NZO - The curve ball! Does the hunter become the hunted ?

[tricha]

Top 20 Shareholders
Top 20 holders of Ordinary Shares as at 31 Jul 2008
Name of Registered Shareholder Shareholding
% of Issued
Capital
Accident Compensation Corporation 22,350,024 5.82
National Nominees New Zealand Limited 12,788,007 3.33
Resources Trust Limited 11,630,170 3.03
ANZ Nominees Limited 9,278,560 2.42
HSBC Nominees (New Zealand) Limited 8,189,097 2.13
NZ Guardian Trust Investment Nominees Limited 6,043,100 1.57
Sik-On Chow 5,880,000 1.53
Tea Custodians Limited 5,390,680 1.40
Nzog Nominees Limited 5,295,000 1.38
Forsyth Barr Custodians Limited 5,254,457 1.37
Archibald Geoffrey Loudon 4,676,760 1.22
New Zealand Superannuation Fund Nominees Limited 4,396,388 1.15
Citibank Nominees (New Zealand) Limited 4,053,848 1.06
Asteron Life Limited 3,946,981 1.03
Macquarie Equities Custodians Limited 3,840,100 1.00
FNZ Custodians Limited 3,487,448 0.91
AMP Investments Strategic Equity Growth Fund 2,937,488 0.77
Leveraged Equities Finance Limited 2,808,400 0.73
Riuo Hauraki Limited 2,700,000 0.70
ASB Nominees Limited 2,567,347 0.67
In the above table the holdings of New Zealand Central Securities Depository Limited have been reallocated to its applicable members.

Disclosure - I hold NZO shares, so consider this a ramp

[digger]

Top 20 Shareholders
Top 20 holders of Ordinary Shares as at 31 Jul 2008
Name of Registered Shareholder Shareholding
% of Issued
Capital
Accident Compensation Corporation 22,350,024 5.82
National Nominees New Zealand Limited 12,788,007 3.33
Resources Trust Limited 11,630,170 3.03
ANZ Nominees Limited 9,278,560 2.42
HSBC Nominees (New Zealand) Limited 8,189,097 2.13
NZ Guardian Trust Investment Nominees Limited 6,043,100 1.57
Sik-On Chow 5,880,000 1.53
Tea Custodians Limited 5,390,680 1.40
Nzog Nominees Limited 5,295,000 1.38
Forsyth Barr Custodians Limited 5,254,457 1.37
Archibald Geoffrey Loudon 4,676,760 1.22
New Zealand Superannuation Fund Nominees Limited 4,396,388 1.15
Citibank Nominees (New Zealand) Limited 4,053,848 1.06
Asteron Life Limited 3,946,981 1.03
Macquarie Equities Custodians Limited 3,840,100 1.00
FNZ Custodians Limited 3,487,448 0.91
AMP Investments Strategic Equity Growth Fund 2,937,488 0.77
Leveraged Equities Finance Limited 2,808,400 0.73
Riuo Hauraki Limited 2,700,000 0.70
ASB Nominees Limited 2,567,347 0.67
In the above table the holdings of New Zealand Central Securities Depository Limited have been reallocated to its applicable members.

Disclosure - I hold NZO shares, so consider this a ramp


Out of date. Does not take into account the last option conversions.
Digger

[macduffy]

Doesn't tell us much anyway as most of the big holders, except ACA and NZSF, are nominees who could be holding for one, a few, or many beneficial owners.

[tricha]

Doesn't tell us much anyway as most of the big holders, except ACA and NZSF, are nominees who could be holding for one, a few, or many beneficial owners.

It might not tell you much, but it tells me there is no major holder.

NZO is open season, it's fair game. ;)

And thanks tp Soletrader for his input and Ketel One for the picture, study this carefully.
NZO are onto it. But who is on to them ?
Quote:
Originally Posted by soletrader http://www.sharetrader.co.nz/images/buttons/viewpost.gif (http://www.sharetrader.co.nz/showthread.php?p=239324#post239324)
Some thoughts from the UK.

