NZ Oil & Gas (NZO)

[digger]

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


Good, still on track then as given at the AGM. Still hoping for results at end feb as was the plan then.
About time we got on ticking offf some of these prospects with the drill. Can not just keep adding them. So it is starting to look like the old NZOG i used to like,with the later prospects here in NZ where we have the compartive advantage. Also good to see teaming up with other oilers along the line given at the AGM that we are working to be the driller of choice here in NZ .Starting to look like the next few years are not to be missed.

[the machine]

[QUOTE=Mr Tommy;386385]I sent a query to NZOG, just got a reply that drill site construction is progressing, and still expect to spud in December.[/QUOTE

thanks Mr Tommy


M

[Crypto Crude]

Strong announcement for NZO...
they got a pretty savvy deal with OXX, paying upfront with back in rights...
after some pretty average investment decisions for NZO, and PPP over the years, finally something creditable has been exposed to add real value outcome possibilities...
I look forward to a closer tie with NZO... but OXX is still the preferrable invesment...
stacked
:cool:
.^sc

[the machine]

the big thing is the rig is a semi submersible - so should be available to drill other holes that nzo have an interest in

m

[Corporate]

It's a pity that NZOG couldn't pick up this block when it was being offered by the crown!

[stanace]

Are we going to get any money back from PPP?

[the machine]

Are we going to get any money back from PPP?

only if ppp have drilling success - their 2 vietnam drills for 2013 would do the trick if successful, as would the east timorise drill.
nzo took a punt on ppp because of high expectations for tui area, but the drills were unsuccessful.
more tui drilling [in 2nd half 2013?] might help things along

have to feel for the punters who paid lots for ppp on the hopes of tui success - au50-60 plus

M

[stanace]

But what happened to the 6c per share that was paid back? Are NZO not going to distribute that?

[digger]

But what happened to the 6c per share that was paid back? Are NZO not going to distribute that?

Well it would be a major fault on NZO,s Management if they did. We have just the other month had our annual dividend and it certainly covered pay back for this year as far as i am concerned. Now is the time to spend up on drilling and try to grow the company. Had some private talks with AK and some of the directors at the AGM and they are of the same belief that the next monies have to be spent replacing our reserves before Tui and Kupe are exhausted. So now is the time to invest in drilling regardless of where the income to NZO comes from.

[fabs]

Well it would be a major fault on NZO,s Management if they did. We have just the other month had our annual dividend and it certainly covered pay back for this year as far as i am concerned. Now is the time to spend up on drilling and try to grow the company. Had some private talks with AK and some of the directors at the AGM and they are of the same belief that the next monies have to be spent replacing our reserves before Tui and Kupe are exhausted. So now is the time to invest in drilling regardless of where the income to NZO comes from.

There better be a Gusher in the next few drills in the coming 2 years Digger, as the Market certainly has not woken up to NZOs dynamic Managements announcements.
Judging by the current S/P, still as sluggish as ever.

[J R Ewing]

There better be a Gusher in the next few drills in the coming 2 years Digger, as the Market certainly has not woken up to NZOs dynamic Managements announcements.
Judging by the current S/P, still as sluggish as ever.

Yeah right, it's been a very depressing performance over the last 12 months, share price only up 25% and a paltry 8.5% dividend.

[neopoleII]

""Judging by the current S/P, still as sluggish as ever.""

my guess all the good news in the world wont move the sp much.... not until the drill hits paydirt and is confirmed.
there has been too much bad news for the investors and punters to spur the sp up.

but the last few announcements are really good news. AK seems to be doing what he said he was going to do.

TR in the background is still a concern, but he is getting older.......
will be interesting to track the sp in the next few months.

sp is now priced for a medium risk investment.
sad that the sp is this low, especially with what we have learned over the last 2 years.
but there is still a future and good chances of a rosey one for some.
the sp is a long way from the $1.50 - 1.80 range when lots/most mums and dads poured cash into NZO.
in my view it will be the speculators that drive the sp up.... and that wont be easy.

[Taijon]

Well it would be a major fault on NZO,s Management if they did. We have just the other month had our annual dividend and it certainly covered pay back for this year as far as i am concerned. Now is the time to spend up on drilling and try to grow the company. Had some private talks with AK and some of the directors at the AGM and they are of the same belief that the next monies have to be spent replacing our reserves before Tui and Kupe are exhausted. So now is the time to invest in drilling regardless of where the income to NZO comes from.

Hi Digger, from your private talks do you think we may not be getting annual dividends for the next couple of years or until the drill bit hits paydirt? I've rather got used to the annual 5c/share divie, which with imputation credits yields a lot better than bank term deposits!!!!!!!

[digger]

Hi Digger, from your private talks do you think we may not be getting annual dividends for the next couple of years or until the drill bit hits paydirt? I've rather got used to the annual 5c/share divie, which with imputation credits yields a lot better than bank term deposits!!!!!!!

I certainly did not get the impression that there would be no dividend until the drill bit hit the good stuff. My thoughts are that the 5 or 6 cents should be payable for the next few years but we do not need extras when drill is begging.

[Balance]

I certainly did not get the impression that there would be no dividend until the drill bit hit the good stuff. My thoughts are that the 5 or 6 cents should be payable for the next few years but we do not need extras when drill is begging.

Think you have to sort out your information sources first, Digger.

As we have seen with your xenophobic tirade against Fonterra about allocating too many shares to the Indians and the Chinese (when in fact, it was the Australians who got most of those shares), you are getting a lot of wrong impressions these days?

"In the 50 years i have been in NZ all but 3 have been with dairy farming or in the last 7 years owning dairy heifers for the industry. I applied for the maxium of 50,000 and got done. I received a letter saying i did not qualify and if i had objections to let them know by 5.00 pm on the 21/nov/2012. The letter was dated the 23/nov/2012 and i received that letter on the 27/nov/2012. Have been in contact with Fonterra but got the we do not handle this it is all done by Computershare. Have rang the Waikato Times but as yet the reporter and I are always at different places and times.
I do not understand the thinking in this country. All these units could have been sold to NZ investers but there just seems to be an unholly need to flog off our top company to the Chinese and Indians,where there is certainly no return feeling toward us when they sell theire top stocks."

[sideline]

MINE: NZO: PEP 51906 drilling expected in Q3 2013

NZO
11/12/2012 09:34
MINE

REL: 0934 HRS New Zealand Oil and Gas Limited

MINE: NZO: PEP 51906 drilling expected in Q3 2013

The operator of PEP 51906, OMV New Zealand, has advised New Zealand Oil & Gas
it has secured a semi-submersible drilling rig, the Kan Tan IV, for a
drilling programme in the Matuku prospect in the third quarter 2013.

NZOG announced on 28 November an agreement to farm in to 12.5 per cent of the
permit. The agreement is subject to regulatory approval.

Participants in PEP 51906 are:
OMV New Zealand (Operator) 65%
Octanex 22.5%
NZOG 12.5%
End CA:00230953 For:NZO Type:MINE Time:2012-12-11 09:34:35

[Marilyn Munroe]

NZOG has been awarded one offshore Taranaki exploration permit and in a joint venture one onshore Taranaki permit.

A map of the permits in pdf format is available here;

http://www.nzpam.govt.nz/cms/pdf-library/petroleum-blocks-offers-1/2012-block-offer/2012_awarded_permits_map.pdf

Boop boop de do

Marilyn

[Bella52]

Whats happened to NZO down 4% in three days?

[Queenstfarmer]

Investor uncertainty at the moment. Make a strike in Sumatra and SP will be heading north again.

[digger]

Whats happened to NZO down 4% in three days?

Probably a small need for christmas. Anyone buying in the last 6 months has a small profit and christmas is christmas with its needs and santa gets the credit.

Once a long time ago i read that if you knew nothing about the sharemarket and still wanted to make a profit,then you buy two to three weeks before christmas and sell at the end of Janurary. Over the last certury and a half that has been showned to have a good average profit.

[arjay]

Odd though that NZO ends up 4% down when the market ended the week on a high note.

[fabs]

arjay:
You are up against dyed in the wool rationalists, on this forum common-sense and reason don't quite cut it.
As usual post Div. and AGM hype, Hibernation and the markets long heldskepticism with this co. kicks in.
Agree, only real wealth generating news might change long established negative sentiments.

[Mr Tommy]

Interesting story ...

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10854476

The figures associated with extracting gas from shale are astonishing. The Bowland field, on which Blackpool sits, is thought to be big enough to keep Britain supplied with gas for 50 years. And if the US has taken the lead, other fields are scattered around the globe and ripe for exploitation. In addition, there is the prospect of massive reserves of oil shale. The Green River Formation, in the west of the US, is estimated to contain three trillion barrels of oil, three times more than the world has consumed in the past century.

[arjay]

It's a bit off-topic I know, but I see Andrew Knight is also head of Sea Group Holdings - a company planning to extract gold from Coromandel harbour tailings:

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=1085543

I suspect much gnashing of teeth on the horizon.

[Mr Tommy]

It's a bit off-topic I know, but I see Andrew Knight is also head of Sea Group Holdings - a company planning to extract gold from Coromandel harbour tailings:

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=1085543

I suspect much gnashing of teeth on the horizon.


Your link got chopped, here it is :
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10855438

They mustnt be keeping him busy at NZOG HQ.

[arjay]

Yeh - shareholders should vote him a big payrise so he doesn't have to moonlight.

[peterfindlay]

It's a bit off-topic I know, but I see Andrew Knight is also head of Sea Group Holdings - a company planning to extract gold from Coromandel harbour tailings:

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=1085543

I suspect much gnashing of teeth on the horizon.

Surely outside interests should be seen as healthy thing.

The shareholding in Sea Group Holdings (November 2010) was made before Andrew Knight became CEO, and as is normal with these things, I expect that investment would have been disclosed to the NZO Board before his appointment as CEO.

It seems to me that the Auckland based director, Marcus Jacobson, would handle the majority of the work load (whatever that might be), not Andrew Knight.

To get the accuracy of any comments as good as they can be it pays to look at publicly disclosed information. In that vein, reference to the Companies Office website helps look into the detail regarding NZ companies.

[arjay]

I meant gnashings of teeth from Coromandel residents Peter. AK was on the radio at lunchtime saying that they simply want to 'clean up the harbour', and while they are about it if they found some gold and silver it would be nice. Locals, rightly, will not buy that line. Mind you, Coromandel harbour was once a useful deepish port which was ruined for bigger shipping after miners filled it with tailings. It would seem a good thing that a miner was now offering to dredge it out again.

[brucey09]

Snrs.
Finish time now for spud Indonesia. Yes?

[BigBob]

Snrs.
Finish time now for spud Indonesia. Yes?

I think we may be operating on "NOG time" again....:

NZOG expects drilling to begin in December or sooner. An announcement will be
made when the well spuds. A second well, PM-3, is expected to spud early in
the new year, immediately following the conclusion of the PM-2 drilling.

[brucey09]

Snr. Bigbob
I think very bad company giving news.
I think Snr. Night turn off lights. Yes?

[tim23]

Brucey - what does your post mean exactly, too many Steinies?

[brucey09]

Snr. Tim23
I say the company was good telling news, but all gone on the holiday - no more news ? Drill is now late - lights off. Holiday to?

[digger]

Snr. Tim23
I say the company was good telling news, but all gone on the holiday - no more news ? Drill is now late - lights off. Holiday to?


Hello and the best for the new year to all NZO holders.

Yes we are still waiting for the drill to be started. This oil drilling business is like that ,should have had some report by now but seems there is some unexpected hold up so we just wait i guess.Oil is still selling well and the half year report should be out soon.
Cheers while we wait.

