NZ Oil & Gas (NZO) [Archive] - Page 51

Balance

13-07-2013, 07:35 PM

and where were the government appointed mines inspectors?
or OSH or numerous other officials?
i do recall there was also a publicly stated announcement from PRC that they offered a 10K bonus to all staff if the miners got the coal out in a certain time frame.....
you would think that the mine inspectors would take heed and make sure that the miners werent overly over worked (for safety reasons) in the miners quest for a 10k cash payout?
lots and lots of mistakes..... the management had the right to offer big rewards, the miners had the right to except the rewards.........
the inspectors had the right to make sure things are safe............
the inspectors are government employees

If the mine was operated safely - who needs inspectors?

neopoleII

13-07-2013, 07:39 PM

also.... how many coal mines in the world are methane free? i guess that most have this problem of methane build up.
and sensors are installed to monitor...... who installs them? who monitors them?
who "covered" them up?
im guessing that the suit wearing board didnt walk down the mine and cover or remove or disable the sensors.
so maybe the miners themselves decided that the "pesky" sensors were hindering their 10k bonus?

go into the mine and have a look and expose the real truth...... im sure you want to see the real facts as much as us balance.

neopoleII

13-07-2013, 07:42 PM

If the mine was operated safely - who needs inspectors?

thats a stupid statement........ even for you balance.

im off to have a tui.

Sayce

13-07-2013, 08:06 PM

sideline

13-07-2013, 10:41 PM

On the matter of the flow rate of the Kiseran well, surely the choke used in the process is relevant. I presume that once in production that a much large nozzle is used and therefore flow rates will be larger. If I am wrong about this I am sure that I will be promptly corrected.

I am not familiar with oil exploration techniques, but physics would tell me that the flow rate and choke size are together a measure of
the pressure the reservoir is under and the ease with which the oil moves in the reservoir. These can be improved by fracking (a.k.a. stimulation) or horizontal drilling to improve the horizontal flow and artificial lift (as in Tui) if the pressure in the reservoir is a bit low.

Balance

14-07-2013, 12:03 PM

Anyone ever ask about ACC and where they stand. Did the miners not die from an accident so why not ACC?
Lets open up the mine and see what happened.

http://www.nbr.co.nz/article/pike-river-compensation-air-ck-142833

"the Prime Minister has said in terms of ACC, the payout there has been the biggest workplace payout ever.”

Your 'head in the sand' not wanting to read up properly on Pike River shows through, Digger.

Shame on you.

Sounds familiar to anyone pretending the explosion was caused by an act of nature : "Under re-examination by Shortall, Whittall said the impact of Pike River Coal’s financial difficulties on the mine site had been “nil”.
He told reporters after the hearing that the company’s reputation had not been tarnished by evidence presented to the commission in the last fortnight. “I think it shows that the company has taken every conceivable step and employed every available consultant to provide the best possible advice…I think the company from day one has always had safety at the forefront of its way of operating.”

Balance

14-07-2013, 12:14 PM

http://www.3news.co.nz/Greens-use-ladder-pic-to-question-Pike-River-safety/tabid/309/articleID/217955/Default.aspx

55 meters evacuation ladder up a shaft - straight up for any miner lucky to escape the explosion.

Hole acts as a chimney to funnel hot gas and flame up the chute.

No wonder Peter Whitall had a chuckle about anyone climbing up that ladder.

Sick joke.

brucey09

14-07-2013, 12:19 PM

If the mine was operated safely - who needs inspectors?

Snr Balance
I try explain. The PRC had safety man who was educated but he no have time to look in mine?. Now no blame because reason not known to explode. As you say - one day?

Balance

14-07-2013, 12:27 PM

Snr Balance
I try explain. The PRC had safety man who was educated but he no have time to look in mine?. Now no blame because reason not known to explode. As you say - one day?

My point is that the blame for the explosion must rest firstly, squarely and primarily with Pike River.

We do not blame the Police for individuals choosing to be criminals or for a crime committed - we can blame the Police for not catching them or preventing crimes, right?

But criminals make their own choices.

Likewise, Pike River and NZOG chose profits over safety.

And as we read from Fish, management were plenty happy to lie.

Mr Tommy

16-07-2013, 09:40 AM

SLight change of topic from the PIKE distraction

This comment was made yesterday at some seminar. I assume you wouldnt say that unless things looking good?

New Zealand Oil and Gas was drilling a couple of oil wells in Indonesia which he hoped would generate about $120 million in revenues. NZOG has a 22.5 per cent stake in the joint venture.

http://www.stuff.co.nz/business/money/8921680/Avoiding-the-bully-look-seen-as-key-to-trading

biker

16-07-2013, 10:23 AM

I really don't see where your remorse & guilt trip comes from: Once PRC had been floated on the NZX it was a totally separate company. NZX rules prohibited even the exchange of information between PRC and NZO that could have advantaged NZO as a shareholder over other shareholders. I had a chat with David Salisbury at an AGM who told me how difficult those rules made it for them to even find out some financial details about PRC while negotiating loans to PRC. They didn't have any control or say in the running of the mine and little more detailed knowledge than you and I.

A certain gullibility may be evident here methinks, because I would say David Salisbury was lying.

biker

16-07-2013, 10:30 AM

A

......The gas In the mine would never have built up in the first place if the greenies had allowed a track above the mine to put breathing holes as I have said many times......

.

What sort of strange logic is that? The mine needs breathing holes, but the greenies are making that difficult. Oh well, we'll build the mine without them and if it blows up it will be their fault.

WTF?

I was a small PRC shareholder and have a small NOG holding. I would be willing to pay a levy, along with the Government (a.k.a.taxpayer), to help cover the court awarded amount for the families. Not as a precedent, but as a one off goodwill gesture to the families from the shareholders and the regulator regardless of ultimate culpability, and I do think the regulator has a lot to answer for.

Balance

16-07-2013, 10:37 AM

J R Ewing

16-07-2013, 10:43 AM

Exactly. It was on the DOC estate and at development NZO was happy enough to be touting it as a fine example of how mining could be done in sensitive areas with little or no ecological impact.

digger

16-07-2013, 11:39 AM

What sort of strange logic is that? The mine needs breathing holes, but the greenies are making that difficult. Oh well, we'll build the mine without them and if it blows up it will be their fault.

WTF?

I was a small PRC shareholder and have a small NOG holding. I would be willing to pay a levy, along with the Government (a.k.a.taxpayer), to help cover the court awarded amount for the families. Not as a precedent, but as a one off goodwill gesture to the families from the shareholders and the regulator regardless of ultimate culpability, and I do think the regulator has a lot to answer for.

What sort of logic is that indeed. Sounds like Balance's back handed reasoning. Who said that they would built it anyways and then blame the greenies.???

This sort of logic is what went on with the Club Of Rome in the book Limits to resources. The opposition just said any old thing then a counter argument opposes it and the discussion goes on for 40 years and eventually one or two individuals finally work out that the Limits to resources never said that in the first place.

We should cut all the crap and open the mine. A full police report on what they find would be very revealing, if indeed we would be allowed a honest report.

arjay

16-07-2013, 02:06 PM

It's fairly straightforward really, whoever signed of the mine as safe without the breathing holes is at fault, not those who objected (for whatever reasons) to the holes being there in the first place. It's like saying that if the greenies object to Digger flying his microlight at 500' over some whales, then the greenies are at fault for the disaster when Digger modifies his plan and flies at 1000' ...... into a 737. Clearly the fault lies with the pilot and the authority that allowed him at the higher level. Balance would likely blame the whale.

swissboy

16-07-2013, 04:43 PM

Fantastic analogy

Balance

16-07-2013, 06:19 PM

Fantastic analogy

Agreed ... in the annals of analogies, no one but no one will ever equal the sheer magnificence of it!

Digger would of course say that the Whale should not be there in the first place. :D :D :D

sideline

16-07-2013, 11:47 PM

What sort of strange logic is that? The mine needs breathing holes, but the greenies are making that difficult. Oh well, we'll build the mine without them and if it blows up it will be their fault.

WTF?

I was a small PRC shareholder and have a small NOG holding. I would be willing to pay a levy, along with the Government (a.k.a.taxpayer), to help cover the court awarded amount for the families. Not as a precedent, but as a one off goodwill gesture to the families from the shareholders and the regulator regardless of ultimate culpability, and I do think the regulator has a lot to answer for.

Biker, why don't you go ahead and send them your money!!! I think NZO has been too generous already and paid far more than their fair share was. Their role after the float of PRC was pretty much restricted to providing finance. They did this because they wanted PRC to succeed as a operating coal mine. In that they were no more involved than the banks.

As far as the safety question is concerned the simple truth is that the more difficult and restrictive the conditions placed on PRC were the less safety measures could be taken. With safety more is always better. There is never too much safety. So there you have your tradeoff between restrictions and safety.
On that note I recall a news item a few days ago about some long operating gold mine in the Coromandels getting (finally) approval to construct a second safety exit on DOC land. It sickened me to see the Greens complaining about this on tv. Here we go again I thought, these people would rather see a few more dead miners than a safety exit on DOC land. Deja Vu

arjay

17-07-2013, 12:17 AM

On that note I recall a news item a few days ago about some long operating gold mine in the Coromandels getting (finally) approval to construct a second safety exit on DOC land. It sickened me to see the Greens complaining about this on tv. Here we go again I thought, these people would rather see a few more dead miners than a safety exit on DOC land. Deja Vu

Begs the question why the gold mine has been allowed to be "long operating" in the current (assumedly) unsafe mode of not having the second escape tunnel. As I alluded above, any disaster will be the fault of those who allowed the current operation, not those whose motivation is to prevent any mining in the first place.

sideline

17-07-2013, 11:41 AM

Begs the question why the gold mine has been allowed to be "long operating" in the current (assumedly) unsafe mode of not having the second escape tunnel. As I alluded above, any disaster will be the fault of those who allowed the current operation, not those whose motivation is to prevent any mining in the first place.

The second safety exit was a new requirement directly resulting from the PRC disaster.

I have to disagree with your second conclusion. As you correctly state the Greens motivation in opposing the safety exit is their declared policy to prevent all mining. The correct and ethical way to go about this is to get the numbers in parliament for this policy and pass laws accordingly.
Since they didn't get the numbers for this at election time they now try to subvert the majority will (rather undemocratically) by denying the miners the safety measures they need to safeguard their health and their lives while going about their lawful business.

I shows how morally corrupt and callous the Greens have become. The end (no mining) justifies the means (dead miners).

I do find them at fault for this.

digger

17-07-2013, 11:51 AM

The second safety exit was a new requirement directly resulting from the PRC disaster.

I have to disagree with your second conclusion. As you correctly state the Greens motivation in opposing the safety exit is their declared policy to prevent all mining. The correct and ethical way to go about this is to get the numbers in parliament for this policy and pass laws accordingly.
Since they didn't get the numbers for this at election time they now try to subvert the majority will (rather undemocratically) by denying the miners the safety measures they need to safeguard their health and their lives while going about their lawful business.

I shows how morally corrupt and callous the Greens have become. The end (no mining) justifies the means (dead miners)
I do find them at fault for this.

At last someone is talking after applying intelligence reasoning to the problem.
Now let open the mine and see what happened.

J R Ewing

17-07-2013, 12:39 PM

At last someone is talking after applying intelligence reasoning to the problem.
Now let open the mine and see what happened.

I think it is more like imaginative reasoning than intelligent reasoning. It conveniently overlooks that it was DOC, not the Greens, that determined the conditions for the mining concession.

Balance

17-07-2013, 01:32 PM

At last someone is talking after applying intelligence reasoning to the problem.
Now let open the mine and see what happened.

Get your mates, Tony Radford and Gornod Ward, to open their mouths and see what happened.

sideline

17-07-2013, 01:36 PM

I think it is more like imaginative reasoning than intelligent reasoning. It conveniently overlooks that it was DOC, not the Greens, that determined the conditions for the mining concession.

Ah, and who would be behind DOC?

Balance

17-07-2013, 01:50 PM

Ah, and who would be behind DOC?

Whatever you say, they are not driven by pure greed, profit and ego like NZOG and PRC directors and management - combined with gross mismanagement leading to the death of 29 miners.

And they are not cowards.

sideline

17-07-2013, 02:29 PM

....

And they are not cowards.

Really? In which hearings did they front up then to explain their decisions and what impact it would have had on the safety of the miners?

J R Ewing

17-07-2013, 02:38 PM

Ah, and who would be behind DOC?

That would be the democratically elected government that you were referring to above perhaps?

sideline

17-07-2013, 03:00 PM

That would be the democratically elected government that you were referring to above perhaps?

From Wikipedia, the free encyclopedia:
The Fifth Labour Government of New Zealand was the government of New Zealand between 10 December 1999 and 19 November 2008.