Eight or nine years ago Tui used to be mapped as one big structure, probably the largest of the four main structures which at the time were in PEP 38460. After the initial Tui discovery in February 2003, 3D seismic was aquired over 350 km2 of the Tui area during April/May 2003, and in the light of this, mapping of the area became more sophisticated and the orginal Tui was broken down into it's composite parts. But of some reason best known to our directors, or the joint venture partners in general, most of the original Tui structure dropped off the published maps for three or four years, with the exception of the three discoveries to date, i.e. Tui, Amokura and Pateke.

But the other immediately adjacent structures are still there as we can see from the 2008 Annual Report, i.e.Tui SW, Tui SE, Tui NE, Kahu Crest and Kahu Stratigraphic, and there is no reason why they should not each contain a share of the oil pool envisaged in the original Tui mapping.

Eric Matthews always had a striong belief in the potential of this area (and undoubtedly still has over at AWE), but more recently PPP has been strenghtened in my view, both on the board, and by substantial shareholders, who are not only experienced in identifying potential value in companies like PPP, but are investors for profit (traders). These guys are not interested in long term positions just for the sake of it.

So to conclude, the 2009 drilling campaign will be of great interest, and it is this near term prospect of doubling reserves again which I believe to be driving the current interest. We often see private investors selling on the spud, so I dont know if there is any previous for companies doing the same?

PT

Thanks Soletrader for sharing your input, it makes sense.

Can anyone get this map out of here, I've tryed and failed, it's a gem and this picture tells a thousand words. It is what soletrader is implying

http://www.stocknessmonster.com/news...E=ASX&N=311333

http://iforce.co.nz/i/a1f64d72ff84eeb80ceeffd49328d580.jpg
http://www.sharetrader.co.nz/images/statusicon/user_offline.gif http://www.sharetrader.co.nz/images/buttons/reputation.gif (http://www.sharetrader.co.nz/reputation.php?p=239338) http://www.sharetrader.co.nz/images/buttons/report.gif (http://www.sharetrader.co.nz/report.php?p=239338)
__________________

[macduffy]

It might not tell you much, but it tells me there is no major holder. QUOTE.

Not necessarily.
Not saying that it's the case here but it's not unknown for an acquirer to build a stake using various nominees.

[shasta]

It might not tell you much, but it tells me there is no major holder. QUOTE.

Not necessarily.
Not saying that it's the case here but it's not unknown for an acquirer to build a stake using various nominees.

It's worth noting that nominee accounts cannot be used to get around the SSH filing regulations.

If you read say, a Merril Lynch SSH notice, you can see all the entities' different holdings.

[macduffy]

It's worth noting that nominee accounts cannot be used to get around the SSH filing regulations.

If you read say, a Merril Lynch SSH notice, you can see all the entities' different holdings.

That's right.
Just making the point that shareholdings detailed in the top 20 are not the same as listings of Substantial Shareholders.

;)

[Dr_Who]

I really cant see NZO as a potential T/O target. There are plenty of under valued oilers in Aussie to choose from that are far better T/O play than NZO.

[Paddie]

I really cant see NZO as a potential T/O target. There are plenty of under valued oilers in Aussie to choose from that are far better T/O play than NZO.


If you could take out NZO after they had taken out PPP you would be getting 22.5% of at least another 30mbls and a mountain of cash.

Paddie

[Nitaa]

I really cant see NZO as a potential T/O target. There are plenty of under valued oilers in Aussie to choose from that are far better T/O play than NZO.Dr Who, which are the undervalued aussie stocks and why?

[zorba]

Tricha,


The abridged Stockness link in your post doesn't seem to work for me (brings up a 404 error) . . . . but this version does:

http://www.stocknessmonster.com/news-item?S=NZO&E=ASX&N=311333

The Tui map can be extracted out of the NZOG pdf announcement using the pdf arrow "select tool" (right click on the Tui map, then click on first entry in the drop down list) and then left click to highlight the map, then right click to "copy image" and paste into any graphics program as a jpg or gif etc. I use the Irfanview graphics program . . . . its free and easy to use.

Z

[shasta]

I really cant see NZO as a potential T/O target. There are plenty of under valued oilers in Aussie to choose from that are far better T/O play than NZO.

Taking over NZO right now would trigger an automatic takeover of PRC, so it's highly unlikely at this time, unless a coal company wanted to finance the takeover by selling/spinning off the Tui/Kupe projects.