[digger]

There is a article on Upstreamonline that heads as :
UK discovery rate hit all time low. Just two finds from 66 wells in 2012.
Heres hoping NZO does a bit better. The international average is about 1 in 10 and NZO has had about 6 or 7 dry one in a row now after the hay days of three success after TUI. Currently we are sitting on the world average but still hoping we do not slip the UK way.

[skid]

Lets face it,as oil gets more scarce,the discovery rate is going to fall unless major new technology comes along.
Patience is definitely required in this game as Im sure alot have discovered.

Have another couple corollas Brucey

[the machine]

There is a article on Upstreamonline that heads as :
UK discovery rate hit all time low. Just two finds from 66 wells in 2012.
Heres hoping NZO does a bit better. The international average is about 1 in 10 and NZO has had about 6 or 7 dry one in a row now after the hay days of three success after TUI. Currently we are sitting on the world average but still hoping we do not slip the UK way.

Digger Premier Oil must be the winners in the UK drills for 2012
[am hoping they will bring that success to vietnam and NZO through their 15% of PPP can also find some more black gold]

M

[BigBob]

Update on Kisaran block first well spud date...:

The operator of an exploration block in Central Sumatra Basin, Indonesia, has advised that drilling of one exploratory well, Parit Minyak-2, is expected to begin around 27 January. New Zealand Oil & Gas has a 22.5 per cent stake in the block through its subsidiary NZOG Asia Pty Ltd.

Parit Minyak-2 is the first well NZOG has been involved in drilling outside New Zealand as the company diversifies internationally while retaining a core focus on New Zealand.
Major site construction work at PM-2 was finished on 23 December. Drilling was scheduled to commence before the end of 2012 but equipment mobilisation has been hampered by wet weather and other logistical factors.

The Kisaran block is located in the Barumun trough in the northern part of the Central Sumatra Basin - the most prolific oil producing basin in South East Asia. The Parit Minyak-2 well will appraise an undeveloped oil discovery made in 2006, and explore additional zones that were not present in that well.

A second well, Parit Minyak-3, is scheduled to follow with construction of the access road currently underway.

[dsurf]

On the 26/10/2012 NZO made the following announcement:

"NZOG expects drilling to begin in December or sooner. An announcement will be
made when the well spuds."

I suppose 2 weeks after the deadline from the last announcement keeps shareholders informed .....

Bring back Chris!

[J R Ewing]

On the 26/10/2012 NZO made the following announcement:

"NZOG expects drilling to begin in December or sooner. An announcement will be
made when the well spuds."

I suppose 2 weeks after the deadline from the last announcement keeps shareholders informed .....

Bring back Chris!

Can I smell mushrooms stewing?

[neopoleII]

some news from the Umuroa.
it seems that management have decried that the engineers on the Umuroa are no longer allowed to smoke on board.
they have till the start of Feb to give up.
the crew gets rotated every 3 weeks and someone decided not to tell the engineers that are currently on holiday.
there is a big big stink going down at the moment because of lack of advance notice and for the total ban.
most of the crews smoke. they have a specially decked out smokers lounge for safety reasons.
smoking elsewhere on the ship is instant dismissal.

word is several / alot of the crew a looking for new jobs land based or in ozzie

just cant seem to imagine a grunty oiler not having a smoke.....
ps..... the Umuroa is totally alcohol free.

is this a political move against oil companies or a pc thing?
im sure some talent will walk.

[digger]

some news from the Umuroa.
it seems that management have decried that the engineers on the Umuroa are no longer allowed to smoke on board.
they have till the start of Feb to give up.
the crew gets rotated every 3 weeks and someone decided not to tell the engineers that are currently on holiday.
there is a big big stink going down at the moment because of lack of advance notice and for the total ban.
most of the crews smoke. they have a specially decked out smokers lounge for safety reasons.
smoking elsewhere on the ship is instant dismissal.

word is several / alot of the crew a looking for new jobs land based or in ozzie

just cant seem to imagine a grunty oiler not having a smoke.....
ps..... the Umuroa is totally alcohol free.

is this a political move against oil companies or a pc thing?
im sure some talent will walk.



Hi NeopoleII,
Thanks for that as i did not know.
What a shame that PIKE had not thought of that.Also from the Deepwater blowout at least once the management mentioned that a smoker could have started the fire,but it seemed like a deaperate excuse to me then and now.However when lives could be at risk the management has to take the consertave approach from the start. Lets say they did not and an explosion occurred. Then it only takes one family with a lost member to sue the company. So with oil and gas and methane management should be seen doing the right thing which could very well save the life of one of the current moaners.
I still wish PIKE had done that and enfored it.

[fish]

neopole
smokers are addicts and most will have a crafty smoke when they can-which wont always be in a designated area.Its truly a dying habit but you cant let others be endangered by smoking hence when gas could be about the possession of smokes has to be stopped. Giving up smoking doesnt mean that nicotine is banned-government funded gum,lozenges and patches are available not too mention champix and zyban .

[neopoleII]

the thing i picked up from chatting with the crew / crew member is that the smoking lounge is the safest place on the ship full stop. there could be gas clouds, full deck oil spill and the lounge is totally contained..... it has some fancy positive air thingy......
maybe management want the lounge for executive accommodation?
there is also a huge square tunnel going from top deck to water in the middle of the ship with seals living on the waterline decks.... completely safe environment..... seals swim under ship to access the tunnel..... they use it as a base for their off shore feeding trips...... stop off point and wild weather refuge i guess
these guys recon smoking is the safest activity on the ship and they are quite miffed.

but yes..... some will now sneak a smoke here and there and possibly add a real risk to the operation.
i might do some research regarding other non smoking oil platforms or production vessels.

[fabs]

I still wish PIKE had done that and enforced it.[/QUOTE]


WHEN DO THEY EVER LEARN:

No support by the unions to root out this nonsense either.
More than just a bit disconcerting.

[BWH]

I used to work on oil and gas tankers and there were always dedicated smoking rooms. The ships were British flagged and the only time smoking was banned outright was when the ship was in UK waters, where the "no smoking in the workplace" rules took over. This was, however, almost never enforced. Despite there being only two designated smoking rooms (officer and crew bars - yes they had bars with alcohol), the engineers used to smoke in the engine room welding bay, as the extractor fans would vent everything outside quite effectively and it was easier than walking upstairs to the bar! I'm sure the Umuroa has a welding bay...

[fish]

I used to work on oil and gas tankers and there were always dedicated smoking rooms. The ships were British flagged and the only time smoking was banned outright was when the ship was in UK waters, where the "no smoking in the workplace" rules took over. This was, however, almost never enforced. Despite there being only two designated smoking rooms (officer and crew bars - yes they had bars with alcohol), the engineers used to smoke in the engine room welding bay, as the extractor fans would vent everything outside quite effectively and it was easier than walking upstairs to the bar! I'm sure the Umuroa has a welding bay...


As you say rules are one thing -enforcement on smoking almost impossible-behind the shed at school- a hospital where i work-I dont know all the places-but behind the hedge is one and some nurses clearly smell of a recent smoke even though there is a total ban in the building and grounds.

[Vaygor1]

I agree fish.
As with BWH, I have spent a large part of my life in refineries and petrochemical facilities both onshore and offshore.
I would be surprised if the news on the smoking ban is entirely accurate. Staff on board will include people in their early 20's (or even late teens if you count apprentices) and we are talking about an addictive substance that controls people's actions. The only control measure available to management is to designate a safe smoking area. Any other decision is gross mismanagement in my view.

If any manned hydrocarbons offshore facility had a total smoking ban, I would refuse to board it for safety reasons.

Disc. I was once a regular smoker. Stopped years ago.

[neopoleII]

""I would be surprised if the news on the smoking ban is entirely accurate""

i assure you it is, the guys are very unhappy about it.
an email to AWE should confirm it, as they are the operator and employ the crews.
my mate is totally gutted.... a very fat salary and no boose or smokes.... the smokes being the addictive habit.
he's started champex and feels awful, his wife (also a smoker) feels like a cat backed up in a closed ally...... very hard for are forced-to-be-non smoker to live with a smoker.
there is a safe zone (was) for the crew to smoke but politics is brushing its tarred brush over all industry.
Oz and NZ seem to be world leaders in forcing its society into political control..... whoops political correctness.
NZOG just follows suit.

[digger]

""I would be surprised if the news on the smoking ban is entirely accurate""

i assure you it is, the guys are very unhappy about it.
an email to AWE should confirm it, as they are the operator and employ the crews.
my mate is totally gutted.... a very fat salary and no boose or smokes.... the smokes being the addictive habit.
he's started champex and feels awful, his wife (also a smoker) feels like a cat backed up in a closed ally...... very hard for are forced-to-be-non smoker to live with a smoker.
there is a safe zone (was) for the crew to smoke but politics is brushing its tarred brush over all industry.
Oz and NZ seem to be world leaders in forcing its society into political control..... whoops political correctness.
NZOG just follows suit.

Well i beg to differ. Pike got bombed out by smokers regardless of how the RC puts it and that took down Pike and lost NZOG about 150 million plus. The deepwater Horison fire has been said to have started with a smoker.So in total we just can not risk it. As with Pike it would be better to close it down if none smokers can not be found to run the Umuroa. A fire there and NZO will be as good as gone so the risk is just to great.
Smoking is an addictive habit and those who suffer from it will just have to get employment where the risk of explosions are not present.

[digger]

""I would be surprised if the news on the smoking ban is entirely accurate""

i assure you it is, the guys are very unhappy about it.
an email to AWE should confirm it, as they are the operator and employ the crews.
my mate is totally gutted.... a very fat salary and no boose or smokes.... the smokes being the addictive habit.
he's started champex and feels awful, his wife (also a smoker) feels like a cat backed up in a closed ally...... very hard for are forced-to-be-non smoker to live with a smoker.
there is a safe zone (was) for the crew to smoke but politics is brushing its tarred brush over all industry.
Oz and NZ seem to be world leaders in forcing its society into political control..... whoops political correctness.
NZOG just follows suit.

Well i beg to differ. Pike got bombed out by smokers regardless of how the RC puts it and that took down Pike and lost NZOG about 150 million plus. The deepwater Horison fire has been said to have started with a smoker.So in total we just can not risk it. As with Pike it would be better to close it down if none smokers can not be found to run the Umuroa. A fire there and NZO will be as good as gone so the risk is just to great.
Smoking is an addictive habit and those who suffer from it will just have to get employment where the risk of explosions are not present.

[fabs]

Agree with Digger, on the Umuroa or Platforms at sea, Body searches would be in order, seems a harsh take but in contrast to Pike it would be easier to implement.
What is there in the meaning of NO SMOKING that is not understood here.

[neopoleII]

for the record.... i havent stated that banning smoking on the rigs is a good or bad thing, or that i agree or disagree, but i have stated that the crew is very miffed, and i have suggested that it could be politics.
as for the smoking issue ...... a smoke is a little wrapped up piece of paper with tobacco in it that is burnt and inhaled.... so the harmful thing on the rig is the burning part.
so cutting torches, oxy ceteleen, mig, arc and other welders and grinders which produce spark or flame are ok in the flamable environment... to be fair.... there are many things that can set of a fire before a ciggie can be blamed for it. but that is pc stuff right? and another note..... the modern pipes and chambers that are on a rig a fully enclosed environments... you wont see black oil sloshing the decks and gas permeating around the decks and hallways...... in these modern times now.

smoking in the bowls of a coalmine with gas sensors switched off and lack of ventilation is a totally different discussion.

