NZ Oil & Gas (NZO)

[digger]

Eating a meal of mushrooms???

:p

Don't think so. Balance probably stocked up on the very cheap NZO shares after the TUI write down and the PIKE fiasco knowing with time KUPE and PO would turn the company finances around regardless of the short term problems. It was just a buying opportunity and I am sure he was more than smart enough to act on that knowledge. The mushrooms were the short term sellers he incouraged to the slaughter.
But lets get back to drilling.

[the machine]

Don't think so. Balance probably stocked up on the very cheap NZO shares after the TUI write down and the PIKE fiasco knowing with time KUPE and PO would turn the company finances around regardless of the short term problems. It was just a buying opportunity and I am sure he was more than smart enough to act on that knowledge. The mushrooms were the short term sellers he incouraged to the slaughter.
But lets get back to drilling.

one would not be surprised if Balance has been to busy to post - instead adding up all the profits made from nzo trading

M

[Tyro]

I couldn't agree more. I've long thought Balance was a spruiker. Just don't trust anyone who posts emotion rather than fact based analysis.


Don't think so. Balance probably stocked up on the very cheap NZO shares after the TUI write down and the PIKE fiasco knowing with time KUPE and PO would turn the company finances around regardless of the short term problems. It was just a buying opportunity and I am sure he was more than smart enough to act on that knowledge. The mushrooms were the short term sellers he incouraged to the slaughter.
But lets get back to drilling.

[BigBob]

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....

Looks like I finally may have called one right in public.... :o)

[Monkey Poms]

Can any of you guys think of any better better idea if given the opportunity for NZO to invest some
of it's large cash surplus in an oil company operating on NZO's doorstep in the Taranaki basin. Seriously undervalued KEA Petroleum quoted on the London stock exchange AIM market share price £0.0950 with a market capitalisation of £50m (KEA have £17m in the bank). They have struck oil and are awaiting flow test results PEP 51153 - cheaply drilled on land. The enclosed KEA overview is a good read with the potential to dwarf NZO's operation. How did our management let this prospect slip under the radar?

Visit KEA for an overview of their Taranaki operations

http://www.keapetroleum.com/presentations/Kea-Presentation-MRQ-Seminar-May-2012.pdf

Possible some members of this forum may live near the KEA operation. It would be good to hear your views.

Monkey Poms

[fabs]

[QUOTE=Monkey Poms;380981]Can any of you guys think of any better better idea if given the opportunity for NZO to invest some
of it's large cash surplus in an oil company operating on NZO's doorstep in the Taranaki basin.

AGREE M/P
Also would be good time to get serious, drilling around TUI & KUPE know it is not just up to NZO but it has been talked about for some time now.
CHEERS

BTW why co. needs another P/R person?
let the S/P and the Action of the mang. do the talking

[Balance]

Hi Noggers, missing me - I am flattered!

NZO is yesterday - been there, made some money when Utilico moved in but moved on to other things.

Will come back when they (inevitably) blow up again. The quality of NZO's mismanagement will never change - same bunch of monkeys throwing money around.

Other things?

Example : HNZ - from 52 cents to 60 cents is okay?

http://www.sharetrader.co.nz/showthread.php?8425-Heartland-New-Zealand-Ltd-(HNZ)/page36

[Chippie]

Hi Noggers, missing me - I am flattered!

Example : HNZ - from 52 cents to 60 cents is okay?

http://www.sharetrader.co.nz/showthread.php?8425-Heartland-New-Zealand-Ltd-(HNZ)/page36

HNZ is down from 90cents in Feb 2011?

[Queenstfarmer]

Did I miss something yesterday. Why the sudden drop back to the mid eighties after reaching 92c?

[Awamoa]

Did I miss something yesterday. Why the sudden drop back to the mid eighties after reaching 92c?

Ex dividend today

[digger]

See chairman as resigned. Whats up?

Yes queenstownfarmer,it is xdividend as of last night.

[fabs]

Ex dividend today

Chairman resignation???
Div. ex -date 14/9/12 or is it registry date

[Queenstfarmer]

Record date Friday?

[Balance]

Good news - Tony Radford to resign as Chairman.

Bad news - he stays on as a director.

When does he wake up to the fact that he is so past his used by date? Maybe when the ghosts of Pike Piver come calling this Christmas?

[fabs]

Good news - Tony Radford to resign as Chairman.

Bad news - he stays on as a director.

When does he wake up to the fact that he is so past his used by date? Maybe when the ghosts of Pike Piver come calling this Christmas?

Hey Balance he is only 74 go easy on us oldies, still felling pines as a woods-man at 75.

[bung5]

I'm more keen to re-buy NZO now that the chairman is leaving.

[Balance]

Hey Balance he is only 74 go easy on us oldies, still felling pines as a woods-man at 75.

No issues with age, fabs one.

More that this Radford character has presided over huge destruction of wealth and one of the biggest mining disasters in NZ.

Suspect he is like that economic simpleton Muldoon who could not handle the fact that he was well past his used by date until he sat in Parliament one day and then, realised that he was alone, dejected, rejected and avoided by all.

[neopoleII]

hey Fabs, i really really hope that im able to do what you do when i get to that age!
regarding TR, i guess he has finally realized that the ship belongs to the shareholders now.
this new guy seems to have a very good background.
all in all things in the last year have been very good.
its just a real shame about the few years before that... and the things we learned from the RC.
TR did build a great company, sadly he didnt know when to step aside and really let it become great.
all is not lost, but alot of people lost alot, from investment money, to all their money to their lives.
with the things we learned from the RC, alot of hurt could of been avoided...(obviously not nzo as much, but his very strong involvement in the "sister" company)
i wonder what his goodbye speech will be like.....

its always sad to see a visionary and battler end up getting pushed or shoved because they dont realize when to step aside and let your creation "go forth and multiply"
its not like he is poor....... he just wanted his big elephant while at the helm.......

anyway.... onwards and upwards

time to go fishing, exploring and dreaming.... a coffin full of cash is no help upstairs.

[brucey09]

Snrs.
Please no forget that the only finds NZO has were under TR direct lead. No more since. Good yes.

[pietrade]

Right on Brucey09! Good to read a balanced response to 'Un Balance's' vituperative drivel. Goodonyamate!

[Balance]

Snrs.
Please no forget that the only finds NZO has were under TR direct lead. No more since. Good yes.

LOL - and who do you think really controls and directs NZOG from behind the scenes?

Just ask Gordon Ward and David Salisbury.

[777]

Record date Friday?

Record date is always after the ex date.

[Queenstfarmer]

777...is the record not the last day to be holding shares to still receive dividend? I guess that was my question.

[digger]

777...is the record not the last day to be holding shares to still receive dividend? I guess that was my question.

+What happens is that with all the heavy share trading it takes a few days to sort out who has what so the xdate comes first then the record date a few days later.

[Silverlight]

777...is the record not the last day to be holding shares to still receive dividend? I guess that was my question.

99.9% of all trades settle on a Trade Date + 3 days basis. If you buy shares today (Thursday), the trade does not settle until Tuesday next week.

Tuesday next week is when the your name is on the register at the registry. Therefore if the record date for a corporate action (ie a dividend) was next Tuesday, the last day to buy the share to receive the dividend would be today, and tomorrow would be the ex-date, as if you bought the share tomorrow, you won't be on the register until next Wednesday, and when the registry read their list of current owners on Tuesday, your name won't be there.

Clear as mud?

[Tyro]

Better not to reply at all. You'll only encourage that spruiker.
Right on Brucey09! Good to read a balanced response to 'Un Balance's' vituperative drivel. Goodonyamate!

[Balance]

Better not to reply at all. You'll only encourage that spruiker.

Oh, how hurtful!

Considering yours truly here correctly warned all about Pike River and now, has contributed to TR departing the scene as Chairman.

Thanks will be enough but a Guinness stout is better!

[J R Ewing]

LOL - and who do you think really controls and directs NZOG from behind the scenes?

Just ask Gordon Ward and David Salisbury.


not much point asking GW - he ain't talking!

[LIO]

Oh, how hurtful!

Considering yours truly here correctly warned all about Pike River and now, has contributed to TR departing the scene as Chairman.

Thanks will be enough but a Guinness stout is better!

Balance, can you please show us the post in 2010 wherein you warned us that an explosion at Pike River was likely to occur ?

[Balance]

Balance, can you please show us the post in 2010 wherein you warned us that an explosion at Pike River was likely to occur ?

Just go to the Pike River coal thread - warnings about the gross mismanagement, costs over-runs, technical stuff-ups, delays etc etc etc - all indicative of everything wrong, and as well as the cg (coal gas) count are all there, matey.

There are none so blind as those with eyes but will not see.

[LIO]

Just go to the Pike River coal thread - warnings about the gross mismanagement, costs over-runs, technical stuff-ups, delays etc etc etc - all indicative of everything wrong, and as well as the cg (coal gas) count are all there, matey.

There are none so blind as those with eyes but will not see.

You didn't exactly answer my question Balance. With the benefit of hindsight, it's not hard to see how the things you mention could have added up to a disaster. However, if you, or anyone else with concerns, had publicly warned of the likelihood of an explosion, then maybe - if anyone in power had acted - this tragedy could have been averted.
Regardless of any shortcomings within management, had government provided the advisorial and inspectorial role expected of it, safety problems would have been addressed early on. The buck should stop at the top, but seldom does.
The failure of successive governments to protect their citicizens has been evidenced in huge loss of savings, and in some cases lives, through deregulation in the building (leaky homes) and finance industries, adventure tourism, and now mining, to name a few. Wonder what will be next !

[Balance]

LIO, go through the information disclosed under oath at the Royal Commission of Inquiry :

http://pikeriver.royalcommission.govt.nz

There were enough instances of warnings being sounded about potential gas explosion but those warnings fell on deaf ears.

If you take the issue further, you will find some on this thread who attempted at every turn to shout and shut down anyone who dared to question the (mis)management of the mine.

Blood on their hands for joining the directors and management of NZOG and Pike in this dastardly behavior, don't you agree?

[Balance]

Can Noggers handle the truth?

http://www.listener.co.nz/current-affairs/the-risk-culture-at-pike-river-mine/

Excerpts :

"Why did no one in a position of authority respond to Pike’s multiple warning signs by saying what needed to be said: shut this mine down?"

"Some saw the signs of looming disaster, said their piece, then left."

"Albert Houlden, a former leading hand with Pike’s biggest subcontractor, McConnell Dowell, and a man steeped in the traditions of British coalfields, worried about poor supervision, the lack of teamwork underground and the inexperience of men pressed into tasks beyond their training. He made complaints about various incidents, and left in April 2010 after six months, telling his wife, “That mine is going to go.”

"Masaoki Nishioka, a Japanese mining expert hired in mid-2010 to commission Pike’s hydro-mining system – which was critical to the company’s ambitious coal production forecasts – was terrified of the combination of Pike’s gassy coal, its inadequate ventilation and gas-monitoring system, and the lack of an emergency exit. He says he warned middle and senior managers several times (although his evidence on this is disputed), and left after three months, fearing an explosion."

"In mid-2009, Harry Bell, a former chief inspector of coal mines, was so concerned at what he was hearing from senior miners about gas management and behaviour underground at Pike that he rang the company’s then general manager, Peter Whittall, to raise his extreme concerns. Whittall told him: “Sometimes your officials let you down.”

[Balance]

Finally :

"Who, in such circumstances, would be brave enough to declare the place a time bomb and order it shut?

Not the workers, many of whom were inexperienced, were accustomed to flagrant health and safety breaches and incidents not being followed up, and were busting to earn the pre-Christmas production bonus they’d been offered.

Not the managers, who failed to see the whole frightening picture, and – judging by the private emails of White describing Whittall as a liar and a “dodgy git” – worked in a climate of blame and mistrust at the top.

Not the board, who, in the absence of news to the contrary from management, assumed the place was a bastion of modern health and safety practice.

And not the regulator – the Department of Labour’s mining inspectorate – which had been stripped of authority, skill and resources over two decades of deregulation.

--------------------------------------------------

And we should add :

Not the noggers - they were blinded by the horse manure shafted into their faces and willingly swallowed whole everything told to them by management and directors of NZOG and Pike.

[pietrade]

[QUOTE=Balance;381313

"And not the regulator – the Department of Labour’s mining inspectorate – which had been stripped of authority, skill and resources over two decades of deregulation." ]

At last, an appreciation of the FUNDAMENTAL CAUSE of the disaster !!

'twould be great if you were to focus your anger/frustration/negativity there for a (welcome) change.

[Balance]

[QUOTE=Balance;381313

"And not the regulator – the Department of Labour’s mining inspectorate – which had been stripped of authority, skill and resources over two decades of deregulation." ]

At last, an appreciation of the FUNDAMENTAL CAUSE of the disaster !!

'twould be great if you were to focus your anger/frustration/negativity there for a (welcome) change.

Deadly wrong - fundamental cause of disaster is gross mismanagement.

Next you will be wanting to blame the government for kids committing crimes.

[digger]

[QUOTE=Balance;381313

"And not the regulator – the Department of Labour’s mining inspectorate – which had been stripped of authority, skill and resources over two decades of deregulation." ]

At last, an appreciation of the FUNDAMENTAL CAUSE of the disaster !!

'twould be great if you were to focus your anger/frustration/negativity there for a (welcome) change.