Once NZO sells out of Pike, thats a different story...

Depends though, a larger Aussie energy company (like say AGK, NHC*) might want some oil, & conventional gas, condensate & LNG to suppliment there existing assets :confused:

AWE would be interested for sure, they know the Tui area well & getting NZO & PPP would pump up there reserves & production big time & turn it into a bigger cash cow.

* NHC have about $A2.5b in the bank & even after paying tax ($A725m) & a $A600m FF dividend (in Nov 09), will have > $A1b at the end of 2009.

[tricha]

Tricha,


The abridged Stockness link in your post doesn't seem to work for me (brings up a 404 error) . . . . but this version does:

http://www.stocknessmonster.com/news-item?S=NZO&E=ASX&N=311333

The Tui map can be extracted out of the NZOG pdf announcement using the pdf arrow "select tool" (right click on the Tui map, then click on first entry in the drop down list) and then left click to highlight the map, then right click to "copy image" and paste into any graphics program as a jpg or gif etc. I use the Irfanview graphics program . . . . its free and easy to use.

Z

Cheers Zorba, I'll give it a go.

[tricha]

I really cant see NZO as a potential T/O target. There are plenty of under valued oilers in Aussie to choose from that are far better T/O play than NZO.

Heres a challenge Dr Who, name them and the reasons why.
It would be a great thread to start, T\O's are probably the best options for 2009.

Food for thought

BHP Billiton’s failure to acquire Rio Tinto leaves a big question unanswered – what acquisition options are still open for Australia’s biggest resources company. When Slugcatcher thinks about this he keeps coming up with a single name, Woodside Petroleum.

[tricha]

Heres a challenge Dr Who, name them and the reasons why.
It would be a great thread to start, T\O's are probably the best options for 2009.

Food for thought

BHP Billiton’s failure to acquire Rio Tinto leaves a big question unanswered – what acquisition options are still open for Australia’s biggest resources company. When Slugcatcher thinks about this he keeps coming up with a single name, Woodside Petroleum.

Come on Dr Who, spill the beans.?????????????

The top 3 in the shareholder comp had acquisition targets,is 2009 going to be any different, PPP is a prime example.

[da puntzda]

If we presume one of the reasons NOG wants PPP is because of the undicslosed true potential of TUI, is it possible to assume AWE would want NOG/PPP for the same reason?

To this end what sort of cash position is AWE in? Is it likely they could fund such an acquisition?

[shasta]

If we presume one of the reasons NOG wants PPP is because of the undicslosed true potential of TUI, is it possible to assume AWE would want NOG/PPP for the same reason?

To this end what sort of cash position is AWE in? Is it likely they could fund such an acquisition?

AWE could use NZO & PPP's own cash, sell off the PRC holding & pay off all financing costs within 6 months revenue... :eek:

[upside_umop]

Thats assuming they could get it at the market price, and no expenses shasta.

See...told ya PPP would outperform NZO!

[shasta]

Thats assuming they could get it at the market price, and no expenses shasta.

See...told ya PPP would outperform NZO!

You ever hear about the tortoise & the hare :D

[macduffy]

But I can't see the NZO/PPP interests allowing AWE to get hold of their cash/assets ( NZO/PPP's that is ) to allow that to happen. Too much at stake and too much control for that.

Disc: Holding AWE and PPP.

:cool:

[shasta]

But I can't see the NZO/PPP interests allowing AWE to get hold of their cash/assets ( NZO/PPP's that is ) to allow that to happen. Too much at stake and too much control for that.

Disc: Holding AWE and PPP.

:cool:

Every one has there price... :p

[macduffy]

Every one has there price... :p

I'd expect the price to be more than "NZO and PPP's own cash" !

:cool:

[shasta]

I'd expect the price to be more than "NZO and PPP's own cash" !

:cool:

No one will pay more than $1 for $1, so i was talking about AWE being able to fund the acquistion of both NZO & PPP (combine there market caps & add a premium, if you wish), by accessing there cashflows.

Take away the cash & value them on an EV basis then...

Selling PRC would bring in a few quid...

AWE could do it, not saying they will...

Those sitting in PPP thinking they will get a huge T/O offer for there cash are dreaming...