[digger]

for the record.... i havent stated that banning smoking on the rigs is a good or bad thing, or that i agree or disagree, but i have stated that the crew is very miffed, and i have suggested that it could be politics.
as for the smoking issue ...... a smoke is a little wrapped up piece of paper with tobacco in it that is burnt and inhaled.... so the harmful thing on the rig is the burning part.
so cutting torches, oxy ceteleen, mig, arc and other welders and grinders which produce spark or flame are ok in the flamable environment... to be fair.... there are many things that can set of a fire before a ciggie can be blamed for it. but that is pc stuff right? and another note..... the modern pipes and chambers that are on a rig a fully enclosed environments... you wont see black oil sloshing the decks and gas permeating around the decks and hallways...... in these modern times now.

smoking in the bowls of a coalmine with gas sensors switched off and lack of ventilation is a totally different discussion.

Neopole11 Your point is taken that you are merely stating that the smoking is banned and you are not taking a stand for either side. For me though this represents a very serious legal matter. After PIKE NZO has to be seen to do or be on the side of doing everything possible to protect the crew from all dangers even if the danger comes from one or more crew members.When it comes to the crunch NZO has to be seen to be cutting down on all possible sources of ignition even the welders and grinders you pointed out. Your point that it is a fully enclosed environment might be 99% true but as the deepwater Horison shows it is not always true and the legal people are on to you like a ton of bricks when something goes wrong and fingers can be pointed. It may very well be political correctness but that in court does not make it any less real.
Thanks for bringing this issue up it need airing. I have now said my piece
Cheers

[mistymountain]

Crikey! Things must be lean on the corporate front if we're still finding out who threw the stubs.

[brucey09]

Snrs.
As you kiwi says - crikey. The boat or rig men pay very much - so no smoke or lose boat.

[skid]

Just curious -Is this the norm or the exception on off shore oil rigs

[skid]

So I guess the question is Just how safe is smoking on the rig[in these special rooms] VS how much damage will the share price suffer if it is enforced

[dsurf]

Since I am a truffle I was wondering what could raise the SP. Came up with the brilliant idea that what was probably needed was someone to buy the shares. I remembered the last buyback did work to a point as the SP did rise from IMO a low base. So I asked NZO if they were going to start one again. There response was:

"An update re the status of future buybacks is to be included in the 31 December 2012 Quarterly Report scheduled to be released on January 30 2013".

IMO of the opinion that another one will be announced to increase the SP which in turn will increase the chances the management options & partly paids will get in the money. Combined with hopefully news of the Kiasarn well spudding we might test the topside of the current trading range.

[Mr Tommy]

Since I am a truffle I was wondering what could raise the SP. .

Yes hopefully some good news next week if Kisaran gets started this weekend in Indonesia.

There is also Cosmos in Tunisia which was upgraded to 8.8m barrels, final investment decision due soon.

Is a truffle just a posh kind of mushroom?

[neopoleII]

hey digger and all, its been an interesting discussion, i did a little searching and found this.
""Interestingly enough, smoking is not banned on offshore oil rigs, but smokers must be careful to smoke only in the designated areas to avoid any explosions"

http://www.jobmonkey.com/oilindustry/html/offshore_oil_rig_jobs.html

i too will cease the tobacco debate until further developments arise.

[Mr Tommy]

29 January 2013
Two new wells to be drilled in PMP 38158
New Zealand Oil & Gas advises the PMP 38158 (Tui) Joint Venture has approved drilling two additional wells in the permit:
• Pateke 4H infill development well; and
• Oi exploration well.
The operator of the permit, AWE, has negotiated an agreement to use the semi-submersible rig Kan Tan IV to drill the wells in the second half of 2013.
NZOG chief executive Andrew Knight says the company is stepping up exploration activity.
“These prospects are promising and NZOG is excited about our increased exploration activity. In addition to the new exploration in the Tui permit Pateke and Oi prospects, drilling is also planned in the coming season in the Matuku, Kaheru and Kakapo prospects off Taranaki. NZOG is also diversifying overseas with drilling due to begin in Sumatra.”
NZOG will participate in the new wells at its existing equity level of 12.5 per cent and AWE will remain the Operator.
Pateke-4H targets a newly mapped northern extension of the field (Pateke North) that is not being accessed by the current producing well, Pateke-3H.
PMP 38158 (Tui – Pateke prospect)
NZOG 12.5%
AWE 42.5% (Operator)
Mitsui 35%
Pan Pacific Petroleum 10%
The Oi exploration well is 13 kilometres northeast of the Tui field in approximately 120 metres of water. Pan Pacific Petroleum, in which NZOG holds a 15 per cent equity stake, will increase its participation in the Oi well to 50 per cent under the sole risk provisions of the Tui Joint Operating Agreement. AWE and Mitsui have elected to participate in the Oi exploration well at reduced equities; They have the option to restore their full equities in any development through buy back of equity from Pan Pacific Petroleum which will comprise reimbursement of pro-rata costs together with the payment of a buy back premium.
PMP 38158 (Tui – Oi prospect)
NZOG 12.5%
AWE 25% (Operator)
Mitsui 12.5%
Pan Pacific Petroleum 50%

[J R Ewing]

Giant wedge formation on NZOG has finally come to a point.

There's either a major upside or downside coming.

I would bet on the upside.

It that another way of saying "these drills will either strike oil or they won't"?

[Mr Tommy]

Bit more info on stuff -


Australian based operator of the permit, AWE, has negotiated an agreement to use the semi-submersible drilling rig, Kan Tan IV to drill the wells in the second half of this year.
PPP estimates that Pateke 4H had the potential to recover an extra 2 to 4 million barrels of oil from the Pateke field, and if successful first oil
would flow by the end of next year after a subsea tie-in to the Tui field.
PPP said "if full" the Oi structure is estimated to hold a mean recoverable resource of 15 million barrels of oil. It could also be tied in to the Tui production facilities at sea.
If the prospects come in as commercial finds, they would enhance and extend the life of the Tui fields.

[digger]

Bit more info on stuff -


Australian based operator of the permit, AWE, has negotiated an agreement to use the semi-submersible drilling rig, Kan Tan IV to drill the wells in the second half of this year.
PPP estimates that Pateke 4H had the potential to recover an extra 2 to 4 million barrels of oil from the Pateke field, and if successful first oil
would flow by the end of next year after a subsea tie-in to the Tui field.
PPP said "if full" the Oi structure is estimated to hold a mean recoverable resource of 15 million barrels of oil. It could also be tied in to the Tui production facilities at sea.
If the prospects come in as commercial finds, they would enhance and extend the life of the Tui fields.

All sounds good. Great to get back to drilling. Now before we go out and spend it lets wait and let the drilling do the talking. Oil is also on the rise and i suspect 2013 will have the highest average all time price, beating out 2012 which makes a big difference to our caluations.
Cheers

[dsurf]

Does this mean a div will be paid in late Feb/Mar?

From Quarterly Activities report for Dec

"Directors have indicated an intention to move to paying the dividend in interim and final stages, although a decision will only be made when half-year results are available."

[fish]

Does this mean a div will be paid in late Feb/Mar?

From Quarterly Activities report for Dec

"Directors have indicated an intention to move to paying the dividend in interim and final stages, although a decision will only be made when half-year results are available."










1/2 year result isnt due to be announced until end feb so although its not clear I suspect early april would be payment date

[fish]

All sounds good. Great to get back to drilling. Now before we go out and spend it lets wait and let the drilling do the talking. Oil is also on the rise and i suspect 2013 will have the highest average all time price, beating out 2012 which makes a big difference to our caluations.
Cheers
Hope you are right digger-you usually are !

[sideline]

1/2 year result isnt due to be announced until end feb so although its not clear I suspect early april would be payment date

It would be important that the payment date falls into April since the payment date determines in which tax year you have to account for the divi.
A payment date of 31 March upsets all the tax planning without much notice.....

[Bixbite]

It would be important that the payment date falls into April since the payment date determines in which tax year you have to account for the divi.
A payment date of 31 March upsets all the tax planning without much notice.....

The company has net cash $171M, almost $0.425 per share.

As the company is no longer proposing to buy back shares in the near future and I also don’t think they can do a compulsory buy back shares from its shareholders.

So, would it be good if the company contribute a 5 cents capital refund instead of paying an interim dividend?

Bixbite

[Bixbite]

If they have major growth plans in store I say keep the capital. Read an article saying the Tui field paid for itself within 9 months. 9 MONTHS! That's incredible and I think they should push hard to expand, especially if it can extend the bread-and-butter Tui field...

The interim dividend is taxable, although it is an imputation dividend.

[Rabbi]

The interim dividend is taxable, although it is an imputation dividend.

If they pay me a dividend at least I know they haven't wasted their money!:D

[the machine]

If they have major growth plans in store I say keep the capital. Read an article saying the Tui field paid for itself within 9 months. 9 MONTHS! That's incredible and I think they should push hard to expand, especially if it can extend the bread-and-butter Tui field...

I thought tui paid for itself within 5 months from 1st oil.

IMO a capital return by nzo has about a 150% negative chance of happening
give divs is good

M

.


M

[fabs]

Put your game face on people! Good luck![/QUOTE]

Well, Good Luck Indeed!
S/p on mediocre vol. now where it was last Sept. pre. div.
So a very sluggish response considering all that promised activity over the next 3-4 years the overall substantial rise of the NZ S/M plus rising P/P .
Clearly noting but actual performance, to get the investment fraternity interested.
But here is hoping.

[Casa del Energia]

Always takes awhile for the good old sharemarket to get up to speed, gives us researchers who do our homework and don't rely on the word of a broker a good chance to get in early before all that money masses and enters the market from funds, hedges etc.

Yes. True. My focus over the last few months was acumulate FBU as it was so underpriced and yet no crystal ball was needed to see what would happen. Now I'm peering into the future scope of nog - The only uncertainty is how long it will be before all the sheep arrive back. The trick is to be amongst the first of the rams through the gate.

[neopoleII]

""The trick is to be amongst the first of the rams through the gate.""
the rams might be good at drilling ewes, but nog has a habit of drilling mud.
and when they do procreate some fruit, it seems to vanish into other black holes or staff 1 cent options and bonuses.

tui was paid for in 5 or 6 months in 2008 and the shareholders got what?
20 odd cents divi and a massacre of sp value.

yes there is potential here but the first ram or early bird thing dont work with this stock
unless you got in pre 2004-5

[tim23]

Neopole - you can't guarantee it won't happen the early bird could easily work this time!

[Huskeez]

Lol 32 buyers 12 sellers :) i liiiiike

[Huskeez]

Me too, especially since someone did a clean sweep up to 96 cents. Will be holding on to this one until the TA charts start showing a turn. Glad I bought in at a much lower price on the gut-o-meter, just wished I'd been quicker with PPP!


I will definetly keep holding considering the price of oil is going up! PPP and NZO will rise with the tide!

[Casa del Energia]

"yes there is potential here but the first ram or early bird thing dont work with this stock"

NZO - 96c . Looks like there's some sheep already in the paddock.

[the machine]

wonder if nzo will make the top 20 index in 2013

M

[neopoleII]

"one of the top stocks of 2013?"
i wont dispute this statement, but traders and investors have different time scales.
here's a simple 10 year break down.....
10 feb 2003 sp 29cent.
5 oct 2009 $1.76 with most of the divis that nzo talks about paid.
in the last 4 years the sp slid to a low of 62cent on 15 aug 2011
then there was the option conversion of $1.50 in juneish 2008.
the only ones who made serious money were the early birds and very active traders.
there are many investors that bought in 2004 2005 that are still carrying a lose from their investment.
so where the tui black gold go?..... u dont have to answer, we all know and its very sad indeed.

the point is ..... the sp raise that is currently happening is pure drill thrill and specy stuff.

but i do wish the company ALL success as i got in around 2005 and have yet to see a positive return.

hope you traders do well.