Chris Carter as the minister of conservation with input from his green friends?

J.R., it was Metiria Turei from the Greens complaining on tv1 about the safety exit on DOC land. I didn't dream that, yes?

J R Ewing

17-07-2013, 04:11 PM

From Wikipedia, the free encyclopedia:
The Fifth Labour Government of New Zealand was the government of New Zealand between 10 December 1999 and 19 November 2008.

Chris Carter as the minister of conservation with input from his green friends?

J.R., it was Metiria Turei from the Greens complaining on tv1 about the safety exit on DOC land. I didn't dream that, yes?

So let me see if I'm understanding you...

Labour and the Greens are the same party in effect.
The Greens were acting undemocratically because they weren't the Government. But it was all their fault because DOC was being run by Labour at the time and they WERE the government.

Do I have that right?

And for clarity, I have been talking about the coal mine not the gold mine.

JohnPagani

17-07-2013, 04:58 PM

Come along and meet NZ Oil & Gas ceo Andrew Knight

Gidday sharetraders.

I would like to invite people in this thread to come along to an event to meet NZ Oil & Gas ceo Andrew Knight.

It's an informal session where you're welcome to fire all your questions at him - including any of the issues raised on here. Indonesia. Company strategy. And you're all invited - Balance, you're welcome to come along and ask about Pike if you want.

An Auckland broking firm has kindly agreed to host us next week at 3 o'clock in the afternoon on Friday, 26 July.

That's the same day we're releasing our next quarterly report, so you'll have the chance to ask about that, too.

This is an event for online commenters who have an interest in NZ Oil & Gas. Later in the year we will hold our usual round of investor briefings around the Annual Meeting, and we will try to get to Dunedin this year too.

If you would like to join us for this event, please email me at john.pagani@nzog.com - I will send you the details about the venue in downtown Auckland.

Time: 3.00pm Friday 26 July

Look forward to meeting you there.

arjay

17-07-2013, 06:20 PM

Whatever you say, they are not driven by pure greed, profit and ego like NZOG and PRC directors and management - combined with gross mismanagement leading to the death of 29 miners.

And they are not cowards.

Balance actually said something pertinent here. 'Greenies' are not greedy people. They are not driven by profits. By and large they see how humans fit into the natural world. Because they have a long term view of where the world is going and take the view that the direction we are moving in is going to make the world a very unhospitable place for us and the few species that might remain after we have harvested the others, they have strong views on what needs to be done now to change direction in the best interests of our grandchildrens future. In contrast, most people can't see much past short term stuff such as taking the kids on holiday to Fiji, paying the mortgage, keeping their job to pay for it all, and the three year election cycle. Most people therefore do not consider the state of the world in 100 years time because of short term desires. Most of our politicians (especially the centre-right wing) milk these insecurities for their own agendas. The points I am getting to is that (1) unpopular decisions that will improve our environment for people living here in 100 years time are not going to get supported by our current democratic process. Hence, (2) unpopular campaigns are not neccessary bad campaigns and (3) trying to stop a mine does not make a greenie a murderer when some dickheads go ahead and approve a compromise anyway. PRCs motivation was to make as much profit as fast as possible. The greenies motivation was to keep humans out of the area altogether. Who is at fault?

Snow Leopard

17-07-2013, 08:30 PM

Come along and meet NZ Oil & Gas ceo Andrew Knight

Gidday sharetraders.

I would like to invite people in this thread to come along to an event to meet NZ Oil & Gas ceo Andrew Knight.

It's an informal session where you're welcome to fire all your questions at him - including any of the issues raised on here. Indonesia. Company strategy. And you're all invited - Balance, you're welcome to come along and ask about Pike if you want.

An Auckland broking firm has kindly agreed to host us next week at 3 o'clock in the afternoon on Friday, 26 July.

That's the same day we're releasing our next quarterly report, so you'll have the chance to ask about that, too.

This is an event for online commenters who havbe an interest in NZ Oil & Gas. Later in the year we will hold our usual round of investor briefings around the Annual Meeting, and we will try to get to Dunedin this year too.

If you would like to join us for this event, please email me at john.pagani@nzog.com - I will send you the details about the venue in downtown Auckland.

Time: 3.00pm Friday 26 July

Look forward to meeting you there.

So I hope that some of you are able to take up this opportunity. If I was in New Zealand I would go despite not being a shareholder for a number of years.

Best Wishes
Paper Tiger

LIO

17-07-2013, 08:41 PM

There's your chance Balance. Go and meet them and tell them what you think of them, face to face.

iceman

17-07-2013, 09:00 PM

Come along and meet NZ Oil & Gas ceo Andrew Knight

Gidday sharetraders.

I would like to invite people in this thread to come along to an event to meet NZ Oil & Gas ceo Andrew Knight.

It's an informal session where you're welcome to fire all your questions at him - including any of the issues raised on here. Indonesia. Company strategy. And you're all invited - Balance, you're welcome to come along and ask about Pike if you want.

An Auckland broking firm has kindly agreed to host us next week at 3 o'clock in the afternoon on Friday, 26 July.

That's the same day we're releasing our next quarterly report, so you'll have the chance to ask about that, too.

This is an event for online commenters who havbe an interest in NZ Oil & Gas. Later in the year we will hold our usual round of investor briefings around the Annual Meeting, and we will try to get to Dunedin this year too.

If you would like to join us for this event, please email me at john.pagani@nzog.com - I will send you the details about the venue in downtown Auckland.

Time: 3.00pm Friday 26 July

Look forward to meeting you there.

Thanks for posting this here John. I am sure there will be a few " Sharetraders" that take up this offer.

arjay

17-07-2013, 10:10 PM

To miss out on sausage rolls would be one thing, but to miss out on seeing Balance humble the NZO directors would be a crying shame.

zigzag

17-07-2013, 10:23 PM

To miss out on sausage rolls would be one thing, but to miss out on seeing Balance humble the NZO directors would be a crying shame.

What NZO directors?. I think it's just Andrew Knight, and doubt if there'll be anything to eat. To close to your dinnertime. Hope Balance doesn't try and hijack the meeting in the manner that he tries to impose on this thread.

blackcap

17-07-2013, 10:27 PM

Isn't an Auckland Broking Firm hosting this event... one wonders who this firm may be. But it's a nice gesture from the NZO PR people to invite shareholders along. At least we cannot complain that the "big boys" have all the inside say.
p.s I won't be going as I am in Wellington and don't hold NZO at the moment. But I like the initiative of the company. (in this regard that is)

arjay

17-07-2013, 10:27 PM

Hmmm, well.... 3pm is afternoon tea time (he optimistically points out).

blackcap

17-07-2013, 10:29 PM

Hmmm, well.... 3pm is afternoon tea time (he optimistically points out).

But it is a Friday so the beer Fridge may open up a little earlier than normal.... or is this wishful thinking :)

zigzag

17-07-2013, 10:33 PM

Hmmm, well.... 3pm is afternoon tea time (he optimistically points out).

Bring your own club sandwiches.

zigzag

17-07-2013, 10:34 PM

But it is a Friday so the beer Fridge may open up a little earlier than normal.... or is this wishful thinking :)

BYOG. See you there.

arjay

17-07-2013, 10:46 PM

But it is a Friday so the beer Fridge may open up a little earlier than normal.... or is this wishful thinking :)

Then we may expect stouts of 37° API and lagers effervescing like finest propane. Club sandwiches indeed!

Balance

18-07-2013, 12:38 AM

To miss out on sausage rolls would be one thing, but to miss out on seeing Balance humble the NZO directors would be a crying shame.

Bring it on - if Tony Radford is in attendance, I WILL BE there.

Snow Leopard

18-07-2013, 01:19 AM

Bring it on - if Tony Radford is in attendance, I WILL BE there.

If you can shout at the CEO, will that be good enough for you?

Best Wishes
Paper Tiger

Monkey Poms

18-07-2013, 07:46 AM

Bring it on - if Tony Radford is in attendance, I WILL BE there.

Be careful there Balance.NZO are being too nice.
If you win the draw for a ride in Tony Radford's helicopter,you may be dropped off at 5000 feet.

Monkey Poms.

No, Tony will not accept any offers from you lot to offer to pay for the extra fuel for the helicopter to reach 10000 feet.

Balance

18-07-2013, 07:57 AM

If you can shout at the CEO, will that be good enough for you?

Best Wishes
Paper Tiger

Usual trick of corporates - get someone else to front for the one who was intimately involved in the disaster - hiding under a skirt.

Been around too long to fall for that trick.

Bring on Tony Radford - he sat on the Board of Pike River and was intimately involved in Pike River from beginning to end.

If he has nothing to hide, he has nothing to fear.

brucey09

18-07-2013, 09:02 AM

Snr, Balance
Mr. Knight was also a director with much of PRC time.

blackcap

18-07-2013, 09:05 AM

Or if Balance turns up they can serve him with a defamation writ right there on the spot :):)

Balance

18-07-2013, 09:06 AM

Snr, Balance
Mr. Knight was also a director with much of PRC time.

Not on Pike River board.

Balance

18-07-2013, 09:11 AM

Or if Balance turns up they can serve him with a defamation writ right there on the spot :):)

Why?

For asking why directors of NZOG (especially the ones sitting on the Board of Pike River) have not apologized to the dead miners' families?

For uncovering on this very site from Fish that David Salisbury blatantly lied to him about having confidence in Whitall 2 months after officially stating NZOG had none?

For the 'total lack of remorse' as per the judgement issued?

Bring it on!

Nothing like a public arena for the families of the dead miners to hear what NZOG has to say about its involvement and leading role in financing the Pike River disaster.

arjay

18-07-2013, 09:30 AM

Be careful there Balance.NZO are being too nice.
If you win the draw for a ride in Tony Radford's helicopter,you may be dropped off at 5000 feet.

Monkey Poms.

No, Tony will not accept any offers from you lot to offer to pay for the extra fuel for the helicopter to reach 10000 feet.

Rumour has it that if Balance attends the meeting will be moved from the 2nd to the 19th floor.

Balance

18-07-2013, 09:37 AM

Rumour has it that if Balance attends the meeting will be moved from the 2nd to the 19th floor.

And special Pike River mineral waterr will be served only to yours truly?

:D

JohnPagani

18-07-2013, 11:55 AM

Thanks for your comments.

As far as catering concerns go - I think we will probably spring for a cup of tea and some biscuits (not sure if they'll be chocolate, though. The boss expects us to be frugal with shareholders' funds.)

For investors who can't make it to Auckland for the event, you are invited to meet management and directors at the Annual Meeting in Wellington on 29 October, or at one of the associated investor briefings. Details of times and dates have just been announced:

ANNUAL MEETING
9.30AM Tuesday, 29 October 2013
InterContinental Hotel, 2 Grey St, Wellington.

AUCKLAND INVESTOR BRIEFING
3.00PM Tuesday, 29 October 2013
Great Northern Room, Ellerslie Event Centre, Auckland.

CHRISTCHURCH INVESTOR BRIEFING
12 Noon, Wednesday, 30 October 2013
Balmerino Room, Riccarton Park, Christchurch.

If you have specific issues to discuss, investors are always warmly invited to phone Andrew Knight, myself or Investor Relations manager Manher Sukha at the office: (+64 4) 495 2424. You can also contact us any time by using the contact form on our website. We always look forward to hearing from investors and if you can make it to the Auckland event next week, we very much look forward to carrying on the discussion.

fabs

18-07-2013, 12:52 PM

Like your sense of humor Mr. Pagani.
The ===BOSS=== aka T/R expects us to be frugal with shareholders' funds.) just tea and crackers next week, a MINIATURE bottle of tui at the AGM.
So we can kiss Divs. away this year also????

For goodness sake give these hard working chaps a hefty pay-rise quick.

neopoleII

18-07-2013, 07:30 PM

hello johnpagani,
i would like to attend the meeting but i am a wage earner and therefore cant take the time off....... to be honest....... i dont want to attend the meeting for the simple reasons that the things that i have questioned are questions that should or could be answered to the general public or investors. so your offer of an investor meeting to discuss issues is almost a hollow offer as any information divulged would be either released as an official company release or the "meeting" would be breaking NZX disclosure rules.
im assuming here that you and / or your fellow staff have been reading this forum and therefore offered the meet.
but in my limited opinion there is nothing you could tell us at the meeting that you couldn't tell us in disclosures........ ie the process of the indo govt and its release of information format.
or .... what the currently disclosed information of the 300 to 400 bbls means and what fracturing could or not do.
these are things that either only the board knows or all shareholders should know....... not just the few who can or want to go to the meeting.

however...... it is a nice gesture, but we are aware that there is nothing that you or the ceo can disclose that could answer any of the questions raised here over the last month or so because of the NZX waiver that you applied for.
if i was a mind reader however i would love the opportunity to meet those that control our investments.
sadly i am not and therefore will moan on the sideline and wait for official announcements so as not to jeopardize the great wealth from the secret wells from Indonesia.

