NZ Oil & Gas (NZO)

[Mr Tommy]

Balance - check this out, maybe NOG should buy it, just $3m

http://www.businesssale.co.nz/13885/hawkes-bay-mushroom-farm-for-sale/

[digger]

Balance - check this out, maybe NOG should buy it, just $3m

http://www.businesssale.co.nz/13885/hawkes-bay-mushroom-farm-for-sale/

Good one Mr Tommy ,but as Balance will point out the article is incorrect. The piece has this mushroom factore as one of the biggest in the country. Surely NZO has made it shareholders into bigger mushrooms than you will find growing at any factory.Just ask Balance for further info.

[Sideshow Bob]

I don't think many necessarily disagree with Balance's opinion, and indeed brings some 'balance' to the discussions. Yes, things are always 20/20 in hindsight, and I for one am incredibly sorry for what happened at Pike and it shouldn't be forgotten, I've learned lessons and of course lives were lost with many people in repsonsibility failing. I too am critical of NZO in a number of facets, and there isn't too many rose-tinted glasses among shareholders these days, at least on this discussion. However at some stage we've got to drop all the 'mushroom' BS and move on........

[Balance]

I don't think many necessarily disagree with Balance's opinion, and indeed brings some 'balance' to the discussions. Yes, things are always 20/20 in hindsight, and I for one am incredibly sorry for what happened at Pike and it shouldn't be forgotten, I've learned lessons and of course lives were lost with many people in repsonsibility failing. I too am critical of NZO in a number of facets, and there isn't too many rose-tinted glasses among shareholders these days, at least on this discussion. However at some stage we've got to drop all the 'mushroom' BS and move on........

Agreed, SB.

But let NZOG directors and management make the first move to be open, transparent, truthful and be accountable to shareholders.

And starting point is for them to accept responsibility for the investment and management disaster that is Pike and contribute a year's of their directors' fees to the miners' fund.

Fair enough?

[Lion]

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?

No, I'm sorry balance, you are still boring.

Your unending negativity and self-righteousness are boring many of us, not just me.
Really, if you don't own any shares, why do you bother to post your criticisms of the company? Do you really think you are saving us mushrooms from further folly?
Oh, I know, like a prostitute, you think you are doing a vital social service.
Yeah right!
Geez man, take a deep breath and go and find something more useful to do with your time.
If NZO gave you a hard time in the past, then go and see a therapist - don't take it out on us.
We are sick of you, you are boring.

This forum should be for open discussion about NZO. I am sorry to others to have made this personal, but this man is an irritant - he's been banned before, and most of us here are just sick of him.

[777]

Well said Lion and thank you for your post. I have had him on my ignore list for ages. Don't have to read any of his posts unless he is quoted.

[Queenstfarmer]

The views of anyone is ok with me...so long as its not sounding like a bloody broken record.

[Lion]

So you're suggesting this forum should be open for discussion about NZO, without any members expressing negitive views about NZO?

That to me sounds like a rather boring, uninformative forum to me.

I have no problems reading Balance's views. To me they are as important as any other members.

No, no, I have no problem with anyone expressing any sort of opinion - I don't mind if they are different from mine at all, that's great.
I can see that NZO are not the perfect company, they have made mistakes, like any person or company must.
It's just the personal attacks (like the never-ending mushroom comment) and the inability to see anyone else's point of view that gets a bit tiresome.

I have balance on ignore and I just never bother to look at a thread when I see he has made a post.

Sorry again to be personal - he has dragged the standard of posting down and I'm afraid I have stooped to his level.

OK, I'm leaving this unpleasant discussion now, I feel sullied by stooping to B's level of personal attack.

L

[Balance]

So you're suggesting this forum should be open for discussion about NZO, without any members expressing negitive views about NZO?

That to me sounds like a rather boring, uninformative forum to me.

I have no problems reading Balance's views. To me they are as important as any other members.


I passed on the comments of my broker in the interests of an informed market - try and decipher the reply from NZO? And the reaction from Noggers?

It would have been most useful if NZO had responded by countering the concerns expressed by the fund managers - explain how NZO brings more than money to the overseas ventures.

Explain the soul-searching that has gone on in NZO after the miserable failures of recent years and destruction of wealth, and what has changed.

Explain why Andrew Knight was appointed and what kind of difference he will make when the market perception is that the old guard is still the puppet-master behind the scenes.

Answer those hard questions and NZO may yet attract some really serious institutional buying.

Instead, NZO persists in rolling out the same presentation year in, year out - rah rah bore bore.

Do Noggers tell NZO that they are sounding like a bloody broken record? Of course not. Why?

If Noggers had their way, anyone who is not into ramping up NZO's shares must be shouted down and banned.

That was what some of them were doing on the PRC thread until the mine blew up and killed 29 miners - only then did they back off.

Oh well, we know who has been right and who has been wrong.

[Silverlight]

Forecast EPS of 8.5 cents, NTA of 87 cents, dividend of 4 cents plus imputation.

Just curious, under these current fundamentals, what price would you pay for a share in NZO Balance?

[dsurf]

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.

I like the bit about "financial engineering opportunities". Takeover at $1 funded by net cash & Kupe cashflows? Any takers at a $1?

[dsurf]

Well said Lion and thank you for your post. I have had him on my ignore list for ages. Don't have to read any of his posts unless he is quoted.

how do you put someone on your ignore list?

[777]

Just click on their name and select "view profile" and from there select that option.

[POSSUM THE CAT]

Silverlight this Cat is of the same opinion as Balance on NZO that it is a very big dog. You would have to pay me 10cents a share to take them off your hands

[Lizard]

Forecast div of 6cps should lift it.

[digger]

Forecast EPS of 8.5 cents, NTA of 87 cents, dividend of 4 cents plus imputation.

Just curious, under these current fundamentals, what price would you pay for a share in NZO Balance?

Just a small correction Siliverlight , it is 6 cents a share dividend that can be supported on current projections. Given that that could be the case for 10 or more years into the future considering the revenue income you can see why i hang on to this share. Pike which i am as quilty as any for supporting and believing in is now behind us. With a pure focus on just oil and gas this company will be NZ top dividend payer.
Can anyone name a NZ company that is likely to do better in div payments. Compare this to bank rates and to get 6 cents you would need about double the current SP in the bank to get this 6 cents. Good to also see that enought monies are left to do some drilling. We need a bit of both.

[bung5]

Can anyone name a NZ company that is likely to do better in div payments.


Team Talk > TTK

[digger]

Silverlight this Cat is of the same opinion as Balance on NZO that it is a very big dog. You would have to pay me 10cents a share to take them off your hands

Thanks for that Possum the Cat,but as you understand how the market works ,i will lift your very generious offer to giving them 10 cents a share.So there you havce it a quick kill for Possum The Cat, you get them not for free but free + 10 cents and sell them to Digger for 10 cents. Foolish of me i know but i will take alll you can find.

[digger]

Team Talk > TTK



My point here is into the future. I see TTK did in fact pay 8% on last years accounts.Are they going to this year? Also note that NZO has taken a hugh hit on PIKE last year and now can still come back and pay just under 8% dividend. That must speak volumns for income stream and i doubt that many if any other companies are going to match that sort of turn around.

[skid]

Youve missed my point mr. Balance. You dont have to like NZO. But a bit of an insight of shares you do like, would show all,that you are a balanced chap after all.

[neopoleII]

interesting to note that many shareholders have written to the company regarding divis and the company responded with an early intention of divi disclosure. obviously they are under pressure to get the sp up. and it seems they are starting to listen to their owners.
last year they said some 8 or months out that there will be no divi then gave 3 cents when the pressure went on and the sp went down.
so this forum and it different viewpoints from posters is being listened to in head office....
without the likes of digger and balance and all the others in between, we wouldnt of got the notice we got today.
im very happy with the announcement today.
and i enjoy reading both diggers and balances viewpoints of this company.
from these viewpoints i start my decision making.
now i have to decide whether to load up on this news, or carry on planning my exit.
i havent bought shares for 5 years now in any company...... have been investing in myself and my lifestyle property instead.
but it seems we are at the beginning of better times for nzo.

[troyvdh]

Skid.....your probably not surprised...I agree with you....it would be great for Balance to disclose all ? his holdings ...sure he has disclosed DIL.....but hey.....

Balance....tell us what you hold and are enthusiastic about...Im sure that that your critical stance re NOG would be more tolerated/accepted if your to disclose the events surrounding other companies on the NZX....

...is my question unreasonable.....

[Tyro]

Just click on their name and select "view profile" and from there select that option.

Thanks, I've been wanting to do that for a long time

[POSSUM THE CAT]

Digger This cat takes in the cost of holding shares into his equation. I can make more money out of other shares, so NOG shares need to have an extra incentive to hold as I am an investor rather than a trader. So the ability to take your offer would possibly give me a very large tax liability. But asking to be paid to accept NOG shares gives you an idea how low I rate them as an investment.

[Balance]

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?

6cps dividend - very very very satisfying.

See what one poster can achieve?

Got the board on the run.

[Balance]

Forecast EPS of 8.5 cents, NTA of 87 cents, dividend of 4 cents plus imputation.

Just curious, under these current fundamentals, what price would you pay for a share in NZO Balance?

Not until there is a good clean out of the board and they bring in real expertise and accountability.

[digger]

6cps dividend - very very very satisfying.

See what one poster can achieve?

Got the board on the run.

Can any hat fit your head. The thoiught that your post had anything to do with it is conceit beyond absurdy.
Tony Randford gave out a big hint about 3 months ago that NZO was hoping to get back to at least traditional dividends for this tax year. So that announcement certaily did proceed your post above of about a week ago.
It is probably fair to say that the directors are noting the accumulative effect of all shareholders thoughts ,but certainly no one single poster has achieved this result. Certainly not by any non shareholder.

[Balance]

Can any hat fit your head. The thoiught that your post had anything to do with it is conceit beyond absurdy.
Tony Randford gave out a big hint about 3 months ago that NZO was hoping to get back to at least traditional dividends for this tax year. So that announcement certaily did proceed your post above of about a week ago.
It is probably fair to say that the directors are noting the accumulative effect of all shareholders thoughts ,but certainly no one single poster has achieved this result. Certainly not by any non shareholder.

The power of one.

The one who warned about Pike too.

[Sideshow Bob]

Can any hat fit your head. The thoiught that your post had anything to do with it is conceit beyond absurdy.
Tony Randford gave out a big hint about 3 months ago that NZO was hoping to get back to at least traditional dividends for this tax year. So that announcement certaily did proceed your post above of about a week ago.
It is probably fair to say that the directors are noting the accumulative effect of all shareholders thoughts ,but certainly no one single poster has achieved this result. Certainly not by any non shareholder.

When is Sharetrader going to get a 'Like' button, as per Facebook!!

[skid]

sounds like a tui billboard--NZO has issued a 6 cents dividend because of 1 unhappy sharetrader poster--YEA RIGHT

[skid]

PS - congrats to all of you who hung in there

[Balance]

PS - congrats to all of you who hung in there


Hanging in there all the way from $1.50 down down down?

The crumbs from the top table must taste good?

Blow $1 billion down the shaft and dry holes, grudgingly pay a misery 6 cps dividend after giving the big thumbs down by institutions and it's celebration time?

Gee, the board of NZOG must be rolling with laughter into their champagne and caviar - they have their shareholders so well trained!

Throw a few pieces of stale leftovers and bones with morsels of dried meat on them off the top table and watch them shareholders perform tricks!

[fabs]

UTILICO INV. LTD.
BERMUDA
Purchases just short of 20 mil. SHARES ON MARKET between 1/6/12-6/6/12
Total shares traded over the period on nz S/X Change in round figures
1/6/12 = 863000
5/6/12 = 510000
6/6/12 = 241000
TOTAL =1614000 These went trough on average of 74 cents. nz
I got no volumes for Shares traded on the Oz. market over the same period, which is generally very thin.
Am i missing something here?

So can we have any indication how this was accomplished.
Where, on what date, in which on market transaction and at what average price?
I am quite impressed with the caliber, timing and quality of the investment Manager of that co.