[neopoleII]

2 bucks a share will put a smile on my face......... im sure yours too.

[the machine]

cue are bringing a jack up to nz - hopefully in q4 2013 - they need it for 9 months plus could be longer is take up options
so maybe nzo couls use this late in 2014 - if drills can wait that long

M

[Huskeez]

Whats up with the BID @ .96 when there is a whole lot of sellers from .945 to .955?

4313

[fabs]

Are the Goons in charge of Tunisia save to do business with?
According to the highly re numerated spin doctor that got us in there YES.
Lets hope so, Time will tell.

[Mr Tommy]

The long awaited indonesian well was supposed to start "around 27 Jan" according to the last update given on 14 Jan.

Over 2 weeks later we could do with an update !!!

[Huskeez]

Some one knock down that wall of sellers @ .945! Hopefully the earning announcement on the 22nd will be positive

[digger]

The long awaited indonesian well was supposed to start "around 27 Jan" according to the last update given on 14 Jan.

Over 2 weeks later we could do with an update !!!

Mr Tommy
I will tell you a short story about that part of the world and you can fill in the details from there.

About 4 years ago we were in that area there for a holiday. My wife decided to have a massage and did so. She then arranged for one the following day at 10--30 in the morning. The rest of us got together a boat trip and left at 12-00 and my wife could not be talked into coming even as she wanted to as the appointment was for SOME reason been delayed. So she stayed behind and when we returned at 4-00 she was still waiting and if I say so more than a touch mad. The lady eventually turned up just short of 5 and could not for the world understand why my wife was angry or why she would cancell the appointment.
The hands of the clock turn at a different concern rate in that part of the world.End of story.

[Pete]

The long awaited indonesian well was supposed to start "around 27 Jan" according to the last update given on 14 Jan.

Over 2 weeks later we could do with an update !!!

I emailed them on Friday and got a brief reply this morning "...there will be a market release as soon as drilling commences. Won’t be long..."

[Bixbite]

No doubt it will be, they will need plenty of cash for their expansion plans and I doubt they would be embarking on such costly endeavors with a negative balance sheet!

I sent an message to the company via "contact us" this morning, didn't expect would get any reply, but would like to share with you all :-

Dear Mr Andrew Knight

Shareholders would be highly appreciated if the company would do a capital distribution to shareholders of cash instead of paying an interim dividend.

However, you desire to retain all of the surplus cash for future, but as yet unidentified, exploration activity. The company can do right issues if new wells are being found, by this way, shareholders have the right to convert for their new shares or sell their right to get money.

It creates more opportunities for shareholders.

Yours faithfully
.......

[777]

Which shareholders are you representing? Getting a dividend after having imputation credits attached is close to the same thing you are asking for. Getting a dividend gives an indication the company is profitable. A refund of capital instead does not. Those on less than the maximum tax rate can also get the difference in tax refunded.

[Huskeez]

Yay the incredible investment hulk busted down the .945 wall :)... Glad i held as .93 was my exit point...

[Bixbite]

Which shareholders are you representing? Getting a dividend after having imputation credits attached is close to the same thing you are asking for.

No worry, I'll sent Mr Andrew Knight a new message mentioning that shareholder - "I" would be highly appreciated.......

Did I mention ?cents in my message? No worry too, would you like me to represent you to ask for 40cents per share?

Huh, I find my temper getting better when getting older.

Cheers
Bixbite

[digger]

I sent an message to the company via "contact us" this morning, didn't expect would get any reply, but would like to share with you all :-

Dear Mr Andrew Knight

Shareholders would be highly appreciated if the company would do a capital distribution to shareholders of cash instead of paying an interim dividend.

However, you desire to retain all of the surplus cash for future, but as yet unidentified, exploration activity. The company can do right issues if new wells are being found, by this way, shareholders have the right to convert for their new shares or sell their right to get money.

It creates more opportunities for shareholders.

Yours faithfully
.......

Hi Bixbite,
You need to get ahold of the latest quartly report or even the last annual and have a read. The comment that the exploration and development are unidenitified is way off the mark. Have a read --it is clearly set out,then get back to us and let us know what you think.

[Mr Tommy]

Here we go ....

NZO
12/02/2013 09:07
MINE

REL: 0907 HRS New Zealand Oil and Gas Limited

MINE: NZO: Drilling underway at Kisaran

Drilling is underway at exploration well Parit Minyak-2 (PM-2) located in
onshore Sumatra, Indonesia.

New Zealand Oil & Gas Ltd has a 22.5 per cent stake in the joint venture
through its subsidiary NZOG Asia Pty Ltd. The well in the Kisaran Production
Sharing Contract is the first New Zealand Oil & Gas has been involved with
outside New Zealand.

The Kisaran Joint Venture partners are Pacific Oil & Gas (55 per cent and
operator) and Pacific Oil & Gas (Sumatera) Ltd, a subsidiary of Bukit Energy
Inc. (22.5 per cent).

The well was spudded at 10.30PM last night local time.

The well is expected to take around 45 days to drill. It will appraise an
undeveloped oil discovery made in 2006, and explore additional zones that
were not present in that well.

A second well, PM-3, also in the Kisaran block, is planned immediately
following operations at PM-2.

[Huskeez]

Woop woop!

[fabs]

Woop woop!

The S/P down again so Woop- Woop What?

[Huskeez]

Im Woop Wooping some feeedback

[Huskeez]

Plus... that earnings report

[digger]

From a reliable unidentified source it seems the total smoking ban on the Umuroa has been lifted and smoking is now accepted in designated areas.For NZOG this can be seen as a good outcome. Keeps the crew happy but more importantly shifts the responsibility back on to the men to keep within the rules and in the event that an accident does happen the company has at least something to go on to show that they did all possible to made the FPSO safe.

[skid]

Those that bought in ,in the midst of the turmoil, must be happy mushrooms

[notie]

From a reliable unidentified source it seems the total smoking ban on the Umuroa has been lifted and smoking is now accepted in designated areas.For NZOG this can be seen as a good outcome. Keeps the crew happy but more importantly shifts the responsibility back on to the men to keep within the rules and in the event that an accident does happen the company has at least something to go on to show that they did all possible to made the FPSO safe.

NZOG has nothing at all to do with the day to day running of this facility, so to delude yourself that they do shows what a happy mushroom you really must be.

[digger]

NZOG has nothing at all to do with the day to day running of this facility, so to delude yourself that they do shows what a happy mushroom you really must be.

NZOG had nothing to do with the day to day running of PIKE either but after the explosion fingers were pointed by some at ever opportunity.To not see this reality is a delusion beyond even what this happy mushroom has achieved.

[Mr Tommy]

interesting story, predicting oil price to plummet ...

http://www.stuff.co.nz/business/industries/8306239/Fracking-success-hits-biofuels-investment

[notie]

get a grip on reality....nzo have 12.5% of tui and have involvement in the day to day operations of that field. to think they do is delusional

The reality is nzo have little control on their destiny as they are non operated partners in almost all the projects they are involved in


NZOG had nothing to do with the day to day running of PIKE either but after the explosion fingers were pointed by some at ever opportunity.To not see this reality is a delusion beyond even what this happy mushroom has achieved.

[Monkey Poms]

New Deeper Pool Oil Discovery at Puka
For Immediate Release



("Kea" or the "Group") 14 - February- 2013



New Deeper Pool Oil Discovery at Puka



Kea Petroleum plc (AIM: KEA), the oil and gas exploration company focused on New Zealand, is today pleased to announce that it has made an oil discovery in a new sand reservoir at Puka 2 in the lower Mount Messenger "Mako" Sands.



Puka 2 intersected 4.6m of sand with a vertical thickness of approximately 3.3m in the lower Mount Messenger near 1,700m measured depth. Preliminary petrophysical log analysis indicates that this sand has an average oil saturation of 64%, porosity of 25.6% with MDT permeabilities in the order of 75 to 100millidarcies. These porosity and permeability values are amongst the highest recorded in Mount Messenger reservoirs to date. The fact of there being no indication of free gas or water within the sand package allows Kea to progress to casing the well and then to testing as soon as possible thereafter. Due to the quality of the sand intersected in Puka 2, Kea expects to record higher oil flow rates than those recorded at Puka 1.



The importance of the intersection of the lower Mako sands at Puka 2 cannot be overestimated. Interpretation of the recently acquired 3D seismic survey and further follow up drilling will be required to appraise and develop the upper Puka Sands discovered at Puka 1, the lower Mako Sand package discovered at Puka 2 and determine the ultimate size of the entire Puka field.



The existence and quality of the lower sand package at Puka 2 is significant for the potential field size of the greater Puka field and for potential productivity from both the Puka 2 well and the Pukafield in general.



Ian Gowrie-Smith, Chairman of Kea Petroleum, commented: "We are delighted to have again struck oil at Puka. This new discovery, with its high quality sands, is likely to have much better flow rates than Puka 1. Kea can now look forward with confidence to an early and substantial cash flow."
__________________________________________________ __________

Kea Petroleum strikes oil again,in NZO's backyard. Our directors sitting on their bums again,planning expensive ocean drills,whilst the Kea minnow cheaply drills on land. Within a couple of years they could outproduce NZO's declining production.
I posted quite a while back the opportunity for NZO to buy a stake in Kea for cherry bobs, to make use of surplus funds.

Kea CEO has long held the opinion that the Kea jewel in the crown is the Manuka 1 prospect in the Taranaki area. Rumour in the UK, Kea are very close to a farm-in with a local NZ oil company. (Hope it's NZO )

Anyone know the best way for a NZ friend of mine to purchase stocks quoted on the London AIM stock market

Monkey Poms.


Kea Petroleum is an AIM listed oil and gas exploration company with interests in four petroleum exploration permits in the Taranaki Basin of New Zealand. Kea listed on the London market in February 2010.

[Tyro]

Those that bought in ,in the midst of the turmoil, must be happy mushrooms

Indeed, but gloating is not pretty.

[skid]

Indeed, but gloating is not pretty.

Those that had to put up with the incessant mushroom analogies are entitled to a bit of gloating IMHO

Disc-not holding

[pietrade]

Kea Petroleum is an AIM listed oil and gas exploration company with interests in four petroleum exploration permits in the Taranaki Basin of New Zealand. Kea listed on the London market in February 2010.

and Direct Broking don't have access to them, considering them to be 'too small a business'. Hmmmm.......

[pietrade]

Kea Petroleum is an AIM listed oil and gas exploration company with interests in four petroleum exploration permits in the Taranaki Basin of New Zealand. Kea listed on the London market in February 2010.

and Direct Broking don't have access to them, considering them to be 'too small a business'. Hmmmm.......

[Monkey Poms]

and Direct Broking don't have access to them, considering them to be 'too small a business'. Hmmmm.......

Thanks,Pietrade. I had no luck either in finding an NZ broker.( I have Kea shares with a UK broker )

Kea are progressing to a production program of 2000 barrels of oil per day. Tag Oil ( Canadian owned ) Kea's neighbour, operating in the same Taranaki area
will soon be up to a production level target of 4000 barrels of oil per day.
Mmmm...

