NZ Oil & Gas (NZO)

[LIO]

This probably explains why David Salisbury resigned from NZOG.

Most profound revelation yet - CEO of NZOG lost confidence in Peter Whittal several months before month's explosion and before Peter took over as CEO of PRC:

http://www.nzherald.co.nz/nz/news/ar...ectid=10739851

Looks like the board of NZOG should have listened to David Salisbury?

What a bunch of incompetent nincompoops the Board of NZOG are coming across as.

Maybe the NZOG board did listen to Salisbury but did not agree with him. It would be interesting to hear from Bermuda. I remember he commented once on ST that after meeting Peter Whittall he was impressed with his competence as mine manager. I'm keeping an open mind on this, because I think there may be some parties happy to make PW the scapegoat.

[fabs]

WHAT IS GOING ON HERE ALL DAY , SOMEBODY PLAYING SILLY BUGGERS?




84
21 Jul @ 2:47pm




Recent Trades
Time Price Volume
2:47pm 83 26
2:46pm 84 500
2:32pm 83 27
2:31pm 84 500
2:16pm 83 26
2:15pm 84 500
2:02pm 83 26
2:00pm 84 500
1:48pm 83 27
1:47pm 84 500
1:32pm 83 26

[the machine]

WHAT IS GOING ON HERE ALL DAY , SOMEBODY PLAYING SILLY BUGGERS?




84
21 Jul @ 2:47pm




Recent Trades
Time Price Volume
2:47pm 83 26
2:46pm 84 500
2:32pm 83 27
2:31pm 84 500
2:16pm 83 26
2:15pm 84 500
2:02pm 83 26
2:00pm 84 500
1:48pm 83 27
1:47pm 84 500
1:32pm 83 26

looks like bot buying to me ,whereby someone trying to flush out a seller with a decent volume

M

[bermuda]

Maybe the NZOG board did listen to Salisbury but did not agree with him. It would be interesting to hear from Bermuda. I remember he commented once on ST that after meeting Peter Whittall he was impressed with his competence as mine manager. I'm keeping an open mind on this, because I think there may be some parties happy to make PW the scapegoat.

I was always impressed with Whittall. He paid a lot of attention to safety issues when I visited the mine with him. I was surprised that David Salisbury made these comments particularly as I thought he would have been part of the team that appointed Whittall as CEO of Pike.

Still, I have not really been up with the play on Pike and NZO matters over the last few months. Nevertheless this was disappointing news.

[Balance]

I was always impressed with Whittall. He paid a lot of attention to safety issues when I visited the mine with him. I was surprised that David Salisbury made these comments particularly as I thought he would have been part of the team that appointed Whittall as CEO of Pike.

Still, I have not really been up with the play on Pike and NZO matters over the last few months. Nevertheless this was disappointing news.

Not disappointing - extremely disturbing and damning of how NZOG and PRC have been managing the mine and company.

Peter Whittall stated he had not been provided with a Report which highlighted concerns about gas management at the mine. He cannot be expected to manage without being aware of the Report unless he was instructed to fix the issues arising from the Report - that seems to be the case here. Let's see what else transpires at the inquiry.

Meanwhile, this is rather damning :

"Simon Mount, counsel assisting the commission, said underground mining regulations required mines to have a secondary exit for an emergency, which Whittall accepted. The fresh air base was not linked to the surface, so was not an exit. Whittall said the shaft had ladders and safety harnesses for workers to use to escape but he was unaware if a trial evacuation had ever been done.

However, Mount said a Pike River emergency equipment and self-escape audit, done in August 2009 by Mines Rescue Service, highlighted serious concerns about using the ventilation shaft as an escape route.

A second exit had been planned for the mine since 2005 but had never been built."

No trial evacuation? Says it all about attention to safety.

[Tyro]

Questing after a scapegoat is irrelevant to valuation. Does anyone know what's happening with the sale process?

[patrick]

Solid Energy not in the running to purchase.

[Balance]

Questing after a scapegoat is irrelevant to valuation. Does anyone know what's happening with the sale process?

The truth will set PRC free - not finding a scrapegoat.

Doubt any buyer will touch PRC until inquiry is out of the way.

[notie]

While some of the blame of the PRC mess is being laid with Peter Whittal, the real culprits in this, Gordon Ward and Tony Radford seem to have escaped any blame. Radford is the ultimate person in charge of this mess as he was the one pushing hard to pike to be developed then when things started going wrong he got NZOG to bail them out.

Gordon Ward was forced to resign and Peter Whittal took over. It seems to me that the mine with its attendant problems was set up under Gordon Ward's leadership. Why was he not fronting at this enquiry? Radford is equally to blame for pulling the strings being the scenes.

Real reason David Salisbury is leaving nzog is he is probably sick of Radford's meddling.
What happened at prc is symptomatic of what is also wrong with nzog.

[fabs]

It may very well be that T/R is running the show, but it is D/S that suppose to be in charge.
Is he quite happy to be a YES man, collecting 10 Grand a week feet in trough as long as possible.
If that where true, that as a S/H would be far more insulting and disturbing.
The Tragedy at Pike aside, what has D/S contributed to NZOG compered to T/R?
One can of course always argue things could be or could have been done better,by x persons.