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  1. #10661
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    Lets take the bottom estimate 1.1mil. Barrels left to NZO.
    At 120 us $ converted to nz at 0.865$= $152mi. instead of nz $190 mi. a downgrade of nz $ 38mi.
    Say over 9 years a loss of GROSS revenue of 4.2 mil.per annual.
    Question: is downgrading of at one point 18% and end of day trading yesterday of 13% realistic ,what is going on here?

  2. #10662
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    Interesting - here are the previous reserves upgrade announcements. So now we are back to 41m, takes us back to the first review on Nov 2007, which was 50% above initial estimates on which the project went ahead. So look on the bright side, Tui has still been a great success, and its still pumping away and all paid off.

    22/11/2007
    Oil Reserves for the Tui Area Oil Project have been increased to 41.7 million
    barrels, 30% above the previous estimate and nearly 50% above pre-development
    predictions.
    The new figure for proved and probable (2P) reserves compares with estimated
    reserves of 27.9 million barrels on which the Tui Area Oil Project in
    off-shore Taranaki was first sanctioned, and an interim re-estimate of 32
    million barrels following completion of the development drilling campaign.

    21/05/2008
    The operator of the Tui oil project, AWE Ltd, has assessed that this
    extension is expected to allow at least five million barrels of additional
    oil to be recovered from the known Tui field reservoirs, bringing the current
    proven and probable (2P) reserve to at least 47 million barrels.

    20/06/2008
    The initial proved and probable (2P) reserves for the Tui