If the Tui project doesnt stack up it will remain a cash box & no more.

Sorry but there are plenty of companies with cash around/above there market cap, what makes PPP so special, other than a few posters hoping for a 50c+ takeover?

[digger]

No one will pay more than $1 for $1, so i was talking about AWE being able to fund the acquistion of both NZO & PPP (combine there market caps & add a premium, if you wish), by accessing there cashflows.

Take away the cash & value them on an EV basis then...

Selling PRC would bring in a few quid...

AWE could do it, not saying they will...

Those sitting in PPP thinking they will get a huge T/O offer for there cash are dreaming...

If the Tui project doesnt stack up it will remain a cash box & no more.

Sorry but there are plenty of companies with cash around/above there market cap, what makes PPP so special, other than a few posters hoping for a 50c+ takeover?

Shasta i suspect you either have no PPP,s or very few.The dream you refer to can wait until after NZO gets their 20% and then a 2 for 5 scrip will give the PPP holders the 50 cent sweet dream you non holders preceive as a nightmare.Actually 50 cents [aus] is cheap given 26 cents is cash and tui is probably worth more than that so 50cents if you did not have to pay for it is a top deal.
Now whether this is going to happen is now anyones guess,but on balance it does look like a t/o to me.
Digger

[shasta]

Shasta i suspect you either have no PPP,s or very few.The dream you refer to can wait until after NZO gets their 20% and then a 2 for 5 scrip will give the PPP holders the 50 cent sweet dream you non holders preceive as a nightmare.Actually 50 cents [aus] is cheap given 26 cents is cash and tui is probably worth more than that so 50cents if you did not have to pay for it is a top deal.
Now whether this is going to happen is now anyones guess,but on balance it does look like a t/o to me.
Digger


I do hope those in PPP get what they are after, i just hope they are realistic given the global economic climate...

Having a few cheerleaders doesn't make the stock immune to the general bear market.

I've held both NZO* & PPP in the past (you would surely remember that digger?).

* I held NZO for over 3 years & into production, & know both companies pretty well.

Hey i may be wrong, lets wait & see aye?

[macduffy]

There's a big stretch between PPP's cash, about 26cps, and the mythical 50c ( which by the way is not a figure I attach any significance to.)

The point is that the controlling interests of PPP aren't going to roll over for the cash backing alone, they will demand a "premium", at least for the future production from Tui.
I still see a cash/scrip offer from NZO, folowed possibly by some interest from AWE. I just don't see the latter being able to acquire PPP/NZO from its controlling owners on the cheap.

[digger]

I do hope those in PPP get what they are after, i just hope they are realistic given the global economic climate...

Having a few cheerleaders doesn't make the stock immune to the general bear market.

I've held both NZO* & PPP in the past (you would surely remember that digger?).

* I held NZO for over 3 years & into production, & know both companies pretty well.

Hey i may be wrong, lets wait & see aye?

Shasta,yes i remember in the past you did hold these two stocks.My point is that non holders and past holders always talk with a different hope and expectation and dare i say it dream of the future.Your last two post suggested you were in the camp of past holders.If i were a past holder i would look seriously at getting reinvested in NZO. I have a strong suspecion that Tieke gave more indicuations of success than the JVers would be able to claim without further drilling. If TUI sw and tui south drill positive this will have a hugh reserve lift and corrsponding SP lift.This drill when it gets underway will be a breath holding experience.Dreams are free but it will certainly be a nightmare if this does come about and you are stuck as a past holder.
Digger

[Dr_Who]

If I am a NZO sh, I would not be happy with NZO paying more than 30 cents for PPP, unless they know something we dont know as pointed out by Reggid.

[KentBrockman]

If I am a NZO sh, I would not be happy with NZO paying more than 30 cents for PPP, unless they know something we dont know as pointed out by Reggid.


LOL...you guys must live in fantasy land.

PPP's cash is almost 30c! Not even half of Tui's oil has been produced! All development costs have been paid!

Let alone other Tui prospectivity, and remaining assets. For instance, Apache has recently decided that the Reindeer project will go ahead. Have a look at the map, Corvus is next door to Reindeer.....and Apache is the operator.