Or was it perhaps just a happy coincidence that 2 days later, NZO announces a fully imputed 6pcs Div. and the S/P climbs up 3,5 cents. [ I UNDERSTAND THE LATTER]
What a windfall.
I hope i am drawing the wrong conclusions, so can you please trow some light on this.
K/R
Albert

[Balance]

UTILICO INV. LTD.
BERMUDA
Purchases just short of 20 mil. SHARES ON MARKET between 1/6/12-6/6/12
Total shares traded over the period on nz S/X Change in round figures
1/6/12 = 863000
5/6/12 = 510000
6/6/12 = 241000
TOTAL =1614000 These went trough on average of 74 cents. nz
I got no volumes for Shares traded on the Oz. market over the same period, which is generally very thin.
Am i missing something here?

So can we have any indication how this was accomplished.
Where, on what date, in which on market transaction and at what average price?
I am quite impressed with the caliber, timing and quality of the investment Manager of that co.

Or was it perhaps just a happy coincidence that 2 days later, NZO announces a fully imputed 6pcs Div. and the S/P climbs up 3,5 cents. [ I UNDERSTAND THE LATTER]
What a windfall.
I hope i am drawing the wrong conclusions, so can you please trow some light on this.
K/R
Albert

Notice how NZOG's sp moved upwards prior to announcement of dividend?

Classic NZOG action.

[fabs]

And volume

[POSSUM THE CAT]

This dividend shows the management has exactly no idea on how to progress this company. A company with a share price around 75cents paying a 6cents dividend shows the management has no clue as how to progress the company. Liquidation would be a better idea.

[Snow Leopard]

UTILICO INV. LTD.
BERMUDA
Purchases just short of 20 mil. SHARES ON MARKET between 1/6/12-6/6/12
Total shares traded over the period on nz S/X Change in round figures
1/6/12 = 863000
5/6/12 = 510000
6/6/12 = 241000
TOTAL =1614000 These went trough on average of 74 cents. nz
I got no volumes for Shares traded on the Oz. market over the same period, which is generally very thin.
Am i missing something here?

So can we have any indication how this was accomplished.
Where, on what date, in which on market transaction and at what average price?
I am quite impressed with the caliber, timing and quality of the investment Manager of that co.

Or was it perhaps just a happy coincidence that 2 days later, NZO announces a fully imputed 6pcs Div. and the S/P climbs up 3,5 cents. [ I UNDERSTAND THE LATTER]
What a windfall.
I hope i am drawing the wrong conclusions, so can you please trow some light on this.
K/R
Albert

The SSH notice can be read here (https://nzx.com/companies/NZO/announcements/223618)

You file a SSH once your holding reaches or exceeds 5%.
With 392,787,795 shares kicking around you can hold 19,639,389 and keep quiet about it.

On 1st June 2012 Utilico reached a total of 19,890,139 shares. Thus they could have acquired as few as 250,750 shares on that day.

Presumably they have been acquiring for a while.

The will next have to file if they drop below 5% or reach or exceed 6.06%

best wishes
Paper Tiger :)

[Corporate]

Dividend of 6cps. I wonder whether this is sustainable year on year or whether they will start digging into cash reserves

[Balance]

This dividend shows the management has exactly no idea on how to progress this company. A company with a share price around 75cents paying a 6cents dividend shows the management has no clue as how to progress the company. Liquidation would be a better idea.

The management knows exactly what they are doing in paying the dividend - keep the well-trained leftovers shareholders quiet for a while.

Liquidation would mean the directors and management foregoing millions of fees, commissions, consultancy work, perks and salaries each year - why do that when a few crumbs will keep the easily-satisfied shareholders in check?

[fabs]

Thanks for that Paper-Tiger!
In that case just good timing.
Cheers.

[digger]

The SSH notice can be read here (https://nzx.com/companies/NZO/announcements/223618)

You file a SSH once your holding reaches or exceeds 5%.
With 392,787,795 shares kicking around you can hold 19,639,389 and keep quiet about it.

On 1st June 2012 Utilico reached a total of 19,890,139 shares. Thus they could have acquired as few as 250,750 shares on that day.

Presumably they have been acquiring for a while.

The will next have to file if they drop below 5% or reach or exceed 6.06%

best wishes
Paper Tiger :)

Exactally as how i see it Paper tiger. Just below 5% they can sit for years and tell no one if they want.
My guess is that they bought these shares just after the TUI downgrade as at that point the market got the spooks about NZO and shareholders were dropping at any price. Schrewd move on their part to go against the crowd. Good on them.Now in hindsight some will complain but then you could have done it yourself.

[Balance]

Exactally as how i see it Paper tiger. Just below 5% they can sit for years and tell no one if they want.
My guess is that they bought these shares just after the TUI downgrade as at that point the market got the spooks about NZO and shareholders were dropping at any price. Schrewd move on their part to go against the crowd. Good on them.Now in hindsight some will complain but then you could have done it yourself.

As shrewd as when they bought Provenco shares?

Probably as shrewd as ACC which kept buying NZOG all the way up and all the way down?

[Snow Leopard]

As shrewd as when they bought Provenco shares?

Probably as shrewd as ACC which kept buying NZOG all the way up and all the way down?

'Always with the negative waves Moriarty, always with the negative waves'

[skid]

On the other hand,those that bought within the last 8 months are doing fine and enjoying a 6cent divi.
Thats what its all about is'nt it? What to do from here forward.
Alot of things have happened to alot of outfits in the past years. Everyone has a different entry and exit point. You look at as many facts as you can get your hands on[and appreciate those who find them for you],and do your best to leave your emotions at the door.
You decide if its a good investment NOW and either jump on [or hold] or dont

[arjay]

The power of one.

The one who warned about Pike too.


Balance must be right that the NZO board must be flakey when they ignored his warnings about Pike but jumped at his demand for a 6c dividend after only one email. Remarkable.

[arjay]

On another note, I have mislaid last years dividend info. Can anyone advise where I can find individual details online so I can complete my tax return?

cheers

[Balance]

Balance must be right that the NZO board must be flakey when they ignored his warnings about Pike but jumped at his demand for a 6c dividend after only one email. Remarkable.

They do not want or dare to be wrong again, do they?

Don't thank me yet until the dividends are banked!

[karen1]

https://www.nzx.com/markets/NZSX/securities/NZO/dividends

or go to Computershare site and using your CSN and FIN numbers you will find all there:

https://www-au.computershare.com/investor/default.asp?bhjs=1&fla=1&cc=NZ&lang=en

[arjay]

https://www.nzx.com/markets/NZSX/securities/NZO/dividends

or go to Computershare site and using your CSN and FIN numbers you will find all there:

https://www-au.computershare.com/investor/default.asp?bhjs=1&fla=1&cc=NZ&lang=en

cheers karen

[digger]

They do not want or dare to be wrong again, do they?

Don't thank me yet until the dividends are banked!


The Power of One, can this humble person of no worth ask if this dividend is more or less imbedded in or does it still await your approval? I realise you may be tooo busy with some problems in the far reaches of the galaxy but i can assure you your thoughts on this small matter here at this insignificant part of the universe would be appreciated.

[tim23]

I haven't posted for a while (and you can say thanks for that!) but is Balance aka Duncan MacGregor or am I mistaken?

[digger]

I haven't posted for a while (and you can say thanks for that!) but is Balance aka Duncan MacGregor or am I mistaken?

Tim23 what does it matter. He is the" Power Of One " and has got us this 6 cent dividend. Now wash your mouth out for uttering any other thoughts

[Lizard]

I haven't posted for a while (and you can say thanks for that!) but is Balance aka Duncan MacGregor or am I mistaken?

No. Balance quite likely has had other (more permanently banned) aliases, but MacDunk is not one of them.

[Balance]

The Power of One, can this humble person of no worth ask if this dividend is more or less imbedded in or does it still await your approval? I realise you may be tooo busy with some problems in the far reaches of the galaxy but i can assure you your thoughts on this small matter here at this insignificant part of the universe would be appreciated.


I hear you, little grasshopper with aged eyes and tired wings.

There are those who look at things and ask "why". Then, there are others who look at the same things and ask "why not."
Ask the wrong question but it is possible to get the right answer from a wise one.
The obvious is most likely the right answer.

Sp was moving up ahead of the announcement - it is priced in.

Now let those tired wings rest and let those aged eyes regain their youth.

Hope that helps.

[digger]

I hear you, little grasshopper with aged eyes and tired wings.

There are those who look at things and ask "why". Then, there are others who look at the same things and ask "why not."
Ask the wrong question but it is possible to get the right answer from a wise one.
The obvious is most likely the right answer.

Sp was moving up ahead of the announcement - it is priced in.

Now let those tired wings rest and let those aged eyes regain their youth.

Hope that helps.

I humble myself before your wisdom,and give a thousand thanks that you should share some of it with us.

[Balance]

I humble myself before your wisdom,and give a thousand thanks that you should share some of it with us.

But of course, ye of many encounters with bad management and dodgy characters in your travels in the wilderness of mining , what are knowledge and experience for but to share with those who appreciate such profoundness.

Now Praying Mantis begth thee to share thy profoundness - why do you think NZOG is doing so badly with Pike and with all their other investments post Tui and Kupe?

[Snow Leopard]

No. Balance quite likely has had other (more permanently banned) aliases, but MacDunk is not one of them.

We could have a competition to see who can remember the highest number of Balance's former incarnations.

Unfortunately I have never been very good with names :(

best wishes
Peter Tiber

[J R Ewing]

I'll start with Icehot, Haka and Sharebroker?

[dsurf]

SSSSSSSSSSniper

[karen1]

how about Power of One, or POO for short?

[Lion]

MMMMMinder?

[digger]

how about Power of One, or POO for short?

That is already taken and widely understood as being short for Price Of Oil

[POSSUM THE CAT]

Stop moaning are you so biased that you do not like anybody having a different opinion of this DOG of a mismanaged company. A barge pole would be to short to touch it with.

[Lion]

Stop moaning are you so biased that you do not like anybody having a different opinion of this DOG of a mismanaged company. A barge pole would be to short to touch it with.

Stop moaning?? So are we not allowed to have a different opinion to you and balance? Who's biased here, eh?
Mr market says NZO is OK, going by the last 2 days of trading.
Your "DOG" seems like a sweet fluffy puppy to me!
I'd touch it with a barge pole or anything else - feels good to me.

RR

P.S. possum, you pussy, you meant too, not to

[micket]

could be ron brierly, long time grudge against TR

[Balance]

Stop moaning?? So are we not allowed to have a different opinion to you and balance? Who's biased here, eh?
Mr market says NZO is OK, going by the last 2 days of trading.
Your "DOG" seems like a sweet fluffy puppy to me!
I'd touch it with a barge pole or anything else - feels good to me.


RR

P.S. possum, you pussy, you meant too, not to

Wow! Stunning logic about Mr Market!

NZOG sp has been declining since September 2009 - only 700 days plus of decline.

Sp is back to where it was in 2004!

But Mr Market says NZOG is ok - based on 2 (my eyes read 2 so it must be 2) days of trading!

Mr Market is Market of 2 then?

Made my day - best laugh I have had for a while.

Thanks, Lion!

[fabs]

Lets stick to attacking the messages not the messengers regardless of name or motives of the messenger, seems to me that over time Balance has demonstrated a high strike-rate with being on the money and so have of course others along similar lines.
So yes have opinions, but proving someone else to be factually wrong would be more helpful.

[brucey09]

Lets stick to attacking the messages not the messengers regardless of name or motives of the messenger, seems to me that over time Balance has demonstrated a high strike-rate with being on the money and so have of course others along similar lines.
So yes have opinions, but proving someone else to be factually wrong would be more helpful.

Correcto Snr. Fab

[BigBob]

Wow! Stunning logic about Mr Market!

NZOG sp has been declining since September 2009 - only 700 days plus of decline.

Sp is back to where it was in 2004!

But Mr Market says NZOG is ok - based on 2 (my eyes read 2 so it must be 2) days of trading!

Mr Market is Market of 2 then?

Made my day - best laugh I have had for a while.

Thanks, Lion!

Or you could say it has been in an uptrend since 9 August 2011 (339 days), since when it has appreciated about 34%...

[Balance]

Or you could say it has been in an uptrend since 9 August 2011 (339 days), since when it has appreciated about 34%...

Yup - one could anything if one picks the right two time points.

What is irrefutable is that NZOG's sp is back to where it was in June 2004.

From 2004 to today, NZOG raised over $250m from shareholders - all gone. The destruction of wealth has been massive - close to $700m since 2008.

During the 8 long years, there have been 5 dividends with many Noggers opting for shares under the DRP scheme.

Meanwhile, add up the directors' fees and management salaries - gives you an idea of what NZOG is about.

