wife's name ) and don't really follow it that much these days but NZOG is starting to look like a winner again. 47 cents per share in cash, the buy back still in operation and a SW Kupe project to boot. Forget Barque ( never liked it ) but they have a few other irons in the fire that are starting to look good as well.

Stay onside.

I recall reading a similar posting with you when the sp was over $1.50?

Think it will work out better this time?

[bermuda]

I recall reading a similar posting with you when the sp was over $1.50?

Think it will work out better this time?
Balance,
I got out years ago at about $1.25 after riding it up from 26 cents. Took my dosh to Australia and rode the CSG trail. Now I am into Aussie shale and American salt domes.

As I said I have only got a few but I do think that NZO is in an uptrend. They have about 180 million cash on hand. That's not a bad effort for a company with only 390 odd million shares on issue. I wish Phaedrus was around to give us a comment. I reckon he would like the way the chart is heading.

[digger]

Balance,
I got out years ago at about $1.25 after riding it up from 26 cents. Took my dosh to Australia and rode the CSG trail. Now I am into Aussie shale and American salt domes.

As I said I have only got a few but I do think that NZO is in an uptrend. They have about 180 million cash on hand. That's not a bad effort for a company with only 390 odd million shares on issue. I wish Phaedrus was around to give us a comment. I reckon he would like the way the chart is heading.

hi bermuda,
Yes things are starting to look a bit better.There is 137 million cash in the bank the same as last quarter but have paid off 5.2 million in loans with a total of just under 50 million to pay off over the next few years.So for now they have approx 187 million available for investment.
During this quarter we spent a lot on getting ready for exploration,buybacks,foreign exchange losses,royalities and administration.The income side looked good with selling the oil averaging 122 US and it should stay that way for the next quarter at least.
I see from PPP that TUI has now done 32 million so only 9 million left if it is to run out at 41 million.
At the moment PPP is the better deal as it has 16 cents AUS in cash,no debt and its Aus SP is 15.5. Is there many other companies that are that much of a give away.
At the end of this quarter what has not yet happened that is still holding NZO back is a final on PIKE. Tomorror is May so is it not targeted in May that the sell to SE will be released.

[Mr Tommy]

Could NZOG be growing some gonads? What say you Balance?

New Zealand Oil & Gas could end up with a "significantly larger stake" in offshore Taranaki prospect Kaheru than the initially proposed 15 per cent, the company said yesterday.


http://www.stuff.co.nz/business/industries/6833107/NZOG-eyes-bigger-stake-in-Kaheru

[BigBob]

From NZ Herald This morning..:

Solid Energy says it will announce an update on its proposed acquisition of the Pike River Coal assets today after a meeting in Greymouth with the families of the 29 men who died in the mining tragedy.

The announcement in March that the state-owned company was buying the mine was welcomed by the West Coast community as a "giant step" towards retrieving the bodies of the miners, trapped underground since the explosion in November 2010.

So, a deal has presumably been done and details will be released today... Yet, NZO trades on and is up a couple of cents on high volume... Can someone explain to me why NZO is not in a trading halt pending release of this update, which is likely to be material ....?

I can only assume that, as usual, it's the big players looking after each other's interest...

[Balance]

From NZ Herald This morning..:

Solid Energy says it will announce an update on its proposed acquisition of the Pike River Coal assets today after a meeting in Greymouth with the families of the 29 men who died in the mining tragedy.

The announcement in March that the state-owned company was buying the mine was welcomed by the West Coast community as a "giant step" towards retrieving the bodies of the miners, trapped underground since the explosion in November 2010.

So, a deal has presumably been done and details will be released today... Yet, NZO trades on and is up a couple of cents on high volume... Can someone explain to me why NZO is not in a trading halt pending release of this update, which is likely to be material ....?

I can only assume that, as usual, it's the big players looking after each other's interest...

A written complaint to the NZX may be in order?

[digger]

From NZ Herald This morning..:

Solid Energy says it will announce an update on its proposed acquisition of the Pike River Coal assets today after a meeting in Greymouth with the families of the 29 men who died in the mining tragedy.

The announcement in March that the state-owned company was buying the mine was welcomed by the West Coast community as a "giant step" towards retrieving the bodies of the miners, trapped underground since the explosion in November 2010.

So, a deal has presumably been done and details will be released today... ..

BigBob, the problem is in your wording where you assume it will be released today.Maybe SE talking to the families is just a stage in the proceedings and not necessarly the grand final.

[Balance]

BigBob, the problem is in your wording where you assume it will be released today.Maybe SE talking to the families is just a stage in the proceedings and not necessarly the grand final.

Today?

Must mean the day between tomorrow and yesterday?

[BigBob]

BigBob, the problem is in your wording where you assume it will be released today.Maybe SE talking to the families is just a stage in the proceedings and not necessarly the grand final.

Hi Digger, they are not my words they are from NZ Herald..: "Solid Energy says it will announce an update on its proposed acquisition of the Pike River Coal assets today"

There's not much ambiguity in that.... :o)

Whether the announcement is today or not is somewhat irrelevant anyway - the point is that on the face of it an agreement has been reached, which is known by both parties and maybe others too. That means that all market participants are not equally informed and as such NZO should be placed in a trading halt until this information has been released, be that today, tomorrow or some time next week....

Cheers
BigBob

[digger]

Yes yesterday i did hear that SE would announce an update but i simply took that as an update could be expected today,not necessarly all the final agreement. That is how i took it anyways. Cheers

[fabs]

Well I wonder, would it be perhaps cheaper in the long run, to offer S/E 10 million as a sweetener,to bring a speedy end to this sordid affair?
Neither the Receiver nor S/E seem to be in a hurry to settle.
The Receiver being funded to the tune of $800000.00 a month for its thankless and hard work, waiting on S/E to move.
S/E which in turn are of course in no hurry to settle, being the only party interested in what has as predicted long,long ago descended into a garage sale.

Meanwhile NZO Management { also well remunerated for their hard & thankless work } but still being in a charitable mood, seem to be reluctant to pull the plug.

