NZ Oil & Gas (NZO)

[swissboy]

see PRC refer ASX Trading halt details NZO places PRC into receivership

[Baddarcy]

Hmm surprised SP has dropped, i would have thought that was good news for NZO, increases chance of getting some money back at least?

[the machine]

Has anyone heard if there has been a decision to drill PEP 38483 - decision needed by December 8

M

in response to my email, crown minerals advise matter is confidential

M

[Lion]

Hmm surprised SP has dropped, i would have thought that was good news for NZO, increases chance of getting some money back at least?

Indeed. NZO had been written down by more than the value of its holding in PRC before.
Talk about irrational market - phew!

[J R Ewing]

Indeed. NZO had been written down by more than the value of its holding in PRC before.
Talk about irrational market - phew!

Given that NZO had said earlier that they wanted out of PRC as it was non-core business, I assume they will simply try to recover what they can from “secured” loans and won’t take part in the next recapitalisation of PRC if and when that happens. If that is the case, then NZO is oversold if you agree with the pre-explosion valuation of PRC to NZO.

[digger]

Indeed. NZO had been written down by more than the value of its holding in PRC before.
Talk about irrational market - phew!

What a sad end to 14 years of trying to get pike up and running.I never would have guessed the final outcome would have been the blowing up of the mine.I probably was the strongest supporter of NZO sticking with PIKE but in the final an-alys it just turned out to be 100% wrong. Amen
now forever and a day there will be inquires.

[Balance]

What a sad end to 14 years of trying to get pike up and running.I never would have guessed the final outcome would have been the blowing up of the mine.I probably was the strongest supporter of NZO sticking with PIKE but in the final an-alys it just turned out to be 100% wrong. Amen
now forever and a day there will be inquires.

I am sure NZO's management are grateful and welcomed your support at every turn in the last 3 years.

Pity about the mushrooms however.

[percy]

With NZO appointing the receiver,means receiver works for the benefit of NZO.

[Beagle]

Hmm surprised SP has dropped, i would have thought that was good news for NZO, increases chance of getting some money back at least?

Agreed, BUT I'm on record as questioning the Directors commercial independence making what at the time I was and still am adamant amounted to a $12m donation to PRC when the writing was clearly on the wall.

The Directors admitted that further advances under the $25 million funding facility could have been stopped, i.e. there was a force majure clause, but then went on and immediatly provided the FULL remaining balance under the loan agreement saying it was the right thing to do. There was nothing to stop them making partial further advances which would have at the very least been the more conservative thing to do, was there ?

I seriously call into question the Directors independence on this matter and will be bringing this up at the next AGM if not long before directly with David Sailsbury.

I have lost considerable confidence in the company and its directors to make objective, rational and indpendent decisions and perhaps the market is saying the same by pricing the company down today...on the other hand it could be just negative sentiment but I've made it crystal clear which theory I subscribe too. TR is probably the one to blame on this one so I'll be having a crack at him too.

[Balance]

Agreed, BUT I'm on record as questioning the Directors commercial independence making what at the time I was and still am adamant amounted to a $12m donation to PRC when the writing was clearly on the wall.

The Directors admitted that further advances under the $25 million funding facility could have been stopped, i.e. there was a force majure clause, but then went on and immediatly provided the FULL remaining balance under the loan agreement saying it was the right thing to do. There was nothing to stop them making partial further advances which would have at the very least been the more conservative thing to do, was there ?

I seriously call into question the Directors independence on this matter and will be bringing this up at the next AGM if not long before directly with David Sailsbury.

I have lost considerable confidence in the company and its directors to make objective, rational and indpendent decisions and perhaps the market is saying the same by pricing the company down today...on the other hand it could be just negative sentiment but I've made it crystal clear which theory I subscribe too. TR is probably the one to blame on this one so I'll be having a crack at him too.

NZO will trade now at a deep discount to any kind of valuation - hopeless management and hopeless directors.