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  1. #15941
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    [QUOTE=blackcap;763303]
    Quote Originally Posted by mistaTea View Post

    I am not 100% sure but I think NZO's accounts are consolidated....
    They absolutely are consolidated. In the last Annual Report the Balance Sheet shows that you need to make an adjustment of $6.67M to equity (since 100% of the CUE liabilities are also included) to remove the CUE component. Chump change in the grand scheme of things.

    Because the NZOG share price is so low right now it is almost irrelevant though. If the share price was still at the OGOG purchase price of 74c, and you were trying to assess whether or not to buy more, then you would probably need to be much more precise in your calculations.

  2. #15942
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    [QUOTE=mistaTea;763311]
    Quote Originally Posted by blackcap View Post

    They absolutely are consolidated. In the last Annual Report the Balance Sheet shows that you need to make an adjustment of $6.67M to equity (since 100% of the CUE liabilities are also included) to remove the CUE component. Chump change in the grand scheme of things.

    Because the NZOG share price is so low right now it is almost irrelevant though. If the share price was still at the OGOG purchase price of 74c, and you were trying to assess whether or not to buy more, then you would probably need to be much more precise in your calculations.
    Cheers I thought they were consolidated. Totally agree with you that NZO is the cheaper entry vehicle right now. Just keep it a bit quiet please, I am trying to pick up a few myself right at this current point in time I wonder why the NZO price has not increased commensurately with the CUE share price, is that because the market that follows CUE knows about Ironbark and the NZO market is not that aware of Ironbark and the prospects? Or just people weary and fed up with NZO? Not to worry, I am backing up the truck for a few more.

  3. #15943
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    Quote Originally Posted by blackcap View Post

    Cheers I thought they were consolidated. Totally agree with you that NZO is the cheaper entry vehicle right now. Just keep it a bit quiet please, I am trying to pick up a few myself right at this current point in time I wonder why the NZO price has not increased commensurately with the CUE share price, is that because the market that follows CUE knows about Ironbark and the NZO market is not that aware of Ironbark and the prospects? Or just people weary and fed up with NZO? Not to worry, I am backing up the truck for a few more.
    All the best blackcap. I hope it all works out for you mate.

    Regarding the market psychology for NZOG...I haven't got a clue and don't waste any of my (extremely) limited brainpower trying to figure it out. All I ever care about is whether a company is objectively worth more than its market value. To Hell with everyone else.
    Last edited by mistaTea; 18-06-2019 at 01:12 PM. Reason: typo fix

  4. #15944
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    https://www.nzherald.co.nz/business/...ectid=12241688

    No doubt you cannot blame the government's oil & gas ban 100% for this as these companies will be constantly looking to ensure they are deploying capital effectively.

    However, I don't believe that the oil & gas ban had nothing to do with the decision either (as these companies seem to be at pains to reassure). Put another way, the ban certainly didn't IMPROVE the chances of keeping these guys in NZ.

    I wonder if, in a way, this might help the remaining players. The government knows they need some large gas discoveries to keep the lights on while they transition to who-knows-what. Perhaps they may get to the point where they are forced to offer Big Oil some sweeteners to continue exploring in NZ.

    Of course, I don't really know what I am talking about and that last comment is purely speculative (and probably wishful thinking).

  5. #15945
    Senior Member Marilyn Munroe's Avatar
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    Quote Originally Posted by mistaTea View Post
    MistaTea discusses Govt's exploration ban
    I predict when we have a dry year with electricity shortages and an election looming the current government will have a sudden change from virtue signalling ideology to realpolitik.

    Boop boop de do
    Marilyn
    Diamonds are a girls best friend.

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    Quote Originally Posted by Marilyn Munroe View Post
    I predict when we have a dry year with electricity shortages and an election looming the current government will have a sudden change from virtue signalling ideology to realpolitik.

    Boop boop de do
    Marilyn
    Indeed. Though, even if the government reversed (or dramatically diluted) their decision in the face of an energy disaster, it may well still be too late to attract Big Oil back.

    It would take a lot of convincing anyway, after making such a hasty and ill-conceived policy with virtually no consultation. The oil explorers will be thinking, fool me once shame on you...fool me twice, shame on me.

    Patrick Smellie wrote a piece that may be of interest in the herald.

    https://www.nzherald.co.nz/business/...ectid=12241832

  7. #15947
    The past is practise. Vaygor1's Avatar
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    So O.G. want the lot now.

    Announcement today: https://www.nzx.com/announcements/337411

    My initial view is to call bulls**t on this offer.

    Basically says "We will pay 25% above market sentiment".

    What about paying what it is actually worth given Ironbark and other prospects?

  8. #15948
    The past is practise. Vaygor1's Avatar
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    Basically sites that the government has destroyed NZ in the Oil and Gas field (I agree).

    No mention about the fact that IRONBARK IS NOT IN NEW ZEALAND.

  9. #15949
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    Quote Originally Posted by Vaygor1 View Post
    So O.G. want the lot now.

    Announcement today: https://www.nzx.com/announcements/337411

    My initial view is to call bulls**t on this offer.

    Basically says "We will pay 25% above market sentiment".

    What about paying what it is actually worth given Ironbark and other prospects?
    A very, very opportunistic and cheeky offer to be sure. Shareholders would probably get 80- 90 cents per share if the company was just liquidated.

    How does voting work for scheme of arrangements? Only the 30% being acquired are able to vote on it?
    Last edited by mistaTea; 11-07-2019 at 06:30 AM.

  10. #15950
    The past is practise. Vaygor1's Avatar
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    Quote Originally Posted by mistaTea View Post
    A very, very opportunistic and cheeky offer to be sure. Shareholders would probably get 80- 90 cents per share if the company was just liquidated. Shame on OGOG.

    How does voting work for scheme of arrangements? Only the 30% being acquired are able to vote on it?
    For the scheme to be approved, NZO shareholders must approve the scheme by resolution of:

    75% of the votes cast in each interest class, and a simple majority of all votes on issue (whether voted or not).

    Whole process is laid out here (I am in no way affiliated with the following crowd in any way):
    https://minterellison.co.nz/our-view...angement-works

    Cant really blame OGOG... shame on the Board, especially the independent directors.
    Last edited by Vaygor1; 10-07-2019 at 09:06 AM.

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