Well I say go for it while there is still SLOP IN THE TROUGH

[fish]

Well I wonder, would it be perhaps cheaper in the long run, to offer S/E 10 million as a sweetener,to bring a speedy end to this sordid affair?
Neither the Receiver nor S/E seem to be in a hurry to settle.
The Receiver being funded to the tune of $800000.00 a month for its thankless and hard work, waiting on S/E to move.
S/E which in turn are of course in no hurry to settle, being the only party interested in what has as predicted long,long ago descended into a garage sale.

Meanwhile NZO Management { also well remunerated for their hard & thankless work } but still being in a charitable mood, seem to be reluctant to pull the plug.

Well I say go for it while there is still SLOP IN THE TROUGH

Fabs your cognitive process is very much astray as is your orientation.

At 9pm solid energy are going to make public what they have discussed with the bereaved and settled with the receivers .

Expect a trust fund to finance body retrieval etc and repayment of nzo loan to receivers .

[fish]

Sale to solid energy confirmed subject to a few procedural matters .

[Penfold]

Haven't been paying much attention to the headlines... will PRC shareholders likely receive anything?

[upside_umop]

Are the receivers costs really $800,000 per month? I see that the 6 months to December 2011 were only $937k....

[whirly]

10 May 2012
Pike River Coal Limited sale agreement
NZOG (New Zealand Oil & Gas Ltd) welcomes the announcement that Solid Energy has
signed a sale and purchase agreement with the Receivers for Pike River Coal Ltd (in
receivership) (PRC).
A wholly owned subsidiary of NZOG, as a secured creditor, arranged for the appointment of
Receivers to PRC in December 2010 at the request of the Board of PRC and since then has
been supporting both the mine stabilisation efforts and the sales process.
The structure of the sale agreement reflects the complexity of the issues that will need to be
managed by the purchaser, with completion subject to a number of conditions precedent.
Solid Energy will pay an initial purchase price to PRC of $7.5 million, with $2.5 million
payable on signing of the sale agreement, $1.25 million payable on 30 September 2012 (if
completion has not occurred at that point in time) and the balance payable on completion.
In addition, Solid Energy will pay a further $25 million (Deferred Payment) by instalment
commencing when extraction from the mining permit area over a consecutive 12 month
period reaches 250,000 tonnes or when total aggregate extraction over any period reaches
1.25 million tonnes, whichever occurs first. Once that trigger date is reached, if due to the
250,000 tonne trigger, Solid Energy will pay $2.5 million.
On each anniversary of the trigger date until the Deferred Payment has been paid in full,
Solid Energy will pay a further instalment based on the relevant coal extraction of the
previous 12 months calculated in accordance with the following table plus interest at half of
the 90 day bank bill rate:
Coal extracted per applicable period (tonnes) Per tonne payment rate $
Where coal extracted in the applicable period is less than 250,000 tonnes:
1 to 150,000 0.00
150,001 to 249,999 5.00
Where coal extracted in the applicable period is 250,000 tonnes or more:
1 to 300,000 10.00
300,001 to 350,000 11.25
350,001 to 400,000 12.50
400,001 to 450,000 13.75
450,001 and above 15.00For further information please contact:
Andrew Knight, CEO OR; Chris Wikaira, Acting Public Affairs Manager
Telephone: +64 4 495 2424; + 6427 4522472 Toll Free: 0800 000 594 (NZ)
NZOG stock
symbols:
NZX shares – NZO
ASX shares – NZO
Both the per tonne payment rates set out in the table above and the Deferred Payment will
be increased for inflation commencing from the trigger date.
Completion under the sale agreement remains conditional on satisfaction of various
conditions, the most material of which are:
• the Minister of Energy and Resources consenting to the transfer of the various
permits;
• the Minister of Conservation and certain third parties consenting to the transfer of
various access agreements; and
• Solid Energy and NZ Police executing a reimbursement deed in relation to the costs
incurred by NZ Police which Solid Energy has agreed to meet in a form acceptable to
PRC.
Solid Energy and the Crown also have to conclude documentation relating to how the
possible recovery of the 29 lost men will be pursued.
Given the conditionality of the sale agreement, NZOG does not currently expect that this
transaction will impact materially on NZOG’s results for 30 June 2012.

[Balance]

Haven't been paying much attention to the headlines... will PRC shareholders likely receive anything?

http://www.asx.com.au/asxpdf/20120510/pdf/426688032dq98b.pdf

[winner69]

http://www.asx.com.au/asxpdf/20120510/pdf/426688032dq98b.pdf

Would suggest not much in it for NZO or PRC shareholders .... $400m to $32m

[bung5]

What a joke, NZO directors have been wasting our money trying to support his sale to get 7.5million. NZO should of bought it themselves if this was the best they were going to get out. Glad I sold out at 79c. no chance me buying back in with the incompetent management and directors of this company no matter how good the numbers look

[fabs]

Fabs your cognitive process is very much astray as is your orientation.

At 9pm solid energy are going to make public what they have discussed with the bereaved and settled with the receivers .

Expect a trust fund to finance body retrieval etc and repayment of nzo loan to receivers .


REALLY







WINNER
Would suggest not much in it for NZO or PRC shareholders .... $400m to $32m

Hey $32m over maybe 20 years, not to be sneezed at.

[neopoleII]

if/when SE can mine a 1000 tons a day, nzo will earn $3.6 million year on year. so this is a long term drip feed. and a chance for nzo to earn right up to the end of production of the mine.
over 20 years is 70 odd mill plus inflation..... based on 1000 ton a day.

[Ian]

if/when SE can mine a 1000 tons a day, nzo will earn $3.6 million year on year. so this is a long term drip feed. and a chance for nzo to earn right up to the end of production of the mine.
over 20 years is 70 odd mill plus inflation..... based on 1000 ton a day.

No the Defered Payment looks to be capped at $25m

[fabs]

IF and when they start, i like the plus inflation bid, S/E know this takes a long lead-up time to production, wish NZO management where half as smart.
Good exercise to practice patience for real staunch nzo S/H, THEY WILL NEED IT.

[Balance]

IF and when they start, i like the plus inflation bid, S/E know this takes a long lead-up time to production, wish NZO management where half as smart.
Good exercise to practice patience for real staunch nzo S/H, THEY WILL NEED IT.

