https://www.nzx.com/announcements/330508
Let's drill baby, drill.
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https://www.nzx.com/announcements/330508
Let's drill baby, drill.
Decent underlying performance.
https://www.nzx.com/announcements/314746
If you deduct, say, $20M for Ironbark test drilling...that still leaves approx. $80M cash available (roughly the current market cap of the business).
weird to bang on about growth with so much cash on hand
This company moves pretty slowly
Note they are "continuing to screen .."
Stealing from Warren Buffet...it sure would be nice to see them fire their 'elephant gun' soon. Though, most importantly, we want them to agree to the right deal.
When you have $100M burning a hole in your pocket, the temptation to do something (anything!) with the money must be incredible.
I take my hat off to the team for waiting for the right opportunity. Obviously we don't want them to 'thumb suck' too long...but nor do we want them to overpay for an asset. No matter how attractive a prospect may be, nothing is worth an infinite price.
I'm not sure it is entirely fair to suggest the company has just been 'thumb sucking' over the last decade. The sale of Kupe was pretty bold and decisive. Repurchasing 4% of Kupe at a lower rate than the Sale Price was shrewd business.
Attracting and securing OGOG as an aligned and long-term partner was a very good move.
Ironbark is progressing, and NZOG have negotiated an approx 25% interest in a potential game-changer.
Clipper is a different story of course, but the additional head winds being faced by NZOG are not of its own making.
I have only been a shareholder for 5 years or so now, so I do appreciate that I have not experienced the previous (sometimes costly) decisions like a long-termer such as 'Digger' would have. But, over the short time I have held an interest, my view has been that Management are owner-oriented and have made investment decisions in the best interests of the long-term shareholder.
Agree with OWNER-ORIENTED and yes some reasonable moves.
But far to soon to be convinced yet, of having S/H interest at Heart.
The Founder of the Co. has been castigated for a long period by S/M Analists and soundry, for draging his feet even with bringing the Co.
with success never yet matched.
Been a s/h since the 90s averaged 46 cents bought then and sold of course to were being well ahead, with present holding basically
owing me nothing.
Cheers
I assume Megan Woods will announce a decision on extending Clipper soon? About a month until the drill or drop decision is required under the existing permit.
I think the most likely outcome will be approval for Toroa and Clipper to be combined, and Clipper drill/drop date pushed out to 2020 to align with Toroa.
More time certainly won't hurt, but will it help?
http://www.scoop.co.nz/stories/BU190...basin-work.htm
If another extension is given for Clipper...and the permit is combined with Toroa...having a rig in the area around drill time could help NZOG make a stronger case to a farm in partner?
I dare not get my hopes up...
I don't think you should get your hopes up. NZOG hasn't found a partner and the obvious local companies aren't interested in farming in. With the NZ govt exploration ban, no new foreign company is going to bother coming here, so these permits will run up to the drill and drop, and then be surrendered.