Going back about 70 years ago my father was a qualified Carptner. That was about the time that regulations slowly started to creep in. He always claimed that regulations had the effect of forcing building to there standard which in many case was the effect of lowering the standard to just meet the requirements. Over these many decades a culture has been created that the regulators set the standard and that is what the builders ,miners and the professions work to.
For me the deregulation and removal of stardards by the mining inspectors,does not necessarly mean that the world will simply go back to self regulations as happened 7 decades ago. Now the culture is just meet the minium requirements at that is it. Personally i blame the removal of standards as the underling cause of PIKE. Others of coar-se disagree.

[arjay]

Snrs.
Please no forget that the only finds NZO has were under TR direct lead. No more since. Good yes.

Alternatively, NZO's finds were found with Eric Matthews as exploration manager. Nothing since he left the company.

[arjay]

Balance, can you please show us the post in 2010 wherein you warned us that an explosion at Pike River was likely to occur ?

Just for fun I had a read through the PRC thread about that time. Some talk about mushrooms and incompetent managers going on (familiar?). Five days before the explosion Balance suggested it was time to buy into the company and that PRC had turned the corner and was heading upwards. There were a few interesting posts from Logen Ninefingers about bad technical decisions, and to his credit, Balance did later say that the managers didn't know what they were doing (credit assuming the accident could have been prevented by more experienced management in charge).

[brucey09]

Alternatively, NZO's finds were found with Eric Matthews as exploration manager. Nothing since he left the company.

Snr. Arjay
You are as you say splitting the hair. TR was running company - responsible yes?

[arjay]

Snr. Arjay
You are as you say splitting the hair. TR was running company - responsible yes?

Indeed he was, but then, TR has been running the company since the early 80's, so by your description he is also responsible for all the failures. I guess on average he has done OK. He thwarted a takeover offer by GPG in the mid-90's and that at least worked out well for us.

[Balance]

Just for fun I had a read through the PRC thread about that time. Some talk about mushrooms and incompetent managers going on (familiar?). Five days before the explosion Balance suggested it was time to buy into the company and that PRC had turned the corner and was heading upwards. There were a few interesting posts from Logen Ninefingers about bad technical decisions, and to his credit, Balance did later say that the managers didn't know what they were doing (credit assuming the accident could have been prevented by more experienced management in charge).

Good try, Arjay, to mis-intepret my postings - really funny if 29 miners did not lose their lives due to the gross mismanagement by the directors and management of NZOG and Pike.

Still, good for a Saturday morning laugh as Noggers and Pikers dash to their computers to search out suggestion from yours truly it was time to buy!

http://www.sharetrader.co.nz/showthread.php?4603-PRC-Pike-River-Coal/page479&highlight=pike

"Hmmm - no gushing of enthusiasm as per usual after a PRC meeting from the die-hard Pikers. Must be time to get in as they must be so so shell-shocked they have given up trying to shore up the sp or bash anyone who dares speak ill of their beloved PRC."

"I like it (in fact, love it) when the diehard Pikers finally give up. Capitulation by them means that PRC will finally be on the slow boat to recovery.

Nobody could have been as naive and as frightfully paranoid as they have been when it comes to ascertaining the true state of PRC over the last 3 years. Management was to be believed at any price and any criticisms were to be drowned out (to the point of personal abuse) by any means possible. You get what you ask for - incompetent management supported by an equally incompetent board."

----------------------------------------------------------------------------------------------------------------------

Tragically, so predictable on day of explosion :

http://www.sharetrader.co.nz/showthread.php?4603-PRC-Pike-River-Coal/page483&highlight=pike

"Originally Posted by Mark Martin
Is it not time to now draw a line in the sand and start looking forward and not backwards? Look at what we have now, which is a working mine with a world class product, good machines and new plant. Systems in place and buyers for the product. The SP is at a very good price so buy up large. If you are not happy then sell up and move on. Stop the negitive about the past as it is the past!
If only it was so simple!"

The past is indicative of the future as most of the same managers and directors are still running the company!

And this will be about the 4th time I have heard "the worse is now behind the company. The future is now what matters and it is so bright!"

I remember well one of the diehard Pikers writing that he has received personal assurance from the company that "there will be no more capital raising" way back in 2009 and that it was time to look forward. Good one, Xigxex (you know who you are and you have been very quiet)."

[BigBob]

Good one, Xigxex (you know who you are and you have been very quiet)."

So have you, old pal, and that has been quite enjoyable...!! maybe you should hop back over to RAK I'm sure they miss you.... :o)

[Balance]

So have you, old pal, and that has been quite enjoyable...!! maybe you should hop back over to RAK I'm sure they miss you.... :o)

Until the remains of the 29 miners are given a proper burial, I will be back from time to time to remind you all about the gross mismanagement and incompetency of the board and management of NZOG.

No sweeping under the coal seam on this front.

Have you heard an apology from the directors of Pike and NZOG yet to the dead miners' families?

[blockhead]

Another chance to top up if you want (un) Balanced, this should see the price heading south,

"Washington/Khartoum: Post-attacks on US embassies in the wake of anti-Islam film protests, US has ordered its staff and citizens to leave Tunisia and Libya, as per reports.

The orders were issued after angry protestors attacked the US embassies in Tunis and Khartoum after an anti-Islam film - "Innocence of Muslims" - depicting Prophet Muhammad as a fraud and womanizer created furore."

[Balance]

Another chance to top up if you want (un) Balanced, this should see the price heading south,

"Washington/Khartoum: Post-attacks on US embassies in the wake of anti-Islam film protests, US has ordered its staff and citizens to leave Tunisia and Libya, as per reports.

The orders were issued after angry protestors attacked the US embassies in Tunis and Khartoum after an anti-Islam film - "Innocence of Muslims" - depicting Prophet Muhammad as a fraud and womanizer created furore."

Yawn - big deal.

More important - you talking to NZOG directors about the overdue apology to the dead miners' families?

[Lion]

Blockie, unrest in Middle East usually means oil goes up, I think.
Also, $US being pushed down by QE3 means PoO goes up in $US.
Anyway, NZO is ticking up nicely these days.

[blockhead]

Not so much the price of oil I was thinking of Lion, more the fact NZO has investments in Tunisia and according to Washington Tunisia has become an unsafe place to be.

[Balance]

Not so much the price of oil I was thinking of Lion, more the fact NZO has investments in Tunisia and according to Washington Tunisia has become an unsafe place to be.

Not according to Noggers - NZOG's management and directors know what they are doing. Yeah Right!

[digger]

Not according to Noggers - NZOG's management and directors know what they are doing. Yeah Right!

I have two big grumbles about NZO. Especially back in the days when DS was the CEO.
Many of you will remember I was very unhappy with going overseas to search for oil.I thought it smacked of empire building and wanted us to stay in NZ. I particulary told DS that I did not understand why we did not get our own onshore rig and do lots of those cheap on land drilling. Since then two overseas driller have done just that and been successful. So why did NZO not do it. My other grumble was that I just do not trust that we have the understanding of Midle east people and their different culture. That is now turning out to be just too right for me to be happy with investments in Tunisia. Thank god it is off shore that just might give some relief for the madding crowds.

[arjay]

Another chance to top up if you want (un) Balanced, this should see the price heading south,

"Washington/Khartoum: Post-attacks on US embassies in the wake of anti-Islam film protests, US has ordered its staff and citizens to leave Tunisia and Libya, as per reports.

The orders were issued after angry protestors attacked the US embassies in Tunis and Khartoum after an anti-Islam film - "Innocence of Muslims" - depicting Prophet Muhammad as a fraud and womanizer created furore."

That's weird - Khartoum is in the Sudan, so why are they ordering their people out of Libya? Maybe there's a Khartoum in Libya too, or maybe my geography stinks.

[bung5]

That's weird - Khartoum is in the Sudan, so why are they ordering their people out of Libya? Maybe there's a Khartoum in Libya too, or maybe my geography stinks.

Tunisia risk hurting the shareprice?

[blockhead]

Got to be, the Yanks reckon its dodgy up there now, anything belonging to the "west" will be fair game.

[Mr Tommy]

Tunisia risk hurting the shareprice?

Hope not, not much invested there yet anyway.

But I found out some info about the "imminent" drilling for Kisaran in Indonesia, its targetting a potential 60m barrels, thats bigger than TUI and NOG has 22.5%.

[BigBob]

Tunisia risk hurting the shareprice?

I think not... It's more likely to do with the DRIP...:

"In addition, the Board has decided that, until determined otherwise, new Shares issued under the Plan will be offered at a discount. The number of Shares will be calculated at a 2.5% discount to the weighted average sale price for Shares sold on each of the first five business days immediately following the dividend record date."

[777]

I think not... It's more likely to do with the DRIP...:

"In addition, the Board has decided that, until determined otherwise, new Shares issued under the Plan will be offered at a discount. The number of Shares will be calculated at a 2.5% discount to the weighted average sale price for Shares sold on each of the first five business days immediately following the dividend record date."

Are you suggesting by someone with a vested interest?

[Bella52]

I think not... It's more likely to do with the DRIP...:

"In addition, the Board has decided that, until determined otherwise, new Shares issued under the Plan will be offered at a discount. The number of Shares will be calculated at a 2.5% discount to the weighted average sale price for Shares sold on each of the first five business days immediately following the dividend record date."

thats a big call, would have to be one of the big holders, being prepared to take on the market and FMA.

[fish]

thats a big call, would have to be one of the big holders, being prepared to take on the market and FMA.

if thats the case the sp will recover next week
Hopefully the market will realise this and start buying again
I think the FMA would need evidence rather than suspicion .
As I am getting shares through the DRIP I wont be complaining

[BigBob]

thats a big call, would have to be one of the big holders, being prepared to take on the market and FMA.

I am not suggesting anything... just pointing out what I think is the reason for lack of buying support, it would certainly be the logical case for DRIP participants...

[arjay]

Tunisia risk hurting the shareprice?

I doubt the market would have factored in any value to NZO of the Tunisia endeavour. It is after all a pretty blue-sky adventure, possibly more likely to be dropped for some reason rahter than go through and drill a structure.

[arjay]

Hope not, not much invested there yet anyway.

But I found out some info about the "imminent" drilling for Kisaran in Indonesia, its targetting a potential 60m barrels, thats bigger than TUI and NOG has 22.5%.


Being the largest of the muslim countries, lets hope the furor dies down before drilling starts.

[digger]

I am not suggesting anything... just pointing out what I think is the reason for lack of buying support, it would certainly be the logical case for DRIP participants...


Actually I think that on a quick feel of the maths trying to gain some cheap DRIP shares by selling shares now to force down the price is a bit like the cat chasing its tail. It takes about 16 shares to get enought dividend to buy one new share.That sort of weighting makes the exercise a bit pointless,but very good for others who are in the DRIP scheme as bystanders.
The SP drop to my thinking is that once again NZO is having trouble just as the SP starts to rise. THis time all because some one makes a movie that would in itself never get a rating except the current carryon.

[fabs]

Actually I think that on a quick feel of the maths trying to gain some cheap DRIP shares by selling shares now to force down the price is a bit like the cat chasing its tail. It takes about 16 shares to get enought dividend to buy one new share.That sort of weighting makes the exercise a bit pointless,but very good for others who are in the DRIP scheme as bystanders.
The SP drop to my thinking is that once again NZO is having trouble just as the SP starts to rise. THis time all because some one makes a movie that would in itself never get a rating except the current carryon.

DIGGER
If a large S/H,s sells to a friendly party and buys them back for the same price,the wholesale brokering cost is all that is involved.
The benefits are more than worth it, do the maths.
Just an opinion.
Cheers

[J R Ewing]

IIRC, there were similar conspiracy theories previously when the share price went UP in the few days after the record date. The theory then was that the price was being manipulated to shaft those in the DRIP by giving them fewer shares. It's gone up quite a bit over the last few weeks, a small retracement is no great surprise.

[digger]

DIGGER
If a large S/H,s sells to a friendly party and buys them back for the same price,the wholesale brokering cost is all that is involved.
The benefits are more than worth it, do the maths.
Just an opinion.
Cheers

If you are involved in market manipulation where you are selling to yourself it might work,but I was refering to above board on market selling where i still say it is the cat chasing its tail. Underground all sorts of things might happen but I personally can not see how i could sell on market and profit out of it.John Banks is the man if you want to know how it can be all done where you know nothing about it and still achieve the desired result.

[fabs]

Nothing necessarily to do with conspiracy, question is can it be legally done, for big S/H that opt for DIP can make a huge difference.
Time will tell, S/P dropping from 92c to 79.5 ---IF---- in the near future after Friday the S/P rises for no obvious circumstances to higher 80s or lower 90s would lend some credence to my theory.
I certainly am considering and tempted to put some money buying some NZO/S if the price stays around yesterdays levels.
May keep yous posted on this.
BTW. Digger,any politicians, bankers and S/brokers do not come near enough to rate with me, to take any advise from, thanks.

[fish]

Dont you think we are just seeing typical market activity .One would think that since the majority of nzo shareholders are not in the drip scheme they should be playing the market better-using the dividend money they know they are getting to buy cheap shares now and simultaneously foil the plans of the drippers to dilute nzo shares .

[digger]

Dont you think we are just seeing typical market activity .One would think that since the majority of nzo shareholders are not in the drip scheme they should be playing the market better-using the dividend money they know they are getting to buy cheap shares now and simultaneously foil the plans of the drippers to dilute nzo shares .

TWO OPPOSITE EFFECTS BALANCEING EACH OTHER OUT ,that is why to crash the SP and hope to profit from it is chasing your tail.
This rumpus in the midle east is not going away in a hurry so the SP will probally suffer more.