Mushrooms do not need patience, just horse manure - the more, the better.

[winner69]

Doubt whether Solid Energy will mine Pike in the foreseeable future .... they have got some cheap infrastructure including what there is at Ikamatua etc and maybe help Bathhurst out .... and leave the coal in the ground at Pike maybe forever

So maybe really only $7.5m and the receiver (or somebody else) will need to hang around to collect any of the $25m if they do start extracting coal one day

[fabs]

Given the conditionality of the sale agreement, NZOG does not currently
expect that this transaction will impact materially on NZOG's results for 30
June 2012.

Or 30 June 2013-14-15 ETC.????


Just out of curiosity can the NZO Mang. now disclose what it pays the receiver per month if any till the completion of the deal, or is that still Industries sensitive classified information?
Will the $7,5 mil. be enough to cover the amount, NZO has sunk into this Receivership Adventure.

[Balance]

Given the conditionality of the sale agreement, NZOG does not currently
expect that this transaction will impact materially on NZOG's results for 30
June 2012.

Or 30 June 2013-14-15 ETC.????


Just out of curiosity can the NZO Mang. now disclose what it pays the receiver per month if any till the completion of the deal, or is that still Industries sensitive classified information?
Will the $7,5 mil. be enough to cover the amount, NZO has sunk into this Receivership Adventure.

Kiss the money goodbye. And kiss the money NZOG is putting into Indonesia and Tunisia goodbye as well.

Incompetent management who haven't got a clue combined with senile board members well past their used by dates = wealth destruction.

[timmy]

I don't believe managementare incompetent, they know exactly what they are doing by giving away our shareholder's money away to their own mates

[neopoleII]

to Ian... yes you are correct.
to balance.... you are correct also.
im assuming here.... there was an insurance payout of 80 odd mill that nzo used to payout all sorts of folks and BANKS.... so lost a fair bit of dosh there. the buyers dont care where that cash went, but im sure they put that into their equation of how much to offer for PRC.
so 80 mill + 27mill is a 100 odd mill for an unknown damaged destroyed mine.
with the risk ALL on SE to rebuild, restart, recover bodies, redesign... safely and operate profitably a mine that has huge potential but still huge problems regarding DOC and the grennies. so in that respect..... they offered what they did, and it seems the best offer..... nzo board had a chance to bid also and if they did...... their offer was less than SE's as SE won the tender.
sort of makes me wonder what is going on in the boardroom??

my opinion is that the boardroom needs to cleaned out..... if nzo is ever to move forward.
i have lost all respect for the board.
and i am now seriously worried about the chairman.
i would like to sell my holdings in this co, but would lose a lot of money, and i know there are many more folks out there in a worse position than me.
i guess..... all those like me sitting on a loss a hoping something positive is coming soon, and the reality is....... there seems nothing on the horizon.... even the divi stream is dry or below bank rates.
i am seriously worried about my investment and yet shareholders still keep voting in favour of the boards directions and decisions.
my simple question is...... is this company like a warped alice in wonderland story?
or im such a simpleton that i cant fathom that the "experienced" board is actually very smart and i cant understand that?

[Lizard]

Doubt whether Solid Energy will mine Pike in the foreseeable future .... they have got some cheap infrastructure including what there is at Ikamatua etc and maybe help Bathhurst out .... and leave the coal in the ground at Pike maybe forever

So maybe really only $7.5m and the receiver (or somebody else) will need to hang around to collect any of the $25m if they do start extracting coal one day

The Radio NZ interview with Don Elder certainly gave that impression...

[h2so4]

.......smart people.

If you pay $7.5m for a $1b resource, there is no need to mine it, ever.

[Balance]

This whole Pike River episode gives an unparalleled insight into how the directors and management of NZOG are like when making investment decisions and managing those investments.

Where can one even begin to write about their incompetence?

3 CEOs in 5 years - one now hiding in Australia (what is he hiding and why), another resigning after the Board chose to disagree with him about management at Pike (he was right and they were wrong) and now, a CEO who sat at the Board who presided over the large scale destruction off wealth with Pike, PPP and dry holes. Where have all the cash gone?

And there are still many on this forum who actually believe that it's all an unfortunate accident?

Time to open those eyes!

[shasta]

This whole Pike River episode gives an unparalleled insight into how the directors and management of NZOG are like when making investment decisions and managing those investments.

Where can one even begin to write about their incompetence?

3 CEOs in 5 years - one now hiding in Australia (what is he hiding and why), another resigning after the Board chose to disagree with him about management at Pike (he was right and they were wrong) and now, a CEO who sat at the Board who presided over the large scale destruction off wealth with Pike, PPP and dry holes. Where have all the cash gone?

And there are still many on this forum who actually believe that it's all an unfortunate accident?

Time to open those eyes!

Yawn...

They hired a Treasury Accountant yet?

[fabs]

Just for the record, was told by A/K at a meeting attended by another 8 S/Hs NZO would not get a mining license by GVT
Quite a number of Forum members seem not to be aware of this
Therefore could not have made a bid without a partner that could.
As to the reason and ins and out for that, you have to address a NZO co. Spokesperson for that.

BTW: Thank goodness for that, as who knows to what length NZO Management would have gone down that path to keep this Adventure alive.

And there are still are seemingly large number in that Management and also a bunch of S/Hs who are surprised at what appears to them to be low S/P.
Given the performance of the last 5 years of the above personally think the present S/P flatters the management.

BALANCE : me thinks D/Ss decision not to get more involved with PIKE was more due to him having even less experience if that where possible in W/C Coal mining and hunch than being any better than the rest.

[fabs]

Looks like the end of the PRC Forum now, so good bye every-one and good luck.
No doubt it will resurface under a different name in the faraway future under guidance of S/E.
CHEERS ALL.

[BigBob]

Digger,
As previously noted, NZOG’s entry to the Kaheru JV isconditional. Until such time as the entry conditions are complete NZOG can sayvery little as it is under confidentiality obligations to the Kaheru JV. However, it is worth noting that ROC does not formally withdraw until 18May. The existing JV partners have until then to sort things out.

fabs,

Confidentiality prevents us from saying anything at present.