[Tyro]

A question for the cogniscienti. Why is the NZOG employee scheme converting so many part-paids which are all out of the money?:confused:

[digger]

A question for the cogniscienti. Why is the NZOG employee scheme converting so many part-paids which are all out of the money?:confused:

I do not know for sure but my bet is that once the part payed shares are fully paid they receive the back dividend from the time they were first part paid.This was discussed some years ago and from memory i think that is what happens. As i say i do not know for sure but you have a very good question here and one we should find out about. How much out of the money are these specific part payed shares you refer to. Can you give more details.

[Tyro]

I do not know for sure but my bet is that once the part payed shares are fully paid they receive the back dividend from the time they were first part paid.This was discussed some years ago and from memory i think that is what happens. As i say i do not know for sure but you have a very good question here and one we should find out about. How much out of the money are these specific part payed shares you refer to. Can you give more details.

Thanks for that. There are about 5,470,000 part paids on issue, with an average exercise price of $1.49.

[J R Ewing]

I do not know for sure but my bet is that once the part payed shares are fully paid they receive the back dividend from the time they were first part paid.This was discussed some years ago and from memory i think that is what happens. As i say i do not know for sure but you have a very good question here and one we should find out about. How much out of the money are these specific part payed shares you refer to. Can you give more details.

But the announcement says:

"(b) Interest or dividend conditions attached to securities converted: None. "

So it doesn't sound like it is dividend driven, and we haven't had enough dividends to warrant conversion at $1.49 anyway. Perhaps these shares had a lower conversion price?

[the machine]

per 2012 annual report there were 4,050,000 partly paid shares issued in may 2012 with excise price of 96c.

partly paid shares issued prior to this are out of the money

M

[Bixbite]

According to the end of Dec 2012 quarterly cash flow report – page 4 – ref 10:- (on 30th Jan 2013)

<< Fully paid during quarter 2,965,000 shares, paid-up value @0.870-0.894 cents (yes, it’s less than 1cent according to the heading of the columns) >>


http://www.nzog.com/f386,175854/December_2012_Quarterly_Cash_Flow_Report_signed.pd f

[digger]

Thanks for that. There are about 5,470,000 part paids on issue, with an average exercise price of $1.49.


Well at 1-49 that is way over the top,so it can not be from past dividends. Maybe the exercise price has been reduced. I of coa-rse do not have partly paid shares so was only puttting a posible theory on what it might be. If you are not satisified after these posting here email them and tell us what it is.
Cheers

[digger]

OK I have just received an email from a fellow shareholder who would know about this mystery around the partly paid shares.
When staff leave and the shares are out of the money the partly paid shares that were in their name are forfeited. NZOG is then obliged under the rules to sell the shares on market .This year the volumn has been high as some cleaning up from prior years. The partly paid shares are only entitled to dividends on the paid up portion of the share.

[Tyro]

OK I have just received an email from a fellow shareholder who would know about this mystery around the partly paid shares.
When staff leave and the shares are out of the money the partly paid shares that were in their name are forfeited. NZOG is then obliged under the rules to sell the shares on market .This year the volumn has been high as some cleaning up from prior years. The partly paid shares are only entitled to dividends on the paid up portion of the share.

Thank you.........

[Bella52]

PRC sale doesn't lok so bad now.

[digger]

PRC sale doesn't lok so bad now.

Hi Bella52,

Yes that is my thinking as well. Except for the lose of 29 miners it might be just as well. If pike were still mining and losing every day would it continually have its hand out to NZO.The govt sure would not be picking it up as it looks like they will do for SE.
Is the world wide loss in hard coking coal value the first admission that growth is over. ???

[brucey09]

Senors
NZO results yesterday due?

[the machine]

a trading halt

we wait to see what its all about

tunisia development?

dividend?

M

[the machine]

I would say zero chance of that because there is no trading halt requested for asx

M

[the machine]

now on asx but still unlikely to have what you hope for

M

[Queenstfarmer]

Perhaps the law of averages may be in our favour this time?

[QOH]

I'm not counting on good news, the share price went down.

[sideline]

the asx announcement has some details:

....
NZOG is expecting that a material annnouncement, regarding how NZOG progresses with a material asset, will be required to be made today, but is currently not in the position to be able to make an immediate announcement.

....request trading halt for approximately 4 hours ....

[lambton]

Interim dividend is my guess.

[Mr Tommy]

Interim dividend is my guess.

COSMOS FID decision is due march, thats tomorrow.

[fabs]

COSMOS FID decision is due march, thats tomorrow.

That above, or going by the rise of 7% plus of ppp against the general trend may have something to do with it.
Well, just have to wait and see hope its something positive for a change.

[Queenstfarmer]

Some optimism appearing on the buy side on ASB securities whilst sellers are dropping away?

[Queenstfarmer]

Haha yeah...but optimism all the same. Better than going the opposite don't ya think?

[sideline]

the asx trading halt was at 12:18 NZTime, so 4 hours after that is still a few minutes away.
otoh, it was only approximately 4 hours

[sideline]

the asx said:

trading halt remains until the earlier of: - start of trading on Monday 4 March OR - release of announcement to market

[brucey09]

Snrs.
Indonesia I think. Div ok halt not need.

[pierre]

Is anyone else having trouble accessing the NZX website? I haven't been able to get in for the past hour or so. Maybe it's overloaded with NZO investors checking to see if they've struck gold - or oil at least?

[dartMonkey]

But perhaps unsurprisingly the asx site has not been down ...
Extension requested ...

[tim23]

Merger with PPP or takeover from AWE?

[neopoleII]

well awe and ppp arent in a trading halt.... so no mergers or tui downgrade....... or kupe news.......... or divi news.
tr hasnt gone to heaven yet
the well in tusinia is behind scheduled... so no oil news
but tunsinia has trouble.... big trouble
""Tunisia's prime minister announced his resignation following a failed effort to form a technocratic government today to see the country out of its political crisis.""
from the local paper.
so maybe nzo doing a runner.....

the sooner tr is forced into retirement the better.

still cant understand why senior shareholders support his seat on the board.

but knowing nzo's record of trading halts..... it wont be good news.

unless solid energy has sold pike back to nzo for $1

just my pessimistic views

[Balance]

The obvious is that NZOG has decided to invest its cash in a major asset?

[neopoleII]

any ideas as to what that major asset might be?
maybe canadian oil sands? thats a good bet

[Stu]

http://www.nbr.co.nz/article/nzog-trading-halt-tunisian-oil-field-announcement-due-bd-136608

[Balance]

http://www.nbr.co.nz/article/nzog-trading-halt-tunisian-oil-field-announcement-due-bd-136608

Well, maybe Noggers' luck has finally come in?

Big strike?

[Casa del Energia]

Well, if it is tunisia, I can't see it as a good idea. The guardian reports that they've arrested four people over the assasination of the opposition leader. I wonder if it isn't just an expediency as the protests were against the islamic govt due to lack of action. Then there's the matter of the arms being shipped to/from Mali - and arms crossing the Lybian boarder - - smacks of deep unrest in the whole north african area. We all know about the killing of oil workers, the French are kidding themselves if they think they've got an exit strategy in northern Mali.. all powder keg territory. In summary - it would be good if there was an announcment that cosmos is to be abandoned.

[Queenstfarmer]

Indonesia still approx 3 wks away from drilling completion...so can't imagine any oil finding announcement. We know what Cosmos has. Only possibility of a negative announcement (in my view)...would be a withdraw from Tunisia due to political unrest.

[Balance]

Indonesia still approx 3 wks away from drilling completion...so can't imagine any oil finding announcement. We know what Cosmos has. Only possibility of a negative announcement (in my view)...would be a withdraw from Tunisia due to political unrest.

No need for trading halt for such an event.

[Balance]

Maybe Balance has shown up on the NZO share register & they're worried about the sp skyrocketing. :D

Haha. Good one! I doubt though that NZO will define yours truly here as an asset on their share register.

Tunisia does sound like a disastrous situation - unstable government and a populist one may just decide to nationalize everything.

How much has NZO invested in Tunisia? Do include the costs and expenses of all that wining, dining, traveling, entertainment etc etc to land this prize investment for Noggers.

[Pete]

Indonesia still approx 3 wks away from drilling completion...so can't imagine any oil finding announcement. We know what Cosmos has. Only possibility of a negative announcement (in my view)...would be a withdraw from Tunisia due to political unrest.

From the last update "The well has been drilled to 1809 feet (551m)" but "During most of the last week the drill was not operating while waiting on a replacement gearbox for a mud pump".

and


"The first of several drilling targets is a Pliocene Fan at approximately 5772 feet (1744M)" .... so if they had a good week drilling they could be close to the first target depth....fingers crossed.

[Queenstfarmer]

3 million invested thus far in Tunisia, Balance. And yes not including meetings over water pipes. A further 19million required for commitment. This could be the stumbling block, if any. Hope not!

[dsurf]

Could be cunning ploy to divert attention from late? six monthly results, ie, material announcement means they get an extension? This is pure conjecture on my part. Does anyone know when the 6 months results were / are due?

[fabs]

If this turns out to be about the Cosmos junket, the pet project of Dr. Spin aka D. Salisbury, then you can add another few millions of wasted monies to that long list of nonsense this co. has indulged in the last few years.
What a useless 5 years his term turned out to be for nzo although not for him.
Often pointed out on this forum.
Slow learners the lot of them, they sure now how to pick-em!

[Queenstfarmer]

Might be a very long weekend for noggers....or maybe we'll all know by lunchtime. Just a stab...but maybe it could be something as simple as the contract in selling gas to Vector. Wait we must!

[neopoleII]

interesting to see a $1.08 on the buy side....
some one know something?
or just fun and games?

[Xerof]

Pre-open and pre-close auction system. Read up on NZX education pages

[Queenstfarmer]

Those higher bids came in early afternoon in the hours after the halt.

[dsurf]

I think people just like to get ahead in the queue on the chance there is good news, if the news is bad they have time to bail before trading begins. I would read very little into the bids and asks at the moment.

re: if the news is bad they have time to bail before trading begins

How long after the news is announced does the trading halt get lifted?

[RTM]

Can this go on indefinitely ? Are there rules ? Frustrating !

[Mr Tommy]

3 cent interim dividend in HY13
3:21pm, 1 Mar 2013 | HALFYR

Shareholders in New Zealand Oil & Gas will receive a fully imputed interim dividend of 3 cents per share.

With its producing assets continuing to perform as expected, the company today announced net profit after tax of $7.7 million for the six months to 31 December 2012, up from $1.7 million in the corresponding previous six month period. [All figures in NZD].

A trading halt was requested on Thursday because NZOG recognised that decisions relating to expensing its Cosmos assets produced a result materially different to expectations.

The company's two producing assets, Kupe and Tui, contributed net operating cashflows of $25.2 million for the six months, compared to net operating cashflows of $26.5 million in the prior year.

The $6.0 million increase in net profit after tax is largely a result of changes in two net finance cost items: The prior period included impairment losses relating to Pike River Coal Limited, while the strengthening New Zealand dollar resulted in a fall in the value of USD holdings.

The company has also fully expensed its investment in the Cosmos South development plan in Tunisia. NZOG's assessment of the current development plan for the project does not meet the company's investment criteria and on that basis NZOG would not proceed.

Earnings before interest, tax, depreciation, amortisation and exploration (EBITDAX) were $27.9 million ($33.0 million in the comparable six months to December 2011.)

New Zealand Oil & Gas ended the period with a net cash position at 31 December of $171.0 million.

The half-year result was achieved despite a scheduled maintenance shutdown at the Kupe production facility in October, which reduced revenue for the period to $47.9 million ($54.6 million in the six months to 31 December 2011.) Revenue reductions were largely offset by savings in amortisation, which is based on the Kupe field's production profile.

The company has decided to move to paying its dividend in interim and final stages.