[fish]

Digger I agree manipulating the sp may prove to be counter-productive .
The middle east may have positive spins for nz who are not hated like the americans.The dogs of war are gathered in the middle east and the stage is set for Israel to pre-emptively strike Iran.
The world fears the straits of hormuz will be closed so the biggest fleet ever assembled in the middleeast is moving to take station now. Irans main ally syria is destroying itself in civil war .No arab country will move to Irans side . I feel israel is likely to strike soonand this threat to the straits may disrupt shipping with consequent escalation in oil price and nzo sp.

Also nzo most likely will soon get a substantial capital return from ppp to stoke up the coffers further

[BigBob]

Maybe the weakness in the share price is neither to do with the DRIP, the Middle East or falling oil price...:

As per their last activities report there was supposed to have been a formal commitment to to drill Kaheru made on September 18th - maybe it's been leaking out that this commitment has not been made and that yet another exploration target falls by the wayside...

PEP 52181 (Kaheru)
NZOG 60% (Operator), TAG Oil 40%
NZOG recently acquired a 17% interest in the
venture from TAG Oil and has assumed
operatorship. NZOG has now acquired a 43%
interest in the venture from AGL, conditional on
a formal commitment being made by 18th
September 2012 to drill a well to test the
Kaheru prospect in 2013-14. Kaheru is a
structural prospect with 3D seismic control
immediately to the south of the Rimu/Kauri oil
and gas field complex on the South Taranaki
coast, and east of the Kupe gas/condensate
field. NZOG intends to reduce its exposure
through a farmout.

[Balance]

How much has NZOG invested in Tunisia?

Another great investment for the Tunisians !

[fabs]

http://www.thetruthseeker.co.uk/?p=56687

An Experts take on a possible eminent scenario in the M/E.
How an ex Terrorist and No. 1 War-Monger and treat to world peace [ Bibi Nethanyaoo of Israel] could in one fell swoop solve all of USAs problems, by taking Out the REAL or IMAGINED Iranian construction of a nuclear device.

[pietrade]

Great link Fabs. Ta.

[Monkey Poms]

[url]http://www.thetruthseeker.co.uk/?p=56687[/url

An Experts take on a possible eminent scenario in the M/E.
How an ex Terrorist and No. 1 War-Monger and treat to world peace [ Bibi Nethanyaoo of Israel] could in one fell swoop solve all of USAs problems, by taking Out the REAL or IMAGINED Iranian construction of a nuclear device.


Spengler, the author of the article, has worked everything out in fine detail. mmm he should have been appointed
as the head man to run Pike.

[Mr Tommy]

NZOG confirms commitment to drill

The Kakapo prospect off the South Taranaki coast will be drilled when a
suitable rig can be negotiated, New Zealand Oil & Gas Limited confirmed
today.

NZOG was awarded the permit for the Kakapo prospect (Permit 51311) in 2009.
The terms of the permit required the company to choose by this week whether
to commit to drill or relinquish the permit.

Chief executive Andrew Knight says the drill commitment reflects the
company's enthusiasm for the prospect and emphasises NZOG's intention to step
up its exploration activity.

"NZOG has assessed the potential for Kakapo to be several times the size of
the Tui or Maari fields. This has the potential to make a considerable
contribution to our community and the New Zealand economy.

"NZOG has sought to further reduce equity in the prospect beyond our
previously announced arrangement with Raisama Energy Ltd. We have made this
commitment in the confident expectation that additional partners will join
the venture ahead of drilling.

"NZOG is confident enough to move forward with the commitment at its current
equity level. The prospect looks attractive as part of a portfolio of
opportunities for new entrants to New Zealand," Andrew Knight said.

NZOG is reviewing options to secure a rig to drill Kakapo and expects the
drill timetable to be confirmed within the next 6 months.

Kakapo lies in about 95 metres of water 25 kilometres west of the Kupe
gas/condensate field. An exploratory well will be drilled to confirm seismic
indications of the prospect.

The Kakapo prospect is a stacked series of inter-bedded Miocene coastal sands
and shale from a depth of about 1600 metres, which are laterally truncated
and considered to be sealed by deep, shale-filled canyons. It has
prospective recoverable resources of 41 million barrels of oil in the "most
likely" (P50) case for the main target sand alone; allowing for additional
levels both above and below, and the possibility that the trap is filled all
the way to its maximum spill point, there is potential (P10, "possible") for
up to several hundred million barrels of oil in total.

NZOG has an agreement for Kakapo with ASX-listed Raisama Energy Ltd, which
will earn a 10% stake in the permit by paying 20% of the first well costs,
with the carry capped at US$3 million. The well is expected to cost in the
range of US$25-30 million.

[digger]

Yes well done NZO. Good to get back in the saddle.
I for one can not fully understand the need to wait for parnters.Soumds good on the surface to spread the cost but at the same time you reduce the success if it does occure. What is the difference between one drill giving 90% of 200 million barralls at 30 million cost and 10 drills costing the same 30 million giving with the same amount of oil to NZO. To me it comes down to how sure you are of the prior work on the per drill assesment. We have studied this long enought now so it is good that we had to face the drill or drop and we have decided on the drill.
For better or worse let the drilling get organised and underway.
Chers all

[digger]

See Upstreamonline has the same article as Mr Tommy posted on its web site. The Australians are back taking anything good from NZ and calling it their own. NZO is called an Australian listed company which it is but only to a minor extent to its listing in NZ.

[the machine]

I would be keen for ppp to step up the the plate for a share in this hole as well - many posters own both nzo and ppp.

M

[troyvdh]

....machine...you are indeed probably correct.....I am in no way a conspiracy ****er....but often reflect on decisions made....cheers...

[fabs]

....machine...you are indeed probably correct.....i am in no way a conspiracy ****er....but often reflect on decisions made....cheers...

maybe they have not the same confidence in the project, time will tell.
Personally hope nzo is on to something, cause there seems to be not much else worthwhile on the horizon. Kupe and certainly tui are by the end of this year past their peak.
While that does not matter much in the meantime, it could be 3-4 years if lucky to get income out of the above project.

[boysy]

Would be good for PPP to get out of the negative EV value situation it is in, i wouldnt be supprised if NZO doesnt make a play for PPP post capital return(if it does proceed).

[Bella52]

I would be keen for ppp to step up the the plate for a share in this hole as well - many posters own both nzo and ppp.

M

good idea, and kaheru

[Onthemoney]

Would be good for PPP to get out of the negative EV value situation it is in, i wouldnt be supprised if NZO doesnt make a play for PPP post capital return(if it does proceed).

Probably getting rid of imputation credits first with capital payback. Remember you lose all of them with a major change in shareholder.

[digger]

Probably getting rid of imputation credits first with capital payback. Remember you lose all of them with a major change in shareholder.

Yes this was my thinking some time ago and i made a posting gving my thinking on it. True as OTM says it using up the imputations credits but it also makes the PPP holders more interested in a merger with NZO as they now have the feeling that they got something out of PPP. After the capital return PPP will probably still hover around the shareprice as it will probably drop 3 to 4 cents. So i would not be suprised if NZO did take out PPP. But as i said months ago i have nothing other than a gut feeling to go on.

[digger]

Did anyone get their dividend put into their account yesterday? None of mine arrived . Usually the tranasation is settled at one minute to midnight,that way the banks can say they transfered the money on due date but at the same time keep it as long as possible in their account to get that days interest. But none of mine is showing up. Are the banks now keeping it til monday ? If so NZO should change the payment day to fall on a week day and get away from weekends.
So has anyone else had any dividend or am i just getting hotted up about slippery banks?

[brucey09]

Did anyone get their dividend put into their account yesterday? None of mine arrived . Usually the tranasation is settled at one minute to midnight,that way the banks can say they transfered the money on due date but at the same time keep it as long as possible in their account to get that days interest. But none of mine is showing up. Are the banks now keeping it til monday ? If so NZO should change the payment day to fall on a week day and get away from weekends.
So has anyone else had any dividend or am i just getting hotted up about slippery banks?

Snr. Digger
I have the Kiwibank and pay in today Friday ok.

[skydog]

Did anyone get their dividend put into their account yesterday? None of mine arrived . Usually the tranasation is settled at one minute to midnight,that way the banks can say they transfered the money on due date but at the same time keep it as long as possible in their account to get that days interest. But none of mine is showing up. Are the banks now keeping it til monday ? If so NZO should change the payment day to fall on a week day and get away from weekends.
So has anyone else had any dividend or am i just getting hotted up about slippery banks?


I'm with Westpac and got mine Saturday am.

[Lion]

Did anyone get their dividend put into their account yesterday? None of mine arrived . Usually the tranasation is settled at one minute to midnight,that way the banks can say they transfered the money on due date but at the same time keep it as long as possible in their account to get that days interest. But none of mine is showing up. Are the banks now keeping it til monday ? If so NZO should change the payment day to fall on a week day and get away from weekends.
So has anyone else had any dividend or am i just getting hotted up about slippery banks?

Still waiting for mine in ASB

[QOH]

My dividend is showing in account. I'm with ANZ.

[brucey09]

Still waiting for mine in ASB
Snr. Lion
Possible you kiwis need the kiwibanking - no?

[Lion]

Snr. Lion
Possible you kiwis need the kiwibanking - no?

Si, Si, snr. maybe you correct? Maybe better than banco di mexico, huh?

[Queenstfarmer]

In the past, I have always received a cheque. Does one have to opt in for an automated transfer to a bank account?

[777]

In the past, I have always received a cheque. Does one have to opt in for an automated transfer to a bank account?

Just give the share registrar your bank account number.

You can set that up online by going to the registrar site with your holder number and FIN number and fill in the required details. You can do it for any other shares you have at the same time.

[digger]

Just give the share registrar your bank account number.

You can set that up online by going to the registrar site with your holder number and FIN number and fill in the required details. You can do it for any other shares you have at the same time.

Ok when i make a mistake i like to admit it. I received my cheque today as i did not get around to informing Computershare i wanted it direct credited. They just need your bank account number. Get it done for next year.

[BigBob]

Wellington-based New Zealand Oil & Gas has agreed to buy a 6.67% stake in Petroleum Exploration Permit 38451 in the Taranaki basin.
The deal, which includes a 5% carried interest, would see a 6.111% from Global Resource Holdings and a 0.556% from Randall C Thompson go to New Zealand Oil & Gas.

The other two companies would continue to hold a 5% carried interest in the permit.

Under the agreement, New Zealand Oil & Gas said it would pay US$9.5 million in three tranches. No further financial details were given.

US independent Anadarko operates the permit with a 50% interest. Hyundai Hysco owns 33.333%. Both companies have preferential rights, which they have ten days to exercise.

The deal is also conditional on New Zealand ministerial consent, as well as regulatory approvals to drill a well in the Romney prospect of the permit.

PEP 38451 is the first exploration permit granted over the deep-water extension of Taranaki basin.

It covers 16,380 square kilometres and has a drilling deadline of 30 September 2013.

Anadarko has said it plans to use the Noble drillship Bob Douglas, which is currently under construction, for its offshore New Zealand drilling campaign in the 2013-14 drilling season.

[digger]

11/10/2012 09:55
ASSET

REL: 0955 HRS New Zealand Oil and Gas Limited

ASSET: NZO: NZOG looks to deepwater Taranaki

A conditional agreement has been reached for New Zealand Oil & Gas Limited to
acquire a 6.667 per cent interest in Petroleum Exploration Permit (PEP)
38451, located offshore from Taranaki. Five per cent of the interest is
carried.

If the transaction is completed, NZOG would acquire 6.111 per cent from
Global Resource Holdings, LLLP and 0.556 per cent from Randall C Thompson,
LLC. Each of those would continue to hold a 5 per cent carried interest in
the permit.

The agreement is subject to conditions.

Other partners in the permit are Anadarko (50 per cent and Operator), and
Hyundai Hysco (33.333 per cent). They have preferential rights to the
assignment, which they have ten days to exercise.

It's also conditional on New Zealand ministerial consent to the agreement,
consents and regulatory approvals being received for drilling a well in the
'Romney' prospect of the permit, and the Operating Committee approving an
authorisation for expenditure (AFE) for the costs of the well.

PEP 38451 is the first exploration permit granted over the deepwater
extension to Taranaki Basin. It covers 16,380 km2 and includes multiple
prospects and leads. The permit has a drilling deadline of 30 September 2013.
Anadarko has publicly indicated it plans to use a drillship currently under
construction, Noble's Bob Douglas, for its offshore New Zealand drilling
campaign in the 2013-14 drilling season.

Under the agreement, NZOG would pay US$9,500,000 in three tranches on
fulfilment of conditions.
End CA:00228339 For:NZO Type:ASSET Time:2012-10-11 09:55:01








© Direct Broking (part of ANZ New Zealand Securities Limited) 2005.

Looks like the market likes this one. Up to 87 ATM. I have to admit I know nothing about this deep water drilling. There was some piece a few years ago about west NZ being a treasure trove but i thought that was just a selling point from some pusher.
Adds more interest and a talking point for the AGM.

[the machine]

11/10/2012 09:55
ASSET

REL: 0955 HRS New Zealand Oil and Gas Limited

ASSET: NZO: NZOG looks to deepwater Taranaki

A conditional agreement has been reached for New Zealand Oil & Gas Limited to
acquire a 6.667 per cent interest in Petroleum Exploration Permit (PEP)
38451, located offshore from Taranaki. Five per cent of the interest is
carried.