Anyway, chances are that (should PPP's SP hold up till then) the approaching TUI drilling campaign will drive PPP's SP into the area of 50c anyway, so either way we will get there, with or without NZO :)

[boysy]

i think thats the thing people forget ppp doesnt need nzo. PPP are a cahed up oiler and doesnt need to be taken over to ensure survival in these tough time. all nzo have done is bring to ppp to the markets attention and hence the sp is now more reflective of ppp true worth.

[tricha]

If I am a NZO sh, I would not be happy with NZO paying more than 30 cents for PPP, unless they know something we dont know as pointed out by Reggid.

The Tui area is a treasure chest , And if u did not understand the big picture, go back and have a very good look at the map.

For the future when the economy picks up in 201?.
AWE, NZO\PPP will be into the next 50 million barrels. The oil price will be back up and ...................................

[tricha]

The Tui area is a treasure chest , And if u did not understand the big picture, go back and have a very good look at the map.

For the future when the economy picks up in 201?.
AWE, NZO\PPP will be into the next 50 million barrels. The oil price will be back up and ...................................

Be careful Mr Salisbury, Pan Pacific Petroleum have the luxury of their, management having a take over blocking stake in their company.

NZ Oil & Gas has no backstop - ACC 5.46%
Nat Nominees 5.35%

It is ripe for picking and I can imagine that, if NZO thought PPP was their best option for expansion, you would have to think AWE would think the same.
AWE have the cash to do it, will they ?, I have hedged my bet and put some money on it.

Tui partners to postpone development well

Filed from Houston 1/21/2009 5:00:46 PM GMT



http://www.energycurrent.com/public/pictures/kantaniv.jpg WELLINGTON, NEW ZEALAND: The Tui oil field partners will concentrate on drilling further exploration prospects near the main Tui pool offshore New Zealand this year and postpone the planned extra development well in the area, New Zealand Crown Minerals reports.

New Zealand Oil & Gas (NZOG) Chief Executive David Salisbury also said that confirmation of a 2009 drilling campaign within the offshore Tui mining permit in Taranaki is expected shortly with the use of Maersk Drilling-managed semisubmersible Kan Tan IV.

Salisbury said there are five prospects near Tui which together are currently estimated to contain 50 million barrels, a similar amount to the 50.1 million barrels, the field's present proven and probable reserve estimate, which can remain at this level without the extra development well.

NZOG said no decision has yet been made by the Tui partners on which of the prospects will be targeted in the 2009 campaign. Operator AWE is understood to be in final negotiations to secure the drilling rig.

NZOG, AWE, Mitsui and Pan Pacific Petroleum have just completed a seismic survey using the seismic vessel Pacific Titan of PEP 38483 in the offshore Taranaki Basin, where the unsuccessful Hector well was drilled.

[Paddie]

Be careful Mr Salisbury, Pan Pacific Petroleum have the luxury of their, management having a take over blocking stake in their company.

NZ Oil & Gas has no backstop - ACC 5.46%
Nat Nominees 5.35%

It is ripe for picking and I can imagine that, if NZO thought PPP was their best option for expansion, you would have to think AWE would think the same.
AWE have the cash to do it, will they ?, I have hedged my bet and put some money on it.

Tui partners to postpone development well

Filed from Houston 1/21/2009 5:00:46 PM GMT



http://www.energycurrent.com/public/pictures/kantaniv.jpg WELLINGTON, NEW ZEALAND: The Tui oil field partners will concentrate on drilling further exploration prospects near the main Tui pool offshore New Zealand this year and postpone the planned extra development well in the area, New Zealand Crown Minerals reports.

New Zealand Oil & Gas (NZOG) Chief Executive David Salisbury also said that confirmation of a 2009 drilling campaign within the offshore Tui mining permit in Taranaki is expected shortly with the use of Maersk Drilling-managed semisubmersible Kan Tan IV.

Salisbury said there are five prospects near Tui which together are currently estimated to contain 50 million barrels, a similar amount to the 50.1 million barrels, the field's present proven and probable reserve estimate, which can remain at this level without the extra development well.

NZOG said no decision has yet been made by the Tui partners on which of the prospects will be targeted in the 2009 campaign. Operator AWE is understood to be in final negotiations to secure the drilling rig.

