NZ Oil & Gas (NZO)

[mistaTea]

For those of you who subscribe to NBR, here is the latest article about NZOG (written by Tim Hunter):

https://www.nbr.co.nz/story/sharehol...r-tweedie-says

An old CEO of Cue, Richard Tweedie, is essentially saying minority NZOG holders would be crazy not to accept an offer price that values the company at less than existing production assets, because there is risk in drilling Ironbark.

We should pretend Ironbark is worth absolutely zilch until a discovery is made. In other words he thinks we are stark-raving mad not to sell existing production assets + cash at a discount AND hand over our exploration permits (with their huge upsides if successful...) for FREE. That's right! OGOG should get a free shot at drilling an enormous gas target in a proven area while I should be left with my d1ck in my hand.

I wonder who on earth might have given Dick Tweedie a ring to ask him to come forward?

[mistaTea]

This was a comment placed on the article by 'Anonymous': "Great to hear a top shelf experienced commentator talk about this Ironbark prospect. All we've heard so far is opinions from inexperienced minor shareholders that don't have any experience but seem to have very loud voices. Well done Mr Tweedie (and NBR) at balancing the ledger. However, is it too late and have those shareholders with their backs up already voted no based on a couple of minor shareholders swaying their uneducated opinions - I hope not."

We are almost certain that it is a NZOG employee. No names!

My response was: "Either you are an uneducated loud mouth like the rest of us, in which case why would a minority shareholder listen to you given you don't have any skin in the game?

Or you are a NZOG employee, in which case - shame on you.

It is not a question of whether or not OGOG should take 100% control of NZOG. The question is whether or not the current offer (74c) represents fair value for control. 74c is less than the existing production assets are worth.

Why would minority shareholders roll over and sell their business at a discount, thereby forgoing any large discoveries that might be made in Ironbark.

No rational investor would do that."

[Wiremu]

"Great to hear a top shelf experienced commentator talk about this Ironbark prospect. All we've heard so far is opinions from inexperienced minor shareholders that don't have any experience but seem to have very loud voices. Well done Mr Tweedie (and NBR) at balancing the ledger. However, is it too late and have those shareholders with their backs up already voted no based on a couple of minor shareholders swaying their uneducated opinions - I hope not." Quote from Anonymous.

It's not hard to identify this language and thinking. While criticising the "inexperienced minor shareholders" he then slags off all other minority shareholders with their "uneducated opinions". I guess he just assumes that none of us can think for ourselves.

[mistaTea]

"Great to hear a top shelf experienced commentator talk about this Ironbark prospect. All we've heard so far is opinions from inexperienced minor shareholders that don't have any experience but seem to have very loud voices. Well done Mr Tweedie (and NBR) at balancing the ledger. However, is it too late and have those shareholders with their backs up already voted no based on a couple of minor shareholders swaying their uneducated opinions - I hope not." Quote from Anonymous.

It's not hard to identify this language and thinking. While criticising the "inexperienced minor shareholders" he then slags off all other minority shareholders with their "uneducated opinions". I guess he just assumes that none of us can think for ourselves.

The more desperate these guys get the more comical this whole fiasco becomes.

There is no way Richard Tweedie just poked his head up unprompted. Why would he? It has nothing to do with him. So one can only assume NZOG got on the phone to their old mate, lamented their inability to sell their latest low-ball offer to minority holders and then we end up with this article as a favour.

Then to stoop even lower, "someone" (*wink*) planting comments that slag off minority holders is just pathetic. The comment does not provide any reasonable rationale as to why 74c is a great deal for minority holders - just personal attacks.
Think on it, if it was just a member of the public - why would he or she make personal attacks against minority holders and insist they must be easily-manipulated fools if they don't vote for this deal? I wouldn't expect your average reader to give two hoots whether or not this SoA goes through.

So that comment definitely smells like someone who has a dog in the fight. As Donald Trump would say - Sad!

[digger]

[QUOTE=Wiremu;775506]"Great to hear a top shelf experienced commentator talk about this Ironbark prospect. All we've heard so far is opinions from inexperienced minor shareholders that don't have any experience but seem to have very loud voices. Well done Mr Tweedie (and NBR) at balancing the ledger. However, is it too late and have those shareholders with their backs up already voted no based on a couple of minor shareholders swaying their uneducated opinions - I hope not." Quote from Anonymous.

So what is in it for Dick Tweedie to put away his walking stick and attack us . Is he balancing the ledger as Jonh [that could be misspelled]says ,or is he balancing his personal accounts after an approach from OGOG. I know which one I would pick. I too was approached by OGOG to back the 62 cent deal,as were others.