[POSSUM THE CAT]

Lion you still dislike any poster having a different view of this share. You have to attack the poster rather than present an argument for your position. Except for the fact I know he is dead, I would think you were a reincarnation Of G Stolwck. Attack the post if you can not the poster. I get more information from the negative posts rather than the blatant ramping from the positive posters.

[777]

In defense of Lion we never hear anything new from balance. He is a stuck record. Same sh.. different day. Absolute bore. The "I am great, all of you are stupid" attitude. Again and again. People get sick of it and thus the comments.

[Balance]

In defense of Lion we never hear anything new from balance. He is a stuck record. Same sh.. different day. Absolute bore. The "I am great, all of you are stupid" attitude. Again and again. People get sick of it and thus the comments.

Feedback from broker and fund managers - as new as you can get. Can't help it if you do not like the infor.

As per usual, Power of One here copped a heap of abuse for sharing the infor.

Woud have been useful if Noggers use the infor to improve the communication from NZO. Alas, attack the messenger.

A genuine request in the interest of fair-play and harmony, please tell us, 777, what new infor have Lion and you share with us?

[BigBob]

Yup - one could anything if one picks the right two time points.

What is irrefutable is that NZOG's sp is back to where it was in June 2004.


Yes, indeed but in June 2004 it only had 128 million shares on issue and a market cap of about $90 million, against today's market cap of about $300 million



From 2004 to today, NZOG raised over $250m from shareholders - all gone. The destruction of wealth has been massive - close to $700m since 2008.


Or you could say that from 2008 to today NZO has not raised any money from its shareholders and is unlikely to do so in the immediate future.

Oh, and how do you get 700 million by the way? In my books it's "only" about half that....

[Silverlight]

Forecast EPS of 8.5 cents, NTA of 87 cents, dividend of 4 cents plus imputation.

Just curious, under these current fundamentals, what price would you pay for a share in NZO Balance?

Not until there is a good clean out of the board and they bring in real expertise and accountability.

So you would buy the company with a new board and management who have real expertise, could you give an example of a few professional Oil and Gas experts in your current investments that you would like to see added to the board?

[Lion]

Here's a fact then, with no personal attacks.
Between last Friday and last night, NZO rose on both the NZX and ASX.
I noted that, no more, no less and I was 100 % correct.
I am glad that fact gave you one of the best laughs you have had in a while Balance.

[skid]

Another fact-I have a friend who is invested in NZO.
I checked him over very carefully-one head ,two arms ,two legs,etc...After alot of thought my careful prosthesis is ...he is a person ,not a mushroom

[Balance]

So you would buy the company with a new board and management who have real expertise, could you give an example of a few professional Oil and Gas experts in your current investments that you would like to see added to the board?

Bring in any of the directors and management expertise from Oil Search or Origin, and things will start happening.

But which of them could be bothered? Australian oil companies grow from strength to strength, and are multi-billion businesses.

How do you create a small oil and gas company? In NZ, start with a big one!

[Mr Tommy]

Feedback from broker and fund managers - as new as you can get. Can't help it if you do not like the infor.

As per usual, Power of One here copped a heap of abuse for sharing the infor.

Woud have been useful if Noggers use the infor to improve the communication from NZO. Alas, attack the messenger.


Balance - you are repeating your pokies again. Tell us who the fund managers are if it is true.

Refer to the post from Chris Roberts at NZOG, number 11773 on 31 May:
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.

[Balance]

Balance - you are repeating your pokies again. Tell us who the fund managers are if it is true.

Refer to the post from Chris Roberts at NZOG, number 11773 on 31 May:
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.


"hosted"?

Mr Roberts may like to tell us the fund managers and brokers Mr Andrew Knight has met in the last 2 months?

I will state my position again for your benefit - I will take the words of my broker anytime, any place and with utmost confidence, compared to that from NZOG.

This from NZOG in 2009 : "In August, PRC announced that initial production from the mine was at lower rates than envisaged,
delaying the first shipment of coal until the first quarter of 2010. This further delay, while disappointing, is a short-term issue, and NZOGremains confident in the development at Pike.
PRC has indicated that as a result of the delays it has further working capital requirements and is currently examining various options."

This from the Power of One at the same time :

"Trouble is that these guys have been over-promising for 2 years! People in real life who do that either are poor learners or are desperate. I read PRC as desperate - keep promising so the cash keeps coming in to cover the poor planning, execution and problems.

The Indians have decided not to tip in any more money. That is very telling."

Ask yourself this question - Who do you choose to believe?

[Mr Tommy]

Balance - you stated: "Feedback from broker and fund managers - as new as you can get"

Are you a politician or something. Never a straight answer.
Please answer the simple question, who is the fund manager who has met NZOG in the last 2 months.
Dont start hiding behind your "brokers words", unless it is all just hearsay.

[Balance]

Balance - you stated: "Feedback from broker and fund managers - as new as you can get"

Are you a politician or something. Never a straight answer.
Please answer the simple question, who is the fund manager who has met NZOG in the last 2 months.
Dont start hiding behind your "brokers words", unless it is all just hearsay.


And pray tell me, why should I reveal my sources? So that NZOG can exact censure on my sources in future? Get REAL!

Since you are so good at asking questions and making accusations, why don't you ask Mr Roberts what he means by "hosted."

Come on, be brave - do us a favor and ask the question.

Deep down inside, me thinkth you know the answer but is too afraid to have the information confirmed.

[Mr Tommy]

Balance

you posted "as new as you can get" information, the NZOG PR man says theres been no meetings for 4 months, I just wonder who is right.

Or are you implying this all comes down to the interpretaion of the word "hosted" which you used in your original post on the subject.

[Balance]

Balance

you posted "as new as you can get" information, the NZOG PR man says theres been no meetings for 4 months, I just wonder who is right.

Or are you implying this all comes down to the interpretaion of the word "hosted" which you used in your original post on the subject.

Just ask the PR guy what he meant by "hosted."

BTW, I do not think that fund managers are necessarily right in the decisions they make - they do however reflect the thinking of the biggest chunk of the NZ market so cannot be ignored.

Example, many of us who bought RBD when the institutions were selling out are rather happy with their decision. In fact, AMP selling down its 10% stake at 58 cents constituted one of the greatest ever opportunities in the market to make some serious dosh off them!

[Chris Roberts]

Just ask the PR guy what he meant by "hosted."

Balance, hosted was in quotation marks because you used it yourself in your original claim: "Feedback from fund managers after a firm hosted NZOG."

I am not sure how I can make myself any clearer - the last time we had an offsite meeting with fund managers was over four months ago. The only offsite shareholder meeting in the past four months was in Auckland with retail shareholders, including some contributors to this thread. The last time we did a briefing for investors from our own offices was the Quarterly Report briefing at the end of April which was webcast and which is available on our website to listen to. The next planned offsite meetings are actually coming up soon, and there will be information released ahead of those meetings.

Individual shareholders - be they institutional or retail - do from time to time get in touch with NZOG. We welcome that. If a shareholder has a query, we do our best to answer it. But there has been no briefing of the type you claimed.

Your views on NZOG are quite clear and you are not a shareholder, so I have no particular desire to engage you in debate. But I can't let you put out false information unchallenged.
Have a good day.

[gazprom1]

I humble myself before your wisdom,and give a thousand thanks that you should share some of it with us.

Hi Digger et al,

Wondering whether or not you could clarify something for me re the statement re the forthcoming dividend please. I read as though there probably will be a 6 cent dividend announced at the AGM in August. Am I correct in thinking that it will be a fully imputed dividend?? That would mean approx 8cents pre-tax and in excess of a 10% dividend yeild at the current SP of 77 cents. Cost is around $24 million in cash.

Looking at the numbers from Kupe and Tui together with cash on hand, it could be a sustainable long term amount. NZo should be able to net in excess of $50 million pa in the coming years from existing assets. Pay out and retain rest for development?? Thoughts??

Thanks
Gazprom

PS currently do not hold

[pietrade]

Balance,...................Your views on NZOG are quite clear and you are not a shareholder, so I have no particular desire to engage you in debate. But I can't let you put out false information unchallenged.
Have a good day.

Someone just bought two shares @ 76c. Could it be Balance manipulating the price down to get himself a holding -:)

[Balance]

Balance, hosted was in quotation marks because you used it yourself in your original claim: "Feedback from fund managers after a firm hosted NZOG."

I am not sure how I can make myself any clearer - the last time we had an offsite meeting with fund managers was over four months ago. The only offsite shareholder meeting in the past four months was in Auckland with retail shareholders, including some contributors to this thread. The last time we did a briefing for investors from our own offices was the Quarterly Report briefing at the end of April which was webcast and which is available on our website to listen to. The next planned offsite meetings are actually coming up soon, and there will be information released ahead of those meetings.

Individual shareholders - be they institutional or retail - do from time to time get in touch with NZOG. We welcome that. If a shareholder has a query, we do our best to answer it. But there has been no briefing of the type you claimed.

Your views on NZOG are quite clear and you are not a shareholder, so I have no particular desire to engage you in debate. But I can't let you put out false information unchallenged.
Have a good day.

Thanks for your clarification, Chris.

I think we both know where the broker is coming from.

You have a lovely weekend!

[brucey09]

Snr. Balanced
Your ideas as with each personas is good - possible a little less times.

[Mr Tommy]

Thanks for your clarification, Chris.

I think we both know where the broker is coming from.

You have a lovely weekend!

Great, so this confirms your "as new as you can get" information was a load of stale mushroom compost.

[POSSUM THE CAT]

Why not start a competition to sort this out post your estimate of the share price on 30th June 2013 that is if NZO even exists then.

[Balance]

Great, so this confirms your "as new as you can get" information was a load of stale mushroom compost.

As befits Noggers/mushrooms if it is indeed stale compost!

[dsurf]

As befits Noggers/mushrooms if it is indeed stale compost!

forests turn to compost which turns to oil!!!!

[digger]

forests turn to compost which turns to oil!!!!

Lot of useless but fun idle chatter lately. Now meanwhile back at the ranch I wonder what is in the wind that has stopped the buyback. At current rates it will take about 6 years to buyback the origional 10 million dollars set aside to to this .Also suppost to be completed buy end of Sept--if i remember correctly. So what is up??
Now there you are Balance something to get your teeth into. I am sure the buyback was just forgotten about as they are imcompetent ,etc.etc,etc

[Balance]

Lot of useless but fun idle chatter lately. Now meanwhile back at the ranch I wonder what is in the wind that has stopped the buyback. At current rates it will take about 6 years to buyback the origional 10 million dollars set aside to to this .Also suppost to be completed buy end of Sept--if i remember correctly. So what is up??
Now there you are Balance something to get your teeth into. I am sure the buyback was just forgotten about as they are imcompetent ,etc.etc,etc

Dividend instead share buyback - that's the drill?

Notice how NZOG's sp moved higher ahead of the share buyback and dividend intention statements to market? Strange that.

[J R Ewing]

forests turn to compost which turns to oil!!!!

Yes, but it takes NOG time to happen!

[Chris Roberts]

Dividend instead share buyback - that's the drill?

Notice how NZOG's sp moved higher ahead of the share buyback and dividend intention statements to market? Strange that.

Balance, More nonsense. It's fine to criticise but not to insinuate improper behaviour. When the dividend intention was announced, the NZOG share price was at 75c and was flat for the day on smallish volume. It immediately jumped 2 cents AFTER the announcement. Over the previous month, in line with the broader market, the share price had moved slowly down from 79cents before starting to recover slightly, again in line with the broader market.

The share buyback was announced back on 1 Nov 2011. On the 26/27 October, immediately following the NZOG AGM, the share price had risen. All to do with investor confidence following that meeting, and nothing to do with the share buyback announced the following week.

The only "strange" thing here is your relentless campaign of mis-information against a company you have no investment in. Enjoy the weekend and stay warm.

[Snow Leopard]

Balance, More nonsense. It's fine to criticise but not to insinuate improper behaviour. When the dividend intention was announced, the NZOG share price was at 75c and was flat for the day on smallish volume. It immediately jumped 2 cents AFTER the announcement. Over the previous month, in line with the broader market, the share price had moved slowly down from 79cents before starting to recover slightly, again in line with the broader market.

The share buyback was announced back on 1 Nov 2011. On the 26/27 October, immediately following the NZOG AGM, the share price had risen. All to do with investor confidence following that meeting, and nothing to do with the share buyback announced the following week.

The only "strange" thing here is your relentless campaign of mis-information against a company you have no investment in. Enjoy the weekend and stay warm.

