No news is good news?? Me thinking...that with all this ongoing work taking place after target depth reached....that this well is commercial. Get your thoughts in people. :-)
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No news is good news?? Me thinking...that with all this ongoing work taking place after target depth reached....that this well is commercial. Get your thoughts in people. :-)
Oh I would not jump the gun on that one. We have had long testing spells before and the result was no go.
I note last week NZO had a large seller but I put that down to the World gold price causing a need to sell rather than someone getting out before the fall. Tag on the Aus is just like that where thet too have a large seller and again i think that is the gold effect.
I see they have re-branded themselves as "The Explorers" http://www.nzog.com/ (at least the new website is a little more visually appealing then the old one).
And they still list Tunisia as one of the international areas they are exploring in! What next?
Listing Pike River Coal as one of their other activities?
Tunisia is actually one of the best examples of how NZOG attempts to manipulate and hoodwink shareholders and investors through PR into believing they actually know what they are doing :
Nov 2012 - https://www.nzx.com/companies/NZO/announcements/229322 (40% increase in probable reserves in Tunisia - ain't we clever?)
Mar 2013 - https://www.nzx.com/companies/NZO/announcements/233669 (Tunisian investment written off as in 'expensed' - hidden in the interim report).
[QUOTE=moosie_900;404361]Guess we're just as blind as ever now. Somehow I doubt NZO will put any real effort into going around the Indonesian authorities and treat this as a chance to black out and leave shareholders ill-informed yet again. I feel genuinely sorry for anyone holding this company!
NZO
01/05/2013 09:49
WAV/RULE
REL: 0949 HRS New Zealand Oil and Gas Limited
WAV/RULE: NZO: New Zealand Oil & Gas Limited - Waiver NZSX Rule 10.11.7
NZX Market Supervision Decision
New Zealand Oil & Gas Limited ("NZO") Application for a Waiver from NZSX
Listing Rule 10.11.7
23 April 2013
Background
1. NZO is a Mining Issuer Listed on the NZX Main Board.
2. NZO through its wholly-owned, Australian incorporated subsidiary, NZOG
Asia Pty Limited (NZO Asia) has entered into an unincorporated joint venture
to explore Kisaran PSC located in the Barumun trough in the northern part of
the Central Sumatra Basin, in onshore Sumatra, Indonesia.
3. The joint venturers, and their respective ownership interests in the
Kisaran PSC, are:
(a) NZO Asia, via its shareholding in Pacific Oil & Gas (North Sumatera) Ltd
(Pacific Oil) - 22.5%;
(b) Pacific Oil & Gas (Kisaran) Ltd (Operator) - 55%; and
(c) Pacific Oil & Gas (Sumatera) Inc. - 22.5%.
4. Recent drilling in the Kisaran PSC exploration block commenced in early
February 2013, with the drilling of the Parit Minyak-2 (PM-2) exploration
well.
5. NZO has, in compliance with its obligations under Listing Rule 10.11.5,
released weekly update announcements to the market on the status of the
exploratory drilling of PM-2.
6. On 19 April 2013, NZO announced that preparations are being made to begin
flow testing at the PM-2 and that based on wireline logging results, up to
four drill stem tests (DSTs) will be conducted within a gross interval of
7700 to 9000 feet and that depending on the types of fluids and rates of
flow, this testing program could take 20-35 days.
7. NZO has previously announced to the market that the Kisaran PSC joint
venturers intend to commence drilling a second exploration well, Parit
Minyak-3 (PM-3), immediately following the completion of exploration
operations at PM-2.
8. NZSX Listing Rule (Rule) 10.11.7 requires a Mining Issuer to announce,
within prescribed timeframes under that Rule, certain reports to the market
regarding flow testing operations.
Indonesian Oil Legislation Requirements
9. Indonesian law (referred to as the Indonesian Oil Legislation) restricts
the ability for NZO to make the disclosures required by Rule 10.11.7.
Moosie 900, Pray tell how you can feel sorry for anyone holding NZO when it gives the highest yield on the NZX. In less than 12 months I have received 9 cents dividend on a share valued by the market today at only 82 cents.What other share is offering that. Also I see no reason why that sort of dividend can not extend well into the future. My sympthies are for the market individuals that can not see this obvious fact and ignore this straight forward info. If I were not already overweight in NZO I would be buying now.
Todays release is to be expected when you go into other countries to do your drilling. That would apply to any company going overseas. So what does it mean. Two schools of thought on that one. Mine is that there is something their and that the govt of that country will decide on the release info ---not some partipicating company from elsewhere. That as I said before is to be expected. I see it as a positive sign as I do not believe this waiver is over nothing.
Now to Balance it means something entirely different. Probably something like we are well trained mushrooms now we are officially to be kept in the dark as a legal requirement and fed you know what. Hey I got that wrong---we are to be kept in the dark and fed nothing even worse.
Why?
Because the sp is at the same level as it was in 2004 - 9 LOST YEARS.
It is well down on where a lot of investors got in over the last 5 years and especially those who rushed to give their $180m to NZOG at $1.50 per share via the options.
They are down a cool 45% or $81m.
Where did that money go?
You guess it - misadventures 1, 2, 3 etc