If the transaction is completed, NZOG would acquire 6.111 per cent from
Global Resource Holdings, LLLP and 0.556 per cent from Randall C Thompson,
LLC. Each of those would continue to hold a 5 per cent carried interest in
the permit.

The agreement is subject to conditions.

Other partners in the permit are Anadarko (50 per cent and Operator), and
Hyundai Hysco (33.333 per cent). They have preferential rights to the
assignment, which they have ten days to exercise.

It's also conditional on New Zealand ministerial consent to the agreement,
consents and regulatory approvals being received for drilling a well in the
'Romney' prospect of the permit, and the Operating Committee approving an
authorisation for expenditure (AFE) for the costs of the well.

PEP 38451 is the first exploration permit granted over the deepwater
extension to Taranaki Basin. It covers 16,380 km2 and includes multiple
prospects and leads. The permit has a drilling deadline of 30 September 2013.
Anadarko has publicly indicated it plans to use a drillship currently under
construction, Noble's Bob Douglas, for its offshore New Zealand drilling
campaign in the 2013-14 drilling season.

Under the agreement, NZOG would pay US$9,500,000 in three tranches on
fulfilment of conditions.
End CA:00228339 For:NZO Type:ASSET Time:2012-10-11 09:55:01








© Direct Broking (part of ANZ New Zealand Securities Limited) 2005.

Looks like the market likes this one. Up to 87 ATM. I have to admit I know nothing about this deep water drilling. There was some piece a few years ago about west NZ being a treasure trove but i thought that was just a selling point from some pusher.
Adds more interest and a talking point for the AGM.



great move by nzo to get into this drill
huge potential and maybe will assist in bringing other parties to farm into nzo permits

M

[fabs]

Just hope it turns out better than the HOCHSTETTER Drill in deep water about 12 years ago.
From memories that had a 1 bill.bbl potential.
Only 9 mil.US$ a bargain if it comes off.
By all means have a go.

[Tyro]

Notice how Balance bleeds disparaging emotion when NZO is down, but goes quiet when there is good news and NZO SP goes for a run. He's a spruiker. A patent spruiker. But what's his price target?
:D, but
Just hope it turns out better than the HOCHSTETTER Drill in deep water about 12 years ago.
From memories that had a 1 bill.bbl potential.
Only 9 mil.US$ a bargain if it comes off.
By all means have a go.

[Monkey Poms]

[QUOTE=BigBob;382922]Wellington-based New Zealand Oil & Gas has agreed to buy a 6.67% stake in Petroleum Exploration Permit 38451 in the Taranaki basin.


BigBob, my first thoughts on this: NZO junior partner in the venture 6.67% - not much. Then I worked out the value of 6.67% if the drill bit finds the 1.1m barrels of oil. WOW! For a $9.5m entry fee the results could be worth more than NZO's existing assets.

Hope the other partners in the venture carry a lot of luck. NZO's luck seems to be in short supply.

[the machine]

[QUOTE=BigBob;382922]Wellington-based New Zealand Oil & Gas has agreed to buy a 6.67% stake in Petroleum Exploration Permit 38451 in the Taranaki basin.


BigBob, my first thoughts on this: NZO junior partner in the venture 6.67% - not much. Then I worked out the value of 6.67% if the drill bit finds the 1.1m barrels of oil. WOW! For a $9.5m entry fee the results could be worth more than NZO's existing assets.

Hope the other partners in the venture carry a lot of luck. NZO's luck seems to be in short supply.

i think the permit has multiple targets, thus success could be way way above what anyone can imagine

M

[the machine]

a shame we will not participate in the drill after the existing partners wanted it all for themselves

next time

M

[digger]

a shame we will not participate in the drill after the existing partners wanted it all for themselves

next time

M

The shame is NZ. Try that in China or most other countries and see how far you get. We should like most of the rest of the world require a local content. Being nice and playing by ideal rules that we alone follow is an idiots game.

[Mr Tommy]

Could we get Lucy Lawless to protest on our behalf ?

[Casa del Energia]

The shame is NZ. Try that in China or most other countries and see how far you get. We should like most of the rest of the world require a local content. Being nice and playing by ideal rules that we alone follow is an idiots game.

Precisely! The laissez faire bechaviour of successive governments in NZ is a major contributor to our anaemic share market, poor balance of trade and struggling standard of living. We are sleepwalking into an underinvestment abyss. At some stage there will be a big deep water find and there will be no way for local investors to participate.

Madness - total madness. Or stupidity - whichever comes first.

[Mr Tommy]

No need to attend the AGM today, theyve released all the documents already

http://nzog.net/

[Balance]

No need to attend the AGM today, theyve released all the documents already

http://nzog.net/

Still no apology on Pike River Coal yet, I see.

[notie]

and still they do nothing.
there is a lot of talk and very little action.

When for instance are they going to drill a well in NZ?

[dsurf]

and still they do nothing.
there is a lot of talk and very little action.

When for instance are they going to drill a well in NZ?

When someone else pays for it to get here.

[Balance]

and still they do nothing.
there is a lot of talk and very little action.

When for instance are they going to drill a well in NZ?

Could be they finally recognize that they have had no success since Kupe and Tui, and the last hole they dug into a hillside, it blew up.

NZOG is living on past glories, no more and no less.

The departing Chairman's statement that NZOG is NZX's only substantial listed oil and gas company is correct but misses the following "we are also the only listed company to have actively contributed to the deaths of 29 miners by our gross incompetence and mismangement."

[fabs]

Some months ago i pointed out, that it will be 2-3 years before they will drill,
will be surprised if they actually do before then.
You know many years ago, with probably less than a quarter of the present staff numbers nzo given away an oil producing permit [ on land ] by not drilling deep enough, sold out Nagtoro to Greymouth Pet. had Kupe in the bag, Pike /R which properly operated, a potential long term cash cow. Plus Tui in the wings.
Also mentioned on this forum that nzo has turned into a lucrative Treasure Chest for quit a large number of non producers or at best just a well paid ,motley crew bereft of any ability to turn this co.into a winner.
Yes they got very lucky having managed to pull off the capital raising a short few years ago and are resting on those dubious laurels now.
Amen

[digger]

Some months ago i pointed out, that it will be 2-3 years before they will drill,
will be surprised if they actually do before then.
You know many years ago, with probably less than a quarter of the present staff numbers nzo given away an oil producing permit [ on land ] by not drilling deep enough, sold out Nagtoro to Greymouth Pet. had Kupe in the bag, Pike /R which properly operated, a potential long term cash cow. Plus Tui in the wings.
Also mentioned on this forum that nzo has turned into a lucrative Treasure Chest for quit a large number of non producers or at best just a well paid ,motley crew bereft of any ability to turn this co.into a winner.
Yes they got very lucky having managed to pull off the capital raising a short few years ago and are resting on those dubious laurels now.
Amen

Fabs I do not think it is anywhere near that bad. We have had the GFC ,a run of dry wells and lost PIKE. But look at the positive. The excellent cash position and near certain next 5 year income means that NZO will be able to drill and very likely be able to repeat the recent dividend well into the future. We have a new CEO and new directors coming on board,who want to do it differently and that pleases me no end as i did argue unseccesfully with the last CEO. I am sure you remember I never was happy with stopping onshore drilling and wanted the company to focus on NZ. Some CEO get carried away with empire building and neglect what we have here with comparative advantage we have being a NZ company. I now have the very clear intention from Yesterdays Auckland meeting that we are back on the right path.
The biggest problem this company has is market perception,not fundamentals. The recent dividend when the SP was 85 cents beats the past dividend when the SP was 1-50 plus.That is just a crazy market you are looking at.For me at the present situation of the world markets and the current SP of NZO I can not think of any time when the prospects looked better going forward.

I would like to make a comment on PIKE. It appears to me that we made a very small gain by selling Pike exactally when we did . Even a month later we would have not got the last 7 million.And i wonder had Pike not gone the tragedy way it did where would we be now. Probably with very low production and a almost nil hard coal price we would be looking at sinking money into Pike to keep it going. I was wrong with Pike i fully suported it but now we have to move on. The positive is that we are now to stick with what our name says-----oil and gas.

[fabs]

Roger all of that Digger,
I too feel the co. should and can do better and at least with halve my former holding I will hang in there a bit longer.
Have however long ago given up making excuses for them, so results are now Paramount.

[boysy]

a few bob will be entering NZO coffers this friday as a result of PPP capital return to the tune of circa $4.5 million one has to question what is NZO going to do with its 14.87% shareholding in PPP

[Balance]

a few bob will be entering NZO coffers this friday as a result of PPP capital return to the tune of circa $4.5 million one has to question what is NZO going to do with its 14.87% shareholding in PPP

Great investment by NZOG - not as great as PRC but same investment style.

[boysy]

In fairness balance look at most oilers in the past few years most are a fraction of the price of where they were. PPP is and always has been a cash box still with some upside are NZO willing to take a bet or will they offload the PPP stake

[digger]

In fairness balance look at most oilers in the past few years most are a fraction of the price of where they were. PPP is and always has been a cash box still with some upside are NZO willing to take a bet or will they offload the PPP stake

Boysy,did you go to the AGM or one of the meetings in Auckland or Christchurch? I did and along with a few others did try to get some hint about NZO intention on PPP. No luck. With a lot of companies investers like to say the SP is half taken out by cash. I think PPP has the record with somewhere about 120% cash compared to the SP. Cash in todays market does not earn much but it certaintly leaves the company in very good shape.
The next drill for PPPV is coming up and with the company having and being able to keep 15% could set the company up.
Most of my money from the capital return is heading back into PPP.

[Balance]

"Mount referred Whittall to evidence that in September 2010, NZOG was advised that Pike was about to run out of cash, with an expected shortfall of $20-24 million. One reason was that one of its shareholders – an Indian coking coal company – had been sent a shipment of coal from Pike that failed to meet specifications, and was refusing to take any further below-spec coal in the short term. This meant Pike’s next shipment of coal would be delayed until December 2010, contributing to the financial shortfall. Pike was planning a capital raising but expected to run out of cash before that was done."

Feeling confident about NZOG's oversight of its investments and how directors & management use shareholders' funds?

[dsurf]

Balance - we might all be saved by the Canadians. I have been surprised by the strength of the SP lately especially since NZOG did not get into the Souther Basin potential elephant. But this may be the answer:

Toronto Stock Exchange-listed Tag Oil has submitted a non-binding expression of interest to New Zealand-owned Greymouth Petroleum.

There has been no formal due diligence and no definitive agreement had been struck, Tag said in a statement. It disclosed the move after a report in the Wall Street Journal said it had bid $650 million for all of Greymouth.

Tag Oil chief executive Garth Johnson said the non-binding expression of interest was not an offer and it was subject to strict confidentiality "that appears to have been breached

NZherald 1st Nov

Now what is interesting for me is that Tag is a 40% partner in the Kaheru JV:

MINE: NZO: NZOG farms out Kaheru, JV commits to drill

New Zealand Oil & Gas has farmed out a 25 per cent equity interest in its
Kaheru prospect off the South Taranaki coast to Beach Energy.

Subject to the farm-out receiving ministerial consent, NZOG will retain 35
per cent of the permit, Beach Energy will have a 25 per cent interest, and
TAG Oil 40 per cent. NZOG is the operator.

Will be interesting if there actually is anything in this.

[the machine]

cosmos reservers up 40% - WOW!
underpins a positive development decision for Q1 2013
M

[Balance]

cosmos reservers up 40% - WOW!
underpins a positive development decision for Q1 2013
M

Tunisia, Canadians and easy $$$ from NZOG - I sense disaster around the corner.

[BigBob]

Tunisia, Canadians and easy $$$ from NZOG - I sense disaster around the corner.

Ahhhhh - you're back, balance... I take it you've sold again then after we hit 90....

[Balance]

Ahhhhh - you're back, balance... I take it you've sold again then after we hit 90....


Day of reckoning - Pike River Coal Report today.

"In evidence to the inquiry, the "horrified" chairman of the Pike River Coal board, John Dow, said management - including former chief executive Gordon Ward and Whittall - had kept safety problems from the company's board."

So Mr John Dow, as an appointee from NZOG to PRC's board, tries to shift the blame to management but as Chairman, seemed to take little heed of the delays, cost over-runs and engineering mishaps as indications of things seriously awry? Happy to keep throwing money at the problems as the solution?

[Balance]

Report is out :

http://www.stuff.co.nz/national/pike-river-mine-disaster/7905701/Charge-Pike-River-bosses-families-say

Impossible to get a more damning report of gross mismanagement.

"The Commission found there had been reports of excess methane, as well as other health and safety problems, for “months”.

In the last two days before the explosion there were 21 reports of methane levels reaching explosive volumes and 27 reports of lesser, but still potentially dangerous volumes.

“The reports of excess methane continued up to the very morning of the tragedy. The warnings were not heeded.”

[Balance]

And NZOG kept pumping in more money without fixing basic safety issues :

"He said one of the most telling features of the report is when it talks about an underviewer in April 2010 dealing with the amount of gas venting in the mine and writing an email to the board saying "methane showed no mercy''.

He advised a full reengineering of the entire gas drainage system but nothing was done, Mr Davidson said.

"The truly appalling factual thing - and we kind of knew it before but here it is in black and white - is that in the period before the explosion only one sensor was working to record underground gas.

"It was a faulty gas sensor in the ventilation shaft."

[Balance]

http://www.stuff.co.nz/national/pike-river-mine-disaster/7905701/Pike-River-miners-exposed-to-unacceptable-risk

The PM has apologised and the Minister has resigned.