Balance

19-07-2013, 09:08 AM

digger

19-07-2013, 11:28 AM

NZOG's willingness to engage must be acknowledged.

Well done and thank you.

Naturally Balance. As you know and often expressed similar lines of thought ,, NZOG are straight forward ,honest,reliable,,etc..... etc.
No doubt you will be there as at the last AGM to uplift the board with a long speech of how honourable they have preformed since you last met them.
So see you at the meeting. Cheers

Balance

19-07-2013, 12:05 PM

Naturally Balance. As you know and often expressed similar lines of thought ,, NZOG are straight forward ,honest,reliable,,etc..... etc.
No doubt you will be there as at the last AGM to uplift the board with a long speech of how honourable they have preformed since you last met them.
So see you at the meeting. Cheers

Don't push it, Digger.

NZOG is anything but what you have described above.

Ask Fish - he is still recovering from the blatant lie told to him by David Salisbury at the 2010 AGM.

digger

19-07-2013, 01:34 PM

Don't push it, Digger.

NZOG is anything but what you have described above.

Ask Fish - he is still recovering from the blatant lie told to him by David Salisbury at the 2010 AGM.

Sorry about that Balance. Guess the funny side got the better of me. Still I doubt many would believe it anyways..
Are you looking forward to this years dividend. Oh I forgot you have no shares in the company.

Tyro

19-07-2013, 04:36 PM

Are you feeling ok unbalanced or are you being sarcastic. Unless its sarcasm, thats the first time I've erver heard you other than slag off.
NZOG's willingness to engage must be acknowledged.

Well done and thank you.

Balance

22-07-2013, 10:42 AM

Sorry about that Balance. Guess the funny side got the better of me. Still I doubt many would believe it anyways..
Are you looking forward to this years dividend. Oh I forgot you have no shares in the company.

I am looking forward to Peter Whitall's trial because of the revelations to come out about NZOG's close involvement.

Balance

22-07-2013, 03:43 PM

I am looking forward to Peter Whitall's trial because of the revelations to come out about NZOG's close involvement.

There has been no loyalty showed to him - he has been made to be the fall guy and his lawyers will be encouraging him to reveal all.

Balance

25-07-2013, 10:51 AM

Hold your faith, Noggers - NZOG knows what it is doing.

http://www.nbr.co.nz/article/nzog-drill-kakapo-prospect-%E2%80%93-needs-rig-farm-partner-wb-129540

"Work to date on Kakapo suggests "most likely" (P50) reserves of 41 million barrels of oil, and less certain reserves at the P10 level could run to several hundred million barrels."

From Anon : "This is a significant step forward for NZOG. They said they would resume a NZ campaign and they have. A highly prospective prospect."

From Maui Lad : "The new board and Ceo are doing a great job here. Keep up the good work. Aloha"

https://www.nzx.com/companies/NZO/announcements/238958

""While we are still enthusiastic about Kakapo and would love to drill it, it doesn’t fit our portfolio at 100% exposure when there is so much other activity underway."

What? Giving up on over US$4 billion of potential oil upside?

Just don't believe in the PR coming out if you want to stay committed to the story!

Queenstfarmer

25-07-2013, 11:18 AM

Like I said a while back.... NZO now in their fourth decade of oil exploration and still a wannabe!! Very disappointing indeed.

Balance

25-07-2013, 12:01 PM

Like I said a while back.... NZO now in their fourth decade of oil exploration and still a wannabe!! Very disappointing indeed.

Watch them spend all that cash in the bank and all that coming in on misadventures.

Ten million dollars here (Tunisia) and $100m there (Pike River) and $30m every 6 months (dry holes) and nothing left for shareholders.

Meanwhile, directors and executives enjoy the good life.

Probably spending millions of shareholders' funds now on lawyers getting advice on how to protect their backside re Pike River.

They get the fees, you get the bills.

You like? :D

brucey09

25-07-2013, 12:10 PM

Watch them spend all that cash in the bank and all that coming in on misadventures.

Ten million dollars here (Tunisia) and $100m there (Pike River) and $30m every 6 months (dry holes) and nothing left for shareholders.

Meanwhile, directors and executives enjoy the good life.

Probably spending millions of shareholders' funds now on lawyers getting advice on how to protect their backside re Pike River.

They get the fees, you get the bills.

You like? :D

Snr Balance
I no like. Can persons at meeting ask why Snr. Knight not make office people experts you say less cost.

Slowlearna

25-07-2013, 12:41 PM

Someone else will get Permit 51311 and NZO will be the first to farm in.
Its hard to make the tough calls. To lay down a good opportunity for what the next hand will bring. As Kenny said you have to know when to hold them and know when to fold them, Know when to walk and know when to run. Time will tell if its a good fold or not.

Disc, hold NZO for last 10 years and not running just yet, thinking drilling cards in Tui latter in year might be positive and I still have a hydraulic fracture program in hand

Slowlearning Gambler.

Banksie

25-07-2013, 01:33 PM

Some analysts still think NZO is a good proposition.

http://www.nbr.co.nz/article/nzog-cedes-promising-kakapo-permit-after-failing-attract-farm-partner-wb-143313

Shares of NZOG last traded unchanged at 83 cents on the NZX and have declined 5 percent this year. The stock, which has shed 50 percent of its value in the past five years partly reflecting the failure of the Pike River Coal mine, is rated a 'buy' based on the consensus of six analysts polled by Reuters, with a price target of $1.

Balance

25-07-2013, 05:18 PM

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

Sorry, Digger but your mates at NZOG did not know what they were doing in the place?

digger

25-07-2013, 05:48 PM

Sorry, Digger but your mates at NZOG did not know what they were doing in the place?

I certainly stand by my belief that Kakapo should have been drilled. It comes down to some trust in our geologists that they know what they are doing. If you think that the chances of success are X % then as I said before why need someone to hold your hand. Actually I am very disappointed and was looking forward to that drill. Whatever is their will stay there now and maybe in the future it will come up again. This announcement today is almost as bad as a dry well.

Queenstfarmer

25-07-2013, 06:23 PM

If we can't rely on the chiefs at NZO to get this company making big big money...then we as the Shareholders can make a difference...and stop complaining. If Andrew Knight was heading Shell or BP he would've been out by lunchtime a year ago!

neopoleII

25-07-2013, 07:28 PM

my take on this is..... if they had got some early positive results from the Indonesian drill and got a defined number on the potential cash flow they would of kept Kakapo and run with it alone.... as they have $160 mill in the bank. but with the current well being dubious and the one being drilled now not being anything but a wildcat while the fist well is waiting for "fracturing" the board has no choice but to back off.
these guys are playing in areas where they are the small fish trying to catch a whale while local explorers are hitting oil in our own back yard.

this is the legacy of TR and it seems he is still controlling the reins or has placed people in position to take over his "reins" to his liking while being an "independent" director.
NZO will either get "lucky"....... while TR is still there or NZO will have to wait till TR is gone and then really apply its self.
in the meantime...... AWE is looking to sell of a guaranteed 50% of a 100 million barrel field (which NZO can afford to buy) but NZO wants to hit its own whale as operator and farm the costs off to someone else.
as if!!! ..... those in the "game" know that letting TR control a drill is a waste of money....... ergo the handing in of the Kakapo permit.

but that is my worthless view.

p.s..... any updates on the second drill in Indonesia? they are supposed to let us know drill spud and intersection of zone.

Balance

25-07-2013, 09:02 PM

lol, the incompetence of NZO is getting near RAK proportions. unfortunatwly, another NZ company to avoid like the plague. hope mr knight reads this all to get some sense into his head.

Careful, Noggers will target you next.

You may get banned!

NZOG can do no wrong - especially Andrew Knight as he is new to NZOG.

Selena

25-07-2013, 10:15 PM

Watch out for the wily Geoff Albers. If there is anything to be gained from permit 51311 Octanex will be in like a robber's dog!

Balance

25-07-2013, 10:35 PM

I certainly stand by my belief that Kakapo should have been drilled. It comes down to some trust in our geologists that they know what they are doing. If you think that the chances of success are X % then as I said before why need someone to hold your hand. Actually I am very disappointed and was looking forward to that drill. Whatever is their will stay there now and maybe in the future it will come up again. This announcement today is almost as bad as a dry well.

Just a few million dollars down the hole (yet to be drilled) and plenty of management and executive time.

NZOG sure know how to spend.

Today's market cap is less than all the money extracted from shareholders in the last decade.

Sobering!

Like it? :D :D :D

fish

26-07-2013, 10:37 AM

Has anyone seen the quarterly report-not on nzog website yet

Banksie

26-07-2013, 10:40 AM

Has anyone seen the quarterly report-not on nzog website yet
https://www.nzx.com/companies/NZO/announcements/239005

zigzag

26-07-2013, 10:40 AM

Has anyone seen the quarterly report-not on nzog website yet

Read the NZX announcements. It's been available for a while.

arjay

26-07-2013, 12:13 PM

is it possible that NZO was bluffing on the reserves to up the SP and number of investors but now has some BS excuse for not drilling because they 'think' other wells will be better? why in gods name would you give up this find because of some short term debt if it is true what tgey are saying? (I'm assuming this is the problem; either that or they have no cajones...)

It probably has less to do with Kakapo and more to do with NZO's enthusiasm over prspects. We've seen the Kakapo story several times before (Mangatoa and Ray prospects to name just two). Recall Mangatoa - it was touted as a huge 'overlooked' gas field that was also dropped after exhaustive efforts failed to find farm-in partners. I just hope Kakapo won't turn into another Maari (recall the Maari deposit was discovered and dropped by Petro-Taranaki to be picked up later as a bonanza for other companies).

fish

26-07-2013, 12:39 PM

Read the NZX announcements. It's been available for a while.
Thanks banksie and Zigzag.
Have only just had time to quickly look at it-on the surface looks good .
Kupe looks very productive-and should continue to be for many years-good that its unmaned.

zigzag

26-07-2013, 12:46 PM

It probably has less to do with Kakapo and more to do with NZO's enthusiasm over prspects. We've seen the Kakapo story several times before (Mangatoa and Ray prospects to name just two). Recall Mangatoa - it was touted as a huge 'overlooked' gas field that was also dropped after exhaustive efforts failed to find farm-in partners. I just hope Kakapo won't turn into another Maari (recall the Maari deposit was discovered and dropped by Petro-Taranaki to be picked up later as a bonanza for other companies).

They also passed on Goldie and Cheal. I think Greymouth ended up with Goldie, and Tag got Cheal. But the only people who "touted" Mangatoa were the media and headline writers. Sure, NZO promoted it, but they always said it was a very tight formation, and was going to difficult/expensive to commercialise. In the end they decided, sensibly, not to pursue it.

Tyro

26-07-2013, 05:23 PM

Unbalanced, why don't you get a life and let us getr on with managing our profitable investments.

zigzag

26-07-2013, 05:59 PM

ah, TAG, know there's a company to invest in for NZ!

What's so good about it? It's a Canadian company, and their share price has tanked lately, as in really tanked. Even worse than your good mates at SNK.

Balance

26-07-2013, 07:50 PM

Unbalanced, why don't you get a life and let us getr on with managing our profitable investments.

http://www.sharetrader.co.nz/showthread.php?1501-Guinness-Peat-Group-Plc-(GPG)/page219

Eat your nogging heart out :D

arjay

26-07-2013, 08:15 PM

http://www.sharetrader.co.nz/showthread.php?1501-Guinness-Peat-Group-Plc-(GPG)/page219

Eat your nogging heart out :D

OK GPG down 1.8%, NZO up 0.6% - what's your point?

fish

26-07-2013, 08:35 PM

OK GPG down 1.8%, NZO up 0.6% - what's your point?

Always thought too many pigs in the trough at gpg so never been interested .
Getting back to nzo I presume the rise is because the quarterly report has gone down well.
Did anyone go to the meeting with Andrew Knight today-if so was much learned?

Balance

27-07-2013, 08:19 AM

OK GPG down 1.8%, NZO up 0.6% - what's your point?

http://www.sharetrader.co.nz/showthread.php?1501-Guinness-Peat-Group-Plc-(GPG)/page218

Belgarion just about picked the bottom and upswing bang on from 5 June - sp was 43 cents, now 54 cents = 25.5% gain. :D

During that time, NZOG has gone? :D

arjay

27-07-2013, 11:24 AM

http://www.sharetrader.co.nz/showthread.php?1501-Guinness-Peat-Group-Plc-(GPG)/page218

Belgarion just about picked the bottom and upswing bang on from 5 June - sp was 43 cents, now 54 cents = 25.5% gain. :D

During that time, NZOG has gone? :D

Stockpickers are like monkeys on typewriters, if you have enough of them someone is bound to write a novel from pure chance.