NZOG, AWE, Mitsui and Pan Pacific Petroleum have just completed a seismic survey using the seismic vessel Pacific Titan of PEP 38483 in the offshore Taranaki Basin, where the unsuccessful Hector well was drilled.




Hi Tricha,

I agreee with a lot of what you are saying and AWE must have good knowledge of NZO's current position and the chances of tying in another 50 million barrels to Tui.

I don't know alot about AWE but would realistically ask what chance there is of them taking over NZO, and if they were going to make a move, wouldn't now be the time before more reserves are sured up?

Paddie

[the machine]

Hi Tricha,

I agreee with a lot of what you are saying and AWE must have good knowledge of NZO's current position and the chances of tying in another 50 million barrels to Tui.

I don't know alot about AWE but would realistically ask what chance there is of them taking over NZO, and if they were going to make a move, wouldn't now be the time before more reserves are sured up?

Paddie


nzo have to many shareholders so any attempt at a takeover would be contested and take years

M

[shasta]

nzo have to many shareholders so any attempt at a takeover would be contested and take years

M

Really, they have no 10% blocking stakes & have an open register with a few institutions who all have a price...

Someone could mop it up at say $1.75 now (if say AWE wanted too).

The Pike River holding may put off some, but it could help fund a deal...

[the machine]

Really, they have no 10% blocking stakes & have an open register with a few institutions who all have a price...

Someone could mop it up at say $1.75 now (if say AWE wanted too).

The Pike River holding may put off some, but it could help fund a deal...


nz$1.75 might buy 10% of nzo.

at this price i would not sell my shares and expect a lot of other long term holders think likewise, particulary those that took up options @ nz$1.50.

we did not take up options - bought more PPP instead at the time

M

[tricha]

Hi Tricha,

I agreee with a lot of what you are saying and AWE must have good knowledge of NZO's current position and the chances of tying in another 50 million barrels to Tui.

I don't know alot about AWE but would realistically ask what chance there is of them taking over NZO, and if they were going to make a move, wouldn't now be the time before more reserves are sured up?

Paddie

Hi Paddie

AWEsome - very WELL run company, with bucket loads of cash.
They operate the Tui field and have done an excellent job of it.

They merged with ARQ energy last year. Why - Basically the merger complimented both companies existing assets into one.

So this is the forerunner to what I am guessing is a merger\takeover of NZ Oil & Gas by AWE.

They might get PPP thrown into the equation as WELL :p

Expect a 40% gain, so $1.40 OZ would be max, but hey 40% is a huge gain on todays price in this market.

Business Overview.

