NZ Oil & Gas (NZO)

[fabs]

Sorry Roger,
but i missed that part where it named the entities that guarantee the money that NZO is referring too of being secure, or does it simply mean if there is any liquidity at the end of this sad mess, secure creditors get to divide what is left.
May i suggest as UNPALATABLE as it sounds, that unless there is some unnamed Guarantor there is ZILCH to dole out.

[Beagle]

Sorry Roger,
but i missed that part where it named the entities that guarantee the money that NZO is referring too of being secure, or does it simply mean if there is any liquidity at the end of this sad mess, secure creditors get to divide what is left.
May i suggest as UNPALATABLE as it sounds, that unless there is some unnamed Guarantor there is ZILCH to dole out.

Mate, its just my dry and slightly warped sense of humour...yes the advances to PRC are "secured" against PRC assets but in this case we are in full agreement the word secured is a truly euphamistic term. The way the market dealt to NZO's price its clear the market thinks PRC is finished. A few years ago I had to put my beagle dog down, she was riddled with cancer but she'd been my best friend for what seems like forever but in reality was in fact 12 years. It really, really hurt, so I have a very small inkling what it must be like, but when you reach the end game you've just got no option but to do what you have too but it takes heaps of guts and I can't help wondering if NZO directors have the stomach for it or will go into denial and keep using their abundent cash flow to as you put it so well, keep pumping it into the bottomless pit.

On a more positive light I see oil pushing up again to the mid $80 U.S. a barrell mark and note that we've fallen to around the 74 cents American so receipts in Kiwi dollars are starting to look up. I believe the long term fundamentals are extremly positive for oil so provided the Directors can show they have a backbone ?, NZO must be good buying around current level's.

[friedegg]

pike is absolutely f#$%%d to put it mildly,no chance of opencast(which they knew,i didnt),yet they still allow the $12mill to be drawn upon?the $500000 gift to families?what next?
i thought business was business and santa head office was the northpole not nzo headquarters

[Unicorn]

pike is absolutely f#$%%d to put it mildly,no chance of opencast(which they knew,i didnt),yet they still allow the $12mill to be drawn upon?the $500000 gift to families?what next?
i thought business was business and santa head office was the northpole not nzo headquarters

A large number of people have lost their lives working for a venture that NZO has been closely involved with setting up, and is still the largest shareholder. There are substantial costs involved in securing the mine, recovering bodies and looking after the workforce.

The NZO response is, in my view, entirely appropriate. It shows corporate leadership that is sadly lacking in all too many companies.

[777]

In fact someone wrote a letter to the paper suggesting that NZO were a stingy bunch as it was only $17,000 odd per victim. "Shame on them" it said.

I say well done NZO. I have also donated to the fund personally.

NZO/PRC holder. And by a large amount.

[friedegg]

a sense of guilt perhaps for being involved too much,is nzo free from any enquiry outcome of this?

[friedegg]

In fact someone wrote a letter to the paper suggesting that NZO were a stingy bunch as it was only $17,000 odd per victim. "Shame on them" it said.

I say well done NZO. I have also donated to the fund personally.

NZO/PRC holder. And by a large amount.

yes all very well that death turns to money,my dear friend susan couch endeavored much more pain and grief at her work place and was hard up trying to get a place suitable to live a few months ago,pity her event never happened in the times of forums, live media 24 a day coverage,and business philantrophy

[blockhead]

That is an interesting thought you raise Mr Egg and one I have pondered myself, are the circumstances different when just one life is lost compared with the loss of many lives in one hit ?? The tragedy in my mind is equal for each family involved. We seem quick to set up funds right left and centre for welfare, education etc etc after a disaster such as Pike River (and I'm not against that) but if Bill the father of 6 kids is killed in an accident out the back of the farm tomorrow his family will likely not get any such assistance.

It is a disturbing thought but it is probably better to be lost in a "tragedy" rather than an innocuous accident away from the media.

[arjay]

Absolutely on the button Blocky. I have been discussing this with a mate who lives in Greymouth in relation to suicides, which are a bigger killer than the road toll and Pike put together. However, because the media are not allowed to report the details of suicides in the same way they are allowed to dramatise the other equally tragic events - the impact is less. I find it remarkable how so many people, their websites, newsletters, Facebook pages etc are jumping on the tribute wagon over Pike, yet if this tragedy were to force a PRC exec to jump out a window we would probably hear little of it, let alone have calls for their family to recieve a payout.

[Beagle]

In fact someone wrote a letter to the paper suggesting that NZO were a stingy bunch as it was only $17,000 odd per victim. "Shame on them" it said.

I say well done NZO. I have also donated to the fund personally.

NZO/PRC holder. And by a large amount.

The "donation" was in fact $12.5 million and I don't care what David Sailsbury say's it was a donation because NZO acknowledge they had a force majure clause in the continued funding agreement so they were within their legal rights to stop further funding and there's no question any prudent truly independent financier would have excecised that clause on the basis that on the balance of probabilities they're unlikely to be repaid. So that makes it $12 million donated, dressed up as further so called "secured" funding, a truly euphamistic term if ever there was one, and $500,000 which has been called what it really is, a donation.

So if you'll pardon the crude analogy, that's $12.5 million for 29 workers or a $431,000 donation per worker lost, I would have said that's an exceptionally generous, in fact grossly excessive donation to each workers family seeing as there's no legal obligation to do so. Its time for everyone to take a reality check...NZO are only a shareholder and have probably allready lost close on $100 million of shareholders funds on this black hole. With the share price haven been hammerred and going down the toilet even more, I for one are a little tired of NZO directors playing fast and apparently fairly loose with their cash flow.

Perhaps the directors of NZO have forgotten that shareholders in NZO have allready taken a severe beating ?

I wonder what mighty donation the Indian shareholders in PRC have made ? I'd bet my last dollar they would have taken a considerably less alturistic approach.