Balance

27-07-2013, 01:45 PM

Stockpickers are like monkeys on typewriters, if you have enough of them someone is bound to write a novel from pure chance.

LOve it - says that a monkey has a better chance of getting it right than all the noggers put together?

I think that's what you are stating, right?

Thank you :D for sharing this outstanding pearl of wisdom, Arjay.

Monkey Poms

28-07-2013, 07:34 AM

Stockpickers are like monkeys on typewriters, if you have enough of them someone is bound to write a novel from pure chance.

Arjay ,Monkeys writing novels,its like saying if someone took a sledgehammer and broke your
Watch into a million pieces then placed the pieces into a box,and asked the monkey to shake The box until the pieces reformed back into a ticking watch again. It will not happen.
Monkey Poms.

Balance

28-07-2013, 11:06 AM

Arjay ,Monkeys writing novels,its like saying if someone took a sledgehammer and broke your
Watch into a million pieces then placed the pieces into a box,and asked the monkey to shake The box until the pieces reformed back into a ticking watch again. It will not happen.
Monkey Poms.

Arjay fancies himself as a master philosopher - trouble is he cannot get the analogies right.

This one will haunt him for a long time to come.

A chimpanzee could have told him that the analogy is that monkeys throwing darts at a stock sheet will strike as many good ones as the rated analysts out there.

arjay

28-07-2013, 07:08 PM

Arjay ,Monkeys writing novels,its like saying if someone took a sledgehammer and broke your
Watch into a million pieces then placed the pieces into a box,and asked the monkey to shake The box until the pieces reformed back into a ticking watch again. It will not happen.
Monkey Poms.

Statistically it can happen Monkey Poms. If there are a million pieces then chance dictates that they will randomly fall back together if the monkey shakes the box enough times. The number of times will be astronomical, however as evidence that such things do happen note that Balance, NZO's greatest nemesis, did in fact complement the company after only around 3800 posts. If Balance can say something nice about NZO then a monkey can put a broken watch back together again.

Xerof

28-07-2013, 07:26 PM

Balance,

anything to report from your meeting with NZO on Friday?

fish

28-07-2013, 07:30 PM

Careful, Noggers will target you next.

You may get banned!

NZOG can do no wrong - especially Andrew Knight as he is new to NZOG.

I wonder if Balance turned down his invitation to discuss the issues with Andrew.
Did anyone go?

digger

28-07-2013, 08:41 PM

Statistically it can happen Monkey Poms. If there are a million pieces then chance dictates that they will randomly fall back together if the monkey shakes the box enough times. The number of times will be astronomical, however as evidence that such things do happen note that Balance, NZO's greatest nemesis, did in fact complement the company after only around 3800 posts. If Balance can say something nice about NZO then a monkey can put a broken watch back together again.

That one had me laughting Arjay.

Just the other day the TV had a article about the scientific basis for the definite link between the full moon and its effect on people. I had wondered if it was the full moon that was responsible for Balances wayward praise of NZO. But I guess it can not be as the full moon comes every month and so far Balance praise has only happen once. Guess this would make a great psychological study. Wonder if he will live long enough for it to ever happen again.

Monkey Poms

28-07-2013, 09:30 PM

Statistically it can happen Monkey Poms. If there are a million pieces then chance dictates that they will randomly fall back together if the monkey shakes the box enough times. The number of times will be astronomical, however as evidence that such things do happen note that Balance, NZO's greatest nemesis, did in fact complement the company after only around 3800 posts. If Balance can say something nice about NZO then a monkey can put a broken watch back together again.

Arjay the odds are about the same as the NZ Government giving back ( for free ) to NZO the most valuable asset that it has ever owned - Pike
with the consent to opencast the mine.

To work with a new set of DOC officials who will not repeat the damaging conditions once placed on the Pike management in the past.

With a guarantee NZO's management do not screw up and appoint a monkey who knows nothing about mining.
( as they were responsible in appointing one to run Pike from the start, he disappeared from the mess he created a short time before
the mine blew up ).

Arjay the odds. The monkey has a better chance of putting your watch together.
Monkey Poms.

arjay

28-07-2013, 11:21 PM

I wonder if Balance turned down his invitation to discuss the issues with Andrew.
Did anyone go?

Balance had to stay home and fix his watch. The balance spring was broken.

Balance

29-07-2013, 07:50 AM

I wonder if Balance turned down his invitation to discuss the issues with Andrew.
Did anyone go?

They were too scared to say anything after your statement about David Salisbury lying to you at the 2010 AGM about 'having confidence in Peter Whitall.'

If there was anything new, it would have had to be disclosed via the NZX.

Better things to do in life than to listen to the CEO of a company wax lyrical about a company's strategic vision, and how the directors and management are working so very very hard to create wealth for themselves - oops, I think it was a slip, they meant shareholders.

fabs

29-07-2013, 12:06 PM

FISH!
Did anyone go?[/QUOTE]

Actually wondered if the meeting took place or was open only to Sycophants [ servile flatterers ]
I dutifully followed up on Mr.Paganis invitation as a holder of a not insignificant amount of NZO Shares, replayed immediately that i wished to attend by e-mail the same day as he suggested.
NEVER EVEN GOT A WHIFF OF A REPLAY.
Speaks volumes about the character of this lot.

blackcap

29-07-2013, 12:09 PM

Following on from the previous poster..... Could it be Mr Paganis's account here was fictitious set up by a prankster?

(my apologies if not to Mr Pagani and NZO, but that would be the funniest gag for a while yet on sharetrader if not slightly annoying for others)

Thanks to posters for saying that it did take place. My apologies Mr Pagani. A small turnout though is not what I would have thought. Or are most NZO shareholders not in Auckland or complacent.

stanace

29-07-2013, 12:16 PM

FISH!
Did anyone go?

Actually wondered if the meeting took place or was open only to Sycophants [ servile flatterers ]
I dutifully followed up on Mr.Paganis invitation as a holder of a not insignificant amount of NZO Shares, replayed immediately that i wished to attend by e-mail the same day as he suggested.
NEVER EVEN GOT A WHIFF OF A REPLAY.
Speaks volumes about the character of this lot.[/QUOTE]

I was going to go, and received notice of where and when. Unfortunately another pressing engagement came up, and I was unable to attend. I also went to the last one. That one was not very enlightning anyway.

zigzag

29-07-2013, 12:17 PM

Following on from the previous poster..... Could it be Mr Paganis's account here was fictitious set up by a prankster?

(my apologies if not to Mr Pagani and NZO, but that would be the funniest gag for a while yet on sharetrader if not slightly annoying for others)

I got a very polite and detailed reply, even with google maps and a picture of PWC building which panned up to the 17th floor. It's a pity you couldn't make it, as there was only 6 shareholders there. A few more could have widened the discussion.

Balance

29-07-2013, 02:17 PM

dsurf

29-07-2013, 02:38 PM

Bottom Picking is 100% Crap!

brucey09

29-07-2013, 05:55 PM

Snr Dsurf
What is this bottom picking? Like bum in english? Ha Ha.

digger

30-07-2013, 10:29 AM

Snr Dsurf
What is this bottom picking? Like bum in english? Ha Ha.

I do not know where this 100% bottom picking comes from either. Maybe meant for another thread or Dsurf was still on the rum when he posted.

brucey09

30-07-2013, 12:44 PM

I do not know where this 100% bottom picking comes from either. Maybe meant for another thread or Dsurf was still on the rum when he posted.
Snr. Digger
Tequila yes?

dsurf

01-08-2013, 11:06 AM

Balance

01-08-2013, 12:10 PM

Balance picked the bottom - Yes too much rum!

Good Crap - 25.5%.

You have been water surfing the sewage ponds at Mangere again, Dsurf?

:D

Slowlearna

01-08-2013, 12:48 PM

Is the rise in NZO on Australian market due to exchange rate?

blackcap

01-08-2013, 03:00 PM

Is the rise in NZO on Australian market due to exchange rate?

If the price in NZ has not moved then yes the price increase in Aus is due to the exchange rate.

Slowlearna

05-08-2013, 10:25 AM

NZO
05/08/2013 09:27
MINE

REL: 0927 HRS New Zealand Oil and Gas Limited

MINE: NZO: Drilling resumes at Kisaran

Drilling is underway at exploration well Parit Minyak-3 (PM-3) located in
onshore Sumatra, Indonesia. The well was spudded at 6.00PM Saturday night
local time.

The PM-3 well targets shallower sandstone reservoirs than those encountered
in the Parit Minyak -2 (PM-2) well where drilling commenced in February. It
is hoped that the PM-3 well will encounter aerially extensive oil
accumulations after the PM-1 and PM-2 wells confirmed an active petroleum
system in the region.

The well is expected to take around 40 days to drill to an expected total
depth of 8160 feet (2487 metres).

New Zealand Oil & Gas Ltd has a 22.5 per cent stake in the joint venture
through its subsidiary NZOG Asia Pty Ltd. 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).

Hydraulic fracture stimulation operations at the drilled and completed Parit
Minyak-2 well are expected to commence this week. Results will be released
following execution, analysis and approval by the regulator SKKMigas.

Quite keen to see results of fracture program, hope regulator is not to much of a hold up.

Sayce

06-08-2013, 04:49 PM

What does the term “aerially extensive oil accumulations” mean, as used in the latest drilling report? Bloomberg is less than enlightening

neopoleII

06-08-2013, 07:14 PM

What does the term “aerially extensive oil accumulations” mean,
heres an explanation from
http://csimarket.com/stocks/segments.php?code=QEP

""Resource plays are characterized by continuous, aerially extensive hydrocarbon accumulations in tight sand, shale and coal reservoirs.""

not quite tar sands as i have been lambasted for but then..... the first drill is giving 300 barrels a day until the fracking test, and this drill seems to be even more difficult.
and to top it off the indo govt will get half of anything sucked, fracked or squeezed out of the solid rock.
but i guess time will tell if this investment will deliver a viable return.
at best it will give decades of oil at a rate of keeping the local tanker truck drivers employed of transporting the oil on a daily basis to a refinery.
just as well it is onshore......
chevron did discover it many years ago and walked...... and no one took it up until now.

zigzag

06-08-2013, 08:53 PM

Chevron didn't have modern drilling techniques. Also note that shale gas could be a future resource in Indonesia, and this permit may have underlying shale deposits. I was reading something along that line from Dart Energy.

neopoleII

07-08-2013, 01:22 PM

thanks zigzag about the info on dart energy. i had a look on their website and found it very informative.
it has animations of how drilling works and fracking etc.
i would recommend this site to anyone who whats to learn about what is happening under the ground.
being told one thing in an announcment is one thing. but to see the animations of how it all works is very interesting.
they have some photos of shale as well.... all good stuff.

http://www.dartgas.com/page/Our_Business/Drilling_Animations/

Balance

08-08-2013, 08:59 AM

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10909845

Let's hope this happens so that the families of the dead miners can get closure.

Meanwhile, it's time for the cowards at NZOG to front up and apologize.

Oh, I forgot - they are hiding deep and under the skirts of the highly paid lawyers paid for by shareholders' funds.

They take the perks, you pick up the tab for their indigestion from too much wining, dining, flying around and generally blowing shareholders' funds down dry holes.

arjay

08-08-2013, 07:54 PM

sniff .... did someone just discover a gas field, or did Balance just ride through on his horse?

zigzag

08-08-2013, 08:01 PM

sniff .... did someone just discover a gas field, or did Balance just ride through on his horse?

I assume your talking about his high horse.

Balance

08-08-2013, 09:04 PM

I assume your talking about his high horse.

The likes of Arjay and you just don't get it, do you?

29 men died.

Do you get that simple message now?

Slowlearna

08-08-2013, 10:08 PM

The likes of Arjay and you just don't get it, do you?

29 men died.

Do you get that simple message now?

This is not new news balance, and yes I do get your simple message.

29 men died.

Do you get this message?

They did not die so you could use this Thread and their deaths as some moral high ground to slag of a company and others who are invested or may soon want to be.

This is tragic, "29 men died".

Balance

08-08-2013, 10:23 PM

This is not new news balance, and yes I do get your simple message.

29 men died.

Do you get this message?

They did not die so you could use this Thread and their deaths as some moral high ground to slag of a company and others who are invested or may soon want to be.

This is tragic, "29 men died".

Good - you get an 'A' for getting the message.

Now let;'s see if you get this - And who initiated the ill-managed project which led to their deaths?

Slowlearna

08-08-2013, 10:52 PM

who initiated the ill-managed project which led to their deaths?

I'm not sure but I have a fair idea who you think is to blame.
Hindsight is a wonderful thing. I bet we all wish we could do things different given a second chance.