AWE Ltd is an Australian oil and gas exploration and production company listed on the Australian Stock Exchange (ASX).
The company was formed to appraise oil and gas discoveries in its initial asset portfolio and to build a significant international petroleum exploration and development entity through further international asset acquisitions.
AWE's focus is on exploration and appraisal-type assets, in regions of proven prospectivity and where there is a high chance of commercial success. This focus includes currently marginal fields, whose worth may be improved by innovative appraisal and development approaches.
Following the merger with ARC Energy in August 2008, AWE gained additional equity in the BassGas and Cliff Head projects and further production interests in the onshore Perth Basin. AWE also added equity interests in some prospective exploration permits and shareholdings in the listed oil and gas explorers, Buru Energy Limited (AWE 15%) and Adelphi Energy Limited (AWE 34%).
AWE currently has five main producing assets:
Tui oil fields - offshore Taranaki basin, New Zealand (AWE 42.5% operator)
BassGas project - offshore Bass Strait, Tasmania (AWE 42.5%)
Cliff Head oil field - offshore Perth basin, Western Australia (AWE 57.5%)
Casino gas field - offshore Otway basin, Victoria (AWE 25%)
Onshore Perth Basin interests, Western Australia (AWE 33-100%)
In addition to its oil and gas producing assets AWE has a number of exploration opportunities both in Australia and overseas.
In early 2006, AWE acquired 42.5% in the Tui Area oil project and some additional oil exploration acreage in the offshore Taranaki basin. The Tui Area oil project started producing on July 30, 2007 and by December 2008 had produced approximately 19.5 million barrels of oil.
Exploration opportunities in New Zealand in the Taranaki basin are being pursued with a view to adding to the reserves base of the Tui project or to discover and develop separate, stand alone fields.
AWE acquired 30% of the undeveloped Yolla field in Bass Strait and brought the field into production in late 2006. Modifications and debottlenecking of the onshore gas plant at Lang Lang in south Gippsland in Victoria in 2007 brought the field to its design capacity. Each year the BassGas project is expected to produce 22 Petajoules of sales gas, 1 million barrels of condensate and 65 thousand tonnes of LP Gas. An aggressive exploration program of prospects close to the Yolla field, starting in 2009, is expected to generate substantial additional gas and liquids resources. Following the ARC merger, AWE's share of the BassGas Project rose to 42.5%
In mid 2003, AWE acquired a 25% interest in VIC/P44, including the Casino gas field, in the offshore Otway basin in Victoria. The Casino field was brought into production in early 2006. The development of the nearby Henry gas field has been approved by the AWE board.
In early 2002 AWE announced the Cliff Head wildcat oil field discovery in the offshore Perth basin just north of Perth in Western Australia. This discovery opened a new play trend which AWE has explored aggressively. Development of the Cliff Head field began in March 2005 with first production in early 2006. Following the ARC merger, AWE's share of the Cliff Head Project rose to 57.5%
AWE opened an office in Indonesia in early 2006 to review exploration and development opportunities. The first exploration venture was consummated in June 2007 and AWE's first well was drilled in the Bulu basin in the Java Sea, approximately 90 kilometres north of Surabaya, East Java, began in early 2008. AWE discovered significant, but non-commercial oil shows in the Lisah 1 well and is drilling a second well seeking substantial gas resources.
AWE intends to pursue additional oil and gas exploration opportunities in Australia and overseas.

[Banksie]

Take heed mushrooms...


SSH - Utilico Investments Limited
4:23pm, 10 Jun 2013 | SSH

Disclosure of ceasing to have substantial holding
Section 25, Securities Markets Act 1988

To: NZX Limited
And: New Zealand Oil & Gas Limited, ASX Limited
Date this disclosure made: 10 June 2013
Date last disclosure made: 2 July 2012
Substantial security holder(s) giving disclosure
Name(s): Utilico Investments Limited
Contact details:
Address: Trinity Hall? 43 Cedar Avenue? Hamilton HM12? Bermuda

Date on which substantial security holder(s) ceased to have substantial holding: 7 June 2013
Summary of previous substantial holding to which disclosure relates
Class of listed voting securities: Ordinary shares
Summary for: Utilico Investments Limited

For last disclosure,-a) total number held in class: 25,510,167
(b) total in class: 392,787,795
(c) total percentage held in class: 6.50%
For current holding after ceasing to have substantial holdinga) total number held in class: 3,248,878
(b) total in class: 407,251,675
(c) total percentage held in class: 0.80%

Details of transactions and events giving rise to person ceasing to have substantial holding
Details of the transactions or other events requiring disclosure under the instructions to this formSale as part of the Scheme of Arrangement between Kumarina Resources Limited and Zeta Resources Limited.
Additional information

Nature of connection between substantial security holders: N/A
Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: Zeta Resources Limited

Declaration
I, John Dugald Flinders Morrison, declare that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.
Why is this "not a good sign"?

[Banksie]

Why is this "not a good sign"?

Haha moosie - you edited your post :).

This was just a transfer of shares from Utilico to Zeta, funny that there is no corresponding announcement for Zeta yet. Don't they have to disclose their 6% holding?


Utilico Investments Limited ("Utilico") announces that it has entered into agreements to combine a number of its resource investments with Kumarina Resources Limited ("Kumarina"), an Australian based resources company with copper and gold projects in Western Australia, to form an active Australian listed resource holding and development group, Zeta Resources Limited. Utilico will transfer investments with a current book value of approximately £25.4m (transfer to be made at the market value as at the date of the transfer) into Utilico's wholly owned subsidiary, Zeta Resources Limited ("Zeta"). Zeta has entered into a merger implementation agreement with Kumarina which provides that Zeta and Kumarina will merge by way of a scheme of arrangement. The assets to be transferred by Utilico into Zeta (representing part or all of the holdings of certain existing resource investments held by Utilico) are as follows: