NZ Oil & Gas (NZO)

[blackcap]

Hi,

Not sure if someone can easily shed some light on my below query...But two glasses into my pinot noir and I feel compelled to ask. Again I am a novice investor who largely gambles on "growth" stocks with little success!. NZO are one of the few companies I have tried to understand.

But in nzo I see a company with money and assets which exceed the value of it's share price (I understand Nav to be a basic tool but I am basic in my understanding). This was the case prior to the kupe sale and why I invested in them on the first place. And I considered it a simple and easy decision to invest. Essentially I feel like I am buying money (possibly foolishly!).

I am a believer in the wisdom of crowds so I assume I am missing something. I purchased a few more at 61.5 yesterday to more than cover the capital return.

I would be grateful for any thoughts as to why nzo are valued at 62c when the nav suggests that they are worth more. And nzo's assets are real money and natural resources. Not a brandname or anything overly speculative.

Is it simply that they are assumed to make a loss for a number of years...oil prices won't recover?

The market are valuing NZO at a "discount" because NZO go through about $8 million annually in corporate costs.If you discount them over say 10 years etc then that works out to say 12 cents per share. So instead of NZO being worth 76 cents (its NAV) take off the future loss of corporate costs.. then you have 64 cents..... where it is roughly the last week or so. Hope that helps...

[digger]

The market are valuing NZO at a "discount" because NZO go through about $8 million annually in corporate costs.If you discount them over say 10 years etc then that works out to say 12 cents per share. So instead of NZO being worth 76 cents (its NAV) take off the future loss of corporate costs.. then you have 64 cents..... where it is roughly the last week or so. Hope that helps...

No Blackcap it does not help at all. You have set out only the negative of the next 10 years. Maybe just maybe something positive will happen in the next 10 years and that should be factored in not just the corporate costs as if nothing ever will take place.The future has to be seen in balance though BALANCE will rightly now step forward and point out that the past 10 years have had more negatives than positives.

[blackcap]

No Blackcap it does not help at all. You have set out only the negative of the next 10 years. Maybe just maybe something positive will happen in the next 10 years and that should be factored in not just the corporate costs as if nothing ever will take place.The future has to be seen in balance though BALANCE will rightly now step forward and point out that the past 10 years have had more negatives than positives.

Maybe it will maybe it won't. All I am saying is what the market is saying. They "the market" are valuing NZO as cash - the future corporate costs. That is a fair valuation. You cannot say you think something positive may happen and add a premium to a stock price on wishful thinking. With NZO's past you may even have a negative premium. What is the point in holding cash when interest rates are almost zero? There is really only one way to value NZO and that is how the market is valuing it. Or do you think that the "IP of NZO corporate" has some value or premium?
That said, I do have a small holding as I think Zeta may extract some value, cut corporate costs where required and there is the question of this huge potential gas thingee....

[digger]

The market are valuing NZO at a "discount" because NZO go through about $8 million annually in corporate costs.If you discount them over say 10 years etc then that works out to say 12 cents per share. So instead of NZO being worth 76 cents (its NAV) take off the future loss of corporate costs.. then you have 64 cents..... where it is roughly the last week or so. Hope that helps...

No Blackcap it does not help at all. You have set out only the negative of the next 10 years. Maybe just maybe something positive will happen in the next 10 years and that should be factored in not just the corporate costs as if nothing ever will take place.The future has to be seen in balance though BALANCE will rightly now step forward and point out that the past 10 years have had more negatives than positives.

[digger]

Bad guess Kay.
I havnt spoken to digger for sometime-time flies-.
but its always informative to do so-I suspect he is holding onto more shares than everyone here combined and similarly Knows more than everyone here.
Money in the Bank if you have no intention of using it is better returned to shareholders
NZO potentially has a huge gas field-currently holding 50%.
They need to find another partner capable of drilling a deep well.In my opinion they have a good chance of finding a game changing world scale field-no one knows until it is drilled which will probably happen before this decade is over.
They might decide to sell their interest and wind up the company although i suspect they are honest and atm are looking for that big partner.
Plans can change and investing in nzo is much higher risk than the bank,
That risk will decrease after the capital return and remaning shares may be worth more
However there is no way that you will get much chance of a return with a bank-no more than capital invested plus interest minus inflation and minus tax

Fish I am thinking of going to this next meeting to be called to OK the capital return. Want to get the latest on what the directors are thinking. It will probably be in Wellington but is worth the trip. Are you interested in making similar plans. With more people asking questions we get a better spread of ideas.
I would like the meeting called and have no eats as quite frankly too many people come for the eats and not enough time is spent on ideas.

[fish]

Fish I am thinking of going to this next meeting to be called to OK the capital return. Want to get the latest on what the directors are thinking. It will probably be in Wellington but is worth the trip. Are you interested in making similar plans. With more people asking questions we get a better spread of ideas.
I would like the meeting called and have no eats as quite frankly too many people come for the eats and not enough time is spent on ideas.

Sure would like to get to the meeting but doubt if will be able to make it.
Might have to give you my proxy again.
I do strongly favor the capital return

[blackcap]

No Blackcap it does not help at all. You have set out only the negative of the next 10 years. Maybe just maybe something positive will happen in the next 10 years and that should be factored in not just the corporate costs as if nothing ever will take place.The future has to be seen in balance though BALANCE will rightly now step forward and point out that the past 10 years have had more negatives than positives.

I have said nothing negative. Just being neutral. At the moment NZO is cash. They have corporate costs. these need to be factored in and discounted. If NZO are going to do something (thus justifying these corporate costs) then this action can be both positive or negative. Either or it is neutral and thus the corp costs still need to be accounted for in today's share price. But who am I to argue.. it looks like the market has already done this for me.

[winner69]

I have said nothing negative. Just being neutral. At the moment NZO is cash. They have corporate costs. these need to be factored in and discounted. If NZO are going to do something (thus justifying these corporate costs) then this action can be both positive or negative. Either or it is neutral and thus the corp costs still need to be accounted for in today's share price. But who am I to argue.. it looks like the market has already done this for me.

Correct blackcap

The market is saying NZO not going to do anything with that cash - at least, on your sums, the market not factoring in they will go into some loss making venture. That's positive

[Lion]

Yes, "this huge potential gas thingee...." as you put it, blackcap, and then there's this "huge" amount of money sitting in the Co's bank.

Does anyone else wonder if NZO and partner should drill and confirm just what's there?
Before farming out any further? A deep sea drill is expensive, sure, but rigs are cheap now and I think the money is there (half the cost, anyway)
Sure, it's a big risk, but then the rewards are just enormous. "A game-changer for NZ", I think the Co said recently.
I'm not a gambler by nature, but then as a Co, we don't have a great deal to lose and a vast amount to win.

I think it's exciting - haven't had much excitement from NZO for such a long time.

I will be going to the meeting if it's in Wgtn.

[Kay]

If I have understood correctly, the current share price represents a market that is unable to make judgement on whether nzo can put $100m to good use?...Not sure I can help there either!

I guess I am happy to hold and wait to see what happens next.

Thank you for any replies

[Balance]

No Blackcap it does not help at all. You have set out only the negative of the next 10 years. Maybe just maybe something positive will happen in the next 10 years and that should be factored in not just the corporate costs as if nothing ever will take place.The future has to be seen in balance though BALANCE will rightly now step forward and point out that the past 10 years have had more negatives than positives.

Haha - you read me right Digger me ole matey.

9 years after taking in $200m from shareholders via the exercise of the $1.50 options, NOG (No Oil or Gas) is back to square 1 - less Kupe, Tui and Pike River. Quite an achievement, wouldn't you say?

[Marilyn Munroe]

The game changer is a frontier gas play in what the industry considers the far side of the world. It would need to be exported at great development costs. Selling it to Otagoians to cook their morning porridge won't work. An oil major such as Exxon or Shell with expertise and deep pockets would be needed to develop the field and they would probably only interested if Putin does the European strongman territorial expansion thing or the Middle East erupts.

What would be the relationship between NOG and the majors? Think of a heyena killing an antelope near a pride of lions.

Boop boop de do
Marilyn

[fabs]

Supposed to Drill in 2017 according to CO.
Subject to getting a rig, lets hope not a lame duck like last time.
Concluding as stated with positve and promising supposed farmout negotiations underway for some 6 months now.
With 20% left would it be not more sensible to hold on to every $ plus retain present S/H Base of 320mill plus, to raise money for much more $ needed than they have in the kitty now.
Should they strike the much lauded riches, all of us would benefit substantial with our present holdings.
Big windfall for all the ones holding millions of shares on the 1 cent DEPOSIT.
A well deserved reward for the hard work they have put in over the years creating wealth for S/Hs.
{ grin]

[t.rexjr]

The independent directors can hardly recommend an offer of less cash for cash!

That's exactly waht this CR offer is to shareholders...

No answers to the 'exactly how much cash is there?' question yet as the market gets bored and ponders where their cash is disappearing to...

[peat]

That's exactly waht this CR offer is to shareholders...

No answers to the 'exactly how much cash is there?' question yet as the market gets bored and ponders where their cash is disappearing to...

um I thought this had been answered, I worked out 82 cps in cash on current structure.
the company also provided a pro forma balance sheet based on the CR and the share cancellation impacts

https://www.nzx.com/files/attachments/254684.pdf

[Rabbi]

um I thought this had been answered, I worked out 82 cps in cash on current structure.
the company also provided a pro forma balance sheet based on the CR and the share cancellation impacts

https://www.nzx.com/files/attachments/254684.pdf

Any reason why we are trading at such a big discount if the cash value of the Company is 82 cents a share. Is it fair to say the market is discounting how the Company will use the cash.
There seems to be some cynicism as to the ability of management to buy into oil and gas assets or farm in to other prospects.
In that presentation they give a figure of 91 cents attributable to each shareholder post the capital return but I can't quite see what that represents in cash and assets and am now hopelessly muddled.
The cash is easy enough but how do you value the share on Cue?

[blackcap]

Any reason why we are trading at such a big discount if the cash value of the Company is 82 cents a share. Is it fair to say the market is discounting how the Company will use the cash.
There seems to be some cynicism as to the ability of management to buy into oil and gas assets or farm in to other prospects.
In that presentation they give a figure of 91 cents attributable to each shareholder post the capital return but I can't quite see what that represents in cash and assets and am now hopelessly muddled.
The cash is easy enough but how do you value the share on Cue?

Some analysts are saying corporate costs are about $8 million per annum and thus discounted back on a NPV basis that is worth about -8 cps.

[peat]

Any reason why we are trading at such a big discount if the cash value of the Company is 82 cents a share. Is it fair to say the market is discounting how the Company will use the cash.
There seems to be some cynicism as to the ability of management to buy into oil and gas assets or farm in to other prospects.
In that presentation they give a figure of 91 cents attributable to each shareholder post the capital return but I can't quite see what that represents in cash and assets and am now hopelessly muddled.
The cash is easy enough but how do you value the share on Cue?

Indeed, cynicism and confusion are becoming major factors in the valuation of this stock.
Cue should be pretty easy to value as its listed. And then theres Barque and Clipper !

Overall though I personally don't concern myself with those assets.If i can buy 82 cents cash for 59 cents and then get 31 cents back I will allocate some funds to this.

[blackcap]

Indeed, cynicism and confusion are becoming major factors in the valuation of this stock.
Cue should be pretty easy to value as its listed. And then theres Barque and Clipper !

Overall though I personally don't concern myself with those assets.If i can buy 82 cents cash for 59 cents and then get 31 cents back I will allocate some funds to this.

Be a bit careful.. the cash on the books includes cash that is in CUE. So you have to take that $22 million or whatever it is off the cash figure. (accounts are consolidated) So the Cash backing is closer to 70 cents per share...

[peat]

A number of points from the latest shareholder update



62.9 per cent of shares in the company have already been voted, and more than 98 per cent of votes cast so far are in favour of the resolution (to return 100M to shareholders)





our ongoing drive to bring about cost efficiencies, and a cost base that is appropriate to a smaller-cap business.





One area of focus is the duplication of costs with our Australian subsidiary, where we have been paying for two corporate head offices.




an international consultancy presenting on the world's top oil and gas targets put our Barque prospect number 9 globally





The number one on that list: the Ironbark prospect off West Australia that is held in our Cue Energy subsidiary, and which BP has just farmed into.





We have more than a handful of potential partners studying the data (of Barque).So they are allocating resources and time to looking at our work and seeing if an entry to New Zealand is right for them.





We will look to get through a well without requiring substantial new investment,






We will be leaner as a company following the capital return and our costs are considerably reduced.





For example, next month we are moving into new premises, we have cut the size of our head office, Cue is much leaner and both companies have reigned in exploration spending to meet the new economics. Therefore our rate of cash burn will be a lot lower than it has been in past years.





we have a preference for gas because we see the price of gas assets has come down alongside oil assets - yet gas prices have not declined as much and look relatively more stable






We can advance this work programme adequately with the funds we will have available after the return of $100 million of your capital.

