Hey i agree with the need for a reasonable dividend as well as a drilling program. Notie is trying to misquote me ---suprise,suprise. It it is just at the moment i am more interestwed in the drill results---hopefully on Thursday.
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Should be an ann before Thurs I think Digger ??, drilling and logging must be all done and the workers will be just fishing over the side of the rig till they move on
NZO
19/07/2010
MINE
REL: 0933 HRS New Zealand Oil and Gas Limited
MINE: NZO: Kahu-1 Exploration Well Disclosure Notice
NZOG (New Zealand Oil & Gas Ltd) advises that as at 0600 hours today (NZ
time) plug and abandonment operations were starting at the Kahu-1 exploration
well.
Wireline logs were acquired after reaching a total measured depth of 3,835
metres.
The targeted Kahu valley feature was located as prognosed but was not
reservoir quality sandstone. No significant hydrocarbons were found.
The Kahu-1 well was an exploration well within PMP 38158, located
approximately 3 kilometres east of the producing Tui oil field.
At the conclusion of operations at Kahu, the Kan Tan IV drilling rig will be
released to the joint venture drilling the Tuatara-1 exploration well.
The targeted Kahu valley feature was located as prognosed but was not
reservoir quality sandstone. No significant hydrocarbons were found
Don't be too depressed Big Robert, remember this from just last week,................."At current prices, the additional NZOG reserves have a sales value of nearly NZ$100 million."
It aint all bad
Falling share price ahead of drill report = usually dry well.
You cannot beat the mobile phones on the drilling platform when it comes to getting the news out ahead of market announcement.
If it's a gusher, their mates will be in like you pensioners going for the refreshments at an AGM.
With current production, more drilling action to come and Pike to contribute in the future there is little downside in the the share. And while this happens 5c dividend a share is a gross return of over 6%.
Pity really, before the curent drilling round there was considered to be an 80% chance of at least 1 of the 4 wells coming in.
4 bugger. That say it all but need to be longer for posting
4 bugger