And what are the directors and management of Pike and NZOG doing?

Showing their true colors and the cowards that they truly are, they are disputing the findings and refusing to accept responsibilities!

‘‘It is the commission’s view that even though the company was operating in a known high-hazard industry, the board of directors did not ensure that health and safety was being properly managed and the executive did not properly assess the health and safety risks that the workers were facing,’’ the report said.

It singled out former chairman, John Dow, saying he assumed things were under control ‘‘unless told otherwise’’, which was against good governance responsibilities."

[Balance]

"But Mr Dow, Mr Meyer and Mr Nattrass disagreed with any suggestion the board did not act appropriately on health and safety."

http://www.nzog.com/f51,2006/NZOG_AnnualReport.pdf

Read page 16

[blockhead]

Can't really argue with the point you are repeatedly making Balance, its all there in black and white now.

[Balance]

Can't really argue with the point you are repeatedly making Balance, its all there in black and white now.

Waiting for the directors and management to formally apologise for the deaths they have caused. The expressions of sympathy by them are but crocodile tears.

[Sideshow Bob]

Waiting for the directors and management to formally apologise for the deaths they have caused. The expressions of sympathy by them are but crocodile tears.

And Mr Gordon Ward remains silent.................

[Balance]

And Mr Gordon Ward remains silent.................

Only a criminal charge will bring him back to testify.

And it is not a forgone conclusion that he is to be blamed. Gave a boy a man's job and it was inevitable that there would have been a lot of **** going down at management and operational levels. Only the directors and he know the truth and circumstances of his departure. Was he sacked? Did he quit because he could not get board to spend on safety?

One thing is for sure - the explosion did not happen under his watch as he had been gone from PRC and Peter was in full operational and management control. Especially in the week before the explsoion when methane levels reached explosive levels several times a day but management continued to operate the mine.

[dsurf]

It is hard too believe that methane detectors would be allowed to be off when everyone knew of the danger of methane in a coal seam. I hope the govt retrospectively introduces a law allowing prosecution for corporate manslaughter. This was not negligence in was deliberate disregard for life.

[blockhead]

Among all the other things difficult to understand is; why did the people working in the mine allow it to be going on ??? there had to be a few among the 29 and other shifts who knew what the deal was if the site was dangerous.

[Balance]

It is hard too believe that methane detectors would be allowed to be off when everyone knew of the danger of methane in a coal seam. I hope the govt retrospectively introduces a law allowing prosecution for corporate manslaughter. This was not negligence in was deliberate disregard for life.

And plastic bags were placed over gas sensors!

Who would do a thing like that!!!!????

[Balance]

Among all the other things difficult to understand is; why did the people working in the mine allow it to be going on ??? there had to be a few among the 29 and other shifts who knew what the deal was if the site was dangerous.

We could ask the same sort of question of the directors and management of NOG - why did they not take heed of all the warnings of gross mismanagement during the development of the mine (delays, costs overruns, low quality coal, wrong equipment, engineering mishaps, etc)?

Why did they keep Gordon Ward on for so long?

Why did they keep Peter Whittall on (after DS expressed his no-confidence)?

Why have they not apologize for contributing to the deaths of 29 men?

[skid]

All valid concerns,-but wouldnt it be more appropriate to be discussing them on the Pike River thread?

[Balance]

All valid concerns,-but wouldnt it be more appropriate to be discussing them on the Pike River thread?

No - because PRC was NZOG's single biggest investment and how they invested and managed this investment provide unique insight into how good or bad they are.

[fish]

No - because PRC was NZOG's single biggest investment and how they invested and managed this investment provide unique insight into how good or bad they are.
Rubbish.
There might have been a valid point if you said how good or bad they WERE rather than stating how good or bad they ARE .
Just about everyone who was involved with prc must shoulder some responsibility-and that includes any victims of the explosion if they covered up the methane sensors with plastic bags-I really doubt if management instructed them to do this .
Current nzo management were not responsible for the events leading to the explosion.

I fully agree this discussion should be on the prc thread and i for one will not post comments about prc on this thread again

[Balance]

Fabs I met nzo management last november and am convinced they are all well -intentioned people but hindsight has proved bad decisions were made . Digger and myself felt nzo could be better managed . Unfortunately nzo investors didnt give digger the support he needed to become a director.
DS assured me that pw was driving prc to meet revised targets .I invested heavily in prc on the day of the explosion -i had put in a low bid which was taken up at the close of trading .If any investor should feel bitter it should be me -but I didnt lose a son in the explosion so can only feel sorrow for those that did .
Digger and myself felt NZO needed a director with real life experience and aptitude and so I supported diggers attemt to get on the board-sadly not supported by shareholders and some person I think with legal expertise was nominated and elected by the board .
It is telling that when I spoke to digger after the explosion he asked who lit a match ? PRC looks as if it was an explosion waiting to be ignited . DS did tell me he had no coal expertise and nzo wanted to sell when they had a better offer-they had received offers deemed not good enough

First, DW tells you that PW is driving PRC hard. Next, it comes out in the inquiry that he had no confidence in PW and wanted him out.

Fish, this is the sort of rubbish fed to you by NZOG and you expect the rest of us will swallow that too?

Luckily there are those of us who saw through all that rubbish.

[skid]

It was a bad investment in hindsight,we get it.
But because you invest in a co. does not really make you responsible for what they do.
If you had shares in Pike,should we blame you for this accident??
Its time to move on.What most here are interested in, is where to from here for NZO.
Im going to go out on a limb and say that not many are taking you seriously at this stage anyway.
If i get hit with a barrage of complaints from members [other than you],then Ill know I was wrong.
ONWARD

[dsurf]

It was a bad investment in hindsight,we get it.
But because you invest in a co. does not really make you responsible for what they do.
If you had shares in Pike,should we blame you for this accident??
Its time to move on.What most here are interested in, is where to from here for NZO.
Im going to go out on a limb and say that not many are taking you seriously at this stage anyway.
If i get hit with a barrage of complaints from members [other than you],then Ill know I was wrong.
ONWARD

Onward & upward?

[digger]

It was a bad investment in hindsight,we get it.
But because you invest in a co. does not really make you responsible for what they do.
If you had shares in Pike,should we blame you for this accident??
Its time to move on.What most here are interested in, is where to from here for NZO.
Im going to go out on a limb and say that not many are taking you seriously at this stage anyway.
If i get hit with a barrage of complaints from members [other than you],then Ill know I was wrong.
ONWARD

Agree totally. It was the job of the RC to go over all this data and there are thousands of pages to read if you are interested. None of us would agree with all of it and i am certainly not going to once again say where i think it has come up short. The best assesment i have seen is to quite the blame game and move on,that is out of the hands of sharetrader amd leave it up to the RC and the courts.

[Balance]

Agree totally. It was the job of the RC to go over all this data and there are thousands of pages to read if you are interested. None of us would agree with all of it and i am certainly not going to once again say where i think it has come up short. The best assesment i have seen is to quite the blame game and move on,that is out of the hands of sharetrader amd leave it up to the RC and the courts.

NZOG's board and management must apologize - then, the matter can rest.

Until then, they will not be allowed to forget.

[winner69]

NZOG's board and management must apologize - then, the matter can rest.

Until then, they will not be allowed to forget.


NZOG's board and management must apologize on behalf of all shareholders

Board represents shareholders .......... shareholders demanding returns probably a catalyst for some of the actions at PRC

[tim23]

I thought NZO did more than required financially I reckon, not sure if its NZO board to apologise, although guess could do no harm?

[macduffy]

I thought NZO did more than required financially I reckon, not sure if its NZO board to apologise, although guess could do no harm?

The problem with apologies is that they infer a degree of culpability and that may lead to legal actions. Hence the spate of quasi "If offence has been caused" type of ststements. Hardly appropriate in this instance.

[digger]

The problem with apologies is that they infer a degree of culpability and that may lead to legal actions. Hence the spate of quasi "If offence has been caused" type of ststements. Hardly appropriate in this instance.


And Balance knows that only too well. That is why he is going on at it like a stuck record. Again this must be left up to the RC and the courts,even as the RC and courts are considerably below the Balance wisdom of Balance.

[Balance]

And Balance knows that only too well. That is why he is going on at it like a stuck record. Again this must be left up to the RC and the courts,even as the RC and courts are considerably below the Balance wisdom of Balance.

I only know that there are honorable people out there - people of principles and who stand by their decisions, especially when they are handsomely rewarded for their expertise.

I also know that NZOG directors and management continue to maintain they did nothing wrong.

So what kind of directors have NZOG and PRC got?

[skid]

I think you have hit the nail on the head--I think some are confusing investing in a company with running a company[and taking responsibility for its actions]
At the end of the day Pike River was running the operation and they have their own thread.

[Balance]

As far as I know, PRC no longer has any directors?

If an oil rig in which PPP has portion of a JV in bursts into flames, will that too be NZOG's fault?

There is a world of difference between PRC and PPP and Kupe and Tui - please don't try that stunt. It demeans the lessons which need to be learnt from the tragedy of PRC.

[Balance]

I think you have hit the nail on the head--I think some are confusing investing in a company with running a company[and taking responsibility for its actions]
At the end of the day Pike River was running the operation and they have their own thread.

No one is confusing the responsibilities of directors with that of shareholders.

The postings are about the directors and management of NZOG and PRC taking responsibility for the gross mismanagement of PRC - leading to the deaths of 29 men.

It is also about how the investment in PRC reflect on the decisions made by directors and management of NZOG. If they stuff up so spectacularly on PRC, what confidence should investors have when they make other investments. That is the point.

So far, we only have excuses - no explanation and no apologies.

[arjay]

I think you have hit the nail on the head--I think some are confusing investing in a company with running a company[and taking responsibility for its actions]
At the end of the day Pike River was running the operation and they have their own thread.

It is a confusing area. The Minister of Labour resigned over the issue, which means she has accepted responsibility for the shortcomings of her department over the matter. Seems to me that if she hs taken responsibility then it is she who would go to prison if any of the actions were deemed illegal. That would be a silly outocme, but not any more silly than people having to apologize (with feeling for the benefit of Balance) for actions the did not commit.

[Balance]

It is a confusing area. The Minister of Labour resigned over the issue, which means she has accepted responsibility for the shortcomings of her department over the matter. Seems to me that if she hs taken responsibility then it is she who would go to prison if any of the actions were deemed illegal. That would be a silly outocme, but not any more silly than people having to apologize (with feeling for the benefit of Balance) for actions the did not commit.

I must say that I did not expect posters on this thread (and site) defending the indefensible.

Excerpt : "Pike was a new company with no underground coal mining experience, yet it was able to obtain permits to develop the mine with no scrutiny of its health and safety system. It went ahead on the basis of inadequate geological information, employed an inexperienced workforce, encountered endless production delays, was burning through cash, and pushed on aggressively with mining before it had put adequate risk management and safety infrastructure in place."

And which company kept pumping in the money? NZOG.

So many warning signs along the 3 years of mine development and every single warning sign was ignored!

"there were warnings such as that from experienced miner Brian Wishart, who knew the mine’s methane drainage system was inadequate and emailed management saying: “History has shown us in the mining industry that methane when given the [right] environment will show us no mercy. It is my opinion that it is time we took our methane drainage … more seriously and redesigned our entire system."

[winner69]

Chris Swasbrook on the case about PRC directors conveniently forgetting about their involvement in Pike River. The honourable Radford gets a good mention quoting his public profile in NZO reports "Tony Radford ACA, is a founding director of New Zealand Oil & Gas Limited, which was established in 1981. Tony used his accounting background to build a career in the petroleum and mining industries. Since retiring as CEO of NZOG in 2007 he has continued as non-executive Chairman of the company. He is also a director of Pan Pacific Petroleum. Tony is a fellow of the Australian Institute of Company Directors. He is a member of the HSE and Operational Risk Committee."

Maybe his experience with Pike is a good attribute to have as HSE and Operational Risk Commitee member ... he should have learnt that shareholder demands for greater profits should not lead to tsaking shortcuts and all that


http://www.stuff.co.nz/national/pike-river-mine-disaster/7933606/Former-directors-omit-miner-detail

[skid]

As far as I can see,these reports are referring to PRCs directors.
Were any of NZOs directors on the board of PRC?
Were they involved in decisions for PRC?
Am I missing something here?
Im not trying to defend the undependable.We all know PRC stuffed up with catastrophic results.
My issue is that you are choosing to do your mud slinging on the NZO thread,while you ignore the PRC thread.
Im sure we all have enough info to make an informed decision as to whether to stay or invest with NZO,knowing that they invested in PRC.
What more do you hope to achieve by constantly bringing it up on the NZO thread.
There are a few posters on different threads that seem to do nothing but try their best to bring down the co. in question.
They tend to be very light on facts [where is NZO going-future plans]and high on emotion[one feels they have been burned in the past]
You have made your point
Time to move on-[With all due respect]we dont need you to protect us from the evIls of investing in NZO

[Balance]

Chris Swasbrook on the case about PRC directors conveniently forgetting about their involvement in Pike River. The honourable Radford gets a good mention quoting his public profile in NZO reports "Tony Radford ACA, is a founding director of New Zealand Oil & Gas Limited, which was established in 1981. Tony used his accounting background to build a career in the petroleum and mining industries. Since retiring as CEO of NZOG in 2007 he has continued as non-executive Chairman of the company. He is also a director of Pan Pacific Petroleum. Tony is a fellow of the Australian Institute of Company Directors. He is a member of the HSE and Operational Risk Committee."
Maybe his experience with Pike is a good attribute to have as HSE and Operational Risk Commitee member ... he should have learnt that shareholder demands for greater profits should not lead to tsaking shortcuts and all that


http://www.stuff.co.nz/national/pike-river-mine-disaster/7933606/Former-directors-omit-miner-detail

Good spotting of the article and good on Chris Swasbrook.

I think we all know the directors (especially Mr John Dow and Mr Radford) know they have blood money (directors' fees) in their bank accounts. They completely failed as directors of NZOG and PRC to not only guide the development of PRC into a successful profitable mine, they sat on their board seats sipping g&t while PRC sent 29 men into the mine to their deaths.

Around $320,000 was collected by Mr Dow and he is now trying to completely hide his involvement as Chairman of PRC. Probably consultancy fees as well?

If he is an honorable man, he would send that sum of money to the miners' funds to give the children some help. Anyone think he has done such a thing?

[arjay]

I must say that I did not expect posters on this thread (and site) defending the indefensible. "

I'm not defending anybody Balance - rather, I am pointing out the ludicrous. Perhaps banking a dividend cheque makes a shareholder culpable also?

[winner69]

I'm not defending anybody Balance - rather, I am pointing out the ludicrous. Perhaps banking a dividend cheque makes a shareholder culpable also?

Good questions

Is an 'investor' an 'owner'?


If PRC was owned by 2 or 3 or 5 or just a few 'investors'/'owners' then no doubt those individuals would be held accountable and be in the gun good and proper ..... so how many 'investors'/'owners' does it take before individual accountability gets a bit blurred?

I note that Rod Oram lays some of the blame for Pike on investors

[Balance]

I'm not defending anybody Balance - rather, I am pointing out the ludicrous. Perhaps banking a dividend cheque makes a shareholder culpable also?

Heck of a difference between a director receiving $80,000 a year for directing the affairs of a company (direct connection between money and responsibility and accountability) and a shareholder investing in a company to receive returns.

There is nothing ludicrous in those receiving payments to be held accountable for the services (and the consequences thereof) provided.

In this case, we know all the directors are busy trying to hide every scrap of their involvement with PRC. What does that tell you?

[Balance]

Good questions

Is an 'investor' an 'owner'?


If PRC was owned by 2 or 3 or 5 or just a few 'investors'/'owners' then no doubt those individuals would be held accountable and be in the gun good and proper ..... so how many 'investors'/'owners' does it take before individual accountability gets a bit blurred?

I note that Rod Oram lays some of the blame for Pike on investors

Go to the PRC thread and read the abuse heaped on any poster who dared to question and challenge the incompetency showed by the management and directors.

Those investors were egging the management and directors on, ignoring warning signals every step of the way but worse, trying to shut down any dissent.

Yes, they have blood on their hands.

[winner69]

Go to the PRC thread and read the abuse heaped on any poster who dared to question and challenge the incompetency showed by the management and directors.

Those investors were egging the management and directors on, ignoring warning signals every step of the way but worse, trying to shut down any dissent.

Yes, they have blood on their hands.

Some 'investors' buy some initials with a price attached to it. They have little interest in the company and as long as the price is rising they are happy .... punters or traders or whatever you call them

On the other hand there are investors who are passionate about the company .... even have an emotional attachment to the company .... real 'owners' of that company and in Pikes case they actually put real cash into the company (unlike the punter whose cash went to another punter if you get the gist)

Suppose the ones you referring to Balance are the latter ones, not the punters.

[Balance]

Some 'investors' buy some initials with a price attached to it. They have little interest in the company and as long as the price is rising they are happy .... punters or traders or whatever you call them

On the other hand there are investors who are passionate about the company .... even have an emotional attachment to the company .... real 'owners' of that company and in Pikes case they actually put real cash into the company (unlike the punter whose cash went to another punter if you get the gist)

Suppose the ones you referring to Balance are the latter ones, not the punters.

W69, agreed.

They know who they are.

[arjay]

[QUOTE=Balance;384949]Heck of a difference between a director receiving $80,000 a year for directing the affairs of a company (direct connection between money and responsibility and accountability) and a shareholder investing in a company to receive returns.

On the contrary, there is no difference at all. Directors are appointed by shareholders. If a director is culpable because they recieve fees from a company with an involvement in another (shonky) company, then it follows that the shareholders who voted the directors on to the board, and who recieve dividends stemming from the performance of those directors, are also culpable. Sorry Digger - because you have more shares than most, you will have to spend a bit longer in the pen than the rest of us.

[Bixbite]

Having been a NZOG shareholder since 1993, but I have never attended to it's AGM and I have never voted any director. Am I also culpable?

[Balance]

[QUOTE=Balance;384949]Heck of a difference between a director receiving $80,000 a year for directing the affairs of a company (direct connection between money and responsibility and accountability) and a shareholder investing in a company to receive returns.

On the contrary, there is no difference at all. Directors are appointed by shareholders. If a director is culpable because they recieve fees from a company with an involvement in another (shonky) company, then it follows that the shareholders who voted the directors on to the board, and who recieve dividends stemming from the performance of those directors, are also culpable. Sorry Digger - because you have more shares than most, you will have to spend a bit longer in the pen than the rest of us.

The law will disagree with you on that one - just as it already has with sending a few directors to jail for fraudulent activities committed as directors while shareholders looked on in disbelief.

[Balance]

[QUOTE=Balance;384949]Heck of a difference between a director receiving $80,000 a year for directing the affairs of a company (direct connection between money and responsibility and accountability) and a shareholder investing in a company to receive returns.

On the contrary, there is no difference at all. Directors are appointed by shareholders. If a director is culpable because they recieve fees from a company with an involvement in another (shonky) company, then it follows that the shareholders who voted the directors on to the board, and who recieve dividends stemming from the performance of those directors, are also culpable. Sorry Digger - because you have more shares than most, you will have to spend a bit longer in the pen than the rest of us.

Not only the law, but also basic morals and principles of responsibility and accountability apply too.

The directors received $1.18m collectively (does not include all the perks and consultancy fees extracted from directing PRC to its explosive end) and are now attempting to hide the fact that they sat on the Board of Pike River!

Radford leaves Pike River Coal board
Ross Louthean — 13 June 2011

Pike River Coal Ltd (in receivership) has announced the resignation of R.A. (Tony) Radford as a director.
His resignation was effective from Friday.
Radford is chairman and a veteran director of New Zealand Oil & Gas Ltd which sponsored the development of the Pike River Coal project and helped sponsor its listing.

The announcement was made by Brian Roulston as company secretary.

Pike River Coal has been in receivership following the tragic methane blasts at the Pike River mine that claimed 29 miners and contractors late last year.

[dsurf]

Does anyone know what the brokers are valuing NZO at the moment?

[digger]

Does anyone know what the brokers are valuing NZO at the moment?

Its on there web site under Analyst coverage. Ranges fron 1-07 to about 1-27 last time i looked.

[Balance]

Its on there web site under Analyst coverage. Ranges fron 1-07 to about 1-27 last time i looked.

What's the discount applied for the incompetent Board?

[Mr Tommy]

What's the discount applied for the incompetent Board?

Yawn, havnt you done this to death yet?

[Balance]

Yawn, havnt you done this to death yet?

Legit question.

I assume no discount?

[bucko]

Anyway.....

any ideas on how long it's going to take them to find 'a suitable rig' for Kakapo? All the bad/disgusting news going around at the moment I think we all need some good news!:t_up:

[Balance]

Anyway.....

any ideas on how long it's going to take them to find 'a suitable rig' for Kakapo? All the bad/disgusting news going around at the moment I think we all need some good news!:t_up:

What bad news?

Radford stepping down as Chairman is good good news.

Royal Commission inquiry Report puts to rest any doubts as to what happened leading to the explosion - that has to be good for the safety and well being of miners and workers in the future.

[dsurf]

Thanks digger.

[Balance]

http://www.stuff.co.nz/business/opinion-analysis/7933645/The-tragedy-of-Kiwi-ingenuity

Good questions posed by Rod Oram :

"Why didn't leaders and experts in the mining industry, investors, bankers, analysts and insurers ring alarm bells when it was obvious the company was floundering? Why didn't regulators and politicians? Why didn't the miners' own community? Why was the Pike River company a dreadful, widely known secret nobody wished to share until it killed 29 men?"

"Yet the mine was promoted by New Zealand Oil & Gas, which had no experience in mining. It floated Pike River Coal, a one-mine start-up, on the NZX in 2007 with a board with no experience of underground coal mining. Wider than that, though, investors, advisers, regulators and workers all ended up failing the most basic tests of responsibility."

[Balance]

The posting above is pertinent to any assessment of NZOG as an investment proposition - the recklessness of NZOG in pushing ahead with the development of PRC, without the right expertise at Board or management levels, gives an unique insight into the decision and investment making process at NZOG.

[RTM]

Unfortunately I think the problem in New Zealand is a bit more expansive than demonstrated NZOG/PRC

1) Look at the shambles we have (had?) in our Finance Industry.

2) Look at what we did to our KiwiFruit boys....allowing contaminated pollen to be imported
Similar incompetency's in MAF as shown with the Labour department.
Its just a matter of time before there is a bigger disaster in our primary industries.
http://www.biosecurity.govt.nz/files/pests/psa/psa-v-review-2012.pdf

3) We are looking to sell our power production ability...but maybe our Maori friends and/or Tiwai point will scupper this.
Have we not learnt anything from our prior attempts with asset sales ?

4) A Prime Minister who supports a member who seems to have lost his memory.

I really wonder where we are taking New Zealand. Maybe the brain drain over the last 20 years or so is having an impact.

[digger]

Unfortunately I think the problem in New Zealand is a bit more expansive than demonstrated NZOG/PRC

1) Look at the shambles we have (had?) in our Finance Industry.

2) Look at what we did to our KiwiFruit boys....allowing contaminated pollen to be imported
Similar incompetency's in MAF as shown with the Labour department.
Its just a matter of time before there is a bigger disaster in our primary industries.
http://www.biosecurity.govt.nz/files/pests/psa/psa-v-review-2012.pdf

3) We are looking to sell our power production ability...but maybe our Maori friends and/or Tiwai point will scupper this.
Have we not learnt anything from our prior attempts with asset sales ?

4) A Prime Minister who supports a member who seems to have lost his memory.

I really wonder where we are taking New Zealand. Maybe the brain drain over the last 20 years or so is having an impact.

Welcome to the forum RTM. However Balance will say you are simply shifting the blame when it is clear that all that is wrong with the world lies at the feet of NZOG managment.

[stanace]

http://www.stuff.co.nz/business/opinion-analysis/7933645/The-tragedy-of-Kiwi-ingenuity

Good questions posed by Rod Oram :

"Why didn't leaders and experts in the mining industry, investors, bankers, analysts and insurers ring alarm bells when it was obvious the company was floundering? Why didn't regulators and politicians? Why didn't the miners' own community? Why was the Pike River company a dreadful, widely known secret nobody wished to share until it killed 29 men?"

"Yet the mine was promoted by New Zealand Oil & Gas, which had no experience in mining. It floated Pike River Coal, a one-mine start-up, on the NZX in 2007 with a board with no experience of underground coal mining. Wider than that, though, investors, advisers, regulators and workers all ended up failing the most basic tests of responsibility."

The alarm bells never rang because it was not widely known. ACC had a huge stake, they lost over $17,000,000 on the day of the explosion. They are supposed to be some of the most savvy analysts and investors.

[glennj]

The alarm bells certainly rang for some! Many workers and some staff left PRC because of their concerns. I quit my holdings at a profit when I became concerned that the media releases bore little reality to what was happening on the ground or were very late in being released.
Being on the Coast and able to speak with PRC workers and others experienced in the industry left me in no doubt that PRC was in serious trouble. Other miners would have left but were economic hostages or lacked the experience to appreciate the dangers.
I did post my concerns on this site but the warnings along with "Balances" were not well received. You can lead a horse to water etc.

[arjay]

It is certainly true that NZO had little experience in coal mining. That is part of why they floated PRC off as a seperate entity. Notwithstanding the backgrounds of the directors of PRC, the bulk of PRCs workers were highly experienced, so questions do need to be asked about their inactions if unsafe practises were so widely understood as some would have us believe.

NZO is an experienced and safety conscious oil explorer and producer. This is evident from 30 years of activity where dozens of wells have been drilled, producing fields developed in the Ngaroto, Tui and Kup areas, and long term production maintained with a near perfect safety record. Balance seems to conveniently overlook all this while he bangs on about PRC.

[brucey09]

Snr. Arjay
Nzo is never an experience oporator - an investor . yes.







It is certainly true that NZO had little experience in coal mining. That is part of why they floated PRC off as a seperate entity. Notwithstanding the backgrounds of the directors of PRC, the bulk of PRCs workers were highly experienced, so questions do need to be asked about their inactions if unsafe practises were so widely understood as some would have us believe.

NZO is an experienced and safety conscious oil explorer and producer. This is evident from 30 years of activity where dozens of wells have been drilled, producing fields developed in the Ngaroto, Tui and Kup areas, and long term production maintained with a near perfect safety record. Balance seems to conveniently overlook all this while he bangs on about PRC.

[Balance]

It is certainly true that NZO had little experience in coal mining. That is part of why they floated PRC off as a seperate entity. Notwithstanding the backgrounds of the directors of PRC, the bulk of PRCs workers were highly experienced, so questions do need to be asked about their inactions if unsafe practises were so widely understood as some would have us believe.