Regards
Chris Wikaira (filling in for Chris Roberts)


May 18 came and went - and as usual we are all left guessing.

I have a vague recollection of NZO once getting an award for good market communications... Must have been in some distant past....! Sigh...!!

[dsurf]

May 18 came and went - and as usual we are all left guessing.

I have a vague recollection of NZO once getting an award for good market communications... Must have been in some distant past....! Sigh...!!

That was when they wanted $150 million from the options.

[shambles]

Hi, I'm seriously considering exiting my (dwindling and costly) NZO holding to reinvest in some of the shares that have been providing positive returns..
Wondering if anyone can please advise a good exit point using tech analysis. It looks like the recent uptrend has been broken.. but I don't really have the experience to be able to make an informed decision based on chart info. Would be very grateful for any advice or feedback.
Thanks in advance.. shambles

[Mr Tommy]

See the share buyback starts again after about 10 weeks, just in time to give themselves another 150,000 into the ESOP

[bung5]

haha yes the share buy back is a joke. 30k , 8k , 25k . They could fund a share buy back for 20 years and not make any difference.

[Queenstfarmer]

Two cents per share as a special dividend makes more sense than this silly buy back..when at the end of the day, all NZO do is reissue more shares again again again???

[digger]

Hi, I'm seriously considering exiting my (dwindling and costly) NZO holding to reinvest in some of the shares that have been providing positive returns..
Wondering if anyone can please advise a good exit point using tech analysis. It looks like the recent uptrend has been broken.. but I don't really have the experience to be able to make an informed decision based on chart info. Would be very grateful for any advice or feedback.
Thanks in advance.. shambles

Shambles there is no answer to your question . It is what the sharemarket is all about,and why we have a market. We all see it differently. Your call and yours alone.

[Hoop]

Hi, I'm seriously considering exiting my (dwindling and costly) NZO holding to reinvest in some of the shares that have been providing positive returns..
Wondering if anyone can please advise a good exit point using tech analysis. It looks like the recent uptrend has been broken.. but I don't really have the experience to be able to make an informed decision based on chart info. Would be very grateful for any advice or feedback.
Thanks in advance.. shambles

Shambles using TA discipline you would have bought in before the rise on 26 Oct 2011 at 65c and out on the breaks on 16th May 2012 at 76c ...Realised 17% profit in 6 months.
The problem with not selling on the signals is that you are now relying on Hope (Hope is an emotion...emotions are a negative in sharing investing.)
Selling out on the break realises your capital gain and not at risk.....OK..The share price may HOPEfully turn up again if so the buy signals will return The TA person may lose a couple of cents and buy in again at a higher price ...but the risk has been minimised.

Interesting event before the 27th October 2011 gap up....TA picked up unusual bullish trading behavour suggesting something was up.:)
Selling out at 79c is credible too when the shareprice failed to push past 80c with negative divergence warning bells ringing

http://i458.photobucket.com/albums/qq306/Hoop_1/NZO22052012.png

[shambles]

Shambles there is no answer to your question . It is what the sharemarket is all about,and why we have a market. We all see it differently. Your call and yours alone.

Thank you Digger, right you are.. I suppose I'm just looking for any chart heads out there who might be able to offer some insight into the current trend. It looks to me like the recent short term uptrend has been broken and the price might follow the longer term downtrend as a result.
Really enjoy reading this forum, don't comment much but certainly follow everyones posts with interest and glean a lot of knowledge and information from the combined experiences and opinions.. thanks to all who contribute.
Best, Shambles

[Snow Leopard]

Shambles using TA discipline you would have bought in before the rise on 26 Oct 2011 at 65c and out on the breaks on 16th May 2012 at 76c ...Realised 17% profit in 6 months.

Yeah right as the advert says.

You are getting as bad as Phaedrus was with this 'It is all so obvious now rubbish.

1) Where you buy and sell, as a TA person, depends upon the particular entry conditions you use. There is plenty of room for variation.

2) before 26 Oct, you buy into downtrends ?

3) you sell on the tiny dip then ?

I expect better of you Hoop
best wishes
Paper Tiger

[shambles]

Shambles using TA discipline you would have bought in before the rise on 26 Oct 2011 at 65c and out on the breaks on 16th May 2012 at 76c ...Realised 17% profit in 6 months.
The problem with not selling on the signals is that you are now relying on Hope (Hope is an emotion...emotions are a negative in sharing investing.)
Selling out on the break realises your capital gain and not at risk.....OK..The share price may HOPEfully turn up again if so the buy signals will return The TA person may lose a couple of cents and buy in again at a higher price ...but the risk has been minimised.

Interesting event before the 27th October 2011 gap up....TA picked up unusual bullish trading behavour suggesting something was up.:)
Selling out at 79c is credible too when the shareprice failed to push past 80c with negative divergence warning bells ringing

http://i458.photobucket.com/albums/qq306/Hoop_1/NZO22052012.png

Hoop, amazing fantastic info - thank you very much. Really appreciate the info!

[Mr Tommy]

Shambles using TA discipline you would have bought in before the rise on 26 Oct 2011 at 65c and out on the breaks on 16th May 2012 at 76c ...Realised 17% profit in 6 months.

26 October was the day of the AGM, price started ticking up after the msuhrooms were fed their yearly dose (as Balance would say)
16 May was couple of days after the Pike sale disappointment on 11 May.

[shambles]

I sold out today.. feel's good to be rid of NZO, it's only gone in one direction for me since I bought in.
Valuable lessons learned - don't average down being one of them, always buy in an uptrend being another.
Now to find the uptrends... RYM IFT look good.