Shareholders at 15 March 2013 will receive a fully imputed interim dividend of 3 cents per share, which will be paid on 5 April 2013.

Shareholders can reinvest dividends free of brokerage charges through the company's dividend reinvestment programme, but a discount previously offered through the plan will no longer be applied.

Operating Performance
New Zealand Oil & Gas has a 15 per cent interest in the Kupe gas and oil field. Kupe contributed $31.2 million in revenue in the six month period. The company's share of Kupe production for the period was 1.3 PJ of sales gas; 5,323 tonnes of LPG; and 112,976 barrels of light oil.

The Tui area oil fields contributed revenue of $16.6 million in the six month period for the 12.5 per cent stake held by New Zealand Oil & Gas. The company's share of Tui production for the period was just over 114,000 barrels of oil.

Portfolio development
During the half year, New Zealand Oil & Gas significantly stepped up activity.

It acquired interests in four new offshore Taranaki permits - one through the Government's 2012 Block Offer, and three in a deal with Octanex NL. Exploration drilling in one of those, the Matuku prospect offshore from Taranaki, will begin in the coming drill season. New Zealand Oil & Gas also acquired an onshore Taranaki prospect in the Block Offer.

In October New Zealand Oil & Gas farmed out the Kaheru permit it operates, where drilling will also begin in the coming 2013-14 drill season.

Drilling has begun in the Kisaran Production Sharing Contract in onshore Sumatra, Indonesia, where NZOG has a 22.5% interest.

[Xerof]

It's not 4 pm yet....that was the last advice they gave

right now it opens at 92.5/93, with all trades at 93.

that will certainly change during the pre-open after the announcement, news dependent on good/bad.

it's therefore a perfectly priced market - no change, until there is change

oh, a little dated - the trading halt's about to come off

[Mr Tommy]

So plug pulled on Cosmos, have they also given up in Tunisia ?

[Xerof]

Sorry, main course is ruined, but here, have a lolly instead.......

[Balance]

If this turns out to be about the Cosmos junket, the pet project of Dr. Spin aka D. Salisbury, then you can add another few millions of wasted monies to that long list of nonsense this co. has indulged in the last few years.
What a useless 5 years his term turned out to be for nzo although not for him.
Often pointed out on this forum.
Slow learners the lot of them, they sure now how to pick-em!

US$3m down the gurgle.

But fear not, NZOG has spent a lot of time and effort on assessing Tunisia - http://www.nzog.com/tunisia

More investments into Tunisia in the future.

Otherwise, the US$3m plus probably US$1m of expenses etc would have been better used to buy expensive gifts for the Directors. Oops, I mean shareholders.

[Balance]

Sorry, main course is ruined, but here, have a lolly instead.......

More like, have a jelly bean instead.

[neopoleII]

after my last pessimistic post, and then reading the release, im actually quite happy.
i might even take up the 3cents as a drip ......
it seems the board is listening to it shareholders and that is all i ever asked for..... as well as divis ..... better than bank rates...... which is now happening.

it seems diggers vote of confidence ( or opportunity for the new ceo to prove himself) is a good vote.
and it seems now that the drip is worth going for now also.
obviously there are still serious issues to sort out and wealth to rebuild after the huge hemorrhage of the last few years...........
and it seems a positive air of change is happening.
too late for some... yes.
rewarding for others ...yes.
but possibly a new beginning and hope for others.
i have no problem admitting that i have been critical of past happenings and certain board members and directors which have cost me and many other shareholders a great deal,
but if they recognize and change their direction or mindset to better Serve their shareholders/ owners....... then that has to be congratulated.
even though we the SHers all suffered severely.
one thing i do believe in is...... you cant change the past...... but you can learn from it.
and if you learn and change the present and the future, then there is hope......

so i hope anyway.

[Balance]

after my last pessimistic post, and then reading the release, im actually quite happy.
i might even take up the 3cents as a drip ......
it seems the board is listening to it shareholders and that is all i ever asked for..... as well as divis ..... better than bank rates...... which is now happening.

it seems diggers vote of confidence ( or opportunity for the new ceo to prove himself) is a good vote.
and it seems now that the drip is worth going for now also.
obviously there are still serious issues to sort out and wealth to rebuild after the huge hemorrhage of the last few years...........
and it seems a positive air of change is happening.
too late for some... yes.
rewarding for others ...yes.
but possibly a new beginning and hope for others.
i have no problem admitting that i have been critical of past happenings and certain board members and directors which have cost me and many other shareholders a great deal,
but if they recognize and change their direction or mindset to better Serve their shareholders/ owners....... then that has to be congratulated.
even though we the SHers all suffered severely.
one thing i do believe in is...... you cant change the past...... but you can learn from it.
and if you learn and change the present and the future, then there is hope......

so i hope anyway.

TR says thank you for your vote of confidence.

NZOG will be buying back Pike River mine and this time, will make sure Peter Whittall adheres to strict safety guidelines and rules.

[neopoleII]

as you know balance... im one of the biggest critics of tr,,,,,,,,, i dont like him or his elephant dreams at the expenses of shareholders.
but....... things are changing and it is ......... as of lately turning around....... and im not discounting the last few years.

the last few years...... if it was 1940's europe..... someone would of stood against a wall and caught a bullet.
but its modern day NZ now and modern day shareholders are slowly but surely making their voices heard.

tr needs to or should be forced into retirement........ that i agree with you balance....... for a long time.

the sad thing is.......... you didnt buy a controlling share of NZO and push him out.
which means your just a minnow shareholder just like the rest of us with an opinion.
so to be fair....... you must see that tr's control is weakening and things are turning positive.

fair statement?????

[arjay]

your just a minnow shareholder just like the rest of us

Balance is a shareholder????

[the machine]

must be getting close to first target zone in indonesian drill

last day to buy before it all happens

M

[fabs]

It would now appear very fortunate that the receiver and nzo got a little bid of money last year for the pike mine.
Seeing Solid Energies apparently also run by a bunch of incompetents were probably the only serious bidders.
A project now unlikely to see the light of day in our lifetimes or ever.
In stark contrast to some of the many dreamers opinions on this forum, of some pie in the sky figures in the hundredths of millions.

[the machine]

rather robust outlook by bukit energy

http://www.bukitenergy.com/html/kisaran.html

m

[Mr Tommy]

Yeah what a miserable announcement

'prior to drilling into the objective section' - maybe the first target moved.

[the machine]

something is missing alright
have to now wait another week

m

[Queenstfarmer]

Perhaps the recent earthquakes in that region opened up a series of cracks....creating a flow path thru to Siberia.

[stanace]

Dividend due if holding on 15th, is that correct? And the share price is going backwards. I don't get it.

[fish]

Dividend due if holding on 15th, is that correct? And the share price is going backwards. I don't get it.

went ex-dividend today-so if you bought today you would not be on the register until 3 days later and so would miss out on dividend date of those on the share register on the 15 th .

[Queenstfarmer]

Stanace...Google record date and you'll find Investopedia explaining record dates and ex dividend. If you buy the day before ex dividend (NZO yday) you'll make utter on.to the register. So Tuesday the final day to buy in...hence the drop today. Never fear the vultures will be back if Indonesia a good result.

[digger]

Dividend due if holding on 15th, is that correct? And the share price is going backwards. I don't get it.

The easy way to see this is to think of the time to process a buy or sell order. That requires 3 days to clear so if you want it finished by Friday night coming then you have to cut off on Tuesday to complete these orders. So if you bought today it has to be xdividend.

[fabs]

There has to be a better reason for the S/P to drop from a high of 96-97 a month ago to 89 with all the good news.

[notie]

There has to be a better reason for the S/P to drop from a high of 96-97 a month ago to 89 with all the good news.

People have finally woken up and realised NZOG is a dog of an investment?

[the machine]

There has to be a better reason for the S/P to drop from a high of 96-97 a month ago to 89 with all the good news.

being ex dividend and the lack of anything in first zone for indonesian drill

tunisia wrie off of 43m did not help either

M

[Balance]

being ex dividend and the lack of anything in first zone for indonesian drill

tunisia wrie off of 43m did not help either

M

NZOG's investment policy - have money, think we actually know something about offshore investment!

[the machine]

probably have good news latest on monday re indonesian drill - after all it is an appraisal drill into a known oil discovery
Bukit are very upbeat about the permit

hopefully the drill bit will do the talking - latest on Monday

M

[bermuda]

being ex dividend and the lack of anything in first zone for indonesian drill

tunisia wrie off of 43m did not help either

M
The Machine,
I saw Andrew Knight's preso in Sydney last week. He did not make any reference to a 43m write off on their Tunisian assets. Have I missed something?
Please advise.
ps
They should stick to being NZOG.

[Balance]

The Machine,
I saw Andrew McKnight's preso in Sydney last week. He did not make any reference to a 43m write off on their Tunisian assets. Have I missed something?
Please advise.
ps
They should stick to being NZOG.

$3m.

Thought you would have that number top of your head, Bermuda?

[the machine]

The Machine,
I saw Andrew Knight's preso in Sydney last week. He did not make any reference to a 43m write off on their Tunisian assets. Have I missed something?
Please advise.
ps
They should stick to being NZOG.

sorrt typo - my fat fingures
$3M is correct
M

[Balance]

sorrt typo - my fat fingures
$3M is correct
M

If you add all the expenses related to investing in Tunisia - legal, due diligence, executives' time, travel, wining and dining etc, the total cost of the Tunisia misadventure would definitely be well in excess of $5m.

But hi, it's nothing compared to the dry holes drilled in the last 5 years, right?

Need to give the executives and directors those first class flights and 5 star hotel accommodation to keep them motivated.

[digger]

My estimation of the Cosmos write off is about 6 million. We paid US 3 million to take up the interest and then add in costs and it would come to about 6 million NZ.
Where is the idea that we are finished in Tunisia coming from? We are still examining the Diedore prospect and may well decide to drill it.

[Balance]

My estimation of the Cosmos write off is about 6 million. We paid US 3 million to take up the interest and then add in costs and it would come to about 6 million NZ.
Where is the idea that we are finished in Tunisia coming from? We are still examining the Diedore prospect and may well decide to drill it.

ANOTHER INVESTMENT, ANOTHER WRITE - OFF.

Seems to be the story of NZOG?

Hardly surprising when you consider how NZOG managed one of its biggest investments :

http://www.stuff.co.nz/business/industries/8431349/Court-hears-of-bleak-chance-of-escape-in-mine

Excerpt : "Two days before the blast, a mining deputy had complained that the smokelines were in "very poor condition" and needed checking.

"They were either absent, incomplete on the floor or at a height where they were difficult to reach," Birdsall said."

The only escape route available for the miners, up the ventilation shaft, involved an initial 55m vertical climb which most, if not all, would have been incapable of at the best of times.

The only underground fresh air base, 1km away from the furthest workings, relied only on a piece of brattice to protect it from gases.

Some underground machinery that should have been fitted with gas detectors was not, the mine did not have a proper methane drainage method, and recommendations that this be rectified had also been ignored, Ms Birdsall said

[Xerof]

Oh god, the bro...



bro.....



bro......


zzzzzzzzziiiiiiiiiiiiccccccchhhhhh




broken record's being played again

[Balance]

Oh god, the bro...



bro.....



bro......


zzzzzzzzziiiiiiiiiiiiccccccchhhhhh




broken record's being played again

29 miners died because of the negligence of management and directors of Pike River Coal in monitoring and upkeeping the safety requirements of the mine.

NZOG seconded management and directors to Pike River.

So easy to forget, isn't it, Xerof?