Like maybe not have had started this convo with you or not have ever been invested in pike or not being so loud and spooking that hind.

Man has a lot to answer for. As to who will be held to account for what I again state I'm unsure.

My question to you is what was your part? Ever had money tied up in either pike or Nzo? Did you know that 29 men would die before their time?

Balance

09-08-2013, 07:47 AM

I'm not sure but I have a fair idea who you think is to blame.
Hindsight is a wonderful thing. I bet we all wish we could do things different given a second chance.

Like maybe not have had started this convo with you or not have ever been invested in pike or not being so loud and spooking that hind.

Man has a lot to answer for. As to who will be held to account for what I again state I'm unsure.

My question to you is what was your part? Ever had money tied up in either pike or Nzo? Did you know that 29 men would die before their time?

Another Johnny-Come-Lately trying to play hero to the Noggers.

Do your own homework, read through the Pike River and NZOG thread regarding the development of Pike River coal.

Read the venom directed by Noggers at anyone who dared challenge the incompetence and gross mismanagement by PRC and NZOG.

Hindsight?

Nope - the disaster was entirely avoidable.

Slowlearna

09-08-2013, 08:25 AM

Another Johnny-Come-Lately trying to play hero to the Noggers.

Do your own homework, read through the Pike River and NZOG thread regarding the development of Pike River coal.

Read the venom directed by Noggers at anyone who dared challenge the incompetence and gross mismanagement by PRC and NZOG.

Hindsight?

Nope - the disaster was entirely avoidable.

Yea for sure Nzo has to be responsible for the part they played but just cause they are last man standing is that why you are so hard on their tail?
My opinion is that NZO should give some more help to the families.

My question to you again is what was your part? Ever had money tied up in either pike or Nzo? Did you know that 29 men would die before their time?

Are you just bitter cause you lost out or is it really about the 29 lives?

Disc ; I Hold NZO and lost my investment in pike, not that that matters when 29 men died.

Balance

09-08-2013, 08:39 AM

Yea for sure Nzo has to be responsible for the part they played but just cause they are last man standing is that why you are so hard on their tail?
My opinion is that NZO should give some more help to the families.

My question to you again is what was your part? Ever had money tied up in either pike or Nzo? Did you know that 29 men would die before their time?

Are you just bitter cause you lost out or is it really about the 29 lives?

Disc ; I Hold NZO and lost my investment in pike, not that that matters when 29 men died.

Do yourself a favor, Johnny-Come-Lately, and read the postings during the development of Pike River.

I do not need to own shares in Pike or NZOG to have my say.

Or is that what you are suggesting?

Trying censorship, are we?

brucey09

09-08-2013, 09:07 AM

Balance

09-08-2013, 09:40 AM

Snrs.
I try to explain. 29 good men died but can not longer help them. Why you not now worry and talk for shareholders , the mens family are some, and all who lost money. Top directors must pay . We should concentrate on all people getting paid for trusting directors. yes

And that has to be the intention - keep the focus on what's happening with developments with Pike River.

The directors and management of NZOG (involved in Pike River) must not be allowed to sweep this under the coal dust of history. They need a constant reminder of their incompetence and gross mismanagement.

Until they front up, apologize to the families of the dead miners, make themselves accountable - here's one poster who will not let it rest.

"A total lack of remorse".

Slowlearna

09-08-2013, 10:46 AM

Do yourself a favor, Johnny-Come-Lately, and read the postings during the development of Pike River.

I do not need to own shares in Pike or NZOG to have my say.

Or is that what you are suggesting?

Trying censorship, are we?

You misunderstand me, No I do not think you need to own shares to have your say here.
Different opinions help with and for more robust discussion.

My question is have you ever owned shares in pike or Nzo? Lost or made money?

Disc ; I have read bits of the pike thread but if you have previously stated the answer to my above question forgive my ignorance and please inform me again?

It seems quite personal to you balance? but in saying that I'm just "the new kid in town"

and a very slow learner

Balance

09-08-2013, 12:35 PM

You misunderstand me, No I do not think you need to own shares to have your say here.
Different opinions help with and for more robust discussion.

My question is have you ever owned shares in pike or Nzo? Lost or made money?

Disc ; I have read bits of the pike thread but if you have previously stated the answer to my above question forgive my ignorance and please inform me again?

It seems quite personal to you balance? but in saying that I'm just "the new kid in town"

and a very slow learner

Of course it is personal, Slowlearna.

There were personal attacks made on anyone (obviously including me) who dared to challenge Noggers about the project.

There were even approaches made to Admin to ban dissenting posters.

Slowlearna

09-08-2013, 12:45 PM

Of course it is personal, Slowlearna.

There were personal attacks made on anyone (obviously including me) who dared to challenge Noggers about the project.

There were even approaches made to Admin to ban dissenting posters.

My Question still stands, Have you ever owned shares in pike or Nzo? Lost or made money?

also Is it harder to be as objective when your involved so personally?

from the kid, (might change my profile name) thanks for that balance

RTM

09-08-2013, 02:26 PM

Your a tiger for punishment Slowlearna ! Good luck.
Balance....do you contribute to any cigarette company blogs ? Or perhaps Lion or DB ?
Ah....signing off now.
Cheers,
RTM.

Billy Boy

09-08-2013, 02:34 PM

My old grandpappy used to say.
"Stick up for what you think is right,
But always be prepared to admit when you are wrong"
Balance has been consistant , and good on him.
Read back some ways coz what he has been preaching
has generally been right and come true with NZO and PRC.
cheers to all BB

RTM

09-08-2013, 03:21 PM

Agreed BB....educational he has been. But I have had enough of being preached at. I think all on the site understand Balance's perspective. It ain't helping to go on and on and on and on and on..........

Queenstfarmer

09-08-2013, 04:25 PM

If PRC hadve been a huge success Balance would be saying it had nothing to do with NZO's management. He/she has a bee in the bonnet about this company.

Balance

09-08-2013, 04:46 PM

If PRC hadve been a huge success Balance would be saying it had nothing to do with NZO's management. He/she has a bee in the bonnet about this company.

Only someone who thinks like that, behaves like that - writes like that.

You have just revealed yourself, Qsf.

Balance

09-08-2013, 05:06 PM

Especially with a company like NZOG - well paid second rate directors and management pretending they know how to run an oil and gas (and yes, coal) company.

CEO was paid $559,000 last year. TR was paid $154,500. What have they achieved? PPP, dry holes and a blown-up coal mine.

Meanwhile, a lot of travelling around the globe looking for opportunities! First class, 5 star hotels, caviar and champagne, anyone?

Posted the above on 15 December 2010.

Share price then was 87 cents.

Since then, CEO has been paid his millions, TR has been paid his management fees and indeed, there has certainly been more traveling around looking for opportunities!

Investment in Tunisia has been written off but wait, look at what's in NZOG's website :

http://www.nzog.com/where-we-are-exploring/international/tunisia/

Why Tunisia?
During NZOG's search for suitable overseas opportunities, our attention has returned repeatedly to Tunisia due to its combination of good prospectivity, established exploration and production activity levels, reasonable fiscal terms, and relative ease of doing business.

Diodore
In 2011 NZOG was granted a permit in the Mediterranean's Gulf of Gabes, an established oil and gas producing region off the coast of Tunisia.

A two year prospecting permit has been awarded, with priority rights to apply for a subsequent four year exploration permit.

The Diodore permit extends over an area of 1,200 sq km in the relatively shallow (<100 metres) water depth of the southern Gulf of Gabes. The permit is surrounded on all sides by discovered and producing oil and gas fields.

It is a very productive region and adds diversity to NZOG's exploration portfolio through access to lower risk opportunities.

fabs

09-08-2013, 06:51 PM

Re Tunisia Adventure:
the brain-child of that spin Dr. D/S never contributed anything.
But promised to double co. reserves nearly 10 years ago.
Slowly being frittered away since, reserves probably halve of what they where at the start of his tenure.
Walked away a year later with a pocket-full of money, what a smooth operator/s him and Gordon Ward!!!!!
Skillfully avoiding all the flak since.

Queenstfarmer

09-08-2013, 07:17 PM

Not at all. ..but you'd be right in saying so if that were the case. None of us are happy that families lost 29 sons in the mine. You really do keep going over the same old beaten track Balance and you have nothing new to add...nearly three years on.

neopoleII

09-08-2013, 08:27 PM

for those that are new here, Balance is more right than wrong, and in the case of NZO he is doing a public service...... not that it is well planned or organised....... but he is at least telling it like it is.... and warning new investors the history of NZO and their many faults..... and there are many.
and it starts from the top of the company.... and things havent changed.
once they do..... NZO has a rosy future...... until then .... investor beware!
for those in doubt..... read the threads from 5 to 8 years ago...... its all there.
and most of the "players" are still collecting huge salaries and free shares.
and hide behind legal disclosures and company law.
history is a great teacher........ trouble is most folks dont like history.
disc.. i invested some 10 years ago and have still to see a profit..... let alone break even.
if you read the threads from back then..... the posters were all sizing up 10 gallon cowboy hats and discussing the what to do with the HUGE profits.
and today...... the vast majority of investors are out of pocket.... and the "board" is rolling in silk.

just have a read of the old posts and think.

its your money after all....... and they need it to play their game.

Tyro

10-08-2013, 01:00 PM

Slowlearna the simple message is, you can't reason with obsession.

Just double click on his name, then select "Add to Ignore List (http://www.sharetrader.co.nz/profile.php?do=addlist&userlist=ignore&u=12350)," then his listings will be blocked.

This is not new news balance, and yes I do get your simple message.

29 men died.

Do you get this message?

They did not die so you could use this Thread and their deaths as some moral high ground to slag of a company and others who are invested or may soon want to be.

This is tragic, "29 men died".

POSSUM THE CAT

10-08-2013, 02:37 PM

neopoleII good on you noggers do not like other posters taking a realistic view of there beloved NOG. And definitely cannot believe that others think it goes Woof Woof

Slowlearna

13-08-2013, 11:48 AM

Lots of trades being made in NZO this morning. High volume! NOT

dolor

13-08-2013, 01:22 PM

Lots of trades being made in NZO this morning. High volume! NOT
Of course there are few sales, as this co has made serious and expensive mistakes on each strategic decision over the past 5 years.
Tunisia cost $5m - abandoned.
Kaupokonui(Large empty hole) renamed Kakapo cost $6-7m with failed international marketing- Abandoned.
Pan Pacific Petroleum 15%. Loss $10m
Pike- we all know this one.

What is the common denominator in all these failures? Tony Radford.

brucey09

13-08-2013, 02:04 PM

Of course there are few sales, as this co has made serious and expensive mistakes on each strategic decision over the past 5 years.
Tunisia cost $5m - abandoned.
Kaupokonui(Large empty hole) renamed Kakapo cost $6-7m with failed international marketing- Abandoned.
Pan Pacific Petroleum 15%. Loss $10m
Pike- we all know this one.

What is the common denominator in all these failures? Tony Radford.

No forget to remember Snr. Knight - he was also in. Negro or blanco?

arjay

13-08-2013, 03:09 PM

Even if Balance's worldview is correct I still cannot fathom why they invested in Tunisia. Are we seriously expected to believe NZO were/are serious about doing anything there? So far they have abandoned one half and we are just waiting for them to write off the other half. Compared to holiday spots closer to home Tunis is not a great place to visit and the rest of the country is either desert or all-inclusive beach resorts popular with Germans. The only other reason I can think of is that TR is a Star Wars fan and wants to visit where they filmed Luke Skywalker's home town. Either that or someone misread 'lots of desert' for 'lots of desserts'.

blackcap

13-08-2013, 03:39 PM

arjay

13-08-2013, 03:55 PM

Thanks for the laugh that last sentence of yours gave me Arjay....!!! NZO is a difficult one for me to work out. Bought back in 1996 for 46 cents. Shareprice is nearly double since then, have also received some 5 cent odd dividends. Over 17 years not a huge return but could have been worse.

I'm much the same Blackcap - I bought most of mine in the 30c-50c range and have held since, so I've probably recieved most of my investment back. Am wondering whether it's worth holding much longer though as NZO don't have the blue-sky they once did. I'm interested in the upcoming Matuku and Kaheru drills, however given NZO's track record they could easily drop one or both without much warning to shareholders. Still a good hold for dividends though.

Lion

13-08-2013, 06:01 PM

According to this topyields site, NZO is easily the top dividend stock on the NZX main board.

http://www.topyields.nl/Top-dividend-yields-of-NZX50.php

The fine print is they have got the div wrong at 9c per share per annum.
I think the correct figure is probably 6c which would make the company div yield 7.14% - still high at fourth.
And almost completely tax free.
And backed by long-producing Kupe.