[fish]

I sold out today.. feel's good to be rid of NZO, it's only gone in one direction for me since I bought in.
Valuable lessons learned - don't average down being one of them, always buy in an uptrend being another.
Now to find the uptrends... RYM IFT look good.

nzo is going through a phase where patience is needed . Looking ahead we should get a 5 cent dividend plus imp. credits in 4 months . Kupe is producing well and cash reserves are increasing-helped by the fall in the Kiwi .With the start of the buyback I bought some more-with margin lending money -having persauded my bank to reduce interest rates on this and my mortgage .To me its a time to buy when there is such a disparity between eps and interest rates.Have you thought about CEN-current wholesale power prices are on a massive uptrend

[Balance]

nzo is going through a phase where patience is needed . Looking ahead we should get a 5 cent dividend plus imp. credits in 4 months . Kupe is producing well and cash reserves are increasing-helped by the fall in the Kiwi .With the start of the buyback I bought some more-with margin lending money -having persauded my bank to reduce interest rates on this and my mortgage .To me its a time to buy when there is such a disparity between eps and interest rates.Have you thought about CEN-current wholesale power prices are on a massive uptrend

Wait for the write-offs to come from Indonesia an Tunisia and other 'adventures' to come.

I see that NZO has not written down its investment in PPP yet to market price?

[fish]

Wait for the write-offs to come from Indonesia an Tunisia and other 'adventures' to come.

I see that NZO has not written down its investment in PPP yet to market price?

Have just checked tunisia-maximum write off looks to be $4m in the event that a decision not to develop is made by september-in contrast there could be a lot of upside .I would regard that as insignificant in relation to the $60 million earnings from kupe and tui.

[Balance]

Have just checked tunisia-maximum write off looks to be $4m in the event that a decision not to develop is made by september-in contrast there could be a lot of upside .I would regard that as insignificant in relation to the $60 million earnings from kupe and tui.

Since you are at it - how much for PPP and Indonesia?

Plus with NZOG's track record (PPP, Pike, dry holes), the other write-offs to come when investments blow up?

[Chris Roberts]

Balance you are wrong.
PPP has always been at market value in NZOG's books.
As for write-offs in general - we work in a sector where the success rate (commercial petroleum discovery) is about 1 in 10. Write-downs for unsuccessful exploration wells are a normal course of business.
And I don't know whether it was on purpose, but to talk of investments blowing up is rather distasteful.

[notie]

Balance you are wrong.
PPP has always been at market value in NZOG's books.
As for write-offs in general - we work in a sector where the success rate (commercial petroleum discovery) is about 1 in 10. Write-downs for unsuccessful exploration wells are a normal course of business.
And I don't know whether it was on purpose, but to talk of investments blowing up is rather distasteful.

except in NZOG's case it is about 1 in 15......:(

[BigBob]

except in NZOG's case it is about 1 in 15......:(

Which then statistically makes them due a strike.....

[BigBob]

Balance you are wrong.
PPP has always been at market value in NZOG's books.
As for write-offs in general - we work in a sector where the success rate (commercial petroleum discovery) is about 1 in 10. Write-downs for unsuccessful exploration wells are a normal course of business.
And I don't know whether it was on purpose, but to talk of investments blowing up is rather distasteful.

Hi Chris,

May 18 was deadline for ROC withdrawing from the Kaheru JV. A week has gone by now - can you give us any update on where this is at?

Cheers
BB

[Queenstfarmer]

Well said Chris...absolutely no thought at all re Balance and his stupid use of the words "blow up"

[Snow Leopard]

Which then statistically makes them due a strike.....

Which statistically means the chance of the next one being a strike is about 1 in 10. ;)

best wishes
Paper Tiger

[J R Ewing]

Which then statistically makes them due a strike.....

In the same way that the Blues are due for a win and must be hot favorites against the Highlangers tomorrow

[Chris Roberts]

Hi Chris,

May 18 was deadline for ROC withdrawing from the Kaheru JV. A week has gone by now - can you give us any update on where this is at?

Cheers
BB

Discussions are continuing with all the involved parties, but an outcome is anticipated shortly.

[Xerof]

HAH, in the case of the Blues, the B is silent isn't it?

man, they are so bad this year they would struggle to win the bye.......

[Balance]

Balance you are wrong.
PPP has always been at market value in NZOG's books.
As for write-offs in general - we work in a sector where the success rate (commercial petroleum discovery) is about 1 in 10. Write-downs for unsuccessful exploration wells are a normal course of business.
And I don't know whether it was on purpose, but to talk of investments blowing up is rather distasteful.

It wasn't on purpose but now that it is written, it is the truth.

Distasteful because of the gross mismanagement and incompetence of Pike's management and directors?

Trust me, NZOG cannot sweep this one under the carpet or bury it in one of your dry holes.

[digger]

Discussions are continuing with all the involved parties, but an outcome is anticipated shortly.

Good to see the discussions have succesfully completed and NZO has 60% and operator.
Way back last sept i spoke with AK about Tag being sucessful onshore and hoped that NZO could find a drilling target between KUPE and Tags producing wells. I still fully support todays announcement and it is the outcome i hoped for. Drilling here in NZ to my mind is far better than going overseas.Here at least we can expect to benefit from any finds. Top of my fear list is that in overseas drills we get to keep them if they are unsuccessful but they suddenly get Nationalized if the well is an elephant.
I welcome todays anouncement.

[Toulouse - Luzern]

MINE: NZO: Winning bid on Indonesian permit

NZOG (New Zealand Oil & Gas Ltd) and its partners have been announced as
winning bidder for a Production Sharing Contract (PSC) over a promising
exploration block in onshore northern Sumatra. Formal award of the PSC is
anticipated within the next couple of months.

Source:

https://www.directbroking.co.nz/DirectTrade/dynamic/announcement.aspx?id=3087698Read more:

[Balance]

MINE: NZO: Winning bid on Indonesian permit

NZOG (New Zealand Oil & Gas Ltd) and its partners have been announced as
winning bidder for a Production Sharing Contract (PSC) over a promising
exploration block in onshore northern Sumatra. Formal award of the PSC is
anticipated within the next couple of months.

Source:

https://www.directbroking.co.nz/DirectTrade/dynamic/announcement.aspx?id=3087698Read more:


Feedback from fund managers after a firm hosted NZOG :

No confidence in offshore investment strategy - NZOG can bring nothing but cash.

Matter of time before $140m cash is spent on further misadventures.

Executive options structure mean executives rank ahead of shareholders in returns.

Fund managers see no need to be invested in such a stock.

So, Noggers - it's all yours!