I wonder if the families of the dead miners will find it as easy as you want to forget what happened.

[skid]

:confused:So let me get this straight--because Xerof [as well as others]have decided its time to move on,then he [or we]are somehow to blame for what happened,or are showing disrespect for those families or the miners??--pretty righteous of you there Balance, especially since you hav'nt really contributed any new information.
Nobody needs to be reminded of the pain the families have, and are going through--but your not necessarily going to alleviate that pain, by being a pain

[Xerof]

You do me an injustice claiming I am saying it's time to move on skid. All I was saying is Balance merely repeats the same old same old, that most participants here would have read for themselves.

He would be better off phoning NZO directors to express his personal opinion if he is that obsessed with berating those he alleges are at fault. I thought proceedings were still continuing.....


I'll play my broken record on this saga.... When is Ward going to front up?

[digger]

Yeah what a miserable announcement

'prior to drilling into the objective section' - maybe the first target moved.


Mr Tommy.
You and some other posters [and the market] seem to be under a different drilling plan layout than what I believe is to happen with the Kisaran drill. I have not checked this out with the NZO mamagement but I somewhere was of the belief that all the Kisaran well was to be drilled then at the conclusion of drilling the testing would be done. From memory that might have come from some comments at the AGM. Then the well was to be drill in Nov last year and we were to have had the results at end of Feb. So now that the well did not start until Feb I would say the results on the same time line will be about mid April as 45 days was given for drilling time.
Do you know anything about this? Where did you get the idea that each zone of interest would be reported on before further drilling proceeds,other than that is how we do it in NZ? If we can not sort it out we will have to get to the board to see what the intension is.

[Balance]

:confused:So let me get this straight--because Xerof [as well as others]have decided its time to move on,then he [or we]are somehow to blame for what happened,or are showing disrespect for those families or the miners??--pretty righteous of you there Balance, especially since you hav'nt really contributed any new information.
Nobody needs to be reminded of the pain the families have, and are going through--but your not necessarily going to alleviate that pain, by being a pain

New infor? What's so new about NZOG save write-offs after write-offs?

And dry well coming up yet again.

Oh well, better than writing off?

[skid]

If the write offs are what are happening now,then by all means ,debate it.
Otherwise if there is no new information,and its been said before[many times] ,why post at all.
Xerof-no offense intended-I dont believe moving on [with respect to those that are suffering]is a bad thing.

[Mr Tommy]

Mr Tommy.
You and some other posters [and the market] seem to be under a different drilling plan layout than what I believe is to happen with the Kisaran drill. I have not checked this out with the NZO mamagement but I somewhere was of the belief that all the Kisaran well was to be drilled then at the conclusion of drilling the testing would be done. From memory that might have come from some comments at the AGM. Then the well was to be drill in Nov last year and we were to have had the results at end of Feb. So now that the well did not start until Feb I would say the results on the same time line will be about mid April as 45 days was given for drilling time.
Do you know anything about this? Where did you get the idea that each zone of interest would be reported on before further drilling proceeds,other than that is how we do it in NZ? If we can not sort it out we will have to get to the board to see what the intension is.

Hi Digger
the first progress report stated "The first of several drilling targets is a Pliocene Fan at approximately 5772 feet (1744M)." so I was assuming once we got to each target we would hear what they found.
But I sent NZOG a query and they said basically once the well is finished we would hear.

[BigBob]

Hi Digger
the first progress report stated "The first of several drilling targets is a Pliocene Fan at approximately 5772 feet (1744M)." so I was assuming once we got to each target we would hear what they found.
But I sent NZOG a query and they said basically once the well is finished we would hear.

Also, my understanding is a that this is a an appraisal well - oil was discovered in 2003..... So to release information to say that they have encountered hydrocarbons would be somewhat meaningless. What they need to work out is how much and at what flow rates. This presumably requires more testing than simply drilling into an exploration target...

[digger]

Hi Digger
the first progress report stated "The first of several drilling targets is a Pliocene Fan at approximately 5772 feet (1744M)." so I was assuming once we got to each target we would hear what they found.
But I sent NZOG a query and they said basically once the well is finished we would hear.

Thanks for that Mr Tommy,that was my understanding and BigBob next comment sums it up nicely. We already know there is hydrocarbons their it is just as Big Bob says,how much and will it flow commerically,so having the results left till the drilling is finished make since.

[neopoleII]

the company could of released this information in one sentence, instead of the speculation and head scratching going on now.

""the company intends to appraise the well via wirelog once teminal depth has been reached""
gee that was difficult. makes you wonder what their public relations officer is earning per annum?

[the machine]

the company could of released this information in one sentence, instead of the speculation and head scratching going on now.

""the company intends to appraise the well via wirelog once teminal depth has been reached""
gee that was difficult. makes you wonder what their public relations officer is earning per annum?

they cut a 60' core so that is very goog sign

m

[Mr Tommy]

they cut a 60' core so that is very goog sign

m


o Cored 60 ft interval 6484 feet to 6444 feet (1976m to 1964m).

When I went to skool 6484 minus 6444 would only be 40 feet, must be inflation.

[fabs]

No Way of telling when S/P will bottom out this time.
Seems this co is steady going backwards to where they been 6 months ago, or maybe even further. Mind you price probably about realistically near where it belongs.
Bottom draw stuff really?

[777]

Trouble is I need both the bottom drawers.

[BigBob]

No Way of telling when S/P will bottom out this time.
Seems this co is steady going backwards to where they been 6 months ago, or maybe even further. Mind you price probably about realistically near where it belongs.
Bottom draw stuff really?

Well that's not actually quite right... From a TA point of view we're on or close to support and the current retracement on very low volume is actually quite healthy... If support holds expect another crack at the post pike high of 98... Unadjusted, that is....

[fabs]

From a TA point of view we're on or close to support and the current entrancementa on very low volume is actually quite healthy... If support holds expect another crack at the post pike high of 98... Unadjusted, that is....[/QUOTE]

Yeah right!
NZO just the co.to do that sort of thing, Not holding My breath though, but lets hope for the umpteen time that this management has the nous to proof that they are worth their money.

[Balance]

No mention of target depth of 9,000 ft so it looks like it is going to be yet another dry hole?

[Balance]

I think we have already concluded the company is going to talk flows etc. once drilling is complete, no?

So how much did NZOG paid for its 'investment' in Indonesia?

Go to Pacific Oil and Gas web-site (http://www.po-and-g.com/index.php/en/oil-a-gas) and it tells you a lot about the partner NZOG has joined up in Indonesia to look for oil and gas.

[neopoleII]

well, they know there is oil there, just how much is the question, they are onto the second coring at close to terminal depth and the share price goes........
it seems the drill and thrill is a game that nzo cant play anymore.... the drill into several zones is done or being done and no public results what so ever.
obviously the coring into the primary zone means that there is no flow as they are having to core it. it seems they might of found oil bearing sands 2 + km down instead of free flow oil.
its hard enough to extract oil from oil sands on the surface let alone 2kms down. the coring of the primary zone is enough info for those that know to start walking.
the lack of info from nzo confirms it.

if however the coring of solid matter ends up being 20 mill barells or such number, then the way they release these notices is not too good.
i have read however that disclosure notices from overseas explorers is different to NZ explorers.
which is something that NZO should of explained to shareholders..........

maybe this is why the sp is dropping while in the middle of a drill that has proven oil????

simple communication and explanation of what is happening is not a hard thing to do.

it seems that the knowledge of sharetrader members is more valuable than the information that is supplied by the company that we have invested in.

just another example of this co ignoring its shareholders...... maybe not deliberately in this instance, but an informed statement as to how it works for overseas
lead operators would of really helped shareholders.

here's hoping for a "wet" coring !!
im guessing flow tests might be a while off if at all??

[the machine]

hopefully after reaching total depth then there will be some testing - afterall it is an appraisal drill so one would expect testing

M

[Bella52]

I recall from when Cooper were drilling in Indonesia back in 2010 that because it is a PSC there is a regulatory process to go through to confirm that there is a find that can be produced. It was a permit that had production not significant proven reserves. I wouldnt expect any results until they test the well and go through the Indonesian process.

[digger]

I recall from when Cooper were drilling in Indonesia back in 2010 that because it is a PSC there is a regulatory process to go through to confirm that there is a find that can be produced. It was a permit that had production not significant proven reserves. I wouldnt expect any results until they test the well and go through the Indonesian process.
I recall that when this drill was to be started in Dec results were to be out end feb. So we are looking at 2.5 months. On that findings first info should be expected end of may. And yes it does seem to be true that there is more regulatory processes in place these days so regardless of what the JV's think the well will most likely have to be pressure tested and a report made for the authorities.


Small correction--- the end of May only holds if there is not tooooo many delays.

[the machine]

volume and sp up on a down day - is there info leakage from the well??

M

[the machine]

compare OXX announcement to NZO - very tempting to sell nzo and buy OXX - same permit - far better intel
'
M

[Balance]

Getting close now...

NZO
08/04/2013 08:50
MINE

REL: 0850 HRS New Zealand Oil and Gas Limited

MINE: NZO: Kisaran Exploration Well weekly progress report

New Zealand Oil & Gas advises that at 11:30AM Sunday, 2 April (NZT), the
following operations had been completed at exploration well Parit Minyak-2
(PM-2), located in the Kisaran PSC in onshore Sumatra, Indonesia:

o Recovered 42.8 feet of core (8587-8630 feet)
o Drilled 8 1/2 inch hole to 8891 feet (2710m)

Current operation: Continue drilling to total depth.

New Zealand Oil & Gas Ltd has a 22.5% stake in the joint venture through the
share ownership of its subsidiary NZOG Asia Pty Ltd in Pacific Oil & Gas
(North Sumatera) Ltd.

The Kisaran Joint Venture partners are Pacific Oil & Gas (Kisaran) Ltd (55
per cent and operator) and Pacific Oil & Gas (Sumatera) Inc. (22.5 per cent).
End CA:00234959 For:NZO Type:MINE Time:2013-04-08 08:50:23

If there is gas and oil found in commercial quantity, one would expect NZOG's sp to be racing upwards.

Why? Because drilling rigs leak like a 1980s Chase Corporation sponsored company.

[Queenstfarmer]

I guess with discoveries made at 3 separate zones back in 2006...perhaps they wouldve abandoned drill if nothing after 2nd target depth. Also a positive announcement at 1st and 2nd targets wouldve seen the sp out of control by now. Its been more than 45 days now so one would expect some news re discoveries, if any over the next week.

[the machine]

after reaching total depth then what?
hopefully text flows

M

[J R Ewing]

Yes, and funny how the SP went below NTA again, should have at the least continued its modest uptrend from the past year and a half. Looks like a good buy to me, especially considering dividend yield and cash in the bank. Could be holding everything back until it's all completed...

I am happy with the price I paid for shares through the DRP.

[J R Ewing]

What was the reinvestment price again?

86.518c/share

[Balance]

Ah cheers. Looks like that was a target SP (which is now gone...) Not much enthusiasm in the market for NZO, think management should re-align reporting accordingly!

UPDATE: Ouch, 82 cents just hit with hardly any buyers. Not a good look!

So it's $30m write-off for Tunisia (excluding incidentals like legal, due diligence, hotels, wining and dining, travel, etc) and another $40m soon for writing off Indonesian investment?

Net cash flow for 1H 2013 was $25m.

Net cash flow for 2012 was $63m.

So basically, it's 1.5 years of earnings and cash flow down the dunny?