You'll be denying that the UFOs based in Mount Taranaki use the Kupe Off-Shore Platform as a Waypoint for final approach next!

best wishes to all
Paper Tiger

[Lizard]

You'll be denying that the UFOs based in Mount Taranaki use the Kupe Off-Shore Platform as a Waypoint for final approach next!

best wishes to all
Paper Tiger

Thanks for finally adding some sanity to this thread! :D

[Balance]

Balance, More nonsense. It's fine to criticise but not to insinuate improper behaviour. When the dividend intention was announced, the NZOG share price was at 75c and was flat for the day on smallish volume. It immediately jumped 2 cents AFTER the announcement. Over the previous month, in line with the broader market, the share price had moved slowly down from 79cents before starting to recover slightly, again in line with the broader market.

The share buyback was announced back on 1 Nov 2011. On the 26/27 October, immediately following the NZOG AGM, the share price had risen. All to do with investor confidence following that meeting, and nothing to do with the share buyback announced the following week.

The only "strange" thing here is your relentless campaign of mis-information against a company you have no investment in. Enjoy the weekend and stay warm.

Ooh ... Touch a raw nerve there!

No insinuation, Chris, just an observation.

Does not mean I am correct!

[dsurf]

Hi Digger et al,

Wondering whether or not you could clarify something for me re the statement re the forthcoming dividend please. I read as though there probably will be a 6 cent dividend announced at the AGM in August. Am I correct in thinking that it will be a fully imputed dividend?? That would mean approx 8cents pre-tax and in excess of a 10% dividend yeild at the current SP of 77 cents. Cost is around $24 million in cash.

Looking at the numbers from Kupe and Tui together with cash on hand, it could be a sustainable long term amount. NZo should be able to net in excess of $50 million pa in the coming years from existing assets. Pay out and retain rest for development?? Thoughts??

Thanks
Gazprom

PS currently do not hold

Thanks Chris for the information.

NZOG announced last week that it intends to announce a "fully imputed annual dividend of 6 cents per share". This is the sort of description used by all companies, but the actual calculation is a little complex, thanks to non-matching tax rates.



Fully imputed means NZOG has already paid tax on the money that it is using to distribute as dividends, so it is not taxed twice. The 6 cents per share will therefore come with a tax credit.



The company tax rate has been reduced to 28% but the Government has left the dividend tax rate at 33%. That means there is still a small amount of tax on the dividend - the difference between 28% and 33%.



So this is how it roughly works out, using an example of 1000 shares:



Number of Shares 1000
Dividend rate 6c per share
Dividend amount $60.00
Withholding Tax $4.15
Net Dividend $55.85
Imputation Credit $23.40
Gross Dividend $83.40


So the shareholder is this case gets $55.85, plus an imputation credit of $23.40. The net dividend rate – cash in hand – is approximately 5.585%


p.s. Balance - You are wrong

[Balance]

p.s. Balance - You are wrong

Of course I am wrong. Just as I was so wrong on Pike, right?

[777]

or

6/.72*.67=5.5833

[gazprom1]

Thanks Dsurf. Just some clarification around the numbers please.

If I bought 1000 shares today at 77 cents it would cost me $770 (not $1000). I would get a net dividend of $55.85 (1000 shares at 6 cents less witholding). $55.85/$770= 7.98%? Gross amount would therefore be $83.40/$770= 10.83%. If your effective tax rate was say 30% (averaged) then you would have an effective net dividend return of 70%*10.83%=7.58% NET.

Thoughts? Thanks

GAzprom

[Onthemoney]

Thanks Dsurf. Just some clarification around the numbers please.

If I bought 1000 shares today at 77 cents it would cost me $770 (not $1000). I would get a net dividend of $55.85 (1000 shares at 6 cents less witholding). $55.85/$770= 7.98%? Gross amount would therefore be $83.40/$770= 10.83%. If your effective tax rate was say 30% (averaged) then you would have an effective net dividend return of 70%*10.83%=7.58% NET.

Thoughts? Thanks

GAzprom

You need to take into account the share price will drop by the net effect when ex dividend - in theory anyway....

[gazprom1]

You need to take into account the share price will drop by the net effect when ex dividend - in theory anyway....

The theory means little IMHO in realtion to the likes of NZO. In a weak market it is more likely (although I have not crunched the numbers for NZX or ASX companies) that the theory probably is closer to reality than in a strong or stable market. That is, the SP will not drop by the full amount of the dividend in a strong market.

I want to get the dividend numbers (witholding tax, imputation credit).

Thanks
Gazprom

[digger]

Thanks Chris for the information.

NZOG announced last week that it intends to announce a "fully imputed annual dividend of 6 cents per share". This is the sort of description used by all companies, but the actual calculation is a little complex, thanks to non-matching tax rates.



Fully imputed means NZOG has already paid tax on the money that it is using to distribute as dividends, so it is not taxed twice. The 6 cents per share will therefore come with a tax credit.



The company tax rate has been reduced to 28% but the Government has left the dividend tax rate at 33%. That means there is still a small amount of tax on the dividend - the difference between 28% and 33%.




We seem to go over this stuff every year. You pay the dividend tax rate at 33%,but when the accountant does the tax return in some cases you can end up getting it back to the 28% rate.Mine are mostly paid into a company and last year the company made a loss so we got some of the extra tax back but this year the company is in profit so I do expect it will not change from the 33% rate.
dsurf , explanation is how i see it. So do not go out and spend 6 cents a share as after the witholding tax you will get approx 5.85 cents only in your hand.
Also remember this was only an intension to pay this dividend. It has not happened yet and if the world falls apart [ a likelyhood] it will get reapprasied.
Also remember last year at approx this time the intension was to pay a nil dividend and then the final year end accounts were looked at in August and a 2 cent dividend was declared. So my expectations now are a net cash dividend of 5.85 cents a share with a likely 90% probability that that sum will be the final decision come August when the board meets to finalise the end of year results.

[digger]

Drilling retreat predicted on falling prices




Price pessimism: Investment firm worried about curbs on activity

REUTERS/SCANPIX
.

Share story



inShare.1



.

related stories

Crude below $98 on weak data

04 June 2012 05:13 GMT


Brent holds steady ahead of Opec meeting

14 June 2012 04:47 GMT




By News wires

18 June 2012 21:55 GMT
.

Analysts at Raymond James downgraded a number of drillers, including Ensco and National Oilwell Varco, and cut its US rig count estimate for 2013 for the second time in as many months, saying companies are likely to reduce activity to sustain oil price levels.



"Our increased negativity is solely predicated on the belief that significantly rising US oil production in the face of weaker global oil demand growth is on track to drive oil prices lower in 2013," Reuters reported Raymond James analysts as saying in a note.

US oil futures for July closed at $83.27 per barrel on Monday, a drop from its spike of more than $108 in March.

The brokerage lowered its expectation for US rig count by 4% to average 1946 in 2012 and by 22% to average 1696 in 2013, Reuters said.

Average US rig count for May 2012 was 1977, up 16 from the 1961 in April 2012, according to Baker Hughes Inc, world's third-largest oilfield services company.

US land rig count will fall by a quarter in 2013 from current peak levels, the analysts wrote, adding that they have an "increasingly bearish view on oil prices".

The brokerage also downgraded Hercules Offshore, whose shares fell 10% at $3.11 in midday trade on Monday.

The broader S&P Oil & Gas Drilling Sub-Industry Index , which has fallen 23% since early March, was down 2%

This can be seen as good news. We are more likely to be able to get a hold of a rig to drill Kakapo and Kaheru and a few others that have been sitting around for years.

[Balance]

https://www.nzx.com/files/attachments/158940.pdf

Check out page on commercial and technical team.

[Hoop]

Drilling retreat predicted on falling prices
Price pessimism: Investment firm worried about curbs on activity

Crude below $98 on weak data

Brent holds steady ahead of Opec meeting

18 June 2012 21:55 GMT
.Analysts at Raymond James downgraded a number of drillers, including Ensco and National Oilwell Varco, and cut its US rig count estimate for 2013 for the second time in as many months, saying companies are likely to reduce activity to sustain oil price levels.

"Our increased negativity is solely predicated on the belief that significantly rising US oil production in the face of weaker global oil demand growth is on track to drive oil prices lower in 2013," Reuters reported Raymond James analysts as saying in a note.

US oil futures for July closed at $83.27 per barrel on Monday, a drop from its spike of more than $108 in March.

US land rig count will fall by a quarter in 2013 from current peak levels, the analysts wrote, adding that they have an "increasingly bearish view on oil prices".


Note: Brent Crude prices
Chances of Oil reaching its $75 target is greatly reduced from its 70% surety because of a major support at $89

http://i458.photobucket.com/albums/qq306/Hoop_1/OIL20062012.png

[Balance]

Note: Brent Crude prices
Chances of Oil reaching its $75 target is greatly reduced from its 70% surety because of a major support at $89

http://i458.photobucket.com/albums/qq306/Hoop_1/OIL20062012.png

Sitting just above $89 today.

Not expected to have an impact on NZO though as NZO is driven more by Noggers' perception of management and value.

[Queenstfarmer]

Yawn balance. :O

[Balance]

Trying to give Noggers a positive perspective as the POO falls and falls - that NZO is one of those unique oil and gas shares which does not react to sharp movements in POO.

Biggest moves always happen before major announcements?

[Hoop]

Trying to give Noggers a positive perspective as the POO falls and falls - that NZO is one of those unique oil and gas shares which does not react to sharp movements in POO.

Biggest moves always happen before major announcements?

Great observation there Balance :).

Your statement seems to have some truth as the chart (below) shows other factors in play apart from oil prices...this is especially evident since 2009 in that these other factors are noticeably suppressing the NZO shareprice.

http://i458.photobucket.com/albums/qq306/Hoop_1/NZOvoil20062012.png

[Balance]

http://www.nbr.co.nz/article/nzog-ready-target-35m-annual-exploration-spend-wb-121679

"NZOG with a pile of cash is now ready to pour it down high risk exploration and dry holes,in Tunisia and Indonesia.That may be OK if there was a quality exploration team with a focused core strategy.NZOG has neither of these.In turn their CEO has no upstream experience.A certain recipe for wasting shareholder wealth.A good time to SELL!!"

[arjay]

http://www.nbr.co.nz/article/nzog-ready-target-35m-annual-exploration-spend-wb-121679

"NZOG with a pile of cash is now ready to pour it down high risk exploration and dry holes,in Tunisia and Indonesia.That may be OK if there was a quality exploration team with a focused core strategy.NZOG has neither of these.In turn their CEO has no upstream experience.A certain recipe for wasting shareholder wealth.A good time to SELL!!"

Brilliant deduction. There is no risk in pouring money down a dry hole, except that some of it might slop over the side. It is a dry hole after all, so the risk of oil being there is 0%

[Balance]

Brilliant deduction. There is no risk in pouring money down a dry hole, except that some of it might slop over the side. It is a dry hole after all, so the risk of oil being there is 0%

Exactly!

When was the last time NZOG struck oil?

[BigBob]

Exactly!

When was the last time NZOG struck oil?

Pray, wise oracle, all-knowing Balance... What would you have them doing instead of what they are proposing....?

[dsurf]

Balance - Do you have active shorts via CFD's or similar currently? I think you are making a lot of money by downramping and causing this company to fail!

[Balance]

Pray, wise oracle, all-knowing Balance... What would you have them doing instead of what they are proposing....?

Return the money back to shareholders.

The directors and management have not been good custodians of the money put into the company by shareholders, and of the money generated from Tui and Kupe (discoveries made a while ago).

The millions in salaries and benefits paid to directors and management - isn't the money better returned to shareholders?

[Balance]

Balance - Do you have active shorts via CFD's or similar currently? I think you are making a lot of money by downramping and causing this company to fail!

Nope.

Just pointing out the obvious that appears so hard for Noggers to see.

Just stopping Noggers from upramping non-stop, and yes, providing a balance.

And yes, who has been proven to be right on Pike?

[BigBob]

Return the money back to shareholders.

The directors and management have not been good custodians of the money put into the company by shareholders, and of the money generated from Tui and Kupe (discoveries made a while ago).

The millions in salaries and benefits paid to directors and management - isn't the money better returned to shareholders?