[Sideshow Bob]

Shareholders Approve Scheme of Arrangement11:53am, 12 Apr 2017 | MEETINGA resolution approving a $100m return of capital was passed by a resounding majority at a special meeting of New Zealand Oil & Gas shareholders held at 10am this morning.
The following resolution was voted on by shareholders at the special meeting:
“THAT the Scheme of Arrangement:
a) relating to the return of capital to the holders of Ordinary Shares; and
b) relating to the holders of Part-Paid Shares,
as set out in the Notice of Special Meeting, be approved.”
The required voting thresholds for approval of this resolution were:
a) 75 per cent or more of the votes cast by holders of Ordinary Shares entitled to vote and voting on the resolution;
b) 75 per cent or more of the votes cast by holders of Part-Paid Shares entitled to vote and voting on the resolution; and
c) a simple majority of the votes of those shareholders entitled to vote on the resolution.
The resolution was voted on by way of a poll and the results were:
Please see attached document
In addition, 62.79% of the votes of those shareholders entitled to vote on the resolution were in favour of the resolution.
In summary, each required voting threshold described above was met, and accordingly the resolution was carried.
A further resolution moved by a shareholder, "That NZOG retain the $168 million plus enough from reserves to drill two wells off shore Oamaru for gas and or oil," was defeated on a show of hands.
New Zealand Oil & Gas expects to receive a final ruling from Inland Revenue on the tax status of the capital return within the next week. It will then seek final orders from the High Court approving the Scheme of Arrangement, with the aim of completing the return of capital before the end of May.
Further details of the scheme of arrangement are available at www.nzog.com/capitalreturn

[peat]

so the CR is all steam ahead. Record date 12th May. Payment the next week. 31 cents per current share. Then half your shares disappear.

According the their figures there is still 91 cents per share NTA. (for your reduced number of shares.)

[blackcap]

so the CR is all steam ahead. Record date 12th May. Payment the next week. 31 cents per current share. Then half your shares disappear.

According the their figures there is still 91 cents per share NTA. (for your reduced number of shares.)

But like I said, check out their quarterly cashflow... more than $3million on admin costs. That is $12m annualised... Now that must come down or that $91m will not last very long :) They have signalled that they are cutting costs like you mentioned Peat and I do have some NZO, but the jury may still be out in some punters minds. I think ZETA will not allow excessive costs and have been instrumental in pushing the efficiencies. I think after the capital reduction they should look to halve the register by culling all small shareholders as well. At the meeting they mentioned that there were something like 13,000 share holders. That is just too much.

[fabs]

13,000 share holders. That is just too much.
AGREE, However as with no statement to the contrary and about 1/2 the year gone, that much touted G & Oilfield down south is scheduled to be drilled this year.
If only half as good as suggested, my have to go to S/Hs for more funds so the bigger the S/Hs base the better???//

[Marilyn Munroe]

13,000 share holders. That is just too much.
AGREE, , that much touted G & Oilfield down south is scheduled to be drilled this year.
If only half as good as suggested, my have to go to S/Hs for more funds so the bigger the S/Hs base the better???//

Your choice of the verb "touted" is good one.

The Canterbury Basin prospect is like a slow race horse paying long odds. A real punt.

And as for calling on shareholders to dig deep for NZOG to develop the possible discovery that would be like me wagering with Lydia Ko that I could beat her at a game of golf.

Boop boop de do
Marilyn

[blackcap]

13,000 share holders. That is just too much.
AGREE, However as with no statement to the contrary and about 1/2 the year gone, that much touted G & Oilfield down south is scheduled to be drilled this year.
If only half as good as suggested, my have to go to S/Hs for more funds so the bigger the S/Hs base the better???//

No way I would want them to ask for more cash to go drilling. As MM says, its a huge punt and with the current price of oil and gas its probably not that good a punt anyway. In fact I want them to cash out and return all capital. If nothing comes in the next 12 months this scenario may well play out as they cannot just sit on a pile of cash and a couple of permits and employ x amount of staff doing nothing. Will be interesting to see what happens going forward anyway.

[fabs]

Cannot just sit on a pile of cash and a couple of permits and employ x amount of staff doing nothing.
WHY NOT ?
That Lucrative ploy has been very profitable for them over the last 10 years.

[Sideshow Bob]

After selling 15% of Kupe for $168m, then buy 4% for $35m. Effective the same date, 5.5 months ago......

https://www.nzx.com/companies/NZO/announcements/301318

[trader_jackson]

After selling 15% of Kupe for $168m, then buy 4% for $35m. Effective the same date, 5.5 months ago......

https://www.nzx.com/companies/NZO/announcements/301318

Yes, they seem to have brought back at a lower cost than their sale... smart maybe, but wern't NZO ramping on about how the field was getting towards its end of life (basically trying to justify why they sold it), only to buy back in less than half a year later? I also note NZO's share price has actually gone down from the peak it hit on annoucement day (when I sold at 64 cents, after being disappointed year after year)... meanwhile GNE's share price has gone up nearly 15%... hmm

I also note that Origins 50% stake may be sold, with Kiwi buyers, including GNE (but not NZO, being to small) circling...
http://www.theaustralian.com.au/business/dataroom/kiwis-line-up-as-origin-puts-kupe-gas-project-to-market/news-story/62363b7ecb858bc3085e11b1ce095c52

GNE wanting to do a bond issue, Origin wanting to sell... could GNE pick up all or some of Origin's 50% interest? Maybe NZO, the minor player (who think they are big...) want to have a seat at the table, or the seller simply wanted out and had had enough.... potentially interesting times.

[Carpenterjoe]

I wonder if mitsui will be announced as a drill partner on the southern permits.

[fabs]

After selling 15% of Kupe for $168m, then buy 4% for $35m. Effective the same date, 5.5 months ago......

https://www.nzx.com/companies/NZO/announcements/301318

Would they not have had to disclose that before the voting???

[Carpenterjoe]

Yup, my thoughts exactly. Im assuming they didnt want Genesis to lower their offer. I suspect this 4% deal has been done without Genesis knowledge.

And Mitsui must have wanted out and possibly something to gain later.

[t.rexjr]

Seems a step backwards to me. Getting it for 10m less doesn't mean it's worth 10m more... if it's not a case of capital raising for Mitsui to partner up in something, then what fathomable reason could it be?

[blackcap]

Seems a step backwards to me. Getting it for 10m less doesn't mean it's worth 10m more... if it's not a case of capital raising for Mitsui to partner up in something, then what fathomable reason could it be?

The market seems to like it. I missed Friday's run up to 66 cents. Trying to work out why NZO is worth more now than 3 weeks ago. Still not convinced but I am guessing market seems to see that NZO now has circa $100m cash 62.5 cps, + 4% of Kupe ($35m) and some permits in the south that may or may not be worth something. Still do not know why they have taken the 4% stake in Kupe. Seems like they are rudderless to an extent and doing something for the sake of doing something...

[Rabbi]

The market seems to like it. I missed Friday's run up to 66 cents. Trying to work out why NZO is worth more now than 3 weeks ago. Still not convinced but I am guessing market seems to see that NZO now has circa $100m cash 62.5 cps, + 4% of Kupe ($35m) and some permits in the south that may or may not be worth something. Still do not know why they have taken the 4% stake in Kupe. Seems like they are rudderless to an extent and doing something for the sake of doing something...

Don't forget they have 50% of Cue but I agree they do have to prove to the market that they can add value to the company with the remaining cash.
Taranaki basin is a wildcat area with the ratio of success per drill being historically low. Canterbury basin, even if they hit pay dirt, would take years and
significant capex spending to develop.

They should look to Australia and make a swoop on a low market cap junior with no cash and good assets.
Buru energy would fit this criteria as they have to use their remaining cash to repay a loan to Alcoa.
Their Ungani oil field has alot more potential and their gas prospects are "world class"

[Marilyn Munroe]

I am wondering if the present chaos in Qatar one of the worlds largest gas producers moves the Canterbury prospect up the worth having a go list.

After all the worst our nearest neighbour is likely to do is bowl underarm in some weird game only a few countries care about.

Boop boop de do
Marilyn

[peat]

Cushing continuing to acquire

http://https://www.nzx.com/companies/NZO/announcements/302599

[greenglass]

Unless I have misinterpreted today's announcement, he shed 10000000 yesterday.

[blackcap]

Unless I have misinterpreted today's announcement, he shed 10000000 yesterday.

Maybe the capital reconstruction has something to do with that? His % is increasing.

[peat]

Unless I have misinterpreted today's announcement, he shed 10000000 yesterday.

yes you have misinterpreted

Blackcap is correct.
everyones nominal shareholding halved during the Cash Refund and Share cancellation.

Between 12 May 2017 and 14 June 2017 H&G Limited acquired 1,426,874 shares in NZO on market for $912,571.14.

[greenglass]

Thanks guys.

[Rabbi]

3,911,000 partly-paid shares will now be eligible for release from escrow
even though two years has not elapsed. Of this total, 2,911,000 were issued
in September 2015 and September 2016 at a price lower than yesterday's
closing price.

Anyone got any thoughts on this as it seems to me the old boys network is feathering their nest at the expense of ordinary
shareholders.

[t.rexjr]

3,911,000 partly-paid shares will now be eligible for release from escrow
even though two years has not elapsed. Of this total, 2,911,000 were issued
in September 2015 and September 2016 at a price lower than yesterday's
closing price.

Anyone got any thoughts on this as it seems to me the old boys network is feathering their nest at the expense of ordinary
shareholders.

Have a partial capital return. Then halve the ordinary shares on issue but don't halve the partly paid shares. Then convert partly paid shares. Then return the remaining capital = lining your own pockets...

[JohnPagani]

Not correct at all.

The date when options can be exercised has changed.


This is because the particular wording of the plan, dating from 2013, makes certain rights available.


Options that were issued in September 2015 would have been exerciseable in September this year. They are currently in the money by about 3 cents per share.


Shares issued in September 16 were due to be exerciseable in 2018, and instead rights can be exercised now. They are in the money by about 1c a share today. You can make your own assessment whether a 1c premium would be realised if all those shares were sold at once.


A survey showed the holders of most shares do not intend to exercise just because they have the right today. So not much will change but we notified anyway because the right to exercise does now exist.


The capital return has not enhanced the value of these shares. The share price rose because of the Kupe transactions, which created shareholder value - exactly what options exist to incentivise. While most shareholders have had returned over 31cps this year, in effect, the partly paid holders did not partipate. Their partly paid shares have the same value.


These shares were issued at a 20% premium to market. They are only in the money because the price has risen by more than 20%, which all shareholders benefit from. Partly paid holders paid 1c a share for the option.


For what it's worth, the cost of running the plan considerably exceeds the value staff have received from it and I personally would rather see the costs used differently.


So it's easy to level an accusation that people are 'lining their pockets', but as the claim is completely unfounded, perhaps you will reconsider it.

[t.rexjr]

Not correct at all.

The date when options can be exercised has changed.


This is because the particular wording of the plan, dating from 2013, makes certain rights available.


Options that were issued in September 2015 would have been exerciseable in September this year. They are currently in the money by about 3 cents per share.


Shares issued in September 16 were due to be exerciseable in 2018, and instead rights can be exercised now. They are in the money by about 1c a share today. You can make your own assessment whether a 1c premium would be realised if all those shares were sold at once.


A survey showed the holders of most shares do not intend to exercise just because they have the right today. So not much will change but we notified anyway because the right to exercise does now exist.


The capital return has not enhanced the value of these shares. The share price rose because of the Kupe transactions, which created shareholder value - exactly what options exist to incentivise. While most shareholders have had returned over 31cps this year, in effect, the partly paid holders did not partipate. Their partly paid shares have the same value.


These shares were issued at a 20% premium to market. They are only in the money because the price has risen by more than 20%, which all shareholders benefit from. Partly paid holders paid 1c a share for the option.


For what it's worth, the cost of running the plan considerably exceeds the value staff have received from it and I personally would rather see the costs used differently.


So it's easy to level an accusation that people are 'lining their pockets', but as the claim is completely unfounded, perhaps you will reconsider it.

No better off at current share price. But if another capital return is announced the current sp is likely to take another leap given shareprice to NAV is considerably lower.

Is another capital return about to be announced?

[JohnPagani]

No better off at current share price. But if another capital return is announced the current sp is likely to take another leap given shareprice to NAV is considerably lower.

Is another capital return about to be announced?


No current plans for another capital return. Besides, even if there were, it would be impossible to do it before the relevant options would have been exerciseable in September anyway - your original smear was to suggest yesterday's notice was about feathering nests, and yet plainly your own scenario is not just implausible but impossible. So, as I suggested, perhaps you would like to retract.

As far as questions about capital go, the company has been transparent about its intentions. It is actively screening opportunities to acquire new assets at value, with a preference for gas in markets we understand, at a scale suitable for our size. Having captured upside from expanded Kupe reserves and then bought back in at a sensible price, we have shown that we can execute this strategy.

[t.rexjr]

No current plans for another capital return. Besides, even if there were, it would be impossible to do it before the relevant options would have been exerciseable in September anyway - your original smear was to suggest yesterday's notice was about feathering nests, and yet plainly your own scenario is not just implausible but impossible. So, as I suggested, perhaps you would like to retract.

As far as questions about capital go, the company has been transparent about its intentions. It is actively screening opportunities to acquire new assets at value, with a preference for gas in markets we understand, at a scale suitable for our size. Having captured upside from expanded Kupe reserves and then bought back in at a sensible price, we have shown that we can execute this strategy.

Dear John

I will apologise for my post resembling an accusation rather than an inquisition. I appreciate that you've taken the time to address concerns.

[JohnPagani]

Dear John

I will apologise for my post resembling an accusation rather than an inquisition. I appreciate that you've taken the time to address concerns.


Cheers. Always happy to answer fair questions.

[Tribal]

Hello John,

Thanks for clarifying the Employee Share Option scheme and for the update on where NZO is looking for value(Natural Gas rather than Oil).
May I ask when quarterly will be issued?

Regards

[JohnPagani]

Late this week.

[fish]

Late this week.