[Balance]

How do you know that Indonesia is already written off? Could just be poor communication by the company. If you have been watching WCL.ASX and it's takeover offer you will know what I'm talking about. Poor communication can absolutely destroy a SP, but it does not mean it is dead as an investment just because the market has chosen to take it all negatively. I know the companies history is rather lacklustre, but you never know...

Not saying it is written off - it just does not look good, does it?

As I wrote previously, oil rigs leak like sieve when it comes to drilling information.

There are a multitude of people on a drilling rig who can 'tip' off a discovery.

If the Indonesian drill hit oil or gas of commercial quantity, NZOG's sp will be at least 95 cents by now.

[digger]

Not saying it is written off - it just does not look good, does it?

As I wrote previously, oil rigs leak like sieve when it comes to drilling information.

There are a multitude of people on a drilling rig who can 'tip' off a discovery.

If the Indonesian drill hit oil or gas of commercial quantity, NZOG's sp will be at least 95 cents by now.


Hi Balance.
I can see how the drilling crew would know if there is oil present or not but only the pressure readers would be in a position to know if it is commerical or otherwise. The SP has bounced around a bit lately. On Friday last it hit 89 and I had to tell myself just what I am saying to you now. That is wait for the results what we have here is spectualtion between buyers and sellers.

[BigBob]

[QUOTE=Balance;400854]So it's $30m write-off for Tunisia (excluding incidentals like legal, due diligence, hotels, wining and dining, travel, etc) and another $40m soon for writing off Indonesian investment?[QUOTE]

Come on Balance - those numbers are rubbish and you know it.... Tunesia was $3m (as you yourself pointed out to bermuda from memory) and maybe add a mill or so for expenses and we can call it $4-$5m.... but as you also know it has not been written off just yet...

And why do you think Indonesia will be written off - currently they are drilling an appraisal well... what abbout we give them time to appraise...!! The next well is an exploration well, which will presumably give all those who crave instant results a much quicker yay or nay....

[Balance]

[QUOTE=Balance;400854]So it's $30m write-off for Tunisia (excluding incidentals like legal, due diligence, hotels, wining and dining, travel, etc) and another $40m soon for writing off Indonesian investment?[QUOTE]

Come on Balance - those numbers are rubbish and you know it.... Tunesia was $3m (as you yourself pointed out to bermuda from memory) and maybe add a mill or so for expenses and we can call it $4-$5m.... but as you also know it has not been written off just yet...

And why do you think Indonesia will be written off - currently they are drilling an appraisal well... what abbout we give them time to appraise...!! The next well is an exploration well, which will presumably give all those who crave instant results a much quicker yay or nay....

"A trading halt was requested on Thursday because NZOG recognised that decisions relating to expensing its Cosmos assets produced a result materially different to expectations."

LOL - Expensing in NZOG = write off.

PR man gets a kick in the bum for trying a fast one.

[the machine]

NZO need to improve their PR

compare these 2 announcements

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01397142

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01396951

they are referring to same permit and nzo's is a very poor cousin to OXX IMO.

the OXX announcement gives a lot of insight into the prospective taranui prospect, being updip in the F sands from the taranui-1 well that found oil in the D sands. Ponder about the Oi prospect where nzo have 12.5% which fits in very nicely in the scheme of things.

M

[Balance]

Wow, those two releases are like night and day. Absolutely terrible PR by NZO. Shame on them.

Nothing to do with terrible PR by NZO!

More to do with the mindset of the directors and management.

The kings and emperors of old liked to keep their subjects in the dark as knowledge is power and power is king.

As shareholders of bugger all consequence, just know your place and all will be fine with your investment in NZO.

After Pike River and Tunisia, why should you doubt the experience and expertise of the directors and management in making investment decisions?

[sideline]

Wow, those two releases are like night and day. Absolutely terrible PR by NZO. Shame on them.

Naaah, that's the new policy of not attracting too much attention from pesky protesters while emphasising their mammal-friendly
passive monitoring image.
Maybe OXX need to learn something here - they are leaking real information....

[Bella52]

Yes, the massive permit area with absolutely no information in it in the NZO document is mighty unhelpful for those protestors if they are trying to find it if it does hit commercial grade! OXX needs to start towing the line...

Agree with the current issues around the Crown Minerals Act, a low profile is a good idea.

[Balance]

Agree with the current issues around the Crown Minerals Act, a low profile is a good idea.

Wow!

NZOG has trained you all very well!

Or brainwashed you.

TR and NZOG sure kept a low profile on Pike River when it blew up, didn't they?

[Queenstfarmer]

Brilliant! Thank you Balance. A nice piece of Friday avo entertainment from you to all of us.

[Balance]

lol, NZO has no brainwashing skills at all, they're too busy putting blank spots over their announcements and maps.

Surprising yesterday that the Government came out with an apology before NZO over Pike River...

Why should NZOG apologize?

They were only the promotor, funder, champion, originator, underwriter, management and director secondment to Pike River.

Oops - so they were!

[digger]

Why should NZOG apologize?

They were only the promotor, funder, champion, originator, underwriter, management and director secondment to Pike River.

Oops - so they were!


Just to stir Balance a little I thought I would add what NZO were not. NZO were not in charge of the safety of the mine. The govt apologiesd as the labor dept and mine inspectors responsible for mine safety did not or did not have enought funding to do their job. That is why the govt made this apology and correctly so.

I have said many times in the past and have always believed it that the project would have been far safer if the mine inspectors did not exist. Then clearly the safety would be entirely in the hands of the mining company. The existance of mine inspectors with the clout to close the mine clouds the issue of who is uliimately responsibility. On the other hand maybe the accident happened when we removed ourselves from the system used in Aus. That goes back to the days of Muldoon. We clearly for the future need someone with the final power and backing clout as the last port of call if we in NZ are every again to do projects of this nature.

[the machine]

well, at least after 4 days of testing it - the testing is still proceeding - it does not take 4 days to determine there is nothing there

let me guess - next Mondays report will detail casing has commenced

M

[Balance]

well, at least after 4 days of testing it - the testing is still proceeding - it does not take 4 days to determine there is nothing there

let me guess - next Mondays report will detail casing has commenced

M

Not sure about that, tm.

The sp is holding up well - suggesting those in the know are quietly picking up shares?

I am ever cynical when it comes to mining companies. especially one which is involved in the death of 29 miners and has still not apologized.

[fish]

well, at least after 4 days of testing it - the testing is still proceeding - it does not take 4 days to determine there is nothing there

let me guess - next Mondays report will detail casing has commenced

M
For the sp to go up when the brent oil price is falling and the nz dollar rising so high I suspect you are correct.I sold some today at 87 cents as i inadvertently got shares instead of the dividend at about 86.5 cents a share and am already overweight in nzo .
I bought some more chorus at a bargain price today

[fish]

Not sure about that, tm.

The sp is holding up well - suggesting those in the know are quietly picking up shares?

I am ever cynical when it comes to mining companies. especially one which is involved in the death of 29 miners and has still not apologized.
Thats strange as I am always cynical about your posts-especially as you keep on trying to bring in an unrelated tragedy when in reality you have always had a particular grudge for nzo-long before the prc tragedy which the current nzo management had nothing to do with

[Casa del Energia]

For the sp to go up when the brent oil price is falling and the nz dollar rising so high I suspect you are correct.I sold some today at 87 cents as i inadvertently got shares instead of the dividend at about 86.5 cents a share and am already overweight in nzo .
I bought some more chorus at a bargain price today

"I bought some more chorus at a bargain price today" - Did you buy them for a song? ha ha - (Sorry, just could resist that one, red flag in front of a bull and all that).

[fabs]

Just wondering how much longer this numerous and highly paid Management is letting its wealth hemorrhaging away, holding funds in a dying currency like the US$?
Have they not not so long ago invited yet another passenger on to the Gravy Train, aka [ Financial Expert ]????

[Balance]

Just wondering how much longer this numerous and highly paid Management is letting its wealth hemorrhaging away, holding funds in a dying currency like the US$?
Have they not not so long ago invited yet another passenger on to the Gravy Train, aka [ Financial Expert ]????

Please learn to trust the directors and management - that elusive oil strike is any day now.

Meanwhile, first class travel, accommodation, big salaries and perks, consultancy fees and wining & dining are required to keep bringing the opportunities (like Tunisia, Indonesia etc) to strike that oil.

And of course, NZOG had nothing to do with Pike River Coal beyond being a shareholder.

Judge: Pike River Coal guilty of safety breaches
Last updated 14:44 18/04/2013


Pike River Coal Ltd has been found guilty of nine health and safety failures in a damning judgment that blames it for causing the November 2010 blasts and deaths of 29 men.

Judge Jane Farish announced her decision to convict the company, which is in receivership this afternoon after a two-day hearing last month.

She said she found in relation to three charges that breaches by Pike River Coal were ''causative of the explosion and the subsequent deaths of those men who perished''.

''In this case, there were fundamental breaches of the Health and Safety in Employment Act which led to the unnecessary deaths of 29 men.''

Her full decision will be released in two weeks.

The former Labour Department, now part of the Ministry of Business, Innovation and Employment, laid nine charges under the act against the mine's owners.

They related to methane, strata and ventilation management, mitigating the risk of an explosion and impact, plus health and safety management for contractors, subcontractors and their employees in the underground West Coast coalmine.

Each charge carries a maximum penalty of $250,000.

During the hearing two witnesses told the court about the dire chances any blast survivors had of escaping because the mine had insufficient smoke or life lines, used to lead miners to the exit during a fire or explosion.

Australian mine safety expert David Reece and ministry health and safety inspector Jane Birdsall also criticised the mine's fresh air base at last month's hearing

[Banksie]

Just 4 days ago they said flow testing would take 10-20 days, now it is 20-35 days.

[Queenstfarmer]

Well compared to the previous drill in the Taranaki basin a few years back...they new very quickly it was non commercial. So with all this testing going on.this time around...I'm hoping its to determine how many million barrels.

[Banksie]

Well compared to the previous drill in the Taranaki basin a few years back...they new very quickly it was non commercial. So with all this testing going on.this time around...I'm hoping its to determine how many million barrels.

Guess I have been watching too many Dallas reruns - I was expecting it to come gushing out of the ground ;).

[neopoleII]

found this...
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.

source...
http://www.bukitenergy.com/html/kisaran.html

[Queenstfarmer]

With the last drill it was after wire logging...they worked out it was non commercial. So to me this further testing is a positive announcement.

[Queenstfarmer]

Banskie...perhaps more the Beverly Hillbillies!

[digger]

With the last drill it was after wire logging...they worked out it was non commercial. So to me this further testing is a positive announcement.

Hi Queenstfarmer, that is my hope as well. Still not there yet but the fact that it is still going is very encouraging indeed. I said some posts ago that I thought the final results would be about the end of May ,so it is good to see it will be about then. Taking all the time required is the way to go as you do not want further and later info to contract the earlier results. I have seen that happen and it does not come off well. Remember Pukeko---it was nearly announced as a great discovery but with further results it ended up as a depleted past well. On that one we were about 10 million years too late. So lets be happy the testing is full on.

[Balance]

For those who still question who really is behind the mess and the tragedy which was Pike River :

http://www.nzherald.co.nz/business/n...ectid=10419652

Excerpt :

" after an NZX request for more details, NZOG said the main factor behind the resignations was an NZOG decision to take direct responsibility for a float of Pike River - of which it owns about 61 per cent - and in the meantime treat its coalmine development as an NZOG project."

[the machine]

found this...
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.

source...
http://www.bukitenergy.com/html/kisaran.html

and the entire permit has potential for 300m barrels equivalent

the second drill - to now start in june I guess, has to be upgraded view what appears to be good news on this well

I wonder when the decision was made to case it

M