Isn't that somewhat simplistic and naive, Balance, and exactly how would you do that....? Sell the producing assets, permits and overseas interests...? and then wind up the company... what would, for example, be the tax implications of doing that... Don't you think it actually makes some sense for the company to try and maintain a decent dividend while pursuing a growth strategy from stable, relatively long term income streams and at the same time try to augment and extend those income streams...?

If you try and put the Pike tragedy in the past (and please let's not argue about who may or may not be responsible), do you really think that the company has no prospects...? NZO is not the only NZ company that has disappointed over the last 5 years (or destroyed shareholder value to use your words) - all these companies have management and directors who are being paid. Should they all just close up shop, and if not why do you think NZO is any different....? In fact if you want to look at true destruction of shareholder wealth look at RAK (about $660m in lost market cap since May 2007) - and the directors there have just awarded themselves for non-performance - but I don't see you desperately trying to save rakkers...

For what it is worth, I believe that most people invested in NZO are aware that it is a high risk sector and that most holes inevitably are dry - of course it is disappointing when this happens - but if investors do not want the company spending money on drilling, they would not invest in an oil exploration company.

Anyway, I don't expect a meaningful response and I think we should just agree to disagree and good luck with whatever investements you may have....

[pietrade]

..................
Anyway, I don't expect a meaningful response and I think we should just agree to disagree and good luck with whatever investements you may have....

Heh Balance, aren't you due for another post? You've only posted SIX times today. Funny how you don't post much when the price is up. Hmmmmmmmmmmmmmmmmmm.
You really must watch out for those withdrawal symptoms.............

[Balance]

Isn't that somewhat simplistic and naive, Balance, and exactly how would you do that....? Sell the producing assets, permits and overseas interests...? and then wind up the company... what would, for example, be the tax implications of doing that... Don't you think it actually makes some sense for the company to try and maintain a decent dividend while pursuing a growth strategy from stable, relatively long term income streams and at the same time try to augment and extend those income streams...?

If you try and put the Pike tragedy in the past (and please let's not argue about who may or may not be responsible), do you really think that the company has no prospects...? NZO is not the only NZ company that has disappointed over the last 5 years (or destroyed shareholder value to use your words) - all these companies have management and directors who are being paid. Should they all just close up shop, and if not why do you think NZO is any different....? In fact if you want to look at true destruction of shareholder wealth look at RAK (about $660m in lost market cap since May 2007) - and the directors there have just awarded themselves for non-performance - but I don't see you desperately trying to save rakkers...

For what it is worth, I believe that most people invested in NZO are aware that it is a high risk sector and that most holes inevitably are dry - of course it is disappointing when this happens - but if investors do not want the company spending money on drilling, they would not invest in an oil exploration company.

Anyway, I don't expect a meaningful response and I think we should just agree to disagree and good luck with whatever investements you may have....

Two wrongs do not make a right, me ole mate. No point comparing Rakon or Yahoo with NZO and then, justify NZO's wealth destruction that way.

Let's look at NZO as of now. Does this company look like it knows what to do? Pike is pertinent because it is the biggest investment made by NZO and showed that the company did not have a clue!

Companies, directors and management have their used-by dates.

Problem is that most do not recognized that they are past their used-by dates until it is too late and most (if not all) of the wealth have been destroyed.

Examples? GPG and Brierley Investments are prime examples. The directors and management were forced out - screaming and kicking but only after they had gouged themselves on perks and benefits and bonuses and everything they could cream out of the companies - even while the companies went downhill.

Fletcher Challenge is the opposite - where the directors decided it was time to break up the company and returned funds back to shareholders.

Instead of NZO (based upon its track record in recent years) squandering the cash sitting on its balance sheet and the cash-flow still to come from Tui and Kupe, what's wrong with returning that to shareholders?

There are plenty of other oil and gas companies out there to invest the cash in.

Suggestion? One example - Oil Search in Australia.

[BigBob]

Two wrongs do not make a right, me ole mate. No point comparing Rakon or Yahoo with NZO and then, justify NZO's wealth destruction that way.

Let's look at NZO as of now. Does this company look like it knows what to do? Pike is pertinent because it is the biggest investment made by NZO and showed that the company did not have a clue!

Companies, directors and management have their used-by dates.

Problem is that most do not recognized that they are past their used-by dates until it is too late and most (if not all) of the wealth have been destroyed.

Examples? GPG and Brierley Investments are prime examples. The directors and management were forced out - screaming and kicking but only after they had gouged themselves on perks and benefits and bonuses and everything they could cream out of the companies - even while the companies went downhill.

Fletcher Challenge is the opposite - where the directors decided it was time to break up the company and returned funds back to shareholders.

Instead of NZO (based upon its track record in recent years) squandering the cash sitting on its balance sheet and the cash-flow still to come from Tui and Kupe, what's wrong with returning that to shareholders?

There are plenty of other oil and gas companies out there to invest the cash in.

Suggestion? One example - Oil Search in Australia.

Thanks for those insights Balance - as usual you didn't answer any questions though....

[Tyro]

Why don't you guys stop replying to Balance. I can blacklist his emotive ravings, but I want to hear what the rest of you have to say.

[Tyro]

Please let me rephrase that. Don't reply to unBalanced, you'll just encourage him.

I too was sick of Balance taking up half the bandwidth with his dissembling emotive rants. I respectfully suggest that you all try my solution. -Click on his name, view his profile, and add him to your ignore list.

[Balance]

Isn't that somewhat simplistic and naive, Balance, and exactly how would you do that....? Sell the producing assets, permits and overseas interests...? and then wind up the company... what would, for example, be the tax implications of doing that... Don't you think it actually makes some sense for the company to try and maintain a decent dividend while pursuing a growth strategy from stable, relatively long term income streams and at the same time try to augment and extend those income streams...?

If you try and put the Pike tragedy in the past (and please let's not argue about who may or may not be responsible), do you really think that the company has no prospects...? NZO is not the only NZ company that has disappointed over the last 5 years (or destroyed shareholder value to use your words) - all these companies have management and directors who are being paid. Should they all just close up shop, and if not why do you think NZO is any different....? In fact if you want to look at true destruction of shareholder wealth look at RAK (about $660m in lost market cap since May 2007) - and the directors there have just awarded themselves for non-performance - but I don't see you desperately trying to save rakkers...

For what it is worth, I believe that most people invested in NZO are aware that it is a high risk sector and that most holes inevitably are dry - of course it is disappointing when this happens - but if investors do not want the company spending money on drilling, they would not invest in an oil exploration company.

Anyway, I don't expect a meaningful response and I think we should just agree to disagree and good luck with whatever investements you may have....

No need to sell producing assets, me ole mate.

Start by paying the cash out to the long suffering shareholders - least NZO can do given how much wealth destruction there have been and shareholders are due for a decent return. That's 30 cps immediately.

Then, as the cash-flow from Tui and Kupe flows in, pay out fully as capital returns or fully imputed dividends - that's at least another 10cps a year.

Let the directors and management come to shareholders with cash issues to fund investments if indeed they can convince shareholders that they can be trusted to make good investments. Let them present properly what the investments are - instead of the "trust us, we know what we are doing while we stick our noses in the trough" all care, no responsibility and maximum benefits for directors and CEO attitude now.

Tax implications? NZOG has enough paid-up capital to return capital for a while. Remember the $250m put in by shareholders in the last 5 years.

Fair enough?

[BigBob]

No need to sell producing assets, me ole mate.

Start by paying the cash out to the long suffering shareholders - least NZO can do given how much wealth destruction there have been and shareholders are due for a decent return. That's 30 cps immediately.

Then, as the cash-flow from Tui and Kupe flows in, pay out fully as capital returns or fully imputed dividends - that's at least another 10cps a year.

Let the directors and management come to shareholders with cash issues to fund investments if indeed they can convince shareholders that they can be trusted to make good investments. Let them present properly what the investments are - instead of the "trust us, we know what we are doing while we stick our noses in the trough" all care, no responsibility and maximum benefits for directors and CEO attitude now.

Tax implications? NZOG has enough paid-up capital to return capital for a while. Remember the $250m put in by shareholders in the last 5 years.

Fair enough?

Yup - that's fair enough...

I personally prefer them to fund new investments from cash flow, while still maintaining a decent dividend.... and I don't disagree that they should perhaps return some of the cash on hand as a special dividend immediately.

[upside_umop]

Interesting to see they're wanting to drill a few more wells into Tui. I thought this may happen, given they had good shows at Tieke etc. I'd say they will appraise these and get a few more mmbls. NZO should hit a $1 in the coming year with the dividend stream and steady news flow...

[Balance]

Interesting to see they're wanting to drill a few more wells into Tui. I thought this may happen, given they had good shows at Tieke etc. I'd say they will appraise these and get a few more mmbls. NZO should hit a $1 in the coming year with the dividend stream and steady news flow...

NZO should keep heading south given their track record of squandering money on bad investments and hitting dry holes.

Just watch Tunisia and Indonesia - they saw NZOG coming a long time ago with a sack full of easy cash.

[digger]

Max shares take a dive after drilling setbacks

Kazakhstan oil explorer Max Petroleum's shares halved in value yesterday after the company said it may have to "significantly curtail" its drilling programme.
The warning came after the drill on one of its major prospects – NUR 1 – twice became stuck in salt deposits.
End quote

Just thought I would post this as "The Power Of One" in his Balanced view would have us believe that it is only NZO that has to confront the drilling problems of dry holes.

[Balance]

Max shares take a dive after drilling setbacks

Kazakhstan oil explorer Max Petroleum's shares halved in value yesterday after the company said it may have to "significantly curtail" its drilling programme.
The warning came after the drill on one of its major prospects – NUR 1 – twice became stuck in salt deposits.
End quote

Just thought I would post this as "The Power Of One" in his Balanced view would have us believe that it is only NZO that has to confront the drilling problems of dry holes.

Now let's just try and take that logic a step further.

Obviously ok and entirely acceptable then for the ABs to choke on the RWC stage 3 times in a row because other teams also lose at the RWC?

It's no wonder NZOG (and other NZ companies) know they can get away with bad management while paying themselves astronomical sums of money for mismanagement.Refer Rakon for another example.

[the machine]

it will be nice once the drill bit starts doing the talking - that will be some time though and hopefully prior to the next round of kupe development holes.

M

[Balance]

it will be nice once the drill bit starts doing the talking - that will be some time though and hopefully prior to the next round of kupe development holes.

M

Why wait for the drilling when NZOG has openly stated that they see plenty of potential with their overseas investment strategy.

Watch Tunisia and Indonesia.

Next stop, Libya.

And what does NZOG bring to these places?

Like the Fletcher Challenge, Equiticorp, BIL and GPG of old, heaps of ego, perks and wining & dining for the NZOG executives but a sackful of easy money that the locals are happy to take.

[arjay]

Please let me rephrase that. Don't reply to unBalanced, you'll just encourage him.

I too was sick of Balance taking up half the bandwidth with his dissembling emotive rants. I respectfully suggest that you all try my solution. -Click on his name, view his profile, and add him to your ignore list.

I checked out Balance's profile - it says he has zero friends.

[peat]

I checked out Balance's profile - it says he has zero friends.

same number as you then arjay :>

[Balance]

I checked out Balance's profile - it says he has zero friends.

And I am so cut up about it.
























NOT!

[arjay]

same number as you then arjay :>


My friends can't use a keyboard - except when they want something crunchy.

[Xerof]

I think some one at NZO must like him......

from the last presentation.....


Building our own exploration opportunities will increase value and balance acquisition

I suggest a good use for him would be as casing cement....at 3000m TD

[Mr Tommy]

Wow Balance, some good news...


NZOG (New Zealand Oil & Gas Ltd) has this morning received from the Operator of the Kupe gas and oil field, Origin Energy, the preliminary results of a reserves review.
This preliminary information suggests that the estimate of remaining Kupe reserves may need to be further increased.

[Arbitrage]

Not a very good release of information. It doesn't say what the previous reserve estimates were and what the increase in % is, or am I missing something?

[777]

I agree Arbitage but it is typical of most companies release of information to the stock exchange. The NZX should have sorted it out long ago but have not. It is the same when there has been a change in substantial holdings. Instead of saying there has been a change they should start it off with "There has been an increase or decrease".

[Arbitrage]

Dare I ask but don't the shareholders have a right to know?

[blockhead]

Not a very good release of information. It doesn't say what the previous reserve estimates were and what the increase in % is, or am I missing something?

Whats this then, looks like previous estimate to me ?? and NZO say they will study it and make an ann later, pretty clear to me.