Dear John
this morning nzo quarterly includes holding $125 million cash.
A substantial treasure chest before we mention all the other assets including its valuable employees.
What is the cash value per share?
I like the concept of looking for gas rather than oil as easier to extract and transport-is the board looking at going back to the old name of NZOG?

[Rabbi]

Dear John
this morning nzo quarterly includes holding $125 million cash.
A substantial treasure chest before we mention all the other assets including its valuable employees.
What is the cash value per share?
I like the concept of looking for gas rather than oil as easier to extract and transport-is the board looking at going back to the old name of NZOG?

About 160 million shares on issue gives you cash backing of 0.78 cents but discounted for some reason which I can't recall.

[peat]

167,848,718 shares

[fish]

About 160 million shares on issue gives you cash backing of 0.78 cents but discounted for some reason which I can't recall.

Thanks.
When the sp is so much below the cash in bank value I just love to hear reassurance so I keep holding until the cash Galleon comes in-might bring a Galleon of gas as well-we know its there!

[peat]

the cash flow statement was a bit unnerving until one recognises there was a one off -$9.8m hit from Cue to resolve some outstanding litigation.

[JohnPagani]

Dear John
this morning nzo quarterly includes holding $125 million cash.
A substantial treasure chest before we mention all the other assets including its valuable employees.
What is the cash value per share?
I like the concept of looking for gas rather than oil as easier to extract and transport-is the board looking at going back to the old name of NZOG?

Hi, sorry only just saw this message.

There are 159,428,718 NZO ordinary shares on issue.
https://www.nzx.com/markets/NZSX/securities/NZO

(Note there are also some partly-paid shares, as discussed above (!). (A total of 8,420,000, as broken down here: https://www.nzx.com/files/attachments/261953.pdf ).

The cash balance includes cash held by Cue, and also cash that will be required to complete the acquisition of 4% of Kupe ($35m less adjustment for the effective date of 1 Jan 17).

Hope that helps.

- Not sure what you mean by going back to the old name? We're happy with the one we have.

[fish]

Hi, sorry only just saw this message.

There are 159,428,718 NZO ordinary shares on issue.
https://www.nzx.com/markets/NZSX/securities/NZO

(Note there are also some partly-paid shares, as discussed above (!). (A total of 8,420,000, as broken down here: https://www.nzx.com/files/attachments/261953.pdf ).

The cash balance includes cash held by Cue, and also cash that will be required to complete the acquisition of 4% of Kupe ($35m less adjustment for the effective date of 1 Jan 17).

Hope that helps.

- Not sure what you mean by going back to the old name? We're happy with the one we have.

Thanks John for helping me to find out the correct information. I dont believe most of the partly-paid shares will be converted to shares as the exercise price would be well above the sp.Those that maybe exercised will require payment only just below the current sp therefore I regard them as a non-issue and its fair to say that there are approximately 160 million equivalent shares if one is considering the NTA of a NZO share(use to be NZOG)

[Lion]

fish - are you thinking about the previous NZX trading code of NOG?

[fish]

fish - are you thinking about the previous NZX trading code of NOG?

Thanks for clarifying my memory.
My recollection-which could be inaccurate-is that the company got rid of the G because they wanted to make the distinction that they were in the oil business and not gas.Hence they changed the trading code
Now oil is less valuable and gas easier to extract they have changed focus to gas.
The company name didnt change

[peat]

Zeta offering 0.72

[BigBob]

Takeover offer by Zeta... 72c per FPO...

https://nzx.com/companies/NZO/announcements/305307

[Chippie]

correct me if I am wrong. But the June cashflow report showed $125,080K in cash. divided by 159428718 shares on issue gives cash per share of 78 cents.

So they are offering 72 cents per share for 78 cents in cash plus all the other assets such as Maari, Kupe and the Indonesia fields.

Sounds a bit cheeky to me???

[peat]

correct me if I am wrong. But the June cashflow report showed $125,080K in cash. divided by 159428718 shares on issue gives cash per share of 78 cents.

So they are offering 72 cents per share for 78 cents in cash plus all the other assets such as Maari, Kupe and the Indonesia fields.

Sounds a bit cheeky to me???

thats right Chippie, but market has only rated at 62 ish for a long time, so its the best offer so far. .....
this is exactly why I recommended the stock back in January. and since then it was noticeable that H&G (Cushings) were building a stake. They are now locked up with Zeta
and that 5 million traded on Friday was another clue that things were hotting up

[trader_jackson]

thats right Chippie, but market has only rated at 62 ish for a long time, so its the best offer so far. .....
this is exactly why I recommended the stock back in January. and since then it was noticeable that H&G (Cushings) were building a stake. They are now locked up with Zeta
and that 5 million traded on Friday was another clue that things were hotting up

It is good to see it has finally pushed through the 64 cents, and now likely to stay there... this takeover announcement has been expected (hoped) for, for quite a while so good to see it has actually happened.

(I sold out at 64 cents in November last year which later went towards OCA :t_up: - OCA has performed "a fair bit" better than NZO)

[fabs]

[Interesting Development.
From 9/117 to 10/7/17 about 6 months
Total shares traded = 11'734000 mill. at full working day weeks 26 in total @ 450000 per week
From 17/7/17 to 4/8/17 = 12'577000 " " " 3 " @ 4'190000 mill. per week

And now the Announcement they are worth 0.72
What a nice windfall for some lucky punters which bought on average for between 60 TO 62 CENTS over the last 3 weeks.

MICKY MOUSE AND THE WILD WEST RULES in the nz Share market?

BTW: What happened to drilling the Barque PROSPECT IN THE 2017 YEAR and the negotiation SUPPOSEDLY IN PROGRESS FOR SAME SINCE THE END OF LAST YEAR Regards farm out partners, Any progress there and any Value in that and what of it and ?????????

[peat]

[Interesting Development.
From 9/117 to 10/7/17 about 6 months
Total shares traded = 11'734000 mill. at full working day weeks 26 in total @ 450000 per week
From 17/7/17 to 4/8/17 = 12'577000 " " " 3 " @ 4'190000 mill. per week

And now the Announcement they are worth 0.72
What a nice windfall for some lucky punters which bought on average for between 60 TO 62 CENTS over the last 3 weeks.

MICKY MOUSE AND THE WILD WEST RULES in the nz Share market?

BTW: What happened to drilling the Barque PROSPECT IN THE 2017 YEAR and the negotiation SUPPOSEDLY IN PROGRESS FOR SAME SINCE THE END OF LAST YEAR Regards farm out partners, Any progress there and any Value in that and what of it and ?????????

the facts have been there for all to see fabs. Buying deep unloved value takes courage and perseverance sometimes.

NZO may well still develop Barque/Clipper, this doesnt change that I wouldnt think.

[fabs]

the facts have been there for all to see fabs. Buying deep unloved value takes courage and perseverance sometimes.

NZO-- OR ZETA may well still develop Barque/Clipper, this doesnt change that I wouldnt think.

Roger that peat;

Was not meant btw. to come across envious, of the diligent investor that takes a punt and good luck to them.
Making his/her move by lucky guess, intuition, rationale deduction or just good INFORMATION & PERFECT TIMING. [ grin ]

[Joshuatree]

Congrats peat for joining the dots and sharing. Intuition told me to sit on this and intuition was right this time.(smiles)

[Rabbi]

The shareprice being at a discount for so long is an indictment on the overall inaction of management. Now the company gets pillaged for the cash and assets and someone else can get well paid to sit on their butts and do nothing. Game over.

[Chippie]

The shareprice being at a discount for so long is an indictment on the overall inaction of management. Now the company gets pillaged for the cash and assets and someone else can get well paid to sit on their butts and do nothing. Game over.

I half expect the NZO management to recommend to accept the offer. That would absolutley confirm that they have no idea what they are doing. I still cannot believe they sold Kupe, but what do I know.

[Beagle]

I half expect the NZO management to recommend to accept the offer. That would absolutley confirm that they have no idea what they are doing. I still cannot believe they sold Kupe, but what do I know.

More to the point Chippie, what do they know ? This thing has been a deep mineshaft of value destruction for decades.

[tim23]

I expect the board to try and extract some more thats their job 75c min I reckon.
I half expect the NZO management to recommend to accept the offer. That would absolutley confirm that they have no idea what they are doing. I still cannot believe they sold Kupe, but what do I know.

[blackcap]

I expect the board to try and extract some more thats their job 75c min I reckon.

If a board were to say to accept an offer of less than cash holding then surely that would be breaking the law?

[tim23]

Not that I'm aware of

[Lion]

BTW: What happened to drilling the Barque PROSPECT IN THE 2017 YEAR and the negotiation SUPPOSEDLY IN PROGRESS FOR SAME SINCE THE END OF LAST YEAR Regards farm out partners, Any progress there and any Value in that and what of it and ?????????
fabs - here's a copy from the company's report on Barque, dated December 2016.


"The further work required to progress these resources to contingent

or reserves categories (drilling of the exploration well) is likely to occur
within the next 2 - 5 years; subject to changes in the current & future industry
environment. The provisional drill date is currently anticipated as early
2020."

I'm planning to hold my shares - I think Zeta can offer a bit more.

[fabs]

fabs - here's a copy from the company's report on Barque, dated December 2016.


"The further work required to progress these resources to contingent

or reserves categories (drilling of the exploration well) is likely to occur
within the next 2 - 5 years; subject to changes in the current & future industry
environment. The provisional drill date is currently anticipated as early
2020."

I'm planning to hold my shares - I think Zeta can offer a bit more.


Roger that Lion and thanks,
Cheers

[peat]

[Interesting Development.
From 9/117 to 10/7/17 about 6 months
Total shares traded = 11'734000 mill. at full working day weeks 26 in total @ 450000 per week
From 17/7/17 to 4/8/17 = 12'577000 " " " 3 " @ 4'190000 mill. per week

And now the Announcement they are worth 0.72
What a nice windfall for some lucky punters which bought on average for between 60 TO 62 CENTS over the last 3 weeks.

MICKY MOUSE AND THE WILD WEST RULES in the nz Share market?



hey fabs I dont see any 'westness' from what you say there

I see Saville has been excluded from the discussions

[fabs]

hey fabs I dont see any 'westness' from what you say there

I see Saville has been excluded from the discussions

Ha,Ha!
Consider myself a westie peat, trust me i know what i am talking about.
Saville needs not to be there, all the discussions done, all Smoke & Mirrors from now .
But ok, leave the W/W part out and settle for Mickey.
CHEERS

[digger]

Ha,Ha!
Consider myself a westie peat, trust me i know what i am talking about.
Saville needs not to be there, all the discussions done, all Smoke & Mirrors from now .
But ok, leave the W/W part out and settle for Mickey.
CHEERS

Fab,, Have to say I agree with you. The decision has been made,all that is left is to dress it up to look like its independent. Its a wonder that the takeover rules had not thought of this and in a case like we have here require it to be done completely free of NZO dominance from Zeta.
They will probable push Zeta up a cent or two according to a prearranged deal to make it look good. We will probably be told it is the best offer on the table and that the SP has risen since the offer was made.. Also that if not recommended the SP will fall back to what it was or lower. Then the directors can sit around and do nothing to make the SP fall even more.
This is not a situation where it can be said "you are between a rock and a hard place". NZO holders are the hard place.
Thoughts.

[blackcap]

FWIW, I am going to take advantage of the 72 cent offer and just buy back any shares I sell into the offer at 60 odd cents post offer.

Then going to go along with Zeta for the ride...

Think Zeta will strip any unnecessary costs out (like they did with PPP) and probably combine PPP, CUE and NZO into one entity thus cutting costs even further. Potential here I think.

(well PPP may already be gone but you get the drift I hope)

[fabs]

FWIW, I am going to take advantage of the 72 cent offer and just buy back any shares I sell into the offer at 60 odd cents post offer.

Then going to go along with Zeta for the ride...

Think Zeta will strip any unnecessary costs out (like they did with PPP) and probably combine PPP, CUE and NZO into one entity thus cutting costs even further. Potential here I think.

(well PPP may already be gone but you get the drift I hope)

A Wistful scenario that may, or not work out that well, so good luck and enjoy the ride.
Especially if Mr. Saville has an altruistic side to him???

[fabs]

Yes DIGGER my sentiments also, although was not hard to see it coming and from zetas point why not

[Joshuatree]

A Wistful scenario that may, or not work out that well, so good luck and enjoy the ride.
Especially if Mr. Saville has an altruistic side to him???

The opposite methinks;parsimonious he likes to slurp up all value into his own coffers imo.

[barleeni]

Results announced today. Slightly odd timing, around lunchtime. Slightly surprised to see a dividend announcement, also slightly surprised that record date is 2 months away!?!? why so long? I guess they will recomend to accept the takeoever offer from Zeta which will take effect before record date so that in fact it is Zeta who receives all the dividend value and not us common folk :)

[peat]

I'm out.
Its a miserable outcome as far as I;m concerned but its still vaguely been worthwhile.
a bit fracked off, but the risk was low and lowered quickly (due to capital refund) during the strategy.

[digger]

Results announced today. Slightly odd timing, around lunchtime. Slightly surprised to see a dividend announcement, also slightly surprised that record date is 2 months away!?!? why so long? I guess they will recomend to accept the takeoever offer from Zeta which will take effect before record date so that in fact it is Zeta who receives all the dividend value and not us common folk :)

Do not agree. The 4 cents will take place before the takeover offer. That way the directors can recommend it and not look so bad. Not look so bad as long as you forget about the 8 9 cent valuation plus all the other assets the company has. True valuation would be in the 90 or a dollar. Still 4 cents should cover all that.

