NZ Oil & Gas (NZO)

[Mr Tommy]

Me two if it happens,but until it happens it is just predrill hype. If it comes up empty the lotto ticket is the winner.90% of nothing is nothing as we have discovered many times before in the last few years drills.

From stuff website...
The well is expected to cost US$15m to drill. NZOG has farmed out a 10 per cent share of the prospect to Peak Oil & Gas, which will pay for 20 per cent of the well. Ideally, NZOG wants to bring in another partner to bring its holding down to 50 per cent, so it pays nothing for the well to be drilled.

Keeping 50% for no drilling cost would be a good outcome. Doesnt sound like any drilling will happen until mid-late next year though, if at all.

[brucey09]

Snrs. It looks as NZO may be trying bad infomatione regards Tunis while Pike is looked secretly at.

[blockhead]

What brings you to that conclusion 'ombre ?

[tricha]

Not that I hold this flea bitten dog, a bit to much like PPP for my liking.. How much has NZO lost in holding $US in the last few years (like PPP) and it could accelerate.
Again a bit like PPP, diving off into area's of soverign risk, shame on them.

The best thing they could do would be to buy shares in someone like WPL, a blue chip investment.

Hmm

[brucey09]

Snr. Block. We say when man no say much -watch carefully. NZO saying little.

[Casa del Energia]

I see much wringing of hands and gnashing of teeth over the 'risks' NZO is enjoining. C'mon guys - they're an oil exploration/production company - not a baby bootie knitting club. Suck it in or sell and buy baby booty bonds.

Roll the dice and drill, baby drill.

[tim23]

Good call enjoyed that!

[Awamoa]

Will Tunisia be another reason not to pay dividends?

[notie]

Will Tunisia be another reason not to pay dividends?

While nzog are wasting their time chasing white rabbits in the Northern Hemisphere, some oil companies have been producing oil at home in NZ. Look at TAG Oil-these fellas have a 1.3 million barrel field on land in Taranaki.
http://www.tagoil.com/20110518-Tag-O...d-Reserves.asp

At 100 dollars a barrel that is a lot of money. Seems to me that nzog should have looked closer to home and should not have written off Taranaki so quickly. Has this little Canadian company stolen a march on nzog? While nzog were talking up their plans these guys were drilling wells and finding oil!

[Mr Tommy]

Deep-sea drilling for oil and gas off the Canterbury coast is a prospect by Christmas, as Anadarko Petroleum Corp, a 25 per cent shareholder in the permit drilled by the Deepwater Horizon rig in the Gulf of Mexico, prepares to make decisions on whether, where, and when to drill.
Anadarko has senior executives in New Zealand this week speaking to journalists and the ENEX oil industry conference as the latest part of a stakeholder engagement programme which has already encompassed key government and iwi contacts.
It faces imminent decisions on whether to bring a rig to New Zealand for this summer's drilling season or wait until 2012/13, with rig availability and interest from other explorers key factors, Anadarko's external communications manager John Christensen told BusinessDesk.

Their canterbury prospects (Carrack/Caravel) are right next to NZOGs Barque.
I wonder if NZOG will gets it act together in time to share a rig.


From NZOGs exploration page:
PEP 38259 (Barque)
NZOG 40%, AWE 25% (Operator), Beach Energy 20%, Roc Oil 15%
Subject to Ministerial approval, NZOG will take over operatorship of this permit from AWE. This permit contains the Galleon well, which was drilled in 1986 and discovered what was at the time considered to be sub-commercial quantities of gas and light oil. It also contains the promising Barque prospect, which is considered to be structurally similar to, but larger and more favourably located for oil and gas charge, than Galleon. NZOG has identified a further lead that extends across the permit boundary into the Clipper permit.
The Barque permit is subject to a change of conditions application, to allow the joint venture sufficient time to evaluate the cost of drilling and developing the prospect.