"In July 2010, the initial proved and probable (2P) reserves were revised
upward to 273 PJ of sales gas, 1,114 kilotonnes of LPG and 18.6 million
barrels of light oil. "

[Balance]

Wow Balance, some good news...


NZOG (New Zealand Oil & Gas Ltd) has this morning received from the Operator of the Kupe gas and oil field, Origin Energy, the preliminary results of a reserves review.
This preliminary information suggests that the estimate of remaining Kupe reserves may need to be further increased.

Means that NZOG is getting ready to sock shareholders with something.

[Chris Roberts]

NZ Oil & Gas flags uplift in Kupe reserves, based on Origin’s preliminary assessment
By Jonathan Underhill

June 27 (BusinessDesk) - New Zealand Oil & Gas says reserves at the Kupe field are likely to be increased for the first time since 2010 after the latest assessment by the operator, Origin Energy.

“This preliminary information suggests that the estimate of remaining Kupe reserves may need to be further increased,” the Wellington-based company said in a statement today. Details of the assessment are confidential until the Kupe partners meet to agree on the interpretation, which is scheduled for mid-July.

Kupe lies 30 kilometres off the south Taranaki coast. Its output is processed at a station near Hawera that has been producing natural gas, LPG and light oil since December 2009. The initial proved and probable reserves were revised upward in July 2010 to 273 petajoules of gas, 1,114 kilotonnes of LPG and 18.6 million barrels of light oil.

NZ Oil & Gas owns 15 percent of the field. Origin holds 50 percent, Genesis Energy 31 percent and Mitsui E&P Australia Pty holds 4 percent.

NZ Oil & Gas decided to flag the likely upgrade today to meet its continuous disclosure obligations, spokesman Chris Roberts said. While the assessment was preliminary and confidential “the indications are significant enough we had to at least give the market a head’s up,” he said.

Shares of the company rose 1.9 percent to 79 cents on the NZX today and have gained about 12 percent in the past six months.
(BusinessDesk)

[Mr Tommy]

Dare I ask but don't the shareholders have a right to know?

Theres several partners in Kupe. I guess they are just releasing the initial news straight away in case the shareprice starts ticking up before the partners meet to discuss the results.

[Toulouse - Luzern]

I agree Arbitage but it is typical of most companies release of information to the stock exchange. The NZX should have sorted it out long ago but have not. It is the same when there has been a change in substantial holdings.

Instead of saying there has been a change they should start it off with "There has been an increase or decrease".

Thanks 777 for your positive suggestion.

NZX announcements need to be simplified.

Then investors can get the right information quicker.

Standard marketing 101 for NZX - look after your customers.

Who are NZX customers ...?

If NZX need the skills to do this then maybe www.plainenglish.org.nz is a place to start.

Thanks 777 & rgds

[Mr Tommy]

Its a nice concern to have, sounds good.

Spokesman Chris Roberts would not discuss the scale of the possible increase, but said preliminary figures from Origin suggested a significant increase, leaving the NZOG concerned that it had to inform the market.
''We looked at these numbers, and if anything near to them are confirmed, it does have a material impact on our company value because Kupe is such a large part of our portfolio.''

http://www.stuff.co.nz/business/industries/7178740/NZOG-hints-at-bigger-Kupe-oil-field

[fabs]

[QUOTE=Mr Tommy;376346]Its a nice concern to have, sounds good.

Spokesman Chris Roberts would not discuss the scale of the possible increase, but said preliminary figures from Origin suggested a significant increase, leaving the NZOG concerned that it had to inform the market.
''We looked at these numbers, and if anything near to them are confirmed, it does have a material impact on our company value because Kupe is such a large part of our portfolio.''




Well lets just hope the increase is relative same or preferably higher in value as the downgrading of TUI about this time last year.
S/P Took quite a caning at that time and has so far not recovered from it.

SO HERE IS HOPING.

[arjay]

They need to be careful - experience with Tui showed that the shareprice goes down further after subsequent downgrades than it goes up after similar sized upgrades.

[Chippie]

This plus the dividend will only encourage more mushrooms to buy shares. Balance is going to have his work cut out to save us all now 

P.s. It is a good thing I like mushrooms.

[Billy Boy]

Yes... Ditto from me.
Tks 777
I Emailed NZX about three years ago on that very thing.
No reply
So I wrote to them...
No reply
How can anybody buy shares in a coy like that
BB

[digger]

They need to be careful - experience with Tui showed that the shareprice goes down further after subsequent downgrades than it goes up after similar sized upgrades.


I have been buying plants and at the Morrinsville cattle sale ,so am the last to know of todays announcement. That explains why the buy back has been suspended.
My first quick assesments agrees with Arjay most of any of the other comments. So please Chris Roberts make an effort to only ungrade the reserves to what can be 90% likely to be delivered. With TUI we had 50.2 million barrels with a 50% likelyhood of delivery. Time showed that to be over the top and we sure fell from that 50.1 to 42 far more than if we had never gone up in the first place. . In this mid July assesment make small promise and large delivery the moto. Naturally I am very pleased to hear of the upgrade but to go as much as one barrel over what can be 90% delivered will come back to bite us in the you know where.

[Balance]

I have been buying plants and at the Morrinsville cattle sale ,so am the last to know of todays announcement. That explains why the buy back has been suspended.
My first quick assesments agrees with Arjay most of any of the other comments. So please Chris Roberts make an effort to only ungrade the reserves to what can be 90% likely to be delivered. With TUI we had 50.2 million barrels with a 50% likelyhood of delivery. Time showed that to be over the top and we sure fell from that 50.1 to 42 far more than if we had never gone up in the first place. . In this mid July assesment make small promise and large delivery the moto. Naturally I am very pleased to hear of the upgrade but to go as much as one barrel over what can be 90% delivered will come back to bite us in the you know where.

Buy the rumor, sell the fact.

[upside_umop]

Digger, to be fair, I think Tui was initially estimated a little less than they're getting out. Per NZOG's website:

November 2005: 26.8 mmbbls (Project sanctioned)
July 2007: 27.9 mmbbls (Pre-production)
27 August 2007: 32.0 mmbbls (Preliminary post-drilling review)
22 November 2007: 41.7 mmbbls (Detailed post-drilling reassessment)
21 May 2008: 47 mmbbls (Extension of FPSO charter)
20 June 2008: 50.1 mmbbls (Field reassessment)
25 August 2009: 50.5 mmbbls (Reserves Review)
September 2011: 41 mmbbls (Reserves Review)

[digger]

Digger, to be fair, I think Tui was initially estimated a little less than they're getting out. Per NZOG's website:

November 2005: 26.8 mmbbls (Project sanctioned)
July 2007: 27.9 mmbbls (Pre-production)
27 August 2007: 32.0 mmbbls (Preliminary post-drilling review)
22 November 2007: 41.7 mmbbls (Detailed post-drilling reassessment)
21 May 2008: 47 mmbbls (Extension of FPSO charter)
20 June 2008: 50.1 mmbbls (Field reassessment)
25 August 2009: 50.5 mmbbls (Reserves Review)
September 2011: 41 mmbbls (Reserves Review)

Yes UU it is well known that the earlier estimates were less than what has already been produced but from NOV 07 it would have been far better if no further optimist estimates were made. As Arjay has already pointed out to risk having to later backtrack does more damage than the earlier rise.

[the machine]

to bother with a reserve upgrade in this market implies to me that it will increase by at least 10% [after taking diggers 90% cap into consideration]

a rare piece of good news in this market

M

[swissboy]

The announcement at this critical time means NZO will have written in their annual results for all to see forever ( During a difficult year we managed to control our annual loss to less than 6% whereas before the upgrade discussion their negative growth was more than 9%)
Sure there will be something positive to come out mid-July but tomorrow is their financial year end. You never know with 2 days trading it might even be positive.

[skid]

I remember on channel 3 news 2 nights ago they had NZO listed on their share board [with maybe 5 other shares and showing N/C[no change]I remember thinking why are they showing NZO[when they normally never do]especially at no change.
Then last night there it is again with a 3cent gain---Did they know something we didnt?

[dsurf]

I remember on channel 3 news 2 nights ago they had NZO listed on their share board [with maybe 5 other shares and showing N/C[no change]I remember thinking why are they showing NZO[when they normally never do]especially at no change.
Then last night there it is again with a 3cent gain---Did they know something we didnt?

I assume it is up to the presenter on the night to pick the shares displayed so likely just a personal choice or held by the presenter. Of more interest is the large buying that once again has preceded good news. Someone definately knew in advance of the market as always. It would be a good first step to level the playing field slightly if the ASX (everyone knows the NZX ids a joke "boys club") reuired listed company's to release dates for upcoming reserves reviews. then we could all take a punt before the event - abit like the drill progress reports. Right - back to dreaming!

[BigBob]

Of more interest is the large buying that once again has preceded good news. Someone definately knew in advance of the market as always. It would be a good first step to level the playing field slightly if the ASX (everyone knows the NZX ids a joke "boys club") reuired listed company's to release dates for upcoming reserves reviews. then we could all take a punt before the event - abit like the drill progress reports. Right - back to dreaming!

What "large buying" are you referring to dsurf...?

The five trading days prior to the announcement saw trading volumes at 721,400 (June 20), 349,900 (June 21), 89400 (June 22), 120600 (June 25) and 392400 (June 26). That's against an average volume of 531,851... The only trading day above average was a week ago - hardly indicative of "someone in the know", is it...?

[fabs]

HERE ARE THE 10 WEEKS TOTALS IN THOUSANDS 16/4/12-22/6/12 PER WEEK
1 524
2 2,092
3 5,160
4 4,782
5 1,374
6 3,339
7 2,812
8 1,610
10 2,660
make what you will of that.

[swissboy]

There is actually increased buying on the ASX in PPP now if they make an announcement this week ????? it will affect NZO

[skid]

A pretty sizable increase in share price last week and no ones posting? Balance??

[Balance]

A pretty sizable increase in share price last week and no ones posting? Balance??

Let's see what happens, post window-dressing 30th June.

Here's keeping the fingers crossed that it holds above 80 cents and move towards 90 cents next.

Love this stock, hehe.

[digger]

Let's see what happens, post window-dressing 30th June.

Here's keeping the fingers crossed that it holds above 80 cents and move towards 90 cents next.

Love this stock, hehe.


Balance you must have had a great weekend,what are you on to post a positive comment about NZO.
Look that is just not fair we all have you pigeon holed as of a certain color and then you go throw one like that.
Are we to believe WE ARE NOT MUSHROOMS afterall. Come on give us that old time speach just one more time. Thanks in advance.

[Monkey Poms]

Let's see what happens, post window-dressing 30th June.

Here's keeping the fingers crossed that it holds above 80 cents and move towards 90 cents next.

Love this stock, hehe.

Hope that the accidental bump to your head is not too serious Balance.
GET WELL SOON.

MP.

[Balance]

Hope that the accidental bump to your head is not too serious Balance.
GET WELL SOON.

MP.

That bump is good.

This stock is heading for 90 cents so just hang in there, ok.

[skid]

Let's see what happens, post window-dressing 30th June.

Here's keeping the fingers crossed that it holds above 80 cents and move towards 90 cents next.

Love this stock, hehe.

Who are you and what have you done with Balance? LOL

[digger]

That bump is good.

This stock is heading for 90 cents so just hang in there, ok.

NO NO NO, bring back my mushroom fix. I am having severe withdral reactions

[Billy Boy]

NO NO NO, bring back my mushroom fix. I am having severe withdral reactions
your right Digger
Balance does'ent love us no more......
:(BB

[digger]

Utilico slowly taking out a big hunk of NZO. From here it could end up many ways. It could be just a quick money play or all the way to 19% then selling it to another party for a NZO takeout.At the moment it sure is a cheap accumulation for UTILICO with little or no opposition.
In some ways NZO could have justified a no sell until the KUPE ungrade is announced, or at least a watch as this upgrade should materially effect the share value.It will be interesting to see what values are put on the company post middle of this month.

[Casa del Energia]

Utilico slowly taking out a big hunk of NZO. From here it could end up many ways. It could be just a quick money play or all the way to 19% then selling it to another party for a NZO takeout. [sic] to see what values are put on the company post middle of this month.

There is a saving grace in that 70% (arbitrary – plucked out of the air) of the NZX is even more undervalued. Return on dividends for a surprising number of listed coys is over 6%. Yes, I’ve noticed the big trade days for NZO – and hope that in two years I’m not "90% ousted". The ‘danger’ will come from a confluence of really ratty cash rates, bulging corporate coffers, bulging personal savings, and an undervalued bourse. So, I keep a weather watch on the SSH notices – but not hitting the alarm bells.... yet.