[blackcap]

Results announced today. Slightly odd timing, around lunchtime. Slightly surprised to see a dividend announcement, also slightly surprised that record date is 2 months away!?!? why so long? I guess they will recomend to accept the takeoever offer from Zeta which will take effect before record date so that in fact it is Zeta who receives all the dividend value and not us common folk :)

What do you mean by dividend value? Because I always understood that ex-dividend the company value was reduced by the amount of the divided?

[Rabbi]

Independent directors not recommending Zeta offer and now in trading halt.

Any reason for trading halt?

[BigBob]

Independent directors not recommending Zeta offer and now in trading halt.

Any reason for trading halt?

Another offer - partial and non-binding at 77c (but adjusted for the divvie)... Bidding war...!! Sort of... Maybe... :-)

[blackcap]

Another offer - partial and non-binding at 77c (but adjusted for the divvie)... Bidding war...!! Sort of... Maybe... :-)

Which broker advised their client to sell 14,000 NZO at 68.5 at 5pm today? Gotta have a bit of egg on the face there. Or if an internet order someone maybe not reading the announcement properly.

Interesting to see this counter offer at .77. Also a lot more certainty. With the Zeta offer you were not assured of getting all your shares sold. Will be interesting to see what happens to the SP on Monday. Will Zeta now give up for control or do they think they can squeeze more than .77 out of NZO?

[fish]

Which broker advised their client to sell 14,000 NZO at 68.5 at 5pm today? Gotta have a bit of egg on the face there. Or if an internet order someone maybe not reading the announcement properly.

Interesting to see this counter offer at .77. Also a lot more certainty. With the Zeta offer you were not assured of getting all your shares sold. Will be interesting to see what happens to the SP on Monday. Will Zeta now give up for control or do they think they can squeeze more than .77 out of NZO?

After adjusting for the divvie only 1 cent more.
My feeling is that it wont be the last offer.
having bought a lot over the past 2 weeks I am feeling very lucky as I thought Zeta might not have been a good home for any shares they didnt buy.certainly its taken away that stressful thought.

[freddagg]

After adjusting for the divvie only 1 cent more.
My feeling is that it wont be the last offer.
having bought a lot over the past 2 weeks I am feeling very lucky as I thought Zeta might not have been a good home for any shares they didnt buy.certainly its taken away that stressful thought.

The way I read the Zeta offer they do not intend to let sellers keep the dividend either

[fish]

The way I read the Zeta offer they do not intend to let sellers keep the dividend either

I am not so sure about that.
Independent directors have rejected the Zeta offer and seem to welcome this.
With this jobs and oil/gas exploration continue-they like the prospects of offshore canterbury/galleon
If the valuation is more they have lots of self-funded finance.

[Joshuatree]

After adjusting for the divvie only 1 cent more.
My feeling is that it wont be the last offer.
having bought a lot over the past 2 weeks I am feeling very lucky as I thought Zeta might not have been a good home for any shares they didnt buy.certainly its taken away that stressful thought.

Spot on fish. A 77c partial offer has arrived:D Letter to shareholders (https://www.nzx.com/files/attachments/265590.pdf)
, On Friday 8 September 2017 Zeta Energy Pte Limited mailed its partial off er document to you,off ering to acquire shares from you at 72 cents per share.Also on Friday 8 September 2017, New Zealand Oil & Gas received a letter from O.G. Oil & GasLimited stating that it plans to make a partial offer, at 77 cents per share.

[blackcap]

Looks like the end of NZO is nigh. The 77 cent offer is probably the best out there. Does anyone see Zeta going over that or will they work together with O.G Oil and Gas Ltd, or will they sell into the offer?
77 is probably the best we retail holders can get, albeit the valuation report did have a higher mid range...

[peat]

As evidenced by their measly bid Zeta are out and out bargain hunters. I cant see them being interested in anything other than a steal.

[Beagle]

I won't shed a tear to see this company being delisted. Has been a truly shocking long term investment for anyone unlucky enough to buy into this thing when it first listed about 35 years ago and was trading at $1.40. Fortunately for this hound I learned a long ago to go digging with my own paws for bones rather than let these guys be paid extremely handsomely to do it for me.

[peat]

let these guys be paid extremely handsomely to do it for me.
dont disagree Rog, and lets not forget one of them is even bidding on the other side squeezing the shareholders interests he is meant to be there to protect. (there is something quite disgraceful about this , even if its not illegal)
But that said for those who bought in the low 60's earlier this year selling at 75 isnt too bad.

[fish]

Looks like the end of NZO is nigh. The 77 cent offer is probably the best out there. Does anyone see Zeta going over that or will they work together with O.G Oil and Gas Ltd, or will they sell into the offer?
77 is probably the best we retail holders can get, albeit the valuation report did have a higher mid range...

I agree it looks like the best we will get.
My plan is to wait as long as possible before making the final decision.
My inclination today is to sell into the offer.
Would be really interested to see how others feel and always would welcome diggers wise thoughts.

[digger]

I agree it looks like the best we will get.
My plan is to wait as long as possible before making the final decision.
My inclination today is to sell into the offer.
Would be really interested to see how others feel and always would welcome diggers wise thoughts.

Several people have asked me,but I still do not know what the price is.Is it 77 cents + or - the Dividend. Lets just wait ,do not write of ZETA just yet. The directors are well paid to research the offers ,so I will wait until I hear their wise words and probably do the opposite.

For me NZO has been a disappointment but not a loss. Have received more in dividends than I have put in,but would surely have been better off listening to BALANCE and sold when he first rubbished the company. With this company we have had too many wild moves in different direction depending on the CEO at the time. DS was the big loser for this company and I am glad to say he did not like me and I did not like him and time has shown me to be right in the thoughts of that CEO but wrong in staying with the company.
Wait

[freddagg]

[QUOTE=digger;684838]Several people have asked me,but I still do not know what the price is.Is it 77 cents + or - the Dividend.

This from OGs offer document.
Zeta plan to do the same

"Offer price 77 cents in cash for each NZOG Share.Holders of NZOG Shares as at 5:00 pm on 24 October 2017 will receive thedividend declared by NZOG on 29 August 2017. A corresponding adjustment willbe made under clause 6.1(b) of the Terms and Conditions of the Offer so that theamount paid under the Offer in respect of each NZOG Share will be reduced by theamount of that dividend. In the case of Fully Paid Shares, the adjusted Offer pricewould be 73 cents per share."

[troyvdh]

Acknowledging wrong forum....given that NZO own most of CUE....any CUE holders out there in no mans land....like me...cheers

[Lion]

Acknowledging wrong forum....given that NZO own most of CUE....any CUE holders out there in no mans land....like me...cheers

Hi Troy - yes, sorry too if wrong thread, but it is connected.

Have you read comment on HotCopper that thinks any TO offer for NZOG must include any "downstream" company (i.e. CUE) and that it must be at the same price as the NZOG offer for CUE, (i.e. A10c). I'm not sure if this is wishful thinking by a dreaming Aussie.
They also speculate that NZOG might buy up the rest of CUE in order to make NZOG a less palatable TO target (with less cash to return to a rapacious TO bidder). That would also have to be at A10c.

I'm just reporting what's said over there - no recommendations from me.

I've done some research on Duncan Saville. There are a lot of people in Aus who wouldn't do business with him again.
Again - just reporting what I read.

Interesting times!

[Lion]

Duncan Saville and associates have interests in CUE and PPP as well as NZOG.
A tangled web.

[fish]

Duncan Saville and associates have interests in CUE and PPP as well as NZOG.
A tangled web.

Had forgotten about ppp-I am sure I hold some but nothing heard for a long-time

[digger]

Duncan Saville and associates have interests in CUE and PPP as well as NZOG.
A tangled web.

So do I hold all these. That is not bragging that is for sure. My above post say wait for offers and I will stick with that.
Note WTI just might stay over US50 as world finally coming to balance with less production and a supprising increase in demand. So after about 3 years of pain why sell out now when it is finally looking like another 6 months we will be seeing another turnaround in the supply demand situation that holds.
Wait

[Lion]

Troy - I have it on good authority that anyone taking over NZOG is NOT required to buy out CUE also at A10c. Shame.

NZOG & CUE both have potentially monster gas fields. I read an opinion on Bloomberg Energy recently that LNG might be the fuel of the future.

Thanks Digger for your thoughts.

[dsurf]

It has been a journey. A decade wasted since the rights at $1.50 and Balance was right about the trough!!

[peat]

Interested in others thoughts but I would have appointed a different party to conduct an independent appraisal of the second offer

https://www.nzx.com/companies/NZO/announcements/307594

[blackcap]

Interested in others thoughts but I would have appointed a different party to conduct an independent appraisal of the second offer

https://www.nzx.com/companies/NZO/announcements/307594

Maybe saves a lot of S/H dollars in fees this way?

[peat]

Maybe saves a lot of S/H dollars in fees this way?

well yeh sure, I would of course expect that the second one would cost a lot less than the first from the same people - change a few words here and there and bingo.

But it just seems like an ideal opportunity to obtain a truly independent second view which may add something new to the perspective. Otherwise its just ticking a box on the takeover process (which may be all their intention is )

[blackcap]

well yeh sure, I would of course expect that the second one would cost a lot less than the first from the same people - change a few words here and there and bingo.

But it just seems like an ideal opportunity to obtain a truly independent second view which may add something new to the perspective. Otherwise its just ticking a box on the takeover process (which may be all their intention is )

Yes, I do get your points, but I cannot see Duncan et al on the board being passive about the new takeover. So maybe just maybe they are trying to save money? I guess its so close to each other that there is nothing really new to be able to come out? I mean the whole of NZO is pretty transparent now. Even I could come up with a reasonable valuation. I think I may just take some of the 77 and let the rest ride.

[Lion]

I also am unsure if the T.O. offers are + or - the dividend. Maybe it's hidden in the documents somewhere.

I suppose a fair assumption would be that the T.O. offer is always at 77c (or 72c) and if you own them on 24 October, you get the dividend and if you sell before then, you don't . Doesn't that make a case for holding till 24th, getting the dividend and then selling (if you want to sell)?? (Just a question - no advice intended)

Another question - why have Zeta extended the term of their offer - while there is a better offer on the table? Another assumption too - that doesn't seem to make sense unless they plan to increase their offer amount.

NZO price is slowly rising, as is the price of oil. I'm with you, digger - waiting.

[blackcap]

It's 77 cents minus any dividend. So if a dividend is paid (say the 4 cent one) then they give you 77-4 = 73 cents for your shares.

[fish]

I also am unsure if the T.O. offers are + or - the dividend. Maybe it's hidden in the documents somewhere.

I suppose a fair assumption would be that the T.O. offer is always at 77c (or 72c) and if you own them on 24 October, you get the dividend and if you sell before then, you don't . Doesn't that make a case for holding till 24th, getting the dividend and then selling (if you want to sell)?? (Just a question - no advice intended)

Another question - why have Zeta extended the term of their offer - while there is a better offer on the table? Another assumption too - that doesn't seem to make sense unless they plan to increase their offer amount.

NZO price is slowly rising, as is the price of oil. I'm with you, digger - waiting.

Zeta cannot lose by extending the offer.I doubt if many will sell into it at the current price but some less informed investors may.
They can always sell them into the higher offer or hold and see if they can hold ,go along for the ride,maybe extract a higher price in the future.Maybe they will make a higher offer.
I wish I knew their plans.Time will tell.
As digger says -wait

[Lion]

Thanks blackcap & fish

[steveb]

If Zeta pull out now are they not liable for the NZO's costs,Also you guys would know better than me but why are OG or Zeta buying on market?

[Balance]

http://www.newshub.co.nz/home/opinio...ion-talks.html

Excerpt : "the deal was they dropped the prosecution and the mine company coughed up a few million dollars in compensation - blood money, as many of the families saw it - and they want justice, not cash".

NZOG directors and management in court will be a welcome sight to all who seek the truth as to why NZOG kept up the misleading information about the development state of the mine while pumping in hundreds of millions of dollars to build the 'bomb' which cost 29 men their lives.

[Chippie]

http://www.newshub.co.nz/home/opinio...ion-talks.html

NZOG directors and management in court will be a welcome sight to all who seek the truth as to why NZOG kept up the misleading information about the development state of the mine while pumping in hundreds of millions of dollars to build the 'bomb' which cost 29 men their lives.

Balance, the link does not work and I cannot find an article in the "Opinion" site? Not sure why you keep saying NZOG directors as it was PRC directors who would be liable and paid the compensation $$$?

[fish]

Balance, the link does not work and I cannot find an article in the "Opinion" site? Not sure why you keep saying NZOG directors as it was PRC directors who would be liable and paid the compensation $$$?
I think Balance is trying to throw as much mud around as possible-he posted/resurrected the prc site and posted on this as well.
Life is unfair and bad things happen.
But it is wrong to do this kind of thing and perpetuate peoples grief

[minimoke]

I think Balance is trying to throw as much mud around as possible-he posted/resurrected the prc site and posted on this as well.
Life is unfair and bad things happen.
But it is wrong to do this kind of thing and perpetuate peoples griefSome parts of life are unfair. But some parts are subject to pure negligence. Pike River is one such example.

The person that should be chased is NZOG Director Tony Radford. He also ended up CEO of Pike River. He was the one making the decisions prior to the explosion. Next in the firing line should be Gordon Ward followed closely by John Dow. Stuart Natrass ought not avoid some scrutiny. All names to be fearful of if you ever see them on any prospectus. Peter Withall is going to be the scape goat - that said he still is culpable as he had residual responsibilities.