Balance

13-08-2013, 06:33 PM

Balance

14-08-2013, 08:49 AM

Think about this for a minute :

1. NZOG took in $193.7m in July 2008 from Shareholders at $1.50 per share.

2. Cash as at 30 June 2013 was $158m.

3. NZOG has market cap today of $342m.

3 less 2 = $184m.

So NZOG in 5 years has made bugger all from the $193.7m pumped in by shareholders.

And that's not counting the hundreds of millions of dollars destroyed via Pike River Coal.

"Chief executive David Salisbury said raising almost $200m in the current investment climate was a significant statement of faith in NZOG.

"Together with the strong revenue flows coming from the Tui oilfields, the capital injection gives us the opportunity -- and the challenge -- of aggressively pursuing sensible investment opportunities in the oil and gas sector," he said."

Balance

14-08-2013, 09:10 AM

From NZOG's quarterly :

"NZOG floated Pike River Coal Limited in an IPO in 2007 and
from then the companies were completely separated. There
were two directors in common who were prevented by law
from sharing information between the two companies."

Hmmm - have a read of comments from NZOG's AGM in October 2010? As we all know, 29 miners died around one month later.

"Pike River worth the effort, says NZ Oil & Gas chairman
Wednesday 27th October 2010

Pike River Coal remains worth supporting despite repeated delays in getting the underground coal mine up to anticipated production levels, the chairman of New Zealand Oil & Gas, Tony Radford, told shareholders at NZOG’s annual meeting.
“The Pike River coal mine development has proved much more challenging than was originally contemplated, but that fact does not detract from the first-class coking coal it produces and the value it will represent once it has reached steady-state production,” Radford said. NZOG’s exposure to Pike is $85 million and it booked $11.5 million in the last year as its share of the coal miner’s losses.
Managing director David Salisbury told the meeting that the carrying value of NZOG’s 29.4% investment in Pike remained “above our investment cost notwithstanding its operating loss.”
“Our share of Pike River’s ordinary shares has a market value of approximately $120m. NZOG also has over 17 million 2011 options,” Salisbury said.
Last month, NZOG agreed to provide Pike River with a further short-term working capital facility of up to $25m. The facility has an interest rate of 13% and is to be repaid in December.
With the additional capital, NZOG’s support for Pike “goes beyond what we anticipated a year ago,” Salisbury said. “However, NZOG has commissioned its own technical and management reviews and believes that, despite the delays in the mine reaching full production, the fundamental value of the project remains intact.
“While the Pike River mine is still to deliver on its potential, NZOG considers that it has a positive long term outlook.”

dsurf

14-08-2013, 11:30 AM

J R Ewing

14-08-2013, 01:41 PM

Is this you in action Digger?

http://www.stuff.co.nz/business/farming/agribusiness/9040194/How-not-to-load-a-digger

Monkey Poms

14-08-2013, 05:31 PM

Balance you are slipping. Shouldn't the equation be:

1/ Market cap at 2008 pre option exercise - guess at 262mill shares at 1.10?? = 288mill

2 150M from options in 2008

3 Market Cap today 342mill

So 3 minus 2 minus 1 = a loss over the 5 year period in shareholder funds of approx 100mill?

Since 15 Sep 2010 NZO have paid out in dividends 3-6-2-5 a total of 16 cents a share app $65,000,000 total.

Oil shares are like lottery tickets,they are a gamble,drilling dry holes doesn't come cheap.

NZO directors made a big mistake by allowing Pike to be sold to Solid Energy for a small amount of money
and to allow the insult SE paying for it with the money they should have paid,had Pike been given a fair market
price for tonnage of coal stocks (in other words SE stole it ).

MP.

fabs

14-08-2013, 07:12 PM

NZO directors made a big mistake by allowing Pike to be sold to Solid Energy for a small amount of money
and to allow the insult SE paying for it with the money they should have paid,had Pike been given a fair market
price for tonnage of coal stocks (in other words SE stole it ).

Have to get it out first, only time will tell if they got it cheap.
Me thinks NZOG and most of us haven't the time to hang around for that, if it ever happens.
S/E where waiting in the wings long before the tragedy, for the PRC debacle to to hit the wall.

digger

14-08-2013, 08:29 PM

Is this you in action Digger?

http://www.stuff.co.nz/business/farming/agribusiness/9040194/How-not-to-load-a-digger

Good one Ewing. My son in law wants to drive the digger this weekend so I will show him your little movie on how it should be done. I have never done that but have done some hill climbing that would be nearly as good.
This is a NZO thread so I will throw in that I would like to dig for oil here on the farm. All I need is a few million from NZO and away we go.
So what are the div guess for the 27th of this month? I say 5 cents making 8 cents for the year and NZO the top yield company on the NZX.

Balance

21-08-2013, 08:37 AM

So what are the div guess for the 27th of this month? I say 5 cents making 8 cents for the year and NZO the top yield company on the NZX.

And still one of the biggest wealth destroyers on the NZX.

Anyone ever mentioned to the directors that 'rolling stones gather no moss'?

But then, rolling stones enjoy a lot of traveling perks if you have oddles of cash to burn like NZO.

I hear that there's a lot of oil potential in the Greek Islands?

http://www.stuff.co.nz/business/6219532/For-NZOG-the-good-oil-may-be-in-Tunisia

"Former New Zealand Oil & Gas chief executive David Salisbury hopes to see a possible $100 million deal in Tunisia come to fruition for the company he left last week."

arjay

21-08-2013, 11:39 AM

You're slipping Balance - you forgot to remind us about the 29 miners.

neopoleII

23-08-2013, 09:50 AM

Balance

23-08-2013, 10:14 AM

isnt this the sort of stuff that NZO went to the market for when it asked for investment cash?
what better partner than AWE and instant cash inflow.(whoops still development)
instead NZO is.......?

http://stocknessmonster.com/news-item?S=AWE&E=ASX&N=751103

maybe the board should tell us what sort of oppertunity it is looking for??

Opportunities which keep shareholders hot and keen, and directors rolling in clover?

Nothing quite like dangling a carrot in front of shareholders about the next BIG strike.

Only problem is, when did NZOG had the last strike?

Good getting cash out of shareholders though - $195m from exercise of options at $1.50 in 2008.

digger

23-08-2013, 10:27 AM

isnt this the sort of stuff that NZO went to the market for when it asked for investment cash?
what better partner than AWE and instant cash inflow.(whoops still development)
instead NZO is.......?

http://stocknessmonster.com/news-item?S=AWE&E=ASX&N=751103

maybe the board should tell us what sort of oppertunity it is looking for??

NZO has its nose in Indonesia enough at the moment. Lets wait and see how the current drilling turns out.
Also Indonesia has some strange rules around oil production by outsiders that would and should put anyone off going in too deeply.
I certainly would not want to see all our reserves plus disappearing into that country. Toe only until we see how things pan out.

Balance

23-08-2013, 10:38 AM

NZO has its nose in Indonesia enough at the moment. Lets wait and see how the current drilling turns out.
Also Indonesia has some strange rules around oil production by outsiders that would and should put anyone off going in too deeply.
I certainly would not want to see all our reserves plus disappearing into that country. Toe only until we see how things pan out.

That's where you are so wrong, Digger.

Toes in, they make you feel comfortable.

Legs in, they make you feel even more comfortable.

Body in, that's when they strike and take your head off.

NZOG is a babe in the woods in Indonesia. Know of any Australian oil exploration company with successful operations in Indonesia?

arjay

23-08-2013, 11:10 AM

when did NZOG had the last strike?

Pateke - 10 years ago next year.

RTM

23-08-2013, 12:01 PM

Pateke - 10 years ago next year.

Nah...was more recent than that. 2008. See below from Balance.
"Good getting cash out of shareholders though - $195m from exercise of options at $1.50 in 2008. "

arjay

23-08-2013, 12:12 PM

Nah...was more recent than that. 2008. See below from Balance.
"Good getting cash out of shareholders though - $195m from exercise of options at $1.50 in 2008. "

I had forgotten about NZO's soft-rock mining activities.

Bixbite

26-08-2013, 09:27 PM

26 August 2013

Kisaran Exploration Well weekly progress report

The Parit Minyak-3 (PM-3) located in the Kisaran PSC in onshore Sumatra, Indonesia spudded on 3 August, and as of Sunday, 25 August an 8 ½ inch hole hadbeen drilled to a depth of 8360 feet (2549 metres), following mud gas readings and oil shows in the deepest section.

Current intention is to drill ahead to a Total Depth of 8500 feet (2591m).

The Parit Minyak-2 (PM-2) well fracture stimulation operation was conducted in early August. The operation has been suspended prior to completion due to high treatment pressures. The operational performance is under evaluation and fracturing operations have been suspended pending the outcome of this review.

New Zealand Oil & Gas Ltd has a 22.5 per cent stake in the joint venture through its subsidiary NZOG Asia Pty Ltd. 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)

Banksie

27-08-2013, 08:31 AM

The Parit Minyak-2 (PM-2) well fracture stimulation operation was conducted in early August. The operation has been suspended prior to completion due to high treatment pressures. The operational performance is under evaluation and fracturing operations have been suspended pending the outcome of this review.

Is anyone able to translate this? What is "high treatment pressures"?

Bella52

27-08-2013, 08:32 AM

shouldn't be any SP movement. expectations are always for a dry hole, thats what the stats say.

fabs

27-08-2013, 10:26 AM

shouldn't be any SP movement. expectations are always for a dry hole, thats what the stats say.

As it appears another one hits the dust, S/P price probably will not suffer much as fortuitously THAT report is followed by the announcement of some imminent return to S/H.
To some S/H it maybe only be a late repayment of money given to the co. long ago.
So no serious questionings at the AGM to stress the real [ beneficiaries ] after all they work hard FOR US all year.

winner69

27-08-2013, 02:03 PM

arjay

27-08-2013, 02:21 PM

Balance - see they did step up and did the right things after Pike

So that's it ...once and for all

See they also spending heaps more on exploration

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11115009

Lots of Balance fodder in the news today (esp Brian Gaynor's column). Coats on for the inevitable deluge.

777

27-08-2013, 04:10 PM

Lots of Balance fodder in the news today (esp Brian Gaynor's column). Coats on for the inevitable deluge.

Hit the "ignore" option.

arjay

27-08-2013, 08:27 PM

Hit the "ignore" option.
Couldn't possibly, I love the entertainment too much!

digger

27-08-2013, 11:38 PM

Couldn't possibly, I love the entertainment too much!

Bring it on Balance. Hit them where it hurts. The useless mushrooms need putting in there place every second day. We need our daily fix and lately you seem to have slowed up.

dsurf

29-08-2013, 10:05 AM

Balance

29-08-2013, 10:19 AM

News flash

New Zealand Oil & Gas says it should have been developing new oil fields by now as reserves at its producing assets dwindle.

Does saying sorry cut it when they have done nothing for 5 years?

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11115275

Too busy flying around the world (Indonesia, Tunisia, Mongolia, US, Australia etc) looking for great opportunities.

Watch them spend all that lovely loot $$$$ in the bank while they 'search' for new reserves.

It's all for you shareholders, see?

digger

29-08-2013, 10:52 AM

News flash

New Zealand Oil & Gas says it should have been developing new oil fields by now as reserves at its producing assets dwindle.

Does saying sorry cut it when they have done nothing for 5 years?

Long time between drinks. Yes they have got to get out there and do some drilling--starting next month. I still very much prefer we drill here in NZ than do so overseas, where the rules can change to suit the home country. So in the next few months looks like we are on the right track.

Balance

29-08-2013, 10:55 AM

Long time between drinks. Yes they have got to get out there and do some drilling--starting next month. I still very much prefer we drill here in NZ than do so overseas, where the rules can change to suit the home country. So in the next few months looks like we are on the right track.

Eh, that was the wrong track 3 years ago when they pulled out of active exp[loration activities in NZ?

Ever heard about 'rolling stones gather no moss'?

fabs

30-08-2013, 09:08 AM

//www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11115275[/url]

Unbelievable
Been pointed out for longer than 5 years ad nausea on this forum
What are these roosters being payed for just SPIN ? ? ?
This is worse than incompetence, bordering on fraud or taking money under false pretensions.
Working only hard it seems covering their backs keeping the milking legal.
NZO is not even the Operators of the money making projects, so how much effort required there?

nextbigthing

01-09-2013, 11:34 AM

http://www.stuff.co.nz/business/money/9107222/Potential-riches-await-oil-and-gas-explorershttp://www.stuff.co.nz/business/money/9107222/Potential-riches-await-oil-and-gas-explorers

NextBigThing

nextbigthing

01-09-2013, 02:44 PM

You doubled up the link NBT. Here it is again:

http://www.stuff.co.nz/business/money/9107222/Potential-riches-await-oil-and-gas-explorers

Whoops. Cheers Moosie

dsurf

02-09-2013, 09:51 AM

Meanwhile NZOG galavant round Tunisia & Indonesia! Both very stable places where there is little risk??? And huge reward??? And the huge team of world renowned geoligists at NZOG have more years experience there than the current all blacks have test caps??? Oops sorry DS has some mates in Tunisia who needed a couple of mill????