Having said that – I wouldn’t be too surprised that there’s beady eyes watching NZO somewhere... it is no longer fashionable to say it.. but ... ‘peak oil’.

[Lizard]

Hope all is good up there in Taranaki with that quake just now - would have been felt over half the country I think.

[Balance]

There is a saving grace in that 70% (arbitrary – plucked out of the air) of the NZX is even more undervalued. Return on dividends for a surprising number of listed coys is over 6%. Yes, I’ve noticed the big trade days for NZO – and hope that in two years I’m not "90% ousted". The ‘danger’ will come from a confluence of really ratty cash rates, bulging corporate coffers, bulging personal savings, and an undervalued bourse. So, I keep a weather watch on the SSH notices – but not hitting the alarm bells.... yet.

Having said that – I wouldn’t be too surprised that there’s beady eyes watching NZO somewhere... it is no longer fashionable to say it.. but ... ‘peak oil’.

Seen the price of gas in America?

Switch over to alternative already well underway.

Should not impact on NZO though as Utilico will now underpin share price.

Mushrooms & Noggers, REJOICE! Thy salvation is upon thee!

[Casa del Energia]

Seen the price of gas in America?

Switch over to alternative already well underway.

Should not impact on NZO though as Utilico will now underpin share price.

Mushrooms & Noggers, REJOICE! Thy salvation is upon thee!

The great advantage that mushrooms have is that they get their energy from the ground itself. Mushrooms obtain it from the cellulose and sugars already concentrated for them – unlike those idiot photosynthesisers who have to construct it out of thin air and slowly gathering sunlight.
Motor spirit and diesel are still the preferred transport fuel. And I can’t see anyone running to convert their fleet of Boeng 737s to CNG in a hurry – no matter what price natural gas is.
Nothing practical beats oil for energy density – ( liquid hydrogen isn’t practical – and anyway, notice that nobody smoked near a Saturn B5 launcher.)

[digger]

Seen the price of gas in America?

Switch over to alternative already well underway.

Should not impact on NZO though as Utilico will now underpin share price.

Mushrooms & Noggers, REJOICE! Thy salvation is upon thee!

That is a condictions in terms.We were all led to believe that Noggers were mushrooms as you the 'Power Of One" have often said so. But then again i wonder if you have let the truth slip out. Mushrooms are the ones that sold and are selling to Utilico and ture Noggers know the value of stuff regardless of the moment and are holding.
Anyways it is good to have you back Balance.You are very prominate when the share is falling but become scarce when it does a small rise.
So how much does Utilico pay you for your good service to them? Should be worth a pretty dollar.You sure have spent a fair amounr of time setting them up.

[dsurf]

Seen the price of gas in America?

Switch over to alternative already well underway.

Should not impact on NZO though as Utilico will now underpin share price.

Mushrooms & Noggers, REJOICE! Thy salvation is upon thee!

I for one will not be rejoicing til SP well north of $1. Also we have a long way to go to get back to $1.50 as you oft point out. Still sentiment has dramatically improved.

[fish]

Hope all is good up there in Taranaki with that quake just now - would have been felt over half the country I think.

Hopefully its had a fracking effect .

[Monkey Poms]

From Utilico web site.

UTILICO INVESTMENTS LIMITED
ICM
May 2012
ABOUT US: Utilico Investments Limited is a Bermuda registered closed end investment company, listed on the London Stock Exchange. Registered No. 39480
OBJECTIVE: To maximise shareholder returns by identifying and investing in investments where the underlying value is not reflected in the market price.
INVESTMENT APPROACH: To seek to invest in undervalued investments. This perceived undervaluation may arise from any number of factors, including technological, market motivation, prospective financial engineering opportunities, competition or shareholder apathy. The company has the flexibility to make investments in a wide range of sectors and markets.
------------------------------------------------------------------------------------------------------------------------

Looks like Utilico have identified NZOG shareholder apathy,they are filling their pockets with undervalued shares.
Disclosure: i am also a long term mushroom.

 M P.

[bermuda]

From Utilico web site.

UTILICO INVESTMENTS LIMITED
ICM
May 2012
ABOUT US: Utilico Investments Limited is a Bermuda registered closed end investment company, listed on the London Stock Exchange. Registered No. 39480
OBJECTIVE: To maximise shareholder returns by identifying and investing in investments where the underlying value is not reflected in the market price.
INVESTMENT APPROACH: To seek to invest in undervalued investments. This perceived undervaluation may arise from any number of factors, including technological, market motivation, prospective financial engineering opportunities, competition or shareholder apathy. The company has the flexibility to make investments in a wide range of sectors and markets.
------------------------------------------------------------------------------------------------------------------------

Looks like Utilico have identified NZOG shareholder apathy,they are filling their pockets with undervalued shares.
Disclosure: i am also a long term mushroom.

 M P.

Just the loved the Utilico - Bermuda reference.
Stay onside. It is still climbing. As Phaedrus used to say Never sell in a climbing market.
Cheers
Bermuda

[brucey09]

Snr. Robert
Did earthquake by the capitol affecting oil rate with pressures?

[Lizard]

Hopefully its had a fracking effect .

Yes, when I saw the location, I thought that would set off the anti-fracking brigade... fortunately not as damaging as it felt, but must have been almost directly under Maari field.

[h2so4]

Seen the price of gas in America?

Switch over to alternative already well underway.

Should not impact on NZO though as Utilico will now underpin share price.

Mushrooms & Noggers, REJOICE! Thy salvation is upon thee!

NZOG is not just a oil company, although that is what it's ticker implies. Last time I looked NZO had $300m in P2 gas reserves.

[Balance]

Just the loved the Utilico - Bermuda reference.
Stay onside. It is still climbing. As Phaedrus used to say Never sell in a climbing market.
Cheers
Bermuda

Oh o - me thinkth time to sell out now that Bermuda, who has been one of the biggest cheerleaders, silent for so long especially after Pike blew up, resurfaces.

[dsurf]

Glad your over your flu balance

[BigBob]

NZOG (New Zealand Oil & Gas Ltd) advises that Corporate Affairs Manager Chris Roberts is leaving the company today to take up a role from next week as General Manager Corporate Affairs with Tourism New Zealand.

NZOG Chief Executive Andrew Knight said Mr Roberts had been a valuable member of the NZOG team.

“Chris has made a tremendous contribution since joining NZOG in September 2007 and we wish him every success in his new role”.

A recruitment process is now underway for an External Relations Manager. Acting Chief Financial Officer Andre Gaylard will pick up Investor Relations responsibilities.

[Xerof]

I think balance should apply....

[Balance]

NZOG (New Zealand Oil & Gas Ltd) advises that Corporate Affairs Manager Chris Roberts is leaving the company today to take up a role from next week as General Manager Corporate Affairs with Tourism New Zealand.

NZOG Chief Executive Andrew Knight said Mr Roberts had been a valuable member of the NZOG team.

“Chris has made a tremendous contribution since joining NZOG in September 2007 and we wish him every success in his new role”.

A recruitment process is now underway for an External Relations Manager. Acting Chief Financial Officer Andre Gaylard will pick up Investor Relations responsibilities.

Good luck, Chris.

Glad you made the move.

Must have gotten rather stressful and demoralizing having to try and spin silk purses out of dog's hairs?

[digger]

Good luck Chris with your new venture.Thanks for the many comments you made here on this site and in person. Best wishes.

[digger]

Good luck, Chris.

Glad you made the move.

Must have gotten rather stressful and demoralizing having to try and spin silk purses out of dog's hairs?

The only negative comments I could make about Chris is that he tried to answer Balances comments in a serious manner.Balance is a joke and taken lightly it is indeed humorous.Or alternatively his considerable time spent in downgrading NZO had the long term objective of supressing the price for a cheap or cheapest stock uptake. Anyone know of any company buying big in NZO that would be benifiting from a long term downramp??????

[troyvdh]

Same what digger said...appreciated your personal feedback....go well.

[Balance]

The only negative comments I could make about Chris is that he tried to answer Balances comments in a serious manner.Balance is a joke and taken lightly it is indeed humorous.Or alternatively his considerable time spent in downgrading NZO had the long term objective of supressing the price for a cheap or cheapest stock uptake. Anyone know of any company buying big in NZO that would be benifiting from a long term downramp??????

Please spare Chris the indignity of being complimented in the same breath as what was written about Pike - i.e.. that DOC was at fault.

I commend Chris on doing his job well under extreme trying circumstances but PR is PR, no point pretending otherwise.

I expect NZOG sp to continue to track higher now that Utilico is in there and am one happy dude for that. But me no mushroom.

[LIO]

Your input has been appreciated Chris. Wishing you all the best in your position.

[Bixbite]

Good luck, Chris.

Glad you made the move.

Must have gotten rather stressful and demoralizing having to try and spin silk purses out of dog's hairs?

Balance seems no knowledge about "carding and spinning".

[bermuda]

NZOG (New Zealand Oil & Gas Ltd) advises that Corporate Affairs Manager Chris Roberts is leaving the company today to take up a role from next week as General Manager Corporate Affairs with Tourism New Zealand.

NZOG Chief Executive Andrew Knight said Mr Roberts had been a valuable member of the NZOG team.

“Chris has made a tremendous contribution since joining NZOG in September 2007 and we wish him every success in his new role”.

A recruitment process is now underway for an External Relations Manager. Acting Chief Financial Officer Andre Gaylard will pick up Investor Relations responsibilities.

Chris,
All the best in your new endeavours. You have served NZO well.
Cheers
Bermuda

[Chippie]

thanks Chris you have done a good job!

[notie]

thanks Chris you have done a good job!

Things must be bad at nzog if telling the market that their corporate spin doctor is leaving. Why don't they bother to tell everyone how they are going to grow the company and actually go out and find some oil, instead of pretending to be an oil company. They have done a great job on their shareholders sucking money off them via a rights issue, sat on some great production at Tui and sat back and sucked in their fat salaries plus no doubt bonuses on top of that.

if you are stupid enough to invest in this sick pup then fool you.

[Chippie]

Notie, you must be a very wealthy person with all your immense wisdom.

I purchased a heap of NZO at 26 cents a long time ago and have had to endure dividends and even being issued PPP shares along the way.

I wish NZO were $1.50+ but they are not. I guess I just must be a fool and should have sold out earlier. Never mind I will have to decide when I cash out.

I have personally talked to Chris, exchanged emails and believe he is good at what he does. This is why I told him “good job”

p.s. Perhaps we should compare who had made the most money over the past 15 years of investing. The “fool” might surprise you?

[notie]

Notie, you must be a very wealthy person with all your immense wisdom.


don't worry about me. nzog stock is so going places....pretty much like the rest of the sad nzx

[Chippie]

don't worry about me. nzog stock is so going places....pretty much like the rest of the sad nzx

You are not wrong about the NZX :(

[Silverlight]

don't worry about me. nzog stock is so going places....pretty much like the rest of the sad nzx

NZO up 5% past 12 months, NZX50 down just over 1%, so sad we should ignore the NZ companies and buy Aussie ones... oh wait the ASX200 is down 7% in the past year, let alone woodside, rio and bhp all down over 20%!

[fabs]

NZO up 5% past 12 months, NZX50 down just over 1%, so sad we should ignore the NZ companies and buy Aussie ones... oh wait the ASX200 is down 7% in the past year, let alone woodside, rio and bhp all down over 20%!

SILVERLIGHT
NZO S/P PRICES RANGED FROM 1st of June to 8th of July 2011 12 months ago from the beginning of that period, from 90-92 cents down to 85 cents.
Not quite sure where you get the 5% rise from?
They certainly have come a long way since the 12 months low of around 62 cents in August last year. Hardly impressive, being now around exactly where they were this time last year.
They also had a 2 cent div. during that time.

[digger]

SILVERLIGHT
NZO S/P PRICES RANGED FROM 1st of June to 8th of July 2011 12 months ago from the beginning of that period, from 90-92 cents down to 85 cents.
Not quite sure where you get the 5% rise from?
They certainly have come a long way since the 12 months low of around 62 cents in August last year. Hardly impressive, being now around exactly where they were this time last year.
They also had a 2 cent div. during that time.