This is not about perpetuating grief. It is simply about holding someone to account for one of the worst avoidable industrial disasters in NZ history. It is also about one of the worst destructions of shareholder value we have ever seen. None of us should give up on this until the very last stone has been turned.

[minimoke]

Given NZOG's current financial reserves is there any moral imperative that they pay the $1.4m still outstanding to Pike employees?

[fish]

Some parts of life are unfair. But some parts are subject to pure negligence. Pike River is one such example.

The person that should be chased is NZOG Director Tony Radford. He also ended up CEO of Pike River. He was the one making the decisions prior to the explosion. Next in the firing line should be Gordon Ward followed closely by John Dow. Stuart Natrass ought not avoid some scrutiny. All names to be fearful of if you ever see them on any prospectus. Peter Withall is going to be the scape goat - that said he still is culpable as he had residual responsibilities.

This is not about perpetuating grief. It is simply about holding someone to account for one of the worst avoidable industrial disasters in NZ history. It is also about one of the worst destructions of shareholder value we have ever seen. None of us should give up on this until the very last stone has been turned.

I know and agree minimoke.
Those really involved will escape justice-its the way are legal and company systems work.I wish natural justice took place and I blame the same people as you.
Nothing is going to change and no amount of money will help the grieving.It is false hope that those responsible will face any significant scrutiny or repercussions

[barleeni]

Really looking forward to receiving the OG takeover documents so that I can get rid of this dog of a stock..... anyday now.... hopfully....

[digger]

Really looking forward to receiving the OG takeover documents so that I can get rid of this dog of a stock..... anyday now.... hopfully....

sucker,that is what Zeta wants you to think. If it was such a dog why do you suppose Zeta and OG want it.
My best advise is ride this one out.

[blackcap]

sucker,that is what Zeta wants you to think. If it was such a dog why do you suppose Zeta and OG want it.
My best advise is ride this one out.

That is sorta my way of thinking too. I am going to take half off the table at 77 and let the rest ride.

[pak]

This dog has actually been quite good to me. In at 0.45. No complaining coming from this corner!

[fish]

That is sorta my way of thinking too. I am going to take half off the table at 77 and let the rest ride.

I bet you and digger would be good at Poker!
The problem I see with this game(and poker) is it creates stress for those that never wanted to play.
We need guidance from the likes of you and Digger.
We have to wait for the next move yet a few have sold to Zeta already and it looks as if they have over 30%.
The OG offer is clearly supported by management and directors.
It will probably be conditional on them acheiving 50%-ie they need another 45% of shares.
I would like the og offer to succeed as this stops the game for Zeta.
If we all take 50% of the table og dont succeed unless Zeta sells into the offer

[blackcap]

I would like the og offer to succeed as this stops the game for Zeta.
If we all take 50% of the table og dont succeed unless Zeta sells into the offer

Even if the OG offer does not succeed, that does not mean the game starts for Zeta. Zeta would not succeed either or would have to up their game. Either way I'm going to take half off at 77 and let the rest run with OG. If they do not get their % they want the SP will probably drop back to 65 or thereabouts (unless Zeta decides to pay more) and I will buy back my half sold at 77. I think Zeta wants to rationalise NZO with CUE and that is probably not a bad thing, there is so much wastage at head office at the present time.

[fish]

Even if the OG offer does not succeed, that does not mean the game starts for Zeta. Zeta would not succeed either or would have to up their game. Either way I'm going to take half off at 77 and let the rest run with OG. If they do not get their % they want the SP will probably drop back to 65 or thereabouts (unless Zeta decides to pay more) and I will buy back my half sold at 77. I think Zeta wants to rationalise NZO with CUE and that is probably not a bad thing, there is so much wastage at head office at the present time.

I might have it wrong but my impression is that the OG offer is going to be conditional on getting 50%-ie if they dont get 50% no shares are bought.

[blackcap]

I might have it wrong but my impression is that the OG offer is going to be conditional on getting 50%-ie if they dont get 50% no shares are bought.

Ah yes, sorry you are right. It is conditional. That does change things slightly. But even if the offer does not succeed... its interesting to see 2 potential suitors... so its not over either way.

[blackcap]

I think this will probably be end of the road for NZOG!! Increased offer to $.78 per share but the independent directors are recommending we accept the takeover....

https://www.nzx.com/companies/NZO/announcements/308363

[fabs]

I think this will probably be end of the road for NZOG!! Increased offer to $.78 per share but the independent directors are recommending we accept the takeover....

https://www.nzx.com/companies/NZO/announcements/308363

Well Zeta won't bother to increase theirs as they probably have already come to a profitable arrangement to sell their lot TO THEM once this recent offer has been successfully concluded. { how does say a $1.00 plus sound }

{ Independent directors are recommending we accept the takeover.... }

Yeah no big surprise there really, to rake in the big money year after year, ending with STERLING EFFORT working for the Interests of NZOG S/Holders.
Decl. Interest: have done reasonably ok over the years with NZO, but not really since this FREELOADING talent of recent years entered the mix.

[blackcap]

Well Zeta won't bother to increase theirs as they probably have already come to a profitable arrangement to sell their lot TO THEM once this recent offer has been successfully concluded..

That makes sense, Zeta wanted to downsize NZO anyway and return a bunch of cash. Caught between a rock and a hard place here. Still going to offer half my shares and try and get .78 for them and then let the rest run with this outfit.
However thinking about it, they may struggle to get 50% by virtue of the register being so old and many shareholder probably not being aware of the offer and not accepting it? I put a question mark there because I am not sure about this but at the last AGM they did say there were something like 17,000 shareholders and that to me signals a lot will "miss" this offer.

[digger]

That makes sense, Zeta wanted to downsize NZO anyway and return a bunch of cash. Caught between a rock and a hard place here. Still going to offer half my shares and try and get .78 for them and then let the rest run with this outfit.
However thinking about it, they may struggle to get 50% by virtue of the register being so old and many shareholder probably not being aware of the offer and not accepting it? I put a question mark there because I am not sure about this but at the last AGM they did say there were something like 17,000 shareholders and that to me signals a lot will "miss" this offer.

I have a word that sums this all up.
WAIT

[Chippie]

{ Independent directors are recommending we accept the takeover.... }

Yeah no big surprise there really, to rake in the big money year after year, ending with STERLING EFFORT working for the Interests of NZOG S/Holders.
Decl. Interest: have done reasonably ok over the years with NZO, but not really since this FREELOADING talent of recent years entered the mix.[/QUOTE]

yes this group of management are useless. It just confirms they do not know how to run this company. Time to get out I think.

[Sideshow Bob]

From todays ODT:

https://www.odt.co.nz/business/deposits-lure-nz-oil-gas-bid

[Joshuatree]

Thanks SSB. Will more offers come , esp From Woodside?

[Sideshow Bob]

Thanks SSB. Will more offers come , esp From Woodside?

Have a feeling its not quite over yet (in terms of takeover - don't care about the company). At least I hope not and don't care where any offers come from!

[digger]

Have a feeling its not quite over yet (in terms of takeover - don't care about the company). At least I hope not and don't care where any offers come from!

It will soon be time for me to organize a group of hard core holders that will hold out for the dollar plus that the share is worth. In the last few weeks ZETA has soaked up the uninformed and soft sellers. Roger Finlay our chairman has said he will sell his holding of .5% to OG,but then we do not know what else RF gets for pushing this. Why tell shareholders to back an offer of 78 cents when an independent valuation put it at 93 cents. Me thinks something else is going on.
Who is for forming a group will to wait for proper valuation to come through
Fish I remember you saying you took on a company and won by forcing a valuation that the company had to pay for. Remember once 90% is reached the takeover code kicks in and the shares can be taken from you but not until a honest independent valuation is placed on the shares.Then the takeover company has to pay that valuation for the remaining shares to get to 100%. That valuation will be a lot higher than 78 cents. Ask OG they are not stupid and would not be offering that sum unless they knew it was a steal.
Thoughts, Who is for the dollar plus?

[blackcap]

It will soon be time for me to organize a group of hard core holders that will hold out for the dollar plus that the share is worth. In the last few weeks ZETA has soaked up the uninformed and soft sellers. Roger Finlay our chairman has said he will sell his holding of .5% to OG,but then we do not know what else RF gets for pushing this. Why tell shareholders to back an offer of 78 cents when an independent valuation put it at 93 cents. Me thinks something else is going on.
Who is for forming a group will to wait for proper valuation to come through
Fish I remember you saying you took on a company and won by forcing a valuation that the company had to pay for. Remember once 90% is reached the takeover code kicks in and the shares can be taken from you but not until a honest independent valuation is placed on the shares.Then the takeover company has to pay that valuation for the remaining shares to get to 100%. That valuation will be a lot higher than 78 cents. Ask OG they are not stupid and would not be offering that sum unless they knew it was a steal.
Thoughts, Who is for the dollar plus?

Hi Digger, I would be in, although do not have enough to really matter in the bigger scheme of things. Yes if 90% is achieved there is protection in the companies Act for minority shareholders. Sections 110 and 111 they are and I have used them to my benefit in the past.

The thing is though.... both parties are not going for 100% of the company, so either way if we "hold out" we are going to have to be along for the ride with either Zeta or OG.

[fish]

Hi Digger, I would be in, although do not have enough to really matter in the bigger scheme of things. Yes if 90% is achieved there is protection in the companies Act for minority shareholders. Sections 110 and 111 they are and I have used them to my benefit in the past.

The thing is though.... both parties are not going for 100% of the company, so either way if we "hold out" we are going to have to be along for the ride with either Zeta or OG.

Did you use them with SEA/TTP
Thats my only experience and it was highly successful ,cheap and easy.
That will not apply here-unless you go for the long ride and one company hits 90% and acts against the interests of minority shareholders.
OG seem to be a good company offering a reasonable price and I might accept the offer.
By doing so I will get my money back quickly and can enjoy the proceeds before I get too old to enjoy it.
Zeta ,I am pleased to think and suggest might be very unhappy.
I doubt if OG will do backhand deals with them so they are stuck.
Even if they sell into the offer and we all do they risk being left with a lot of useless(for their use) shares

[blackcap]

Did you use them with SEA/TTP
Thats my only experience and it was highly successful ,cheap and easy.
That will not apply here-unless you go for the long ride and one company hits 90% and acts against the interests of minority shareholders.
OG seem to be a good company offering a reasonable price and I might accept the offer.
By doing so I will get my money back quickly and can enjoy the proceeds before I get too old to enjoy it.
Zeta ,I am pleased to think and suggest might be very unhappy.
I doubt if OG will do backhand deals with them so they are stuck.
Even if they sell into the offer and we all do they risk being left with a lot of useless(for their use) shares

SEA, yes that was buying cash for less than cash, and section 110 was very handy. I knew someone who did it with another entity the name evades me now. I think it was the takeover of some dairy farm outfit or was it with PGC. The PGC thing took a bit longer but they did get 45 cents in the end again from memory.
Still probably going to offer half my shares and see if OG can actually exploit some value and/or do something with NZO. There is always the chance (albeit small) that Zeta subsequently up their offer or that another suitor comes out of the woodwork.

[fish]

Zeta now have 31% so if they dont sell into the og offer it may be difficult for og to get the conditional 50% .It would help og if they dropped the conditional clause and if they were still short of 50% to buy on market over the next year or however long it takes to acquire a controlling interest.They must have good reason for the 50% minimum but I dont know.

[blackcap]

Zeta now have 31% so if they dont sell into the og offer it may be difficult for og to get the conditional 50% .It would help og if they dropped the conditional clause and if they were still short of 50% to buy on market over the next year or however long it takes to acquire a controlling interest.They must have good reason for the 50% minimum but I dont know.

Yes you are right, and also because of the register. There is probably 5-10% out there that will not even respond or know of the offer.....

[fish]

Yes you are right, and also because of the register. There is probably 5-10% out there that will not even respond or know of the offer.....
Yes 5 to 10% of the holders may not respond but they are probably very small holders-probably much less than 5%.
Digger and myself probably hold more shares-I dont know know how many you hold but feel free to pm myself or digger if at any time it might be fruitful to know holdings and make a strategy( i havnt checked with digger but he is always helpful)

[JohnPagani]

It will soon be time for me to organize a group of hard core holders that will hold out for the dollar plus that the share is worth. In the last few weeks ZETA has soaked up the uninformed and soft sellers. Roger Finlay our chairman has said he will sell his holding of .5% to OG,but then we do not know what else RF gets for pushing this. Why tell shareholders to back an offer of 78 cents when an independent valuation put it at 93 cents. Me thinks something else is going on.
Who is for forming a group will to wait for proper valuation to come through
Fish I remember you saying you took on a company and won by forcing a valuation that the company had to pay for. Remember once 90% is reached the takeover code kicks in and the shares can be taken from you but not until a honest independent valuation is placed on the shares.Then the takeover company has to pay that valuation for the remaining shares to get to 100%. That valuation will be a lot higher than 78 cents. Ask OG they are not stupid and would not be offering that sum unless they knew it was a steal.
Thoughts, Who is for the dollar plus?

Hello Share traders,
Just to respond to this point, digger, all shareholders have to be offered the same terms. No outside arrangement is allowed. Your comment about '90%' is unclear, but no one is offering for 90% of the company's shares. As far as the chairman's interests go, his relevant interests and intentions are fully disclosed in the documents distributed today.