May I ask Mr Jonh anonymous why someone with most likely holds nil shares in NZOG would bother saving us from ourselves. Surely Dick Tweedie would be better to say nothing and leave the pathetic,unwashed,uneducated inexperience masses to their own misery and vote down this second attempt to steal our shares.Afterall Dick Tweedie surely you know there is only a 5% chance of success with Ironbank,so voting it down is really doing OGOG a favor.

Amazing what a little handout under the table can do .After this someone will be shuffling around with a gold walking stick.

On a more serious note I am at a true loss as to what were Mr tweedie's motives.

[etnom]

[QUOTE=digger;775522]

"Great to hear a top shelf experienced commentator talk about this Ironbark prospect. All we've heard so far is opinions from inexperienced minor shareholders that don't have any experience but seem to have very loud voices. Well done Mr Tweedie (and NBR) at balancing the ledger. However, is it too late and have those shareholders with their backs up already voted no based on a couple of minor shareholders swaying their uneducated opinions - I hope not." Quote from Anonymous.

So what is in it for Dick Tweedie to put away his walking stick and attack us . Is he balancing the ledger as Jonh [that could be misspelled]says ,or is he balancing his personal accounts after an approach from OGOG. I know which one I would pick. I too was approached by OGOG to back the 62 cent deal,as were others.

May I ask Mr Jonh anonymous why someone with most likely holds nil shares in NZOG would bother saving us from ourselves. Surely Dick Tweedie would be better to say nothing and leave the pathetic,unwashed,uneducated inexperience masses to their own misery and vote down this second attempt to steal our shares.Afterall Dick Tweedie surely you know there is only a 5% chance of success with Ironbank,so voting it down is really doing OGOG a favor.

Amazing what a little handout under the table can do .After this someone will be shuffling around with a gold walking stick.

On a more serious note I am at a true loss as to what were Mr tweedie's motives.

Probably a position as an independent director in NZO or another OGOG company. Another spineless person with no scruples

[CD_CHCH]

Perhaps Mr Tweedie and the Anonymous poster would do well to stop and think for a minute - without the capital that the "inexperienced minor shareholders" both past and present provided, the company wouldn't exist.

The shareholders that they are so dismissive of have provided the means for the company to grow to what it is today - along the way a number of employees have been paid very well from that capital - including Mr Tweedie himself during his time at Cue.

As mistaTea so rightly pointed out:

"It is not a question of whether or not OGOG should take 100% control of NZOG. The question is whether or not the current offer (74c) represents fair value for control. 74c is less than the existing production assets are worth.

Why would minority shareholders roll over and sell their business at a discount, thereby forgoing any large discoveries that might be made in Ironbark.

No rational investor would do that."

[mistaTea]

If OGOG and Dick Tweedie are right, and Ironbark is just a pure gamble with incredibly low odds of success...

Then the current NZOG and Cue CEO's have a lot to answer for in my mind. They have certainly not tempered their effusive comments about the prospect with a healthy dose of caution (i.e. yes it could be huge, but we are 95% confident it will come to nothing...).

The only way the change of heart makes sense is that it helps OGOG pick off the remaining 30% for a song.

The current offer values the whole business at $121M. When you deduct the $76M cash attributable to NZOG directly, that leaves $45M.

So according to Dick and his mates at NZOG and OGOG, the entire going concern plus exploration permits is only worth $45M.

Our share of Cue alone is worth almost that.

Despicable, absolutely despicable.

[Wiremu]

If OGOG and Dick Tweedie are right, and Ironbark is just a pure gamble with incredibly low odds of success...

Then the current NZOG and Cue CEO's have a lot to answer for in my mind. They have certainly not tempered their effusive comments about the prospect with a healthy dose of caution (i.e. yes it could be huge, but we are 95% confident it will come to nothing...).

The only way the change of heart makes sense is that it helps OGOG pick off the remaining 30% for a song.

The current offer values the whole business at $121M. When you deduct the $76M cash attributable to NZOG directly, that leaves $45M.

So according to Dick and his mates at NZOG and OGOG, the entire going concern plus exploration permits is only worth $45M.

Our share of Cue alone is worth almost that.

Despicable, absolutely despicable.

Mr Tweedie is entitled to his opinion but interesting question as to why he needs to pronounce it to the public at large.

Another more qualified opinion was provided by Peter Strachan, well respected Australian resource company analyst. In July 2019 his calculation of the Risk Adjusted Value of Ironbark per NZO share was $A0.90, and the Discovery Value per NZO share $A6.51. The Discovery Leverage per NZO share he calculated at 1368%.

[mistaTea]

Mr Tweedie is entitled to his opinion...

I have always found life to be much more pleasant when everyone just agrees with me though!