Billy Boy

02-09-2013, 12:21 PM

The current operation is logging in the open-hole section from 5067 ft (1545

meters).

Following evaluation of this data, further decisions will be considered,

including casing, flow testing and drilling deeper.

Good news from the MINE ??
BB

blockhead

02-09-2013, 07:27 PM

See young Billy Boy on TV there tonight designing a few handy Apps, I bet old BB can't quiet figure them out !!!

neopoleII

02-09-2013, 07:40 PM

how can logging 1 kilometer of open hole be good news?
its just like the other hole...... solid rock that flows a few hundred barrels a day.... and has a failed fracking episode .... ie well is put on hold due to extreme pressures
the fracking didnt work and the well is under immense pressure and no where to release the fracking fluids.
this current well has a one kilometer open hole and nothing filling it.....
they need to suspend this well and figure out what is going on with the first well.
to me its seems like the only way to get the oil out is to drill hundreds of wells as the rock structure is way too hard.
therefor uneconomical.
image...... a one kilometer open hole so far under ground and no collapse.

fabs

03-09-2013, 10:07 AM

[QUOTE=neopoleII;425495]

SHHHH neopoleII
You are spoiling the Managements crowing at the AGM with the help of some staunch S/Hs about being the the best div.paying co.on the block.
Any adverse news can wait till after, any backlash on this forum for another 12 months just water of a ducks back.
Can then again doing the very hard work, we all know they do best.

arjay

03-09-2013, 10:51 AM

[QUOTE=neopoleII;425495]

SHHHH neopoleII
You are spoiling the Managements crowing at the AGM

The timing of the AGM is nicely placed to allow plenty of spin for Cosmos and the upcoming Taranaki drills. That should keep punters spellbound enough without needing to embellish Indonesia. Their main concern will be that Balance will turn up and throw cold water on the well laid plans.

Billy Boy

03-09-2013, 12:24 PM

See young Billy Boy on TV there tonight designing a few handy Apps, I bet old BB can't quiet figure them out !!!
I taught him all he knows.
BB:p

neopoleII

05-09-2013, 10:33 AM

have done some research on open hole logging, and it seems that it is normal practice.
infact i have done alot of research lately, as an investor i want to understand what is going on when they tell us things in the reports.
its a shame that investors have to go to other sites to find information where as NZOG website has nothing.
so anyway here is a link or two that explains open hole logging...... very informative.

http://www.rigzone.com/training/insight.asp?insight_id=330&c_id=1

http://drillingcontractor.org/dcpi/dc-julyaug07/DC_July07_PackersPlus.pdf

maybe NZO could put some of this information on its website to help its shareholders better understand what they are investing their hard earned cash into.

anyway..... im learning stuff now.....

sideline

05-09-2013, 11:20 AM

Maybe NZO could include some explanation of the technical terms used in their release. The most helpful info is this paragraph from your Rigzone link:

Open-hole logging refers to logging operations that are performed on a well before the wellbore has been cased and cemented. In other words, the logging is done through the bare rock sides of the formation. This is the most common type of logging method because the measurements are not obstructed and it's done during or after the well has been drilled.

Mr Tommy

10-09-2013, 09:50 AM

digger

10-09-2013, 12:51 PM

The well has been drilled to a depth of 8520 feet (2598 metres).
Open hole logs were run to depth, however subsequent formation pressure data gathering was hindered by degrading hole conditions. Initial log analysis supports deepening the well.

This mornings announcement they are going to drill an extra 500ft, I assume they found something down there.

That was my take as well. Unless the NZO negative posters are correct and the management is completely stupid, one would hardly drill deeper unless there are very firm encouragements to do so.
Also the bit about the open hole degrading I find positive after post 13102 where it is suppost to be solid rock so no oil could move, making the well uneconomic.
The market is a strange beast and sees this announcement as negative---well for now anyways.
AGM coming up ,anyone going for a scone.

arjay

10-09-2013, 07:50 PM

Kan Tan IV is now half way between Farewell Spit and Hawera. Getting close to drilling time!

http://www.marinetraffic.com/ais/default.aspx?mmsi=351872000&centerx=173.2399&centery=-40.027&zoom=10&type_color=9

neopoleII

10-09-2013, 08:14 PM

""Also the bit about the open hole degrading I find positive after post 13102 where it is supposed to be solid rock so no oil could move""
whos to say that the degradation is in the zone they are trying to read?
the drill stem was raised one kilometer, so therefore the crap from the top could of been falling down the hole,.. risking the logging tool getting trapped.
on the 27th of august the report was::
The Parit Minyak-3 (PM-3) located in the Kisaran PSC in onshore Sumatra,
Indonesia spudded on 3 August, and as of Sunday 25 August an 8 1/2 inch hole
has been drilled to a depth of 8360 feet (2549 metres), following mud gas
readings and oil shows in the deepest section.

so only oil shows at the deepest level via the mud tailings reaching the surface, and the 1 km of open hole and then degradation.
to me it reads solid rock where the oil is and crap falling down the open hole to cut short a proper logging.
therefore ...... with the current majority of the well drilled and expenses occurred already, and a failed logging.... they might as well go another 500 ft.
if they had hit oil it their target zone...... they would have a bit more than "shows"

ps.. i am not against the company or wish them ill fortune....... i have a massive holding in this co compared to my net worth.
but...... i dislike the way they treat the shareholders.
several weeks ago they mentioned some article that said there was only a couple of hundred barrels of flow from the first well which they said was completely wrong.......
only to have them state a week later it was 400 to 600 barrels.
has anyone been able to find this article? ..... it seems to me it was a ruse.
then that well is fractured and now placed on hold because of extreme pressure.
and now this one ..... a short distance away..... has open hole degradation.
they should of said at what level the degradation was at.......

also..... i have never head of a drilling company telling its shareholders that the wire logging was abandoned due to hole degradation.......
maybe because of "the solid rock comment "... and them having to drill deeper ....they had to say something?

either way..... TWO HOLES IN THE GROUND....... two completely different set of problems..... that most drillers dont seem to have.... and the same formation.
so....... maybe management are completely stupid.
at the very least....... the lack of info is stupid.

and sadly for me..... after holding this stock for some 8 years and still in the red..... im stuck till they finally do manage to strike oil.
so yes..... i wish them all the success in the world.
i just dont trust the management anymore.

also i have read that there is a slimline wire log system that reads the open hole a few feet away from the drill stem end and starts at the bottom of the well
and as the drill stem is raised to the surface the wire log reads the open hole with no risk of degradation through the whole zone.
but...... it is more expensive than reading a 1 km open hole with conventional logging tools.

and my last comment...... as they drill down, you would think that as the tailing come out of the ground they would test them for formation strength and therefore know what
there drilling through and likely hood of bore deformation once 1km of drill stem is lifted.

one of the previous links i supplied it said that open hole logging is normal..... abandoning logging is not normal. im guessing they opted for the cheap logging option and got caught out.
anyway..... time will tell.
there is lots of good information from larger oil companies out there that explains the working of drilling and logging...... its all very informative.
unlike NZOs reports.

Slowlearna

11-09-2013, 10:18 PM

Mr Tommy

12-09-2013, 10:53 AM

Question

Knowing that oil reserves are decreasing unless there is a find.....
Do you think NZO is setting up to reduce its current yearly dividend of 6 cents per share to 3 cents per share by splitting it into two 3 cent payments?
Maybe there are some that have been in markets for a while have seen other companies do this or is there other good reasons for this?

Disc- yes I'm still in need of learning it just takes so long

Check page 7 of this presentation showing the production is only slowly dropping.
http://nzresources.com/attachments/3101/NZOGpresentation_lr.pdf

Its basically Kupe all the way out to 2025, I think your 6c div a year is safe for a while yet.
Hopefully TUI will get a boost with the drills coming soon.

neopoleII

13-09-2013, 07:23 PM

interesting to see with the 6 on going disclosure notices today that when reading them, most of the recipients of the 1 cent shares have 100s of thousands of partly paids but very very few fully paid ordinaries.
seems like the staff on their fat salaries dont want to pay for full price shares like we have to but are very happy to gobble up the 1 cent shares.
this seems to me that they have little faith in the current share price but are happy to gamble 1 cent shares if they do hit an oil strike.
which leaves us as the shareholders...... with very little disclosure or info from management holding the sp and carrying the can if the drills are dusters.
very nice to know the support from our company leaders and company staff.
cheers NZO
whats the strike price on these 1 cent shares?
lol in advance.

neopoleII

13-09-2013, 07:25 PM

p.s.
thank you for the 3 cent divi.

digger

14-09-2013, 10:19 AM

why anyone would buy into NZO is beyond me when this issues have bern ongoing for years. oh well, each to their own. guess some people just like being masochists!

Maybe it is because your cals on the worth of NZO investments is hopelessly out. Your comments that NZO will be on zero dividend [post 13113] in one two three years shows you really have not gone into the company very much. A 6 cent per year dividend can easily be met for the next ten years,leaving valuable money to search for more oil. Three drills coming up this year and more the following . You will be right that NZO investors are masochists if no oil is found in the next 5 years. The other case is that oil is economically discovered and you will be kicking yourself for not being in the correct party.
Oil is a risk as an investment, the masochists or otherwise can only be determined after the event.

Balance

14-09-2013, 10:29 AM

Maybe it is because your cals on the worth of NZO investments is hopelessly out. Your comments that NZO will be on zero dividend [post 13113] in one two three years shows you really have not gone into the company very much. A 6 cent per year dividend can easily be met for the next ten years,leaving valuable money to search for more oil. Three drills coming up this year and more the following . You will be right that NZO investors are masochists if no oil is found in the next 5 years. The other case is that oil is economically discovered and you will be kicking yourself for not being in the correct party.
Oil is a risk as an investment, the masochists or otherwise can only be determined after the event.

What about NZOG's track record, Digger?

JBmurc

16-09-2013, 04:06 PM

sideline

16-09-2013, 05:47 PM

Offshore taranaki basin Farmout ann>>> looking for a major to come over two targets ready to go---can drill as soon as 2014 with Rig in NZ waters

now bring on the announcement of new partner before Xmas please

disc-holding truckloads of OXX.....

Drilling on Makutu should start early Oct, then OI and Tui (Pateke-4H).
Good to see plenty of new initiatives taking shape. 2014 could get fairly exciting
(as opposed to the 'boring' pumping and selling oil and gas that's going on in the meantime).

sideline

16-09-2013, 07:46 PM

If NZO gets its act together and finds some new wells, Taranaki is going to be, by far and away, the richest province in NZ. I look forward to that day. In the meantime, OXX.ASX is the one to be buying if one is to play the game IMHO

DISC - Holding neither aforementioned companies, but looking to initiate one with OXX within 2013...

OXX, being an Australian company, do they attach NZ imputation credits with their dividends?
If not, how do you deal with the IRD when you receive a divi??

JBmurc

16-09-2013, 08:44 PM

OXX, being an Australian company, do they attach NZ imputation credits with their dividends?
If not, how do you deal with the IRD when you receive a divi??

From memory I'm pretty sure we miss out on any imputation credits (but could well be wrong) as for the divi your be paying tax going from my last divi but I pay tax on any Share trading profits....

Still I didn't buy OXX for yield but the 10 bagger capital growth potential ....

777

16-09-2013, 08:55 PM

OXX, being an Australian company, do they attach NZ imputation credits with their dividends?
If not, how do you deal with the IRD when you receive a divi??]

Dealt with like any other offshore company dividend. You pay tax on the amount you bank whether it is in an account offshore or in NZ. If offshore then at the exchange rate on the day or mid month rate. All this information is available on the IRD website.

Very few Australian companies pass on imputation credits to NZ shareholders.

Corporate

16-09-2013, 09:14 PM

Australian entities attached franking credits to dividends which can't be offset against any NZ tax liability unfortunately. It is a terrible situation IMO.

JBmurc

16-09-2013, 10:29 PM

Australian entities attached franking credits to dividends which can't be offset against any NZ tax liability unfortunately. It is a terrible situation IMO.

Yeah one of the reason's If your after yield your better of just buying solid NZX companies over ASX....

fabs

17-09-2013, 08:42 AM

digger

17-09-2013, 09:50 AM

RE; 2014 Portfolio Am i missing some thing here, Management been trying desperately to farm out for the last 2-1/2 years plus dishing up some other diverse spin.
Been also looking to improve reserves and new revenue generating ventures for god knows how long now, with zilch results.
At least the S/Price still frozen in the same old range and looks to be there for a long time yet.
At least they hope the S/H wont grill them to much till after the the AGM with the recent Div. and this glowing Portfolio announcement.