You can read the independent valuation and the directors' reasoning for yourselves, here: https://www.nzog.com/dmsdocument/323 (these documents have been sent to the NZX today, they are being printed today and will be emailed and posted to shareholders.)

You should also be aware that the independent valuer is independent, as the title suggests. The independence of the valuer, and the target company statement (along with much else) are reviewed by the Takeovers Panel to ensure the process is fair. So the 'honest, independent valuation' digger is looking for has been provided.


The offer document, target company statement and independent advisers' reports answer many of the questions raised on this message board, and you can weigh the accuracy (or otherwise) of various points asserted by posters here. By way of caution to the casual reader, some of the claims made on these message boards are wild. You may wish to compare the credibility of anonymous internet commenters against the integrity of professional reputations that are fully disclosed.


Hope that helps.

[digger]

[QUOTE=JohnPagani;68812


The offer document, target company statement and independent advisers' reports answer many of the questions raised on this message board, and you can weigh the accuracy (or otherwise) of various points asserted by posters here. By way of caution to the casual reader, some of the claims made on these message boards are wild. You may wish to compare the credibility of anonymous internet commenters against the integrity of professional reputations that are fully disclosed.


Hope that helps.[/QUOTE]

Thank you John for your comments.
I have been dealing in the sharemarket since 1984 and have dealt with many companies.Maybe more than most NZO can still lay some claim to integrity but from what I have experience from sharemarket CEO's there professional reputations is worth considerable less than the value I would put on posters here.
Why does Roger Finlay recommend we sell our shares at the bottom end of the range [78 to 93 cents].This seems a bit odd to me from some one who you claim has professional reputation and integrity on show. Even if he recommended it at the mid point of the range I would say he is under selling the company. So why at the bottom of the range?
My point about the take over code kicking in at 90% is straight forward and needs no explanation. It does not apply to this partial buyout but it is just down the road.Called forward planning.

[Lion]

Thanks John Pagani for your reply.

I have to agree with Digger though, that "the integrity of professional reputations" is not worth as much as it used to be since the Global Financial Crisis, Northern Rock, Bernie Madoff, Dick Smith, Libor scandal, Feltex etc etc.

(Just carefully making a generalization here)

[fabs]

[while we waite for these documents, what happens if in the likely case they dont't get to the percentage targeted????

[blackcap]

[while we waite for these documents, what happens if in the likely case they dont't get to the percentage targeted????

That is a really good question and even though the directors are saying we accept, there is a good enough possibility that they do not get the percentage target for a variety of reasons. (unless Zeta are selling into it) So what is the scenario then? Do they/Zeta just walk away? Does Zeta come in with another offer, does Ofer come in with another offer. The SP may well drop in the mean time? So many possibilities, its interesting watching it play out that is for sure.

[Lion]

Well, here's my guess about what Zeta will do . . . I think they will take the money and run - i.e. take 78c from OGOG. As I see them, they only want a quick profit, with little thought for the long term of NZOG.
So if they and H&G sell into the Ofer offer, that makes a lot of acceptances. Not sure of the numbers without looking them up, is it 23% + 6%?
So OGOG would only need another 21% approx to get over the 50% mark - so their bid would succeed. I think this may well happen.

But it's all guesswork - like forming the NZ government!

I plan to sell half my NZOG holding incidentally. (a bob each way, for those old enough to remember that phrase)

[fabs]

Also what a lot of nonsense [ Pages of it ] the real offer is 67% odd Shares @ 74 cents.
The 4 cents div. has nothing to do with the offer, the way i see it???
All this B/S how wonderful an offer this is when at the same time we get told about the bright future nzo is suppose to have.
What with a rise in oil prices near { Saudis whinging } and certainly a promising future for environment friendly gas.

[Marilyn Munroe]

........and certainly a promising future for environment friendly gas.

Indeed if the NZOG prospect was in the Thames Estuary off Long Island or near the mouth of the Rhine the world would be beating a path to their door. However a frontier prospect on the far side of the world with an operator with a mixed exploration history is a different matter.

I find the Tora prospect in the Great South Basin more interesting because NZOG's partner in this is Woodside an experienced offshore explorer and developer. Woodside wanting to progress this prospect would give credibility to the chances of the exploration being successful.

I fear however Woodside will be more inclined to direct exploration efforts toward their acreage in Myanmar.

Boop boop de do
Marilyn

PS. To give you an idea of the scale of a successful development Woodside claim to have spent $34 billion developing their North West Shelf field.

[scamper]

why the 4 cps drop? it is billed as a 0.7% rise. poor ol' scamper has missed something...

[RTM]

why the 4 cps drop? it is billed as a 0.7% rise. poor ol' scamper has missed something...

Yes...this drives me crazy to. Ex the 4 cent dividend is the reason I think.

[peat]

Yes...this drives me crazy to. Ex the 4 cent dividend is the reason I think.

yes gone ex today. payable in a couple of weeks

[Meextr]

I accepted offer so will I get the divi ?

[digger]

yes gone ex today. payable in a couple of weeks

On the NZO web page it says XD or CD. CD it shows first and that means come dividend. And XD which it is now showing means Past dividend. So if you buy today you do not get the dividend. simple as that.

[fish]

Hi Digger-this is wrong thread but related.
Zeta are going to court on Monday to get their takeover ppp approved-if you want to object get your affadavit sent today.
If you do nothing you will get Zeta shares-Chris from asb securities has looked at it and NZ shareholders do not get their Zeta shares sold for them-I dont know about you but on face value this looks a better deal.

[digger]

Hi Digger-this is wrong thread but related.
Zeta are going to court on Monday to get their takeover ppp approved-if you want to object get your affadavit sent today.
If you do nothing you will get Zeta shares-Chris from asb securities has looked at it and NZ shareholders do not get their Zeta shares sold for them-I dont know about you but on face value this looks a better deal.

hi fish, I have thought about it and decided that as I am going to stay[fight] the NZO takeover that I see coming so I do not want to fight the PPP thing or have shares in Burmuda,as I have other uses for the money that might be better.
Good luck with those that take the Zeta shares.

[fabs]

Offer seems to be somewhat vague on OPTIONS, given the low 74 cents per Share Offer.

Would pref. and sure some other S/Hs would too, selling all their holdings without paring them down to and by whatever amount.
If surplus shares offered over 50% can at OGOGs discretion proportionally be reduced, one rather would have them all back unless otherwise specified.
As ending up with possibly an only 30% or less parcel to ones whole former holding.
As they stated, could result in quite a considerable drop in the S/P post OFFER becoming unconditional.
Making the whole exercise a waste of time & money for S/Hs.

Nothing stopping a third party over time mopping up small parcels coming on the market.
That puts the 74 cents offer Price into a different perspective surly???

[fish]

now the offer has been extended to 9 th december it seems to give og all the cards and no date as to when they have to pay for them yet they get control of your shares as soon as you accept. I really dont like this.

[blackcap]

now the offer has been extended to 9 th december it seems to give og all the cards and no date as to when they have to pay for them yet they get control of your shares as soon as you accept. I really dont like this.

Just do what I did. Have the form ready to go but do not send it until about the start of December.

[Grimy]

Will O.G. have to give regular updates to the market about what acceptance level they are at? And if so will that be shown on the ANZ Securities web site on the NZO ticker?
If not, is there somewhere else we can get this info?
It would be nice to see where it is heading for those not sure which way to jump.

[blackcap]

Will O.G. have to give regular updates to the market about what acceptance level they are at? And if so will that be shown on the ANZ Securities web site on the NZO ticker?
If not, is there somewhere else we can get this info?
It would be nice to see where it is heading for those not sure which way to jump.

Not sure how often they have to update, but if they do it will be at nzx.com and that flows through to most brokers platforms. ie when a company makes an announcement you normally see it under "news".

[Grimy]

Thanks Blackcap. Hopefully there will be regular updates. Would certainly help in making a decision.

[fish]

Thanks Blackcap. Hopefully there will be regular updates. Would certainly help in making a decision.


Maybe
Maybe not-it makes sense to leave the decision until the latest-at the end of the first week of December as Blackcap suggests.
I cannot find a date that OG have to pay for the shares.
Have asked ASB securities and they asked computershare-no answer yet!
In the meantime oil prices are moving up and I think the nz dollar is falling-the combined effect has probably meant the offer is already below the fair value

[peat]

Maybe

I cannot find a date that OG have to pay for the shares.

I would imagine only when the offer goes unconditional. Which given they want 70% could be a while.

Yes these takeover situations seem a bit unfair on the holders who accept in that you relinquish authority and yet have no bucks in the bank.

[blackcap]

I would imagine only when the offer goes unconditional. Which given they want 70% could be a while.

Yes these takeover situations seem a bit unfair on the holders who accept in that you relinquish authority and yet have no bucks in the bank.

I thought they wanted 50%? Help.

Anyone else going to the meeting tomorrow?

[fabs]

[QUOTE=peat;690515]

Yes these takeover situations seem a bit unfair on the holders who accept in that you relinquish authority and yet have no bucks in the bank.

Maybe they only want to give Share Holders more time to wake-up???
Just a Micky - Mouse form of a t/over really imho.

[Lion]

I thought they wanted 50%? Help.

Anyone else going to the meeting tomorrow?

I think the offer goes unconditional when they get to 50.1%
They don't want more than 70%

Yep, I'm planning to go to the meeting.

Also, like you, I've filled in my acceptance form but won't post it till early December.

[digger]

Bugger them. Join me and wait for a fair offer

[Sideshow Bob]

https://www.stuff.co.nz/business/industries/98380838/nzog-field-could-earn-32b-in-royalties-report

[Vaygor1]

Bugger them. Join me and wait for a fair offer

I already made the decision a while ago and will be holding my lot.

Given the competition to control NZOG and the future prospects of Barque in particular (of which I have conducted considerable research in) I cannot see the downside in waiting, apart from a short term smallish chance of a temporary share drop which will simply give me the opportunity to buy more.

There are currently too many unknowns, some of which are raised on this thread, surrounding the takeovers.

The fundamental value of the shares is undoubtably higher than the that on offer so far.

DYOR folks. I will be waiting and watching.

[fish]

I already made the decision a while ago and will be holding my lot.

Given the competition to control NZOG and the future prospects of Barque in particular (of which I have conducted considerable research in) I cannot see the downside in waiting, apart from a short term smallish chance of a temporary share drop which will simply give me the opportunity to buy more.

There are currently too many unknowns, some of which are raised on this thread, surrounding the takeovers.

The fundamental value of the shares is undoubtably higher than the that on offer so far.

DYOR folks. I will be waiting and watching.

It would be great if you could help by providing a summary of the research you have done into Barque as my understanding is that it has already been shown to contain hydrocarbons from drilling around 40 years ago and a lot of research has gone on since.

Thanks

[Sideshow Bob]

ODT's article this morning:

https://www.odt.co.nz/business/gas-search-offers-huge-potential

[fabs]

ODT's article this morning:

https://www.odt.co.nz/business/gas-search-offers-huge-potential

WELL, WELL ?????

And what has that overstaffed & over remunerated MANAGEMENT of NZOG done all this time????

No wonder they are keen to sell and get out to avoid to be outed when the dollars will start to flow into others Pockets further down the track?????

About this time last year they said farm-out was being negotiated, would be interesting to know with

WHOM????

[DoctorG]

Why would anyone want to sell their shares, when today the news was all about the potential for billions of gas being exploited on NZOG land?
Why would the independent directors recommend that we sell our shares and accept the takeover bid for 78c, surely then we are not going to reap the reward of the gas field,.
This is all very strange.
can someone explain.
I own about $2500 worth, so its not like I am going to retire on this, but it just seems really odd for the independent directors to tell me to accept the offer.

[BWH]

What's the chance of the current government allowing them to drill anyway? Remember the greens are in there now.

[blackcap]

Why would anyone want to sell their shares, when today the news was all about the potential for billions of gas being exploited on NZOG land?
Why would the independent directors recommend that we sell our shares and accept the takeover bid for 78c, surely then we are not going to reap the reward of the gas field,.
This is all very strange.
can someone explain.
I own about $2500 worth, so its not like I am going to retire on this, but it just seems really odd for the independent directors to tell me to accept the offer.

Your question was explained quite well by the Chairman at the AGM. The Chairman himself is selling all his shares for 78 cents. (74 now).
The thing is with this big gas field... there is about a 1 in 5 chance of hitting anything, and it will cost billions to drill etc. NZO can not do this alone and will need partners. Ofer is the right "people" in their opinion to help do this.
The value of the prospect alone is about zero according to the Chairman. It thought he was being a bit disingenuous. However Ofer have said that NZO will remain listed, they only want up to 70%, so effectively you will be able to buy your shares back at a discount (perhaps) and still participate in this exciting new venture that may 20% chance or may not 80% chance succeed.

[fabs]

YES drilling is always a gamble, normally 1-10, this one is considered 1-5.
Drilling was arguably some time ago, supposed to be taking place in 2017.
YES development cost are huge, however no problem after, if big GAS deposit struck to raise the money.
Management where waxing lyrical about prospects not so long ago, down talking it now.
CO. also had quite a lot of CASH with management bereft of IDEAS what to do with.
As this is a major GAS play Greens will have a struggle stopping it with what looks like a potentially spend happy lot in power.
Also WHO was NZOG in FARM-OUT discussions, about this time last year.
Hope it was not this Party that wants to take a dominant position now.
Also that at the moment worthless Permit has to be drilled by April 2018 applied for an extension or Relinquished, according to Mr. Jefferies.

[Marilyn Munroe]

........however no problem after, if big GAS deposit struck to raise the money.


