NZ Oil & Gas (NZO)

[BigBob]

I'm with digger on this. They have confirmed at other times that they ceased buying when they had unreleased, market sensitive information.

I think something is brewing.... It was partly the Tunisia permit, but maybe there's news re PRC on the horizon too...

[fabs]

If something is BREWING end of the year report out in about 2 months, hold on to your seats.

[digger]

See today's release. ACC has lifted holding by another 4 million shares to now hold 29million or lifting percentage from 6.4 % to 7.4%. Most likely buying off the little fellow.

Also note the percentage in the class falls by 1,798,783. That is the number of shares NZO has bought and cancelled in that period.

[Tyro]

Indeed that is close to the number boughtback so far. They have authority to buy a lot more yet.

See today's release. ACC has lifted holding by another 4 million shares to now hold 29million or lifting percentage from 6.4 % to 7.4%. Most likely buying off the little fellow.

Also note the percentage in the class falls by 1,798,783. That is the number of shares NZO has bought and cancelled in that period.

[Mr Tommy]

NZOG (New Zealand Oil & Gas Ltd) advises that Chief Executive and Managing Director David Salisbury has given six months notice of his resignation.

David Salisbury joined NZOG in April 2007. He is resigning for personal reasons and his last day with the company will be 29 December 2011.

NZOG Chairman Tony Radford said "the Board is disappointed to be losing someone of David's calibre. David has made a tremendous contribution during a period of growth for our business that has included many significant challenges.

"David has brought great enthusiasm, rigour, discipline and insight to our business strategy. I know he is keen to conclude a number of important initiatives over the coming months."

Tony Radford said the six month notice period provides time to ensure a smooth transition and a process will commence shortly to recruit a replacement Chief Executive

[dsurf]

I am glad his options are probably worthless and hope he does not get a pay out. IMO he has been useless.

[brucey09]

Snr. surfer
we say " seno de repuesto un toro'

[the machine]

I am glad his options are probably worthless and hope he does not get a pay out. IMO he has been useless.

thats a bit harsh.

the important thing now is to find a replacement, someone who has not had anything to do with pike would be a good starting point

M

[fabs]

Quite a few months ago on this forum i predicted that this guy will leave the trough, T/ R in a much more diplomatic manner than me talks of CONTRIBUTIONS MADE TO THE CO.
What a joke,should and would have been booted out long ago by a more astute management.

[digger]

I am glad his options are probably worthless and hope he does not get a pay out. IMO he has been useless.

I agree fully that he was useless.During his tenture all the wells drilled were duds,the pike mine blew up and PPP had a successful drill 2/3 taken off them. Now DS did not have full say on all these projects and in fact had close to nil input on some of them,but that is the nature of a CEO or president.On the other hand let say all these projects were successful,then i am sure he would step forward and take a bow.Knowledge is very important for success but luck is better. DS had no luck. Lately i had been wondering the softness of the SP.All recent events did not seem to explain it.In fact some would have suggested a SP rise---pike,the need to release stragedicts reserves ,the Tunisia permit. DS leaving gives the impression of the rat abounding the ship regardless of the truth or otherwise.The market will see it as very bad timing .