NZ Oil & Gas (NZO)

[mistaTea]

Bit of 'price action' happening over the last few days. Low trade volumes, but still.

Market anticipating an announcement of an earlier than expected Ironbark drill?

If Woodside's project postponement means we could drill as early as August then we could be getting a 'thrill' in a couple of months.

[fish]

Bit of 'price action' happening over the last few days. Low trade volumes, but still.

Market anticipating an announcement of an earlier than expected Ironbark drill?

If Woodside's project postponement means we could drill as early as August then we could be getting a 'thrill' in a couple of months.

Would be good for less informed investors like me if you could kindly explain more.
I read this morning BP are laying off 10000 employees and postponing projects.
Also aiming to be carbon neutral by 2050 (does this mean moving from oil to natural gas ? )

[Wiremu]

The U.K.-based oil major on Monday said its three-month moratorium on layoffs is ending immediately, and that the company will start a process to shed thousands of jobs, majority of which are office-based. The company said it plans to protect its rig workers, and prioritize safe and reliable operations.
BP’s full release:
https://www.linkedin.com/pulse/reinv...zcz300&irgwc=1

[mistaTea]

Would be good for less informed investors like me if you could kindly explain more.
I read this morning BP are laying off 10000 employees and postponing projects.
Also aiming to be carbon neutral by 2050 (does this mean moving from oil to natural gas ? )

Hey fish, they have a massive workforce that should really have been cut back ages ago I think. Lots of overpaid office workers and managers.

The low oil price shock has hastened that inevitability, just like how COVID has exposed inefficiencies in most other organisations.

But from what I can see exploration projects like Ironbark are still go.

Like all companies, BP needs to become a leaner machine if it wants a sustainable future, so this announcement shouldn’t be a big surprise. It’s just the numbers are huge because BP is enormous.

Plus NZOG just recently stated again that Ironbark is still go, not impacted by COVID. The BP website still says that drilling could start as early as Q2 of 2020.

As it stands I don’t think there is any information out there that would make us think Ironbark is going to be postponed.

[Fabs37]

Will nzog not be far behind BP, shedding staff then???

[mistaTea]

Will nzog not be far behind BP, shedding staff then???

You mean do something in the best interest of shareholders? Hmmmmn.

Well, when Pagani left (suddenly!) they have not replaced him. So that is something I suppose.

As the company stands right now...beyond the CEO, lawyer and CFO...it is hard to imagine what Chris Mckeown (VP Business Development) and Michael Wright (General Manager Commercial) are actually doing.

I don't mean that maliciously or spitefully...it's just the company has not actually done much at all in the last, what?, 12 months? Longer?

The busiest they have been recently was for the failed SOA scam.

And I don't think we are getting Chris and Michael for $18.90 an hour!

[blackcap]

You mean do something in the best interest of shareholders? Hmmmmn.

Well, when Pagani left (suddenly!) they have not replaced him. So that is something I suppose.

As the company stands right now...beyond the CEO, lawyer and CFO...it is hard to imagine what Chris Mckeown (VP Business Development) and Michael Wright (General Manager Commercial) are actually doing.

I don't mean that maliciously or spitefully...it's just the company has not actually done much at all in the last, what?, 12 months? Longer?

The busiest they have been recently was for the failed SOA scam.

And I don't think we are getting Chris and Michael for $18.90 an hour!

Why do they actually need a full on in house lawyer on what I figure is between $100k to $250k per annum? That makes no sense whatsoever. Or have I missed something.

And the failed SOA scam should not have come at the expense of NZO shareholders but rather OG themselves. Bet ya that NZO paid for it though.

[Lion]

Interesting headline on CNN: https://edition.cnn.com/2020/06/18/i...gan/index.html

$190 oil sounds crazy. But JPMorgan thinks it's possible, even after the pandemic


The main idea is that drastically cut investment now by big oil will lead to a shortage in the future.

"That's because oil companies must spend heavily just to maintain production, let alone increase it. If they do nothing, output will naturally decline."

[mistaTea]

https://www.google.co.nz/amp/s/www.c...lion-deal.html

Buffett bullish on gas...

[mistaTea]

https://www.bp.com/en_au/australia/h...exploring.html

I think this page has been updated - because there is a line there now that says "Drilling activities are planned to commence in October 2020". Pretty sure the BP website had more loosely worded time commitments before (i.e. end of 2020 or early 2021). So it is great to see a more concrete time frame.

Which is in line with Ocean Apex becoming available sooner than originally expected.

The drill is expected to take 70 - 90 days. If we are fortunate enough to make a discovery it doesn't look like it will be a Xmas present...but maybe an early Happy New Year present

After all this time, we might only be three months away from when we spud for the drill of a lifetime!