Umm I dunno. Aussie LNG producers seem to be facing the old "long term fixed price contract" words translate to "flexible contract" in our language tactic.

http://www.smh.com.au/business/energy/australian-lng-needs-to-become-more-flexible-sp-says-20171027-gz9p59.html

Boop boop de do
Marilyn

[Sideshow Bob]

For some unknown reason, the ODT has good coverage of NZO. From today:

https://www.odt.co.nz/business/ofer-global-bid-nzog-gains-support

[mistaTea]

Given the potential upside, selling shares below NTA with the hope (speculation) that the price will fall post-takeover so that you can buy back in at a cheaper price seems odd to me.

Ben Graham wouldn't approve, and the approach wouldn't count as investing in my view.

It would be like selling your much-loved home cheap because you speculate the property market will dip after, and can then buy back in at an even cheaper price. I mean, what kind of a nut would do that?

I think that, logically, you would only accept the OG offer if you believe 74 cents is a fair price for the company based on everything that is known about it.

[blackcap]

I think that, logically, you would only accept the OG offer if you believe 74 cents is a fair price for the company based on everything that is known about it.


The conundrum for shareholders is this. If you do not sell into the offer, and OG do not get their 50%, then the SP will fall again back to the 20% discount to NTA that it was previously. If you accept the offer and the OG offer is successful.. then the SP will probably stay at or near 74 cents. What to do.

[mistaTea]

The conundrum for shareholders is this. If you do not sell into the offer, and OG do not get their 50%, then the SP will fall again back to the 20% discount to NTA that it was previously. If you accept the offer and the OG offer is successful.. then the SP will probably stay at or near 74 cents. What to do.

It is only a conundrum if you are a speculator. If you have formed a view based on sound research that your shares have a long-term intrinsic value of a $1.50 (just a random number I am using as an example) then you won't care about fluctuations in the SP. In fact, you would take advantage of any drop in SP as an opportunity to buy more.

If you do not understand the long term intrinsic value, then you should not hold the stock in the first place. Alternatively, if you are a short-term speculator, then you are entitled to the poor results you will almost certainly achieve over time.

[blackcap]

It is only a conundrum if you are a speculator. If you have formed a view based on sound research that your shares have a long-term intrinsic value of a $1.50 (just a random number I am using as an example) then you won't care about fluctuations in the SP. In fact, you would take advantage of any drop in SP as an opportunity to buy more.

If you do not understand the long term intrinsic value, then you should not hold the stock in the first place. Alternatively, if you are a short-term speculator, then you are entitled to the poor results you will almost certainly achieve over time.

It's not quite that simple though. Say I purchased in the high 50's and low 60's because that for me was a too high discount to NTA. I thought the Zeta influence would cut costs and leave a sharper NZO and give me the cash back. That is what I wanted. So I am happy with the 78 cents. I did not want NZO to go spending money on a 1 in 5 shot at glory.
THere are however others that did not want the cash back and did want NZO to go for gold so to speak.
Both of these are long term views and not speculators views. Therefore the conundrum. The long term intrinsic value is dependent on the direction of the firm. Under Zeta leadership my long term intrinsic view was about 75 cents. Under another direction, I have to alter my intrinsic value as it is likely that the cash will be used/utilised to go prospecting/drilling. This potentially strikes but potentially throws it all away too. That scenario for me is not acceptable. (all hypothetically speaking off course, just raising a scenario)

[fish]

The conundrum for shareholders is this. If you do not sell into the offer, and OG do not get their 50%, then the SP will fall again back to the 20% discount to NTA that it was previously. If you accept the offer and the OG offer is successful.. then the SP will probably stay at or near 74 cents. What to do.
Personally I will wait another 4 weeks before deciding.
Cannot lose this way-if nz dollar drops more or Brent price increases maybe a better offer will appear-doubt it but who knows-eg could Zeta spoil the og offer-eg with a partner wanting to drill Barque

[blackcap]

Personally I will wait another 4 weeks before deciding.
Cannot lose this way-if nz dollar drops more or Brent price increases maybe a better offer will appear-doubt it but who knows-eg could Zeta spoil the og offer-eg with a partner wanting to drill Barque

Possible, though the NZ dollar has risen sharply this morning. I do not think Zeta have the stomach or intent to drill Barque, but I see what you mean. I will be holding off too for a few more weeks to see what happens. That is what Duncan Saville intomated at the meeting on Monday as well. (ie that is what Zeta will be doing)

[fish]

Possible, though the NZ dollar has risen sharply this morning. I do not think Zeta have the stomach or intent to drill Barque, but I see what you mean. I will be holding off too for a few more weeks to see what happens. That is what Duncan Saville intomated at the meeting on Monday as well. (ie that is what Zeta will be doing)
Looks like OG are going to get control at a bargain price-more than 20% fully paid and 50% partly paid shares acquired and 5 weeks to go!

[mistaTea]

Looks like OG are going to get control at a bargain price-more than 20% fully paid and 50% partly paid shares acquired and 5 weeks to go!

Yeah - once Zeta accept they will be damn near the 50% they need. So it looks like their bid will succeed.

Will be interesting to see what percentage of the company they control once this process reaches a conclusion.

[Marilyn Munroe]

There is an interesting item in the Otago Daily Times about exploration in the Canterbury and Great South Basins.

It includes a map showing previously drilled exploration wells.

https://www.odt.co.nz/business/oil-gas-exploration-focus-data-release

Boop boop de do
Marilyn

[fish]

There is an interesting item in the Otago Daily Times about exploration in the Canterbury and Great South Basins.

It includes a map showing previously drilled exploration wells.

https://www.odt.co.nz/business/oil-gas-exploration-focus-data-release

Boop boop de do
Marilyn
thanks for the link
clearly a massive area of potential in a known petroleum system
Galleon flowed at 10 million cu ft/day and 2300 bbls condensate
Clipper also showed hydrocarbons but I have been unable to get any details
Looks like these where at the periphery of the canterbury basin

[fish]

thanks for the link
clearly a massive area of potential in a known petroleum system
Galleon flowed at 10 million cu ft/day and 2300 bbls condensate
Clipper also showed hydrocarbons but I have been unable to get any details
Looks like these where at the periphery of the canterbury basin

Brent oil price over the past month has been steadily climbing-around 10% in the past month.
I feel a revaluation of NZO would now be much higher and my attitude to this offer has changed more in line with digger.
I also feel OG will be struggling to get 50%-a change to how I felt last week.
Is the development of the canterbury basin going to be affected by the new coalition?
There are a lot of much needed potential jobs and revenue if it goes ahead so my feeling is it wont be stopped.
The 1 in 5 figure chance of success depends on the oil /gas price as we already know hydrocarbons are there and a lot more research has gone on since clipper.
I cannot help feeling we are selling a big asset and under valuation

[blackcap]

I also feel OG will be struggling to get 50%-a change to how I felt last week.


You are saying you think Zeta will not sell to OG? Because if they do it looks like a done deal. It pretty much all hinges on Zeta now.

[fish]

You are saying you think Zeta will not sell to OG? Because if they do it looks like a done deal. It pretty much all hinges on Zeta now.

I wish I knew
I doubt if Zeta will sell if it looks like the offer will be unsuccessful and the oil price keeps rising.
Dont you think they are unlikely to sell if its below fair value?
It must be below current value considering the fall of the nz$ and rise in oil.
They still have 4 weeks to make a decision
I dont know the rules but is it possible they could secretly negotiate to get a better price during this period?

[blackcap]

I wish I knew
I doubt if Zeta will sell if it looks like the offer will be unsuccessful and the oil price keeps rising.
Dont you think they are unlikely to sell if its below fair value?
It must be below current value considering the fall of the nz$ and rise in oil.
They still have 4 weeks to make a decision
I dont know the rules but is it possible they could secretly negotiate to get a better price during this period?

Maybe, but the rise in oil one could argue is negative for NZO as they have a bucket of cash, have sold their oil assets Kupe and Tui. So they would be hoping for a fall in the price of oil to be able to get cheaper entry to new investments?
I have no idea what Zeta will do, but ultimately it looks like it will hinge on whether they go in or not.
Not too sure about negotiating a better price, I guess O&G can always up their price but it has to be to ALL shareholders, not just some. So if Zeta did negotiate we would also be the beneficiaries.

[fish]

Maybe, but the rise in oil one could argue is negative for NZO as they have a bucket of cash, have sold their oil assets Kupe and Tui. So they would be hoping for a fall in the price of oil to be able to get cheaper entry to new investments?
I have no idea what Zeta will do, but ultimately it looks like it will hinge on whether they go in or not.
Not too sure about negotiating a better price, I guess O&G can always up their price but it has to be to ALL shareholders, not just some. So if Zeta did negotiate we would also be the beneficiaries.

I agree it now looks as if the offer success hinges on Zeta.
I feel OG were motivated to make the offer to get the hydrocarbons off canterbury.
This could be a massive field and we know hydrocarbons are there.
They say the chance of success is higher than normal and tell us the chance of success is greater than normal-they estimate at 1 in 5 .
The higher the price of oil the higher the chance of the field being commercial.
A lower nz$ has already made the bid cheaper for them.
The answer to your question as to og hoping for a fall in the value of oil in my opinion is most unlikely.

Past experience tells us we should not trust all that we are told-particularly when it comes to money.
Zeta is in the game for money and they will want to get the highest value out of this deal which hinges on them.
We dont know how they are going to play their cards and I dont know all the rules of the game.
If they accept the deal many more may follow and then the shares bought may be scaled down leaving Zeta with a small useless parcel that might fall in value.
Its logical therefore that they will want some sort of deal that assures them that they can get maximum value out of this parcel.
How can they ensure this?

[digger]

I do not buy into the arguement that if OG gets the holding they are after the SP will fall afterwards.It is certainly what OG is putting out but not what I am accepting. I got a phone call to that effect from the company and an offer to receive one from OG which I said no not bother as I will be making up my own mind and not following the company line on where value lies.
The canterbury hydrocarbons have been studied by the company now for more than a decade and i believe they now have as good an idea of the possible success as is possible to accumulate. This I feel is what OG is after. Sell and you might miss out on the drill of the century.

In the meantime if the SP does fall I will be buying more.

[fabs]

https://www.strategic-culture.org/.../how-israel-saudi-arabia-conspire-to-seize-control-..

This Scenario & recent arms deal with DONALD worth some 200 Bil. $s plus ARMS DEAL, for such an Adventure as above, may not auger well for oil prices staying low???
As so often discussed on this forum successive nzog managements over nearly the last 10 years have been nothing but useless.
But laughing all the way to the bank.
Cheers

[fish]

I do not buy into the arguement that if OG gets the holding they are after the SP will fall afterwards.It is certainly what OG is putting out but not what I am accepting. I got a phone call to that effect from the company and an offer to receive one from OG which I said no not bother as I will be making up my own mind and not following the company line on where value lies.
The canterbury hydrocarbons have been studied by the company now for more than a decade and i believe they now have as good an idea of the possible success as is possible to accumulate. This I feel is what OG is after. Sell and you might miss out on the drill of the century.

In the meantime if the SP does fall I will be buying more.

That gives a little insight into tactics being used.
Clearly if OG are trying to talk to big shareholders they have not got an assurance from Zeta that they will sell into the offer

[mistaTea]

I do not buy into the arguement that if OG gets the holding they are after the SP will fall afterwards.

Yes, that is pure speculation and should not factor into the decision-making process of a serious investor. If anybody buys into the strategy that they should sell today at 74 cents, hoping the SP will drop back down to 62 cents so they can buy back in (and make a quick buck in the process), they deserve below average results long term.

Though speculation is not immoral, neither is it wallet-fattening.

[fish]

Yes, that is pure speculation and should not factor into the decision-making process of a serious investor. If anybody buys into the strategy that they should sell today at 74 cents, hoping the SP will drop back down to 62 cents so they can buy back in (and make a quick buck in the process), they deserve below average results long term.

Though speculation is not immoral, neither is it wallet-fattening.

Zeta are accepting the deal so going ahead.
I think I will probably accept but may be subject to scaling if over 70% accept

[blackcap]

Zeta are accepting the deal so going ahead.
I think I will probably accept but may be subject to scaling if over 70% accept

I wonder with the new govt etc, will the OIO throw a spanner in the works? Or do posters think this is a fait accompli?

[Marilyn Munroe]

I wonder with the new govt etc, will the OIO throw a spanner in the works? Or do posters think this is a fait accompli?

I don't know about OIO but given the carelessness with which associated company Pike River mined the Brunner Seam it would be prudent for safety and environmental regulators to scrutinise any drilling carefully.

The usual environmentalists will kick up a fuss. It would be, ahem, unfortunate if Russell Norman of Greenpeace began paddling a kayak out to the rig to wave a protest banner just as a southerly front rounded Nugget Point and started heading up the coast.

Boop boop de do
Marilyn

[WAIKEN]

National and NZ First may vote together to allow the drilling of Barque because of its multi billion regional development potential. NZ First are not greenies. I will not sell. The coy has
massive potential and a lot of cash. The 70% offer should not be allowed. It should be 100%.
OG are getting a free hit.

[fish]

National and NZ First may vote together to allow the drilling of Barque because of its multi billion regional development potential. NZ First are not greenies. I will not sell. The coy has
massive potential and a lot of cash. The 70% offer should not be allowed. It should be 100%.
OG are getting a free hit.