Who shall we believe? Arjay or the RC as to whether PRC had experienced staff?

RC Report states :

1. There were numerous warnings and reports of a potential disaster at the mine but they were ignored;
2. The workforce was inexperienced and had inadequate training. They failed to follow procedure, bypassed safety functions of equipment which allowed them to work “recklessly” in a dangerous methane environment.

The report also reveals how incidents leading up to the main explosion were reported and then ignored by managers.
‘In the 48 days before the before the explosion, there were 21 reports of methane levels reaching explosive volumes and 27 reports of lesser but potentially dangerous volumes. The warnings were not heeded,” it states.
A backlog of accidents and incidents were also written off by management before the disaster and not investigated.

[Balance]

NZO is an experienced and safety conscious oil explorer and producer. This is evident from 30 years of activity where dozens of wells have been drilled, producing fields developed in the Ngaroto, Tui and Kup areas, and long term production maintained with a near perfect safety record. Balance seems to conveniently overlook all this while he bangs on about PRC.

Straight out of the PR machine of NZOG!

[Balance]

The alarm bells certainly rang for some! Many workers and some staff left PRC because of their concerns. I quit my holdings at a profit when I became concerned that the media releases bore little reality to what was happening on the ground or were very late in being released.
Being on the Coast and able to speak with PRC workers and others experienced in the industry left me in no doubt that PRC was in serious trouble. Other miners would have left but were economic hostages or lacked the experience to appreciate the dangers.
I did post my concerns on this site but the warnings along with "Balances" were not well received. You can lead a horse to water etc.

One poster attempted to have 'dissenters' banned from this site for sp manipulation, instead of taking heed of the warnings.

You know who you are.

[arjay]

Who shall we believe? Arjay or the RC as to whether PRC had experienced staff?

RC Report states :

1. There were numerous warnings and reports of a potential disaster at the mine but they were ignored;
2. The workforce was inexperienced and had inadequate training. They failed to follow procedure, bypassed safety functions of equipment which allowed them to work “recklessly” in a dangerous methane environment.

The report also reveals how incidents leading up to the main explosion were reported and then ignored by managers.
‘In the 48 days before the before the explosion, there were 21 reports of methane levels reaching explosive volumes and 27 reports of lesser but potentially dangerous volumes. The warnings were not heeded,” it states.
A backlog of accidents and incidents were also written off by management before the disaster and not investigated.

What has this to do with NZOs experience as an oil explorer? Really Balance, you should try to read posts before replying.

Brucey = Agreed that NZO may not be an experienced operator, however the word I used was explorer, adn they have had heaps of experience there. Their discoveries highlight this. From Balance's post it would appear the the RC had some harsh things to say about NZOs record in oil exploration.

[Balance]

What has this to do with NZOs experience as an oil explorer? Really Balance, you should try to read posts before replying.

Brucey = Agreed that NZO may not be an experienced operator, however the word I used was explorer, adn they have had heaps of experience there. Their discoveries highlight this. From Balance's post it would appear the the RC had some harsh things to say about NZOs record in oil exploration.

Please don't insult us our intelligence by trying to change the subject.

I was replying directly to your assertion :

You wrote - "It is certainly true that NZO had little experience in coal mining. That is part of why they floated PRC off as a seperate entity. Notwithstanding the backgrounds of the directors of PRC, the bulk of PRCs workers were highly experienced, so questions do need to be asked about their inactions if unsafe practises were so widely understood as some would have us believe."

I replied - The RC Report states : "The workforce was inexperienced and had inadequate training. They failed to follow procedure, bypassed safety functions of equipment which allowed them to work “recklessly” in a dangerous methane environment."

[Balance]

Welcome to the forum RTM. However Balance will say you are simply shifting the blame when it is clear that all that is wrong with the world lies at the feet of NZOG managment.

Glad you make that point, Digger.

So much of what is wrong with NZOG management reflects what RTM has written as wrong about NZ.

Topmost is the fact that we have management and politicians well past their used by dates hanging on for their lives to the positions which determine the future of companies, businesses, the economy and NZ.

It is okay if they are like old boxers who do not quit - they only hurt themselves and in some instances, kill themselves.

It is not okay when their decisions to stay in their jobs cost the lives of others.

The worse part is that we now have many of them denying any responsibility for what has gone wrong! But they are happy to pocket millions of dollars of fees and perks.

[skid]

God help us if we change the subject on the NZO thread to oil exploration

[Balance]

God help us if we change the subject on the NZO thread to oil exploration

Most critical point of assessment of investing in a company is management.

I find it intriguing how many posters want to sweep the dust from the explosion of Pike River coal into the river and pretend it never happened!

Seriously, how does the gross mismanagement of the PRC investment reflect on the competency of the NZOG directors and management to make and manage investments of shareholders' wealth?

[dsurf]

Most critical point of assessment of investing in a company is management.

I find it intriguing how many posters want to sweep the dust from the explosion of Pike River coal into the river and pretend it never happened!

Seriously, how does the gross mismanagement of the PRC investment reflect on the competency of the NZOG directors and management to make and manage investments of shareholders' wealth?

Yes Balance, but wasn't that the past executive? There is a new CEO who IMO is doing a great job. He raised the dividend and immediately removed some of the SP discount and restored some goodwill. The chairman is also different & also a lot of directors.
I agree with all your comments about the previous executive - but it is time to move on & I think the new guys have so far done a good job. I cannot wait for the indonesian drill to start!

[Balance]

Yes Balance, but wasn't that the past executive? There is a new CEO who IMO is doing a great job. He raised the dividend and immediately removed some of the SP discount and restored some goodwill. The chairman is also different & also a lot of directors.
I agree with all your comments about the previous executive - but it is time to move on & I think the new guys have so far done a good job. I cannot wait for the indonesian drill to start!

Board is still substantially the same.

The increased dividend was a bone thrown in the direction of increasingly restless shareholders.

Let's wait for the apology and the admission of failure - then, we move on.

[skid]

I think we can safely assume they will never be considering coal as an option again.
As far as the rest ,Im sure we can rest assured that you well and truly have that base covered,so those of us that want to concentrate on oil exploration can do so.

[Balance]

I think we can safely assume they will never be considering coal as an option again.
As far as the rest ,Im sure we can rest assured that you well and truly have that base covered,so those of us that want to concentrate on oil exploration can do so.

What NZOG directors did with the investment in PRC give unique insight into their decision making process - does not matter whether it's coal, oil, gas or methane emission-capture from pig's farms.

That is the issue or don't you get it?

[Chippie]

Balance, I do not want to try and shock you but …..

maybe, just maybe investors in NZO are big enough to make their own decisions.

Obviously you think we are all stupid. So perhaps you need to try and save some other investors in another company who will listen to you?

[Balance]

Balance, I do not want to try and shock you but …..

maybe, just maybe investors in NZO are big enough to make their own decisions.

Obviously you think we are all stupid. So perhaps you need to try and save some other investors in another company who will listen to you?

Haha ...I decided a while ago that many investors in NZOG are mushrooms.

My postings are designed to provide warnings to the newbies of what NZOG management and directors are about, and alert them to the presence of mushrooms.

You have a problem with that?

Or are you one of those who wants to shut down any alternative views?

[Chippie]

I have no problem with your or any other alternative views.

It is getting a little repetitive though as it is the same message pretty much every single day.

Basically from your perspective NZO Directors are not up to it and you will not change your mind.

Other investors believe that there has been enough change in the Board in recent years and have decided to stick with NZO going forward. They are also happy with the fact that NZO has returned 39 cents in Gross dividends since 2008

Below are the current Directors. I went to the AGM and thought that Andrew and the other three new directors are okay (I was pleasantly surprised with Andrew as I thought he was pretty quiet previously). In past AGM’s I have talked to David Scoffham, he is a geophysicst with heaps of international experience so also gets a tick from me (for what that is worth)

Andrew T N Knight - joined the Board of NZOG in January 2008
Peter W Griffiths - joined the Board of NZOG in December 2009
Rodger J Finlay - joined the Board of NZOG in February 2012.
Mark Tume - joined the Board of NZOG in February 2012.
__________________________________________________ _________________________

Paul G Foley - became a director of NZOG in 2000
Tony R Radford - founding director in 1981.
David R Scoffham - joined the Board of NZOG in 2003

[skid]

back to the Mushroom thing again eh? ''got the message all you newbies'' yep? ok Now we can move on..... Oh wait their might be a new newbie tomorrow or even an oldie that needs to be protected from themselves..oh dear [LOL]
thanks for the input chippie-look forward to any updates

[bucko]

I agree with Chippie, i went to the AGM in Wellington and I was actually quite please with the direction Andrew Knight is taking the company in i.e. actually doing something with the company and not just sitting on the assets they currently have, what good is it saying NZOG is the largest NZ owned oil and gas exploration company if you dont do any exploring?!

I think if Mr Knight meets his new targets of 3-5 exploration wells a year i'll be a lot happier :D

[Balance]

Mr Knight was on the Board of NZOG when PRC was being developed - a Board who decided to keep pumping in hundreds of millions of dollars despite the accumulation of evidence that PRC was a disaster waiting to happen.

I do hope he has learnt a lesson from being part of that horrendously fatal decision.

Continuing to pump money into overseas adventures however suggest to me he has not.

What expertise has NZOG got to go overseas? Save money.

Meanwhile, today marks the 2 years' anniversary of the explosion at PRC which killed the 29 miners.

The silence from the Board of NZOG is deafening.

[skid]

With the amount of energy you are putting into your posts ,one has to wonder what your motivations are.
One of the dangers of a public forum is that some are shorting shares and using the forum to bolster their case

[Balance]

With the amount of energy you are putting into your posts ,one has to wonder what your motivations are.
One of the dangers of a public forum is that some are shorting shares and using the forum to bolster their case

Two points :

1. My motivation is to bring attention to the responsibility and accountability of the directors of NOG home to them - they are either still in denial or they are, in my view, cowards, especially Radford who chose not to testify at the Inquiry (source - NBR). No more and no less.

2. One of the dangers of a public forum is that some have invested shares and are using the forum to bolster their case. We saw what happened when they did so with PRC. Go back far enough and we saw the same with Plus SMS.

Fair enough?

[skid]

Agreed ,it can work both ways.
Some will use the forum to encourage others to jump on board ,while others will try to discourage.
Ether way they are looking to turn things to their advantage.
I reckon anyone should be able to state their point of view,and I note some of the points you have made.
But my point here is the consistency of your posts[which are basically repeating the same point[s]
The points you make become diluted by monotonous consistency.
It begins to feel like ,although maybe for good reason,you are carrying a major grudge that you cant shake.
If this is the case,sometimes revenge can cloud future decisions
Or perhaps you are shorting and trying to beat down the price.
whatever the reason,I think you have made your point and most investors will,Im sure, bear those issues in mind when deciding to invest or sell.
Im not going to fall into the same trap, and harp on about it ,but Im sure that most welcome new facts[Chippie]rather than a recurrence of old ones to help them in their decisions about investments in the future of NZO.

[Bixbite]

Agreed ,it can work both ways.
......................
Or perhaps you are shorting and trying to beat down the price.
.........................


Think things good - or perhaps he is trying to beat down the price to buy.

[Balance]

Think things good - or perhaps he is trying to beat down the price to buy.

Wouldn't touch this company until there is a wholesale change in directorship and management.

An admission on PRC will be a good start.

[Mr Tommy]

Wouldn't touch this company until there is a wholesale change in directorship and management.



Hey we could see if David Ross wants to join management.

[pietrade]

Two points :

1. My motivation is to bring attention to the responsibility and accountability of the directors of NOG home to them - they are either still in denial or they are, in my view, cowards, especially Radford who chose not to testify at the Inquiry (source - NBR). No more and no less.

Fair enough?

What is NOT fair enough is for you to be constantly denigrating others and I'm surprised the site administrator hasn't either banned you or hidden you back under your rock. Your best effort so far is to call Tony Radford a coward while you hide behind your highly un-balanced nom-de-plume. Would you dare to be so vicious if you were 'out in the open?'

[777]

Remember you can do as I do and put him on your ignore list. It means his postings are hidden.

[Lion]

[QUOTE=Yankiwi;385720]He's not on my ignore list. (He is on mine but I usually don't bother to log in each time)

He has had several have valid points (well a few anyways) (not many in my opinion - so repetitive, boring and nasty) concerning NZO.
Generally I can figure out in the first sentance if there's new information or not. Then smply choose if I continue to read or scroll on. (I haven't read one of balance's post for months - life is sweeter for that. Don't think I have missed anything of slightest importance)

Quite simple really. Yes :cool:

[Balance]

What is NOT fair enough is for you to be constantly denigrating others and I'm surprised the site administrator hasn't either banned you or hidden you back under your rock. Your best effort so far is to call Tony Radford a coward while you hide behind your highly un-balanced nom-de-plume. Would you dare to be so vicious if you were 'out in the open?'

No apologies for upsetting you, Mr Radford.

Please explain why you did not front at the Royal Commission to assist in the inquiry so that valuable lessons can be learnt from the disaster and future deaths can be avoided?

Likewise, Gordon Ward.

[Snow Leopard]

4215

Best Wishes
Paper Tiger

[Lizard]

Thanks for the subject change, PT. I think "John" has too much time on his hands. We should encourage him to take up charting. I miss the old days when all the arguments were about FA vs TA.

Anyway, nice chart for now. What does the OBV trend say? ;)

[sideline]

Pan Pacific Petroleum sees two Tui wells in 2013

Tuesday 20th November 2012

Pan Pacific Petroleum has told shareholders it hopes to see two exploration wells drilled in the fourth quarter of next year in the Tui oil and gas field, where it has a 10 percent interest.

