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  1. #16621
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    Andrew could at least proof read the announcement before it goes out. General Counsel can’t spell ‘unknown’ correctly

  2. #16622
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    Quote Originally Posted by blackcap View Post
    Yeah but the amounts are immaterial and he is leaving the company anyway. So that does not mean much to me.

    However I am concerned about things such as corporate costs and Andrew Jeffries on $800k and what does he do for that money. Surely he would not be helping out OGOG on their other projects?
    Yes. The amounts are not material. However, if he thought there was a chance that the shares would be worth more in the future.....maybe he would have held. Perhaps he’s building a deck ? A relatively small one.

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  4. #16624
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    Oh dear, we missed an excellent chance to get good value for our now virtually worthless shares. All we can do now is dream of a 5% wonder in the distant future. Time to look at other opportunities, power companies perhaps due to the future shortage of gas?

  5. #16625
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    Quote Originally Posted by Bart View Post
    Oh dear, we missed an excellent chance to get good value for our now virtually worthless shares. All we can do now is dream of a 5% wonder in the distant future. Time to look at other opportunities, power companies perhaps due to the future shortage of gas?
    Indeed, when the Ironbark gamble fails miserably next year and we have nowhere to turn to, I expect OGOG to send me a bottle of Dom Perignon.

    A thank you for my role in stopping their bid, thereby ensuring they were not even more exposed to this 95% sure-to-be-doomed gamble.

  6. #16626

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    Quote Originally Posted by mistaTea View Post
    Indeed, when the Ironbark gamble fails miserably next year and we have nowhere to turn to, I expect OGOG to send me a bottle of Dom Perignon.

    A thank you for my role in stopping their bid, thereby ensuring they were not even more exposed to this 95% sure-to-be-doomed gamble.
    Without putting words in your mouth, are you essentially saying... "I pity the fool"

  7. #16627
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    Quote Originally Posted by Independent Observer AUNZ View Post
    Without putting words in your mouth, are you essentially saying... "I pity the fool"
    So far as I think their low-ball offer attempt to acquire 100% control of NZO was clumsy - yes, I consider OGOG to be foolish indeed.

    At the same time, I should clarify that in no way am I suggesting or implying that just because Northington tried to put a ridiculous figure of 5% as the probability of success... that I expect Ironbark to be a 'sure thing'.

    Far from a 'sure thing' there are very real risks involved with deep sea exploration. Our chance of succeeding in this permit is a hell of a lot higher than 5%, but it is entirely possible that we could drill it and have it come up dry.

    Investors understand this and factor it in to the price they pay to purchase equity in the company. And with a SP of around 60c or so at the moment, the company is still statistically cheap in my view.
    Last edited by mistaTea; 22-11-2019 at 08:40 AM.

  8. #16628

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    Quote Originally Posted by mistaTea View Post
    So far as I think their low-ball offer attempt to acquire 100% control of NZO was clumsy - yes, I consider OGOG to be foolish indeed.

    At the same time, I should clarify that in no way am I suggesting or implying that just because Northington tried to put a ridiculous figure of 5% as the probability of success... that I expect Ironbark to be a 'sure thing'.

    Far from a 'sure thing' there are very real risks involved with deep sea exploration. Our chance of succeeding in this permit is a hell of a lot higher than 5%, but it is entirely possible that we could drill it and have it come up dry.

    Investors understand this and factor it in to the price they pay to purchase equity in the company. And with a SP of around 60c or so at the moment, the company is still statistically cheap in my view.
    All good ,but with a name like MisterT I was expecting something a bit more catchy and pithy

  9. #16629
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    Quote Originally Posted by Independent Observer AUNZ View Post
    All good ,but with a name like MisterT I was expecting something a bit more catchy and pithy
    *sigh* Fair enough. Let’s just stick with... I PITY THE FOOL!! then.

  10. #16630
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    So Beach released this today: https://yourir.info/resources/0c5a44...esentation.pdf

    Of particular interest to us is the commentary on Slide 18:

    "The final area I wanted to highlight was our upcoming frontier exploration opportunities.
    Our exploration team carefully assesses new exploration opportunities for investment, and Beach’s hurdle for frontier areas is very high. We are not a company that participates in 1 in 8 or 1 in 10 chance of success wells, no matter how material they may be.

    For us, we like a 1 in 3 or 1 in 4 chance of success at these large frontier exploration plays. We currently have an interest in 2 material frontier investment opportunities which fit this criteria.

    Our investment in these wells in the Carnarvon Basin and offshore New Zealand is modest; we are not betting the company on any of these. However the success case in any one of these wells has the potential to add material resources to the company and provide another avenue for medium to long term growth. In short – they have “company changer” potential."

    5% Probability of commercial success indeed!





    Last edited by mistaTea; 26-11-2019 at 01:08 PM. Reason: formatting

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