I dont think it needs a vote to go ahead

[Lion]

Not that this will make much difference in the bigger scheme, but I have changed my mind and am selling none of my shares into the OG offer.
I had thought I'd sell half and keep half, but have now ripped up my acceptance form.
I'm in for the "drill of the century" with you, digger.

[digger]

Not that this will make much difference in the bigger scheme, but I have changed my mind and am selling none of my shares into the OG offer.
I had thought I'd sell half and keep half, but have now ripped up my acceptance form.
I'm in for the "drill of the century" with you, digger.

Hope you are doing this for the right reasons.If it all turns to s--t do not ring me. What is your risk profile? Like a punt. Remember it could well be sub economic with the following SP heading south. Or it could be the biggest find in NZ history,in which case we will have to get together and have a drink. But in the meantime ------
Do I need to say it I will not be interested selling into the offer

[digger]

Forget to say that on this Monday morning there will be a discussion on TV1 about drilling in NZ waters and mining on conservation land at 9 in the morning. I must for nzo holders

[Balance]

So with the new government re-opening inquiries into Pike River, will NZOG be in the guns for damages if the new inquiry finds that NZOG had contributed to the death of the miners?

[blackcap]

So with the new government re-opening inquiries into Pike River, will NZOG be in the guns for damages if the new inquiry finds that NZOG had contributed to the death of the miners?

How can NZOG be in the gun for damages as they are a shareholder of PRC, not a director or management. Or have I interpreted company law in NZ incorrectly?

[mistaTea]

When are we likely to get confirmation that the Mitsui transaction has gone ahead?

I don't have any expertise around regulatory approvals, and the various time frames etc - but, given we are now at the end of November, I was anticipating that a decision would have already been made by now?

I suppose, if the deal is set (and released to the public) before the 09 December OGOG cut-off date, that could make ZETA think twice. The earnings for 2017 would need to be restated since they did not include the Mitsui portion of Kupe (which NZOG takes from 01 January 2017).

This would obviously increase NZOG earnings, and boost future cash flows.

[flyingmariner]

I'm now of the same opinion. Just received the latest from OG saying they will extend the offer until January.
The reason given was "This extension is to allow time to obtain the necessary regulatory approvals."
I'm not sure whether that is the whole reason or maybe they are having trouble making the 50% acceptance level.
Same as Lion I was going to sell half and keep half but I always wonder if these companies make an offer then they must see value in it.
They aren't buying and expecting NZOG to stay at 74 cents.
Whatever decision I make it will be the wrong one, so do the opposite because I always get it wrong!!

[Sideshow Bob]

Link to ODT's article today:

https://www.odt.co.nz/business/ofer-extends-nzog-offer-period

[Marilyn Munroe]

This item on the Stuff news web site regarding oil an explorers wish to drop out as operator of its Canterbury basin permit and drop other prospects will have a chilling effect on NZO drilling in this area. The loss of another drill in the area will loose the hope NZOG have off sharing rig transport costs.

Sorry I can’t post a link. Go to stuff.co.nz and search for “US oil giant Andarkako set to leave New Zealand.”

Boop boop de do
Marilyn

[mistaTea]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZO/311479/271193.pdf

They only need just over 2% now. They are quite likely going to get the full 70% now (once Zeta accept the offer upon OIO approval).

[Carpenterjoe]

Good to see Cue farming out to Beach Energy.

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01927827

[fabs]

Those acceptances when combined with our current shareholding in New Zealand
Oil & Gas total more than 62% of New Zealand Oil & Gas's fully paid ordinary
shares currently on issue. The acceptances include the shares held or
controlled by Zeta Energy Pte Limited ("Zeta") or affiliated entities. Zeta,
which holds approximately 17% of New Zealand Oil & Gas's fully paid ordinary
shares currently on issue.

Has accepted OGOG's offer for 100% of its shares.
Do i Understand this correctly????

IN ZETA,s case they accepted the full 100% of the ZETA holding and there will be no PARING BACK at OGOC disgression
as with the rest of the S/H if they also offer their 100% at OGOC,s DISCRETION.
If total OFFER Exceed,s 67%

[Sideshow Bob]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11957989

[Marilyn Munroe]

A day of announcements;

1. OG Oil & Gas receives approval from the Overseas Investment Office for its partial take over of NZO.

2: Rodger Finlay resigns as chairman and from the board

3. Duncan Saville resigned from the board.

Boop boop de do
Marilyn

[fish]

[QUOTE=Marilyn Munroe;696569]A day of announcements;

1. OG Oil & Gas receives approval from the Overseas Investment Office for its partial take over of NZO.

So the partial takeover will happen.
The date has been postponed twice.
It is unclear to me when shareholders who have accepted the offer and in effect have passed control/ownership of their shares will be paid.
It would be appreciated if anyone could tell me this date

[Carpenterjoe]

Should those who didnt sell expect another dividend?

"Rodger Finlay has led the company through a challenging time of reduced
costs, a capital return and the restoration of dividends.

[blackcap]

Should those who didnt sell expect another dividend?

"Rodger Finlay has led the company through a challenging time of reduced
costs, a capital return and the restoration of dividends.

I guess that will be up to the "new" board to decide. But maybe they want to retain cash for exploration purposes?

[scamper]

asked the computershare people about timing of payout, and the emailed reply said:

"It appears that it will now be towards the middle to end of January before they will pay out."

[fish]

asked the computershare people about timing of payout, and the emailed reply said:

"It appears that it will now be towards the middle to end of January before they will pay out."

Thanks scamper.
I have also asked asb securities to investigate.
It appears to me that with each extension to the offer OG have more time before they can choose when the offer becomes unconditional-payment could be as late as mid-february-but could be anytime from mid-jan(which is when I need the money so I have asked for my margin lending limit to be increased )

[Grimy]

It has now gone unconditional, and those who accepted the offer should be paid before, or by the 19th January. Next Friday.

[Grimy]

They didn't get acceptances for much over their upper limit, so scaling shouldn't be too high. Will probably leave me with a stupidly small holding on our joint holding.
We have retained the majority of our shares in separate accounts, so now looking forwards to some progress with this company-hoping the new board will turn things around as has been the case with NWF and their new board/direction.
Good luck to everyone that made the decision to hold.

[Not too Flash]

I note major shareholding change due to Takeover reduced by 92.56%. I presume this will be the scaling we can expect tomorrow ....

[Grimy]

That'll leave me with 300-odd shares..........Would have been nice if a parcel offered that would result in less than say 500 or 1,000 shares after scaling meant they would have to take them all (I know that's not how scaling works).
In the past I've been in companies where this happens (low residual amount of shares) and after a while they make an offer to the smaller shareholders to purchase any shareholding less than a certain value without brokerage to save themselves the cost of servicing such small holdings.
Perhaps this will eventually happen with NZO.
Or not and they'll push on with the exploration, strike it big and I'll be happy to still have those 300-odd shares!

[fish]

That'll leave me with 300-odd shares..........Would have been nice if a parcel offered that would result in less than say 500 or 1,000 shares after scaling meant they would have to take them all (I know that's not how scaling works).
In the past I've been in companies where this happens (low residual amount of shares) and after a while they make an offer to the smaller shareholders to purchase any shareholding less than a certain value without brokerage to save themselves the cost of servicing such small holdings.
Perhaps this will eventually happen with NZO.
Or not and they'll push on with the exploration, strike it big and I'll be happy to still have those 300-odd shares!

I can see this happening as they would not have to pay brokerage if they did it inhouse.
Unfortunately I will still have a big holding after scaling and suspect the sp will drop.
Still will be happy to be largely cashed up on nzo
I wonder if digger sold any?

[blackcap]

Or not and they'll push on with the exploration, strike it big and I'll be happy to still have those 300-odd shares!

Or buy a bunch on market at 69 cents, join the exploration fun and thank Ofer for the 5 cents change :)

[Grimy]

I still have more NZO shares in my own name. Have been burnt enough with this share over the last few years to not be in any hurry to buy more.....

[Lion]

As I recall, digger wasn't selling to the TO offer and said he'd buy more if the price dropped (Have I got that right, digger??)
I suspect the SP will rise tomorrow or Monday, as people with new cash think it's not a bad deal.
But of course, I could be wrong.
I sold none and am hoping for success in the Canterbury Basin. I may buy more if the price drops.
Cheers all, Lion.

[fish]

No doubt you will be keeping a close eye on future events and oil price like me with great interest.
I have doubts if the sp will drop too much more but if so I do like buying cheap shares with potential.
My guess is the institutions who can sell with unwanted shares left on their hands may drop the sp for a while

[blackcap]

That's strange, went onto the Computershare website today to have a look at my partner's holding and it is still the same as always. She accepted the offer. Has it not gone through yet? I thought today was payment day but the unconditional status of the offer was a while ago?

[freddagg]

That's strange, went onto the Computershare website today to have a look at my partner's holding and it is still the same as always. She accepted the offer. Has it not gone through yet? I thought today was payment day but the unconditional status of the offer was a while ago?

From 11/1/2018 announcement
Payment and acquisition of shares will occur on or before Friday, 19 January 2018 in accordance with the Takeovers Code.

[mistaTea]

Someone just bought 1,290,184 shares in a single trade this morning.

[blackcap]

From 11/1/2018 announcement
Payment and acquisition of shares will occur on or before Friday, 19 January 2018 in accordance with the Takeovers Code.

Thanks Freddagg, so still today to wait out. Cheers.

[digger]

As I recall, digger wasn't selling to the TO offer and said he'd buy more if the price dropped (Have I got that right, digger??)
I suspect the SP will rise tomorrow or Monday, as people with new cash think it's not a bad deal.
But of course, I could be wrong.
I sold none and am hoping for success in the Canterbury Basin. I may buy more if the price drops.
Cheers all, Lion.

Yes that is the case. Sold none. Holding waiting for the drill just as I out lined months ago. I find it hard to swallow that O@g want 67% of a company and believe it will soon be worth less. It would sure be nice to know what their true plans are [which I do not know] and when action will start.

[fish]

Yes that is the case. Sold none. Holding waiting for the drill just as I out lined months ago. I find it hard to swallow that O@g want 67% of a company and believe it will soon be worth less. It would sure be nice to know what their true plans are [which I do not know] and when action will start.

Thank you for confirming what many of us thought you would do.
I was paid on Friday but scaled back so I still have a good holding which will keep me interested should promising events unfold.
Lets keep sharing thoughts and knowledge on this thread which is open to all opinions.
I am sure NZ needs its own supply of hydrocarbons and the input of OG might turn out to be the best-certainly better than Zeta(and I have a shareholding in Zeta which I didnt ask for!)
Best wishes to all

[Sideshow Bob]

I got paid, but awaiting advice - although calculated that have a small holding worth about $500 left, so hardly worth selling. Annoyed.

[fish]

I got paid, but awaiting advice - although calculated that have a small holding worth about $500 left, so hardly worth selling. Annoyed.

i think asb securities advertise trades as low as $15 or forget about it and wait and see what develops as something will be going to happen one day.
its still better than zeta

[tim23]

I offered 4500 out of my 12000 and all taken so left with tidy 7500

[Vaygor1]

Quarterly update out this morning.
I have only glossed over the narrative/figures at this stage.

Of note to me is the update re Clipper (PEP-52717):

"Discussions with potential farm-in partners continue to advance.

The joint venture has asked the regulator for a change of conditions to allow extra time before a well comitment needs to be made. This will allow time to analyse new information about the Barque prospect arising from discussions with potential farm-in partners."

The regulator to which NZO refer is New Zealand Petroleum & Minerals. Unless an extension of time is approved by them, NZOG and Beach must commit to drilling an exploration well by 10 April 2018.... not far away.... and if a positive drill decision were made it would have to be drilled by 10 June 2020.

It would be nice if, in the quarterly update, NZO disclosed the date to which they are requesting an extension.

Disc: Holding. Have kept all my shares throughout the OG partial takeover process.

[fabs]

Of note to me is the update re Clipper (PEP-52717):

[I][COLOR=#0000CD]"Discussions with potential farm-in partners continue to advance.

That is some what interesting.
As about NOVEMBER 2015 well over a year ago now.
The same statement was made by the then NZO Management team.

So at this stage nothing much has changed, other than applying for extension.

Also would be interesting to know, how many/any S/holders got 100% of their submitted amounts accepted and payed out??
In that SUPPOSED FAIR partial T/over exercise.

[jumbo]

can anyone tell me why anyone would want to buy into nzo to explore for oil and gas when there is so much negative feeling toward's all mining in this country. I SAY THEY SHOULD PUT THE HARD WORD ON THE GOVT no heavy obstacles in our way or we will move offshore.We as a country need nzo more than nzo need's us,so wake up nz and get behind all mining :confused:

[Marilyn Munroe]

can anyone tell me why anyone would want to buy into nzo to explore for oil and gas when there is so much negative feeling toward's all mining in this country. I SAY THEY SHOULD PUT THE HARD WORD ON THE GOVT no heavy obstacles in our way or we will move offshore.We as a country need nzo more than nzo need's us,so wake up nz and get behind all mining :confused:

Yes there are environmental nutters and virtue signalers who oppose oil exploration.

On the other hand an oil or gas field means royalty payments to the government.

Have you ever come across a politician who didn't want more money to spend?

Boop boop de do
Marilyn

PS. Oil companies play a game of comparative advantage. Whether it is a venal dictator wanting his share paid into his Swiss bank account or a left wing government which wants eliminate poverdy by command and control, whoever demands the smallest cut gets the gig.

[Sideshow Bob]

From todays ODT:

https://www.odt.co.nz/business/oil-and-gas-wants-extension-clipper-test-drilling