[fabs]

Yes, the ever shrinking percentage of potential investors interested in this pup also waking up and giving it a pass.
Seems to have been going on for quite some time, appears to now accelerate become more widespread and solidified.

[fish]

Feedback from fund managers after a firm hosted NZOG :

No confidence in offshore investment strategy - NZOG can bring nothing but cash.

Matter of time before $140m cash is spent on further misadventures.

Executive options structure mean executives rank ahead of shareholders in returns.

Fund managers see no need to be invested in such a stock.

So, Noggers - it's all yours!

Typical unBALANCED heresay

credit suisse and forsyth Barr have both valuations (may 2012) over $1.00 and accumulate .
Forgot about kupe ?
Annual income is well above exploration expenditure so the $140m could increase with time even accounting for the 5 cent dividend plus imps.

Agree that nzo is out of favour in current climate and prc .
Wont be long before profits and dividend announcement will change sentiment.
Buy back is going slow but ultimately will help nzo shareholders -acquiring shares below nta is a good thing for loyal shareholders.
Personally I have never trusted or even been impressed by fundmanagers-in fact i dislike them so much that i wont invest in kiwisaver

[troyvdh]

Thanks fish....balance....can you remind me (or the rest of us) what you are positive about (holdings would be appreciated greatly)...cheers...

[777]

Put him on your ignore list like I do. Then you don't have to read the dribble.

[Balance]

Typical unBALANCED heresay

credit suisse and forsyth Barr have both valuations (may 2012) over $1.00 and accumulate .
Forgot about kupe ?
Annual income is well above exploration expenditure so the $140m could increase with time even accounting for the 5 cent dividend plus imps.

Agree that nzo is out of favour in current climate and prc .
Wont be long before profits and dividend announcement will change sentiment.
Buy back is going slow but ultimately will help nzo shareholders -acquiring shares below nta is a good thing for loyal shareholders.
Personally I have never trusted or even been impressed by fundmanagers-in fact i dislike them so much that i wont invest in kiwisaver

Hahaha.

Forsyth Barr has had a buy/accumulate on the stock all the way down from $1.80. What their analyst has not accounted for is management incompetence and propensity to destroy wealth.

Take the feedback for what it is - fund managers saying that they cannot see why they should invest in the stock.

Instead, we get the usual heads in the sand approach in full cry.

[brucey09]

Snr Balanced
A lighter question - how can a person be in full cry under sand?

[Chris Roberts]

Feedback from fund managers after a firm hosted NZOG :

No confidence in offshore investment strategy - NZOG can bring nothing but cash.

Matter of time before $140m cash is spent on further misadventures.

Executive options structure mean executives rank ahead of shareholders in returns.

Fund managers see no need to be invested in such a stock.

So, Noggers - it's all yours!

Balance, what absolute drivel. NZOG has not been "hosted" by any firm - the only meeting in the past four months was with retail shareholders, including some contributors to this thread (Balance wasn't eligible to attend because he's not actually a shareholder). The last briefing given was a webcast following release of the March Quarterly Report and is on our website for anyone to listen to. To respond to a couple of your other fanciful claims - the share purchase plan is never raised as an issue by fund managers because they understand how it works; there's a good understanding of the need to diversify beyond the restricted NZ market; and almost every fund manager in NZ has NZOG stock in their portfolio, and we've recently had increased interest from Australia.
The institutional investors will of course have a range of views on our company, but at least they don't make things up.

[Mr Tommy]

Balance caught out telling porkies !

[Balance]

Balance, what absolute drivel. NZOG has not been "hosted" by any firm - the only meeting in the past four months was with retail shareholders, including some contributors to this thread (Balance wasn't eligible to attend because he's not actually a shareholder). The last briefing given was a webcast following release of the March Quarterly Report and is on our website for anyone to listen to. To respond to a couple of your other fanciful claims - the share purchase plan is never raised as an issue by fund managers because they understand how it works; there's a good understanding of the need to diversify beyond the restricted NZ market; and almost every fund manager in NZ has NZOG stock in their portfolio, and we've recently had increased interest from Australia.
The institutional investors will of course have a range of views on our company, but at least they don't make things up.

I will take my broker's words than NZOG's any time, any place. Notice the "hosted"? Matter of interpretation, Mr Roberts?

Remember these classic statements from NZO :

"Pike is a valuable investment."

"Since Pike’s listing, NZOG has been a key and very supportive shareholder as the Pike Mine has moved from development into production, which should see the mine achieve its full potential by mid 2010."

"New Zealand Oil & Gas Ltd (NZOG) has moved to enhance its investment in Pike River Coal Ltd (Pike) through a funding package announced today."

Take your words and pronouncements? I beg to differ.

NZO is a NZX50 stock so most institutions will have some stock - that's just the way it is. But are they underweight or overweight, Chris? We know the answer to that one - only ACC is overweight, but that's their style. We also know that unlike other NZX50 companies, institutions only make up a minority of shareholders in NZO. Wonder why?

[Queenstfarmer]

Balance! In the 2009 AGM NZOG made it very clear that their future was not with the mine and oil and gas exploroation was the core business and coal was not. DS had said they would look at a potential buyer in the not too distant future.

[POSSUM THE CAT]

Queenstfarmer They were just providing the normal BS who in their right mind would have bought it in 2009. If they had a buyer why were they to Stupid to sell.

[Queenstfarmer]

Read properly...would look for a buyer. That statement was made a year before the Tragic explosion...so in 2009 the mine was a good opportunity for a buyer...especially with 15 years plus production ahead.

[Balance]

Read properly...would look for a buyer. That statement was made a year before the Tragic explosion...so in 2009 the mine was a good opportunity for a buyer...especially with 15 years plus production ahead.

Nope - it was already behind schedule and encountering all kinds of problems.

The statement about enhancing NZO's investment by pumping in more money - that's just another way of describing irresponsible financial and project mismanagement.

Some of us saw through all that BS.

[POSSUM THE CAT]

QueenStreetFarmer This cat stands by his statement . Any practical person could see there would be problems for years. You only had to do Fourth form science & read news papers to know that. But then again people that are educated in universities very seldom learn anything practical or have common sense. The West Coast has some of the most geological unstable country in the world.