Fabs the low was 58 cents and NZO was under 60 for a couple of weeks.So if you start from that very low point to last friday NZO has gone up just under 45% in a general falling market. The rub here is that NZO fell a mile too much from the TUI downgrade and after the 4 dry wells from the year before it became fashionable to quite NZO at any cost. Anyone buying from that point did very well. I remain somewhat disappointed that NZO only nibbled at the buyback during this time.

[Silverlight]

Not quite sure where you get the 5% rise from?
They also had a 2 cent div. during that time.

I used simple maths, 83 cents start of July 2011, 84 cents close on Friday, 2 cent div + 0.85 cents of imputation gave me a 4.7% return.

I rounded to 5% for simplicity, not to be misleading, apologies if this caused confusion.

[fish]

Kupe upgrade is now official.
Lots more gas/lpg but minimally less oil .
I would be a lot happier if more oil could be extracted but positive big overall increase in hydrocarbons -and mention of extracting it quicker

[Mr Tommy]

Kupe upgrade is now official.
Lots more gas/lpg but minimally less oil .
I would be a lot happier if more oil could be extracted but positive big overall increase in hydrocarbons -and mention of extracting it quicker

Wheres the announcement Mr Fish, I cant find anything yet.

[BigBob]

Wheres the announcement Mr Fish, I cant find anything yet.

From yesterday..:

Increase in Kupe Reserves
3:58pm, 10 Jul 2012 | MINE
NZOG (New Zealand Oil & Gas Ltd) is pleased to announce a significant increase in the proved and probable (2P) reserves in the Kupe gas and oil field.

As previously announced to the market on 27 June 2012, the Operator, Origin Energy, has completed a detailed reserves review integrating petrophysical, fluid sample and well test information with full field static and dynamic reservoir models.

The Kupe joint venture partners have now concluded their independent assessments of the Operator’s review and reached agreement on the revised reserves.

The initial 2P reserves (the best estimate of total reserves recoverable from the field) have been further increased by 13.4%. Added to the reserves increase announced in July 2010, Kupe ultimate recoverable 2P reserves are now 25.8% greater than the pre-production estimate.

Under the latest review, initial 2P sales gas reserves are estimated to have increased by a further 18.3% and LPG reserves by a further 22.8%. Light oil (condensate) reserves, which were increased by 27% in 2010, have been reduced by 1.8%, leaving the reserves 25% above the pre-production reserves.

[See PDF release for table of the 2P Ultimate Recoverable Reserves as at 1 July 2012]

To date Kupe has produced approximately 46.3 PJ of sales gas, 190 kilotonnes of LPG and 4.7 million barrels of light oil (81 PJe).

NZOG Chief Executive Andrew Knight says the reserves review is very good news.

“Such a substantial increase in NZOG’s Kupe reserves is a very pleasing result. We are evaluating market opportunities for accelerating production of the additional gas, and will make a further statement on those as and when we are in a position to do so.”

ENDS

[Mr Tommy]

Thanks BigBob
I usually get an email from NZOG.
Funny no paper or TV has reported it. Has Chris Roberts already gone ?

[digger]

Thanks BigBob
I usually get an email from NZOG.
Funny no paper or TV has reported it. Has Chris Roberts already gone ?

Not of material signifance as the market has already factored it in. Becides the 1.8% fall in oil far outweighs the 22% and 18% rise in LPG and gas because the market says so. Cheers

[Mr Tommy]

Kupe upgrade story in Dominion today.
Its like that new ice cream advert where you take a bite out and it reappears.

"Everything that Kupe has produced since the wells were opened, we've just replaced."

http://www.stuff.co.nz/business/industries/7263804/Kupe-field-has-more-gas-than-expected

[Casa del Energia]

Kupe upgrade story in Dominion today.
Its like that new ice cream advert where you take a bite out and it reappears.

"Everything that Kupe has produced since the wells were opened, we've just replaced."

http://www.stuff.co.nz/business/industries/7263804/Kupe-field-has-more-gas-than-expected

Think I saw that in a Harry Potter movie once. Neat trick

[Mr Tommy]

Maybe NZOG is harnessing all its mushrooms and pumping the resulting gas back in ?

[Billy Boy]

Maybe NZOG is harnessing all its mushrooms and pumping the resulting gas back in ?

I wondered why I was losing weight !!! :confused:
BB;)

[Mr Tommy]

I wondered why I was losing weight !!! :confused:
BB;)

Hey its actually true, I wonder if Balance was trying to warn all the mushrooms:

Tokyo Gas has been developing a biomass energy system in an effort to reduce CO2 emissions, which are thought to be a cause of global warming. The pyrolysis gasification technology is an energy conversion technology that is most appropriate for biomass that is low in water content. Tokyo Gas originally used sewage sludge for this technology, but it currently uses harvested media consisting of artificially cultivated mushrooms

http://www.tokyo-gas.co.jp/techno/challenge/011_e.html

You heard it here first, NZOG is cultivating mushrooms thru Sharetrader, converting them to gas and filling Kupe back up again.

Phew Im glad iits the weekend.

[Balance]

Hey its actually true, I wonder if Balance was trying to warn all the mushrooms:

Tokyo Gas has been developing a biomass energy system in an effort to reduce CO2 emissions, which are thought to be a cause of global warming. The pyrolysis gasification technology is an energy conversion technology that is most appropriate for biomass that is low in water content. Tokyo Gas originally used sewage sludge for this technology, but it currently uses harvested media consisting of artificially cultivated mushrooms

http://www.tokyo-gas.co.jp/techno/challenge/011_e.html

You heard it here first, NZOG is cultivating mushrooms thru Sharetrader, converting them to gas and filling Kupe back up again.

Phew Im glad iits the weekend.

Did I hear "Burrrrrrp"?

[Mr Tommy]

Did I hear "Burrrrrrp"?

Form which end ?

[Balance]

Oh well, doesn't look like it's going to push onto 90 cents.

Burrrppppp.

[BigBob]

Oh well, doesn't look like it's going to push onto 90 cents.

Burrrppppp.

I wee pull back to test support at the previous resistance level at 79 is healthy from a TA point of view, so no need to press the eject button just yet....

[geezy]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10820247

It is said that it could take several years before any activities could take place.....thats gonna be a long time.

[fabs]

Well, looks like your wish has been granted, lets see what happens next.

[the machine]

1.4m shares traded today in nz - that seems a lot for them

M

[fish]

Hopefully we will get some final quarter reports from nzo and ppp today

[fish]

National news just announced nzo has $209m in cash -kupe gas and genesis contract a goldmine

[fish]

also confirmed a likely 6cent dividend plus full imputation credits

[777]

It is all here


http://www.nzog.com/latestnews

[Mr Tommy]

Dominion story today -

A consortium considering drilling for oil and gas in the Canterbury Basin has opted to return an exploration permit to the Crown.

In a statement New Zealand Oil & Gas said the risk profile of the Barque prospect was "too high" for it and partners Beach Petroleum and AWE New Zealand.

NZOG took over as operator of Barque earlier this year and has previously said it was promoting the drilling contract to companies capable of undertaking a well in about 800m of water.

The permit stretches from about 15km offshore of Oamaru to about 25km northwest of Dunedin.

Earlier this month it was revealed that US exploration group Anadarko had deferred drilling in its Carrack-Caravel prospect, near the Barque prospect, until 2013/14.


http://www.stuff.co.nz/business/industries/7458108/Oil-and-gas-prospect-too-risky

[bung5]

maybe I can convince you guys into cue.asx instead

[fish]

I got fed up with cue a couple of years ago and sold out at 26 cents-they have been a very volatile stock.
As i have got a big margin lending loan to service I need dividends-preferably with imputation credits.
I pay 6% on my loan so like to invest in stocks which at least match my loan-nzog look like they will keep on paying dividends plus grow.
Always willing to listen-and diversify-recenty bought ppp as will pay out plus vietnam in particular very attractive .
Will cue be paying any returns soon ?

[h2so4]

The ‘house’ is not pricing in a dividend however a dividend announcement would likely be a huge catalyst to unlock CUE’s value.

[digger]

Best to drop the Barque for now .We have enough permits to try to get a drill for without going down to Canterbury. It is Kakapo and Kaheru that i want to see drilled so i for one could not care less about Barque.It has always seemed to far away and too close to the great south basin so gave me the chills.We are not ready for that yet,if ever.

[the machine]

Best to drop the Barque for now .We have enough permits to try to get a drill for without going down to Canterbury. It is Kakapo and Kaheru that i want to see drilled so i for one could not care less about Barque.It has always seemed to far away and too close to the great south basin so gave me the chills.We are not ready for that yet,if ever.

agree, barque to close to where icebergs can roam

now that nzo have extra $5m from sale of prc then IMO this should be spent [invested] in drilling in nz

M

[Lion]

Yes, OK digger and machine, I suppose I agree with you.
With the youthful enthusiasm of my 61 years I had hoped Barque could be a real company maker. I live in Canterbury and could imagine natural gas piped through the South Island to help keep us warm and to fuel industry.
But with the maturity of my 61 years I suppose we should stick to what we know in Taranaki where risk is less and infrastructure close.
It's hard growing up sometimes.

[bung5]

With no exploration until 2015 they should be looking at some takeovers IMO to get some projects in the development phase.
IF any discoveries it is going to be a very long time between drinks!

[Sideshow Bob]

All quiet on the NZO front. Even Balance has given up his 'mushroom' baiting......

Tomorrow the divvy should be announced/confirmed.

[Balance]

Announcement with the usual "Building shareholder wealth remains the priority for both senior management
team and the Board."

Please wake me up when they say something different like " Running the company so that directors and management continue to enjoy the good life remains our biggest focus."

[dsurf]

Announcement with the usual "Building shareholder wealth remains the priority for both senior management
team and the Board."

Please wake me up when they say something different like " Running the company so that directors and management continue to enjoy the good life remains our biggest focus."

Yawn - please go back to sleep

[fabs]

This Forum, Balance or NZOs Management????

[arjay]

Maybe they are both the same statement Balance - after all, management and directors are shareholders. Who's to say that all shareholders are created equal?



Announcement with the usual "Building shareholder wealth remains the priority for both senior management
team and the Board."

Please wake me up when they say something different like " Running the company so that directors and management continue to enjoy the good life remains our biggest focus."

[digger]

Actually an incredible result,given it was just last year we had to right off 100 million. The dividend at 6 cents is now greater than the former 5 cents when the SP ranged from 1-50 to 1-75,and on the stronge position and cash flow there is no reason why this dividend can not be maintained well nto the future. So to hell with the SP just keep the holding for the best yield on the market,with a good degree of certainty that the dividend will be as good in coming years.



All we need now is less talk and get on with some exploration.

[fish]

Actually an incredible result,given it was just last year we had to right off 100 million. The dividend at 6 cents is now greater than the former 5 cents when the SP ranged from 1-50 to 1-75,and on the stronge position and cash flow there is no reason why this dividend can not be maintained well nto the future. So to hell with the SP just keep the holding for the best yield on the market,with a good degree of certainty that the dividend will be as good in coming years.



All we need now is less talk and get on with some exploration.

SP looking stronger-anticipation of a good dividend and oil prices rising-25% of gulf mexico now closed and futures rising . Talk of Isaac doing a lot of damage .

[Mr Tommy]

Up 3 and not even a peep on ST.

Good Oil presentation yesterday and Indonesian Kisaran drilling is still 'imminent', 2 wells 'in next few months'. It was imminent back in February and March this year as well.
But what the heck does this mean: "Conventional targets and unconventional possibilities".
Maybe you had to be there.

[St James Square]

As Buffalo Springfield said 'There's something happening here..'

[Awamoa]

Strange that when the price is rising one poster goes into hibernation.

[pierre]

My calculation of the Gross dividend yield is 9.4% based on 6cps fully imputed on today's SP of 89 cents.

With PRC out of the way, NTA of 90.3cps, plenty of $$$ in the bank and a few "irons in the fire" NZO seems like a pretty attractive proposition to me.

Am I missing something?

[fabs]

My calculation of the Gross dividend yield is 9.4% based on 6cps fully imputed on today's SP of 89 cents.

With PRC out of the way, NTA of 90.3cps, plenty of $$$ in the bank and a few "irons in the fire" NZO seems like a pretty attractive proposition to me.

Am I missing something?

Not really,
seems to be about right and reflected in the price.
Lets see what the price is, everything being equal after ex. div. and AGM

[tim23]

12 month high - where are the doom/gloom merchants now?

[Xerof]

Eating a meal of mushrooms???

:p