Some people have very short memories or is it my defect that mine is tooo long.

Lets go back to a time long ago before TUI was discovered. Growing the company then was also the theme song and just before TUI there was a string of failures. After Hochstetter for those that have that long of memory the board discussed if they could carry on as a company. Carry on they did but only by going back to shareholders in a cash raising.
So my point here is that our finances now are so healthy that while a dry well will always be disappointing it will not be a company breaker. Now we have the reverse situation that the company pays dividends back to shareholders and can drill even if all turns to dust. But lets be positive and just think of the effect on NZO if even one of these four drills comes in.
America,s cup or NZO---which is the more exciting.
Cheers

fabs

17-09-2013, 10:38 AM

America,s cup or NZO---which is the more exciting.
Cheers[/QUOTE]

Surly Digger you mean NZs Cup.
Striking ratio used to be 1 in 10 for Oil-wells, according to nzo
1 in 4 would indeed be exciting.

RTM

17-09-2013, 12:38 PM

How many wells drilled is it since NZO hit oil ? Suspect it would add up to 10, especially including these 4.
Does that mean we are about to hit oil ?

fabs

17-09-2013, 03:59 PM

How many wells drilled is it since NZO hit oil ? Suspect it would add up to 10, especially including these 4.
Does that mean we are about to hit oil ?

Theoretically yes, but equally could come up dry the next 10 after that but then strike 3 GUSHERS in a row..
That is what makes it apparently exciting.

neopoleII

17-09-2013, 07:20 PM

they have oil shows in both of their Indonesian wells ...... sooo..... with some luck.........

zigzag

17-09-2013, 08:05 PM

At last there is going to be some drilling activity in NZ, and not just NZO. There some big name companies coming down here over the next couple of years. NZ is a long way to bring these rigs so I really hope that someone makes a decent strike, or NZ could be pretty much forgotten about. Even better if it is NZO that pulls it off.

neopoleII

23-09-2013, 06:58 PM

it seems they missed their weekly drill report.......
i thought this was a mandatory disclosure?
so... at this point 2 wells drilled and no news.

Slowlearna

23-09-2013, 07:03 PM

There must also be some news due soon about timing for NZ drills

sideline

23-09-2013, 08:11 PM

There must also be some news due soon about timing for NZ drills

Its not under AWE/NZO control when drilling starts - OMV/Horizon/Todd/CUE etc are currently using the rig for Manaia-2,
and the latest release from CUE still states that drilling is expected to be wrapped up within the 30 days originally planned.
It started on 2 September. So expect to start drilling for AWE/NZO/PPP early Oct.

Bella52

23-09-2013, 08:33 PM

Matuku is next then tui, in the qtrly report.

Bixbite

23-09-2013, 10:58 PM

it seems they missed their weekly drill report.......
i thought this was a mandatory disclosure?
so... at this point 2 wells drilled and no news.

23 September 2013
Kisaran Exploration Well weekly progress report

At 2.00PM Sunday, 22 September (local time), a total depth (TD) of 8760 feet (2670 metres) was reached in the Parit Minyak - 3 (PM -3) well located in the Kisaran PSC in onshore Sumatra, Indonesia.

The current operation is running wireline logs of the open hole section, and preparing to run Drill Stem Tests (DSTs) of zones of interest in the open and cased hole sections of the well.

brucey09

24-09-2013, 08:38 AM

Snrs.
I am to considering is NZO lucky to get excellent east coast new permits on ground? Go for NZ boat.

Balance

24-09-2013, 09:19 AM

23 September 2013
Kisaran Exploration Well weekly progress report

At 2.00PM Sunday, 22 September (local time), a total depth (TD) of 8760 feet (2670 metres) was reached in the Parit Minyak - 3 (PM -3) well located in the Kisaran PSC in onshore Sumatra, Indonesia.

The current operation is running wireline logs of the open hole section, and preparing to run Drill Stem Tests (DSTs) of zones of interest in the open and cased hole sections of the well.

Drilling started Feb 20. 7 months later, only insiders know what's going on.

Meanwhile, NZO continues to run down its reserves and its cash.

But don't worry, the big one is just around the corner - have faith in NZOG's management.

They have just been unlucky.

Unlucky for the last 6 years.

Or it could be because it's a bunch of corporate clowns, has beens and fat cats running the show?

arjay

24-09-2013, 05:09 PM

OK, which one of you clowns put sulphur in Balance's oats again?

digger

24-09-2013, 11:53 PM

OK, which one of you clowns put sulphur in Balance's oats again?

He sure is entertaining. We should have got a blast about being mushrooms and the PIKE tragedy. Could be slipping there Balance.
I was wondering what he will be doing with all the money he will receive on Friday.Would have to have a heap of shares to justify all the imput on this site.

Wonder if he will turn up at the AGM like last year.
This year at the Auckland meeting I am going to ask that questions only come from the floor. Last year Balance did a long rambling speech which while funny took up a lot of time that would have been much better left for real questions. Leave the rubbish here on sharetrader for humor or whatever but as many investors travel a long way to get to those meetings we should all respect there time and leave the meeting for what it is intended.

Balance

25-09-2013, 01:12 AM

He sure is entertaining. We should have got a blast about being mushrooms and the PIKE tragedy. Could be slipping there Balance.
I was wondering what he will be doing with all the money he will receive on Friday.Would have to have a heap of shares to justify all the imput on this site.

Wonder if he will turn up at the AGM like last year.
This year at the Auckland meeting I am going to ask that questions only come from the floor. Last year Balance did a long rambling speech which while funny took up a lot of time that would have been much better left for real questions. Leave the rubbish here on sharetrader for humor or whatever but as many investors travel a long way to get to those meetings we should all respect there time and leave the meeting for what it is intended.

Ah, Digger, ever reliable supporter of NZOG's management and directors!

Pike River was of course the fault of the Conservation Department, wasn't it?

digger

25-09-2013, 09:51 AM

Ah, Digger, ever reliable supporter of NZOG's management and directors!

Pike River was of course the fault of the Conservation Department, wasn't it?

No it was the Labour Department who set the rules on mine safety and could have at any time shut the mine down if they felt the safety was in at risk.

Balance

25-09-2013, 10:07 AM

No it was the Labour Department who set the rules on mine safety and could have at any time shut the mine down if they felt the safety was in at risk.

Yes, Digger, profound logic about who is at fault here.

A man drives an unsafe car, with bald tires and faulty brakes, kills a few people when cornering but it's the Police's fault.

dsurf

25-09-2013, 11:59 AM

He sure is entertaining. We should have got a blast about being mushrooms and the PIKE tragedy. Could be slipping there Balance.
I was wondering what he will be doing with all the money he will receive on Friday.Would have to have a heap of shares to justify all the imput on this site.

Wonder if he will turn up at the AGM like last year.
This year at the Auckland meeting I am going to ask that questions only come from the floor. Last year Balance did a long rambling speech which while funny took up a lot of time that would have been much better left for real questions. Leave the rubbish here on sharetrader for humor or whatever but as many investors travel a long way to get to those meetings we should all respect there time and leave the meeting for what it is intended.

Does anyone know if there are minutes taken of the questions & speeches at the AGMs - I need some light relief after the sailing which has thrown me very off balance

Balance

27-09-2013, 10:08 AM

Sp back to exactly where it was 10 years ago.

To be fair, 32 cents dividend paid in last 4 years so averaging 3.2 cents a year.

But those who believed and pumped $185m in 2008 at $1.50 per share, ouch!

Meanwhile, Woodside on ASX has doubled in price and paid a dividend every year.

Oil Search has gone from $1.81 to $8.82.

But NZOG's management not to be blamed - it's either the Conservation Dept, the Labor Dept and of course, the demanding market.

digger

27-09-2013, 11:07 AM

Does anyone know if there are minutes taken of the questions & speeches at the AGMs - I need some light relief after the sailing which has thrown me very off balance

Love that humour pun.

sideline

27-09-2013, 02:27 PM

Its not under AWE/NZO control when drilling starts - OMV/Horizon/Todd/CUE etc are currently using the rig for Manaia-2,
and the latest release from CUE still states that drilling is expected to be wrapped up within the 30 days originally planned.
It started on 2 September. So expect to start drilling for AWE/NZO/PPP early Oct.

Looks like OMV/Horizon/Todd/CUE are going rather slow as per latest release from CUE - could push the start of the AWE/NZO drill out by a week.

BIRMANBOY

27-09-2013, 03:53 PM

BigBob

30-09-2013, 01:48 PM

From today's announcement....: Preparations are underway to begin flow testing in the Parit Minyak-3 (PM-3) well located in the Kisaran PSC in onshore Sumatra, Indonesia.

Based on wireline logging results, up to two drill stem tests (DSTs) will be conducted. The first will be an open hole test over a gross interval of 246 feet, the second will be in cased hole over a gross interval of 62 feet. Depending on the types of fluids and rates of flow, this testing program could take 15-20 days

Couldn't they have headlined this something like "Kisaran exploration well encounters hydrocarons - flow testing to commence"...? At least that might indicate some degree of potential success..... That is, of course, assuming that it is hydrocarbon flow rates they are testing....

blockhead

30-09-2013, 01:58 PM

Exactly what I was wondering BB, they are flow testing oil (I think)...isn't that the stuff they bored the hole trying to find ???

arjay

30-09-2013, 02:40 PM

Just as a note ..this is returning a dividend yield of 7.45% (not including imputation credits) on current price of .805. Not many energy related companies have that sort of consideration for the shareholder ....so Big Picture is that its not a bad investment (at the moment) for "dudes with dividends".

Although it is a double-edged sword. Over the last while each time a dividend is paid the SP seems to drop by at least the amount of the dividend paid. Consequently the dividend yield is improving due to the decline in the value of the capital invested.

BigBob

30-09-2013, 02:52 PM

Why so downbeat? Because we know NZO has hit another dud!

Do we now moosie...? Please tell me what they are going to be flow testing then...?

digger

30-09-2013, 02:55 PM

Why so downbeat? Because we know NZO has hit another dud!

You do have a negative feel for this company moosie. I have never heard of a company going to flow test when they already know it is a dud.
From me it is positive that they are prepared to go to the length in both time and money to do the flow testing.
They can not tell us more as the host country sets the release conditions.

sideline

30-09-2013, 04:54 PM

IMHO, NZO needs to start walking the walk before anyone believes the talk anymore. When they prove otherwise, then my opinion will change. For the sake of NZ and our economy, I hope the Director's are going to make a difference to past performance. :)

IMHO, MOOSIE needs to start backing up his negative vibes with some facts before anyone believes his talk anymore. How would that be about 'walking the walk'.

Balance

30-09-2013, 05:08 PM

Check out the companies past performance, rhetoric and complete dissociation from its shareholders regarding ongoing drilling. How's that for backing it up??? :eek2:

Moosie, you are trying to reason with Noggers - NZOG can do no wrong.

Pike River explosion was apparently somebody's else fault!*

sideline

30-09-2013, 05:51 PM

Check out the companies past performance, rhetoric and complete dissociation from its shareholders regarding ongoing drilling. How's that for backing it up??? :eek2:

Actually I think regarding ongoing drilling the rethoric has become extremely careful and realistic - just look how non-exaggerating-anything todays announcement was. Complaints have even be raised about the missing spin in the announcement on this thread. And there could well be an economic return from the Indonesia exercise.

Regarding your other judgements and accusations: you haven't stated any facts backing them up.

Balance

30-09-2013, 05:55 PM

Regarding your other judgements and accusations: you haven't stated any facts backing them up.

How about 10 years of dry holes?

Queenstfarmer

30-09-2013, 06:22 PM

You want to get rich balance? Invent something that can tell oil company's what exactly is down there...3km deep with 100% accuracy.

Balance

30-09-2013, 06:40 PM

You want to get rich balance? Invent something that can tell oil company's what exactly is down there...3km deep with 100% accuracy.

NZOG holds themselves up as*experts, I don't.

They pay themselves millions.

Why should I do the work for them?

Would you not love a job like that - with shareholders adoringly forgiving any mishaps and destruction of wealth?

sideline

30-09-2013, 09:09 PM

You want to get rich balance? Invent something that can tell oil company's what exactly is down there...3km deep with 100% accuracy.

Since 1980 only 4 commercially significant offshore oil/condensate discoveries have been made in NZ waters,
which includes all the efforts of Shell/Origin/OMV/Todd/AWE etc etc.
NZOG has its share of production in two of those, Tui and Kupe. That's not bad.
Yes, its time to find some new ones. But to be realistic, the chances on each particular drill are not that great
in NZ.
The likes of Moosie/Balance will always find fault with anything NZO is involved in - that other and much
bigger companies don't have any better success rates in the NZ environment doesn't interest them.