[Queenstfarmer]

Yes agree Balance...but perhaps teething problems. Back well before the tragedy...there was 15 plus years of steady work for the West Coast. We can blah blah blah about why and how...but my earlier point is valid. NZOG made it very clear that oil and gas was their future not the PRC mine.

[Balance]

Yes agree Balance...but perhaps teething problems. Back well before the tragedy...there was 15 plus years of steady work for the West Coast. We can blah blah blah about why and how...but my earlier point is valid. NZOG made it very clear that oil and gas was their future not the PRC mine.

The problem, as relayed by one of the fund managers, is that NZOG had no expertise but had money - and money was NZOG's only input of substance. The directors and management of NZOG did not know what was happening and were happy to put up with all the delays and costs-overruns - alarm bells should have been ringing.

Hence, the view that NZOG's offshore investments are doomed to failures - NZOG's only input is money and don't the overseas partners know it!

[Balance]

http://www.stuff.co.nz/sunday-star-times/latest-edition/7034688/Kupe-lawsuits-mystifies

NZOG updated anyone on the fact that Kupe is behind schedule on planned production levels?

Reading NZOG's quarterly, everything is fine and going well.

[Chris Roberts]

http://www.stuff.co.nz/sunday-star-times/latest-edition/7034688/Kupe-lawsuits-mystifies

NZOG updated anyone on the fact that Kupe is behind schedule on planned production levels?

Reading NZOG's quarterly, everything is fine and going well.

Balance, the decrease in planned production referred to in the AG's report on Genesis refers to the first year of operation - 2010. The AG's report is referring to historical, not current issues. We report on Kupe production in our Quarterly Reports which are sent to all shareholders and every month we update Kupe production on our website. There are no production delays.

[digger]

The JV operator is currently in the process of preparing legal action on behalf of all the JV partners to reclaim costs from Technip, the contractor responsible for technical issues," the report says.

I had some difficulty in seeing what Balance is getting at. Remember Balance is auto negative about NZO so whatever he says must be in that vein. But what he is saying is from my quote above seem to imply what it is possible that NZO could be in for a few dollars from Technip in the event that Origin Enegry is successful in the legal action.Given that this info is from passed years it will be factored in already so the final outcome will be either neutral or positive hence i am lost as to why Balance in his normal negative mindset would bring this up as info against NZO.
Balance are you off color or something.Have you got todays much talked about man flu.Yes that must be it otherwise i am totally lost.

[pietrade]

Balance are you off color or something.Have you got todays much talked about man flu.Yes that must be it otherwise i am totally lost.

Oh no Dr. Digger, Methinks 'tis a simple case of obsession.

[Balance]

The JV operator is currently in the process of preparing legal action on behalf of all the JV partners to reclaim costs from Technip, the contractor responsible for technical issues," the report says.

I had some difficulty in seeing what Balance is getting at. Remember Balance is auto negative about NZO so whatever he says must be in that vein. But what he is saying is from my quote above seem to imply what it is possible that NZO could be in for a few dollars from Technip in the event that Origin Enegry is successful in the legal action.Given that this info is from passed years it will be factored in already so the final outcome will be either neutral or positive hence i am lost as to why Balance in his normal negative mindset would bring this up as info against NZO.
Balance are you off color or something.Have you got todays much talked about man flu.Yes that must be it otherwise i am totally lost.

Go back to the announcements of 2010 on Kupe, me ole matey Digger.

See any references to delays and lost production from Kupe in 2010 from NZOG in their quarterly announcements to shareholders?

[BigBob]

Go back to the announcements of 2010 on Kupe, me ole matey Digger.

See any references to delays and lost production from Kupe in 2010 from NZOG in their quarterly announcements to shareholders?

"Nope", I think the answer is...

(from September Quarter 2010...)...: "The field is producing as expected and the production station near Hawera is performing reliably, with plant availability of over 99% since commercial operations began in late March 2010."

[Balance]

"Nope", I think the answer is...

(from September Quarter 2010...)...: "The field is producing as expected and the production station near Hawera is performing reliably, with plant availability of over 99% since commercial operations began in late March 2010."

Precisely - one simply cannot take NZOG's announcements as being indicative of the real underlying situation anymore. Very good at rushing out good/positive news but super slow at anything remotely negative.

[Snow Leopard]

Go back to the announcements of 2010 on Kupe, me ole matey Digger.

See any references to delays and lost production from Kupe in 2010 from NZOG in their quarterly announcements to shareholders?

from the June 2009 Quarterly Activities Statement:

Frustratingly, the final precommissioning testing and certification process at the Kupe production station is taking longer than anticipated. Initial production during commissioning is nowexpected in the last quarter of the calendar year, with full production from early 2010



In June, NZOG was advised by the operator of the Kupe Project, Origin Energy, that the first raw gas from the Kupe field would now be brought ashore to the production station near Hawera in the fourth quarter of the calendar year

best wishes
Paper Tiger

Disclaimer: do not hold.

[Snow Leopard]

Precisely - one simply cannot take NZOG's announcements as being indicative of the real underlying situation anymore. Very good at rushing out good/positive news but super slow at anything remotely negative.

Whilst I do enjoy the balance (pun intended) that you bring to this thread. Sometimes I think you get a little excessive.

best wishes
Paper Tiger

[Xerof]

Check mate :)

[troyvdh]

...balance..how old are you....and how much do you have invested in the share market....

I apologise if these questions have been asked before,,,,,cheers troy..l

[Balance]

Whilst I do enjoy the balance (pun intended) that you bring to this thread. Sometimes I think you get a little excessive.

best wishes
Paper Tiger

Well done - PT!

You are one dude who makes it a point of checking your facts - unlike most of the mushrooms on this thread.

Cheers!

[skid]

He must not have seen the last question:p

[Pipeline]

Hey Chris

Congratulations on the new job. I bet that you wont have to deal with this riff raff over there.

Cheers and best wishes

[Mr Tommy]

Some new crowd in bermuda buying up...


Name: Utilico Investments Limited
Contact details: Utilico Investments Limited
Canons Court
22 Victoria Street
Hamilton HM12
Bermuda
Date on which substantial security holder(s) began to have substantial
holding: June 1, 2012

Summary of substantial holding to which disclosure relates

Class of listed voting securities: New Zealand Oil & Gas Limited Ordinary
Shares
Summary for: Utilico Investments Limited

For this disclosure,--

(a) total number held in class: 19,890,139
(b) total in class: 392,787,795
(c) total percentage held in class: 5.06%

[Mr Tommy]

Well done - PT!

You are one dude who makes it a point of checking your facts - unlike most of the mushrooms on this thread.

Cheers!

Er, Balance you have given a few misleading posts in the last few days. Your post about the fund managers talking to NZOG, when Chris Roberts says there have been none for months (POST 11773). And then about the Kupe production issues, which turned out to be years ago (POST 11784). Maybe you havnt been checking your facts either.

[digger]

Some new crowd in bermuda buying up...


Name: Utilico Investments Limited
Contact details: Utilico Investments Limited
Canons Court
22 Victoria Street
Hamilton HM12
Bermuda
Date on which substantial security holder(s) began to have substantial
holding: June 1, 2012

Summary of substantial holding to which disclosure relates

Class of listed voting securities: New Zealand Oil & Gas Limited Ordinary
Shares
Summary for: Utilico Investments Limited

For this disclosure,--

(a) total number held in class: 19,890,139
(b) total in class: 392,787,795
(c) total percentage held in class: 5.06%

I would guess that Utilico Investments will be very short holders of NZO. Just wait until they read Balance's post and it dawns on them what oversize mushrooms they have suddenly become.The shares will be dropped overhight.

[Balance]

Er, Balance you have given a few misleading posts in the last few days. Your post about the fund managers talking to NZOG, when Chris Roberts says there have been none for months (POST 11773). And then about the Kupe production issues, which turned out to be years ago (POST 11784). Maybe you havnt been checking your facts either.

As stated, I will take my broker's words anytime and any place to that of NZOG.

As for years ago, 2010 is but a financial year away - you must be thinking of NZOG time, right?

[percy]

Utilico investments.Our old friend Duncan Saville,and John Morrison{must be a relation of Hugh's}from Infratil .

[Awamoa]

As stated, I will take my broker's words anytime and any place to that of NZOG.

As for years ago, 2010 is but a financial year away - you must be thinking of NZOG time, right?
His "broker" must have a lot of spare time to get into discussions about shares his "client" doesnt own?

[Balance]

His "broker" must have a lot of spare time to get into discussions about shares his "client" doesnt own?

Market intelligence - that's what you pay them for.

BS - that's what NZOG feeds the mushrooms after you become a shareholder.

Many are very glad yours truly here, on balance, warned them on Pike.

Care to comment on your input?

[Crypto Crude]

balance,
do you ever give up?

your name is not very appropriate...
It should be more like...
...
..
.
wombat...

:cool:
.^sc

[Rabbi]

balance,
do you ever give up?

your name is not very appropriate...
It should be more like...
...
..
.
wombat...

:cool:
.^sc

Doesn't matter what you call them Shrewdy these clowns are on every forum and on every thread. They obviously haven't got a life and have a chip on their shoulder, so they spend their time downramping stocks, despite usually being unable to back up anything they say with any solid facts or worthwhile research.

[Mr Tommy]

I would guess that Utilico Investments will be very short holders of NZO. Just wait until they read Balance's post and it dawns on them what oversize mushrooms they have suddenly become.The shares will be dropped overhight.

Looks like youre right digger - from their website:

The company's investment policy is to invest in undervalued investments and will have the flexibility to make investments in a wide range of sectors and markets.
The Company aims to identify and invest in opportunities where the underlying value is not reflected in the market price. This perceived undervaluation may arise from any number of factors including technological, market motivation, prospective financial engineering opportunities, competition or shareholder apathy.

Maybe Balance is their employee.

[Balance]

Hi Malcolm,
Just think of it this way. The NZO train leaves the station on June 27th and will be up to full speed shortly thereafter. Until then everyone has a beautiful window of opportunity to pick up FIRST CLASS TICKETS AT THROW AWAY PRICES.

The PRC train awaits first coal.

Posted on 9 June 2008 : Sp was $1.57

Rabbi & Shrewd Crude - this is the type of ramping up you guys like?

Or do you prefer postings which warned you to steer clear and save you money?

That's what balance is about.

[Balance]

Looks like youre right digger - from their website:

The company's investment policy is to invest in undervalued investments and will have the flexibility to make investments in a wide range of sectors and markets.
The Company aims to identify and invest in opportunities where the underlying value is not reflected in the market price. This perceived undervaluation may arise from any number of factors including technological, market motivation, prospective financial engineering opportunities, competition or shareholder apathy.

Maybe Balance is their employee.

Hehe - they invested big in Provenco.

I lost a few bob on this puppy dog as well!

[skid]

I think these people would like to hear the other side of the equation balance--Go ahead ,tell them a few things you recommend, so we can move on. And lets concentrate on hard cold facts.
Unless youve got a good share to recommend that grows them,lets give the mushrooms a rest for a while.

[Balance]

I think these people would like to hear the other side of the equation balance--Go ahead ,tell them a few things you recommend, so we can move on. And lets concentrate on hard cold facts.
Unless youve got a good share to recommend that grows them,lets give the mushrooms a rest for a while.

Yes, they do. Then there are those, the silent majority, who are grateful for an alternative view - especially giving a balance against the rampers.

You invested in a few Diligent shares?

Or

[Lion]

Balance, you are getting so boring.

[Balance]

Balance, you are getting so boring.

Should have listened to me re Pike, huh?

So what do you think NZOG can bring to its overseas adventures except money?

They have already showed an uncanny ability to squander shareholders' wealth (capital raised of over $200m, cash generated from Tui and Kupe) in misadventures like Pike, dry holes, PPP and now, they would like shareholders to believe they will be any good investing overseas????

Don't you think it is a better idea to return 50% of all cash generated back to shareholders? Then, shareholders can decide to diversify ito other oil and gas companies, and if they really, really believe in NZOG, buy more NZOG shares?