The first is an in-fill well in the Pateke North sector of the licence area, which the joint venture led by Australian explorer AWE has given approval to undertake, and has the potential to add between one and four million barrels of oil equivalent from Tui.

Among unexplored areas of the licence area, "PPP considers the Oi prospect at 10 million to 15 million barrels of particular interest and is pursuing options to also drill this opportunity in Q4 2013 if possible," chief executive Tom Prudence told the company's annual shareholder meeting.

[Balance]

4215

Best Wishes
Paper Tiger

I wonder how the families of the 29 dead miners think of you making that 'boring' comment.

[Lizard]

I wonder how the families of the 29 dead miners think of you making that 'boring' comment.

Personally, I find this ridiculous. Despite this being a sharetrading/investing forum, anyone who would like to discuss NZO as an investment is somehow responsible for cheapening the deaths of 29 miners in a workplace accident at another company in which NZO was invested? In my view, bringing their deaths up in every conversation is just as disrespectful.

[bucko]

ok I’ll play devils advocate with myself now, I personally don’t agree with you Balance and I think you comment on the issue a little too often for my liking but you feel strongly about the issue and I’ll respect that for now.

Can you explain to a novice such as myself why you place so much blame on NZO and the management team when essentially they were investors in PRC, just as we are all investors in NZO here and the royal commission pretty much laid all blame with PRC management and the dept of labor for not maintaining safety standards. As a shareholder I would be under the impression that a company I invested in was up to speed with (one would assume) basic health and safety and would be more worried about major management decisions.

[Balance]

ok I’ll play devils advocate with myself now, I personally don’t agree with you Balance and I think you comment on the issue a little too often for my liking but you feel strongly about the issue and I’ll respect that for now.

Can you explain to a novice such as myself why you place so much blame on NZO and the management team when essentially they were investors in PRC, just as we are all investors in NZO here and the royal commission pretty much laid all blame with PRC management and the dept of labor for not maintaining safety standards. As a shareholder I would be under the impression that a company I invested in was up to speed with (one would assume) basic health and safety and would be more worried about major management decisions.

Your posting is precisely why I make my presence felt on this NZOG thread.

It is too easy for NZOG to sweep under the carpet how intertwined it was with PRC - all the way from its initial majority ownership, to its promotion as a listed entity, its secondment of management and directors to PRC and its unquestioning funding support as PRC went thru' mishap after mishap, delay after delay, cost over-run after cost over-run and finally, financial injection when the mine blew up.

NZOG was more than an investor and shareholder. Proof? DS, ex CEO, expressed his loss of confidence in Peter Whittall but was over-ridden by the Board of NZOG - fact that came out of the RC.

"Lest we forget".

[winner69]

Hey Bal - I see Dow and his mates are still in denial or soemthing like that

http://www.stuff.co.nz/national/pike-river-mine-disaster/7978637/Safety-trumped-profit-Pike-directors-say

[dsurf]

Looking forward......

The Kisaran PSC extends over an area of 2179 km2 in Riau and North Sumatra Provinces. Geologically the block is situated in the northernmost part of Central Sumatra Basin. This basin represents the most prolific onshore hydrocarbon-productive basin in Indonesia. The Kisaran PSC overlies the Barumun sub-basin.

The Kisaran block was awarded on May 17th, 2001 to Chevron and Texaco with a 30-year contract term. On May 17th, 2007 Pacific Oil & Gas (Kisaran) Limited became the operator.

Bukit Energy has a 22.5% participating interest in the Kisaran PSC through its holding subsidiary Bukit Energy Central Sumatra (Kisaran) Pte. Ltd.

Seismic data, both 2D (112 km) and 3D (350 km2), were acquired, processed and interpreted in between 2002 and 2004. The exploration well Parit Minyak-1 was drilled to TD of 2967 m (9734 ft) in 2006. Three DST's were conducted to test the well and oil was encountered in three separate zones. This exploratory well has proven the effectiveness of the petroleum system within the Barumun sub-basin.

The first appraisal of the Parit Minyak discovery – Parit Minyak-2 – is planned to be drilled in late 2012. A successful appraisal at PM-2 would lead to the first POD on the Kisaran Block. In 2013, a further appraisal/exploration test of the greater Parit Minyak structure will be drilled.

The Parit Minyak Field has a potential resource range of 16 MMBO to 33 MMBO within the Pematang-8 and Pematang-4 sandstones based on the Parit Minyak-1 control well and existing seismic.

Participating interests:


Pacific Oil & Gas (Kisaran) Ltd. : 55% (Operator)
Bukit Energy Central Sumatra (Kisaran) Pte. Ltd.* : 22.5%
NZOG Asia Pty. Ltd.** : 22.5%


*Through a 90% ownership of Pacific Oil & Gas (Sumatera) Inc.
**Through a 90% ownership of Pacific Oil & Gas (North Sumatra) Ltd.

Over nineteen prospects and leads have been identified with gross unrisked prospective resources of more than 300 MMBOE. The primary objectives of the identified leads are Sihapas and Pematang sandstones at depths between 1500 and 3500 m.

[pietrade]

Remember you can do as I do and put him on your ignore list. It means his postings are hidden.
Done ......aaaaaaaaaaaaaaghhhhhhh. The relief.

[pierre]

Done ......aaaaaaaaaaaaaaghhhhhhh. The relief.

Please tell me how you do that before I die of boredom from unBalanced's obsession.

[pierre]

It's Ok - I've found out how to do it - hallelujah!

[Awamoa]

It's Ok - I've found out to do it - hallelujah!

I too have joined this club.

[Balance]

Hooray - 3 less apologists for the disgraceful directors and management of NZOG!

As Rod Oram said this evening on Radio : " The directors who complain are on very shaky ground. They had abdicated their governance responsibility to management when it came to safety .."

[Balance]

Hey Bal - I see Dow and his mates are still in denial or soemthing like that

http://www.stuff.co.nz/national/pike-river-mine-disaster/7978637/Safety-trumped-profit-Pike-directors-say

Basically, individuals who have lost all sense of human decency and are beneath contempt.

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10849043

[winner69]

Their behavior leading to the explosion was sickening - now they are beneath contempt.

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10849043

Truely amazing behaviour eh Bal .... and shareholders let the Board led by Dow behave this way

[dsurf]

All shareholders should be given a jail sentence including overseas holders!

[dsurf]

And all current monetisable assets seized off PRC & NZO shareholdersand sold with the proceeds returned to the families of the dead men.

[dsurf]

And that includes all the families of the dead miners as any PRC shares held by them will now be with the families so they all need to go to jail also!

[digger]

And all current monetisable assets seized off PRC & NZO shareholdersand sold with the proceeds returned to the families of the dead men.

The monies should be given to Balance as he plainly is the only human with decency and beyond contempt in all things,by his own confession.

[Balance]

The monies should be given to Balance as he plainly is the only human with decency and beyond contempt in all things,by his own confession.

I warned you all about the gross mismanagement at PRC (and NZOG).

Many of you chose to ignore those warnings and in fact, some of you chose to support the directors, and actively harass 'dissenters'.

I did my best.

Can you say the same?

[dsurf]

Absolutely as hindsight was not available at the time

[Balance]

Absolutely as hindsight was not available at the time

There were two points of view presented all the way through the PRC saga.

Every mishap, every cost over-run, every delay etc were highlighted as indicative of something seriously amiss and wrong at PRC.

Some of you chose to believe the directors.

Please don't blame hindsight as I think it insults your own intelligence.

It is okay to be wrong.

[Balance]

Absolutely as hindsight was not available at the time

Example of the excuses made when things go wrong at PRC :

"It seems to me most of you posters are not from mining familes. I am but i was never a miner,although it is part of the family. Brought up knowing that my fathers only brother was killed by a rock fall on the very first day on the job.OK that was about 90 years ago.
my brother lived all his life as a miner in canada and managed several mines in his career.Way back in 1970 i visited his underground mine and was told to stay in a secure place. Two days later in was exactally where the roof caved in.
Now my point here is that there will always be the odd rock slide when dealing with undwerground mining.It is par for the coa-rse and not the end of the world. Really it is a bit like car deaths,they happen but we do not rip up all the roads to prevent it happening in the future.
What has happened is unfortunate but lets keep it in mind that 2.5 klms of underground tunnels have now been construced without any mishap.Because of this i think it is time for a bit of realism to creep back in and move forward.Here i suggest we fix up the rock colapse and scrap up the road kill and carry on."

Next mishap - they hit the graben. Totally unexpected, see?

After that, equipment failure - the wheels came off. Blame it on the Vietnamese who manufactured the faulty tracks.

Then, issues with hydro-mining. Blame it on the training.

According to the apologists, all to be expected with mining and not PRC or NZOG fault.

Then the explosion.

Oh, it's hindsight!

[neopoleII]

well for the record..... i agree with you balance.
you are obviously educated, and know your stuff.
but you do go overboard sometimes.
and i see why.
so .... keep it up...... some of us do listen..... and learn.
but....... maybe a bit of balance on your part..... your intuition into your knowledge of stocks and the workings of board / management in particular companies could be expressed in ways that the sheeple of NZ wont get their backs up.

most folks gravitate to good news and shun bad news........ be a bit more diplomatic and more folks might actually learn something.

i know i have

keep up the good work..... just make it emotionally exceptable...... for the pure profit people.........
this is sharetrader after all........

cheers

[dsurf]

well for the record..... i agree with you balance.
you are obviously educated, and know your stuff.
but you do go overboard sometimes.
and i see why.
so .... keep it up...... some of us do listen..... and learn.
but....... maybe a bit of balance on your part..... your intuition into your knowledge of stocks and the workings of board / management in particular companies could be expressed in ways that the sheeple of NZ wont get their backs up.

most folks gravitate to good news and shun bad news........ be a bit more diplomatic and more folks might actually learn something.

i know i have

keep up the good work..... just make it emotionally exceptable...... for the pure profit people.........
this is sharetrader after all........

cheers

hi Neopole - this thread is called NZO not "Balance's view" - Can you set up a new thread for Balnce to post daily on. Then he can keep us up to date & we will have a central learning point.
In the meantime it would be nice to discuss things like oil on this thread for a bit of variety?

[pierre]

hi Neopole - this thread is called NZO not "Balance's view" - Can you set up a new thread for Balnce to post daily on. Then he can keep us up to date & we will have a central learning point.
In the meantime it would be nice to discuss things like oil on this thread for a bit of variety?

Nice words dsurf - amen to that.

[neopoleII]

""hi Neopole - this thread is called NZO not "Balance's view"""

fair enough.... i agree.
balance has his views about the company called NZO and most posters instead of talking about oil are commenting on and remarking on balances views.
so im all happy to talk oil..... as long as the rest of posters are too.
and alot of posters are as repetitious in their views on non oil topic as balance.
i just made one comment........ now two..... and my last.

so lets drill some holes in the ground.

[skid]

And that is no easy feat[well at least ones with oil in them]In my years of reading these threads ,there have not been many big finds.[NZO has been one of them relitavely speaking]
I think it just goes to show how difficult it is to find it, now that the easy stuff has been found and alot of it used.---Peak oil--its getting harder--Not holding ATM but good luck to those that do

[Tyro]

If you are really tired of unbalanced tirades, just Just click on the name and select "view profile" and from there select "Add to Ignore List (http://www.sharetrader.co.nz/profile.php?do=addlist&userlist=ignore&u=7336)"



hi Neopole - this thread is called NZO not "Balance's view" - Can you set up a new thread for Balnce to post daily on. Then he can keep us up to date & we will have a central learning point.
In the meantime it would be nice to discuss things like oil on this thread for a bit of variety?

[the machine]

has anyone heard progress for the indonesian drill?
site works have been going on for a while now.

it will be good to ride the oil rollercoaster again

M

[fabs]

has anyone heard progress for the indonesian drill?
site works have been going on for a while now.

it will be good to ride the oil rollercoaster again

M

Well, NO TO THE FIRST Q.
YES TO THE SECOND

A couple months ago on this forum suggested that we look at the S/P again, seems it starts to slip in the accustomed fashion so familiar with nzo.
Market generally well up O/P steady, but as i said then, once the Div/p and AGM behind us STAGNATION.

[bucko]

Finally an announcement!

https://www.nzx.com/companies/NZO/announcements/230315

[dsurf]

Good to see more exploration coming

[Mr Tommy]

Finally an announcement!

https://www.nzx.com/companies/NZO/announcements/230315


Bit more detail here, 65m barrels:

http://www.asx.com.au/asxpdf/20121116/pdf/42b7sv0qpxrbp1.pdf

[the machine]

nzo just bought a $12.5m ticket for another oil roller coaster ride - great to see

once the semi finishes the drill and hopefully 2nd drill with success, then it should be available for other suitable nzo drills

M

[Balance]

nzo just bought a $12.5m ticket for another oil roller coaster ride - great to see

once the semi finishes the drill and hopefully 2nd drill with success, then it should be available for other suitable nzo drills

M

Based upon their track record of the last 10 years, might as well write off the $12.5m now.

[JBmurc]

Great news for us OXX holders

[bucko]

i thought you would be happy balance this is oil they are investing in not coal!

[Mr Tommy]

has anyone heard progress for the indonesian drill?
site works have been going on for a while now.
M

I sent a query to NZOG, just got a reply that drill site construction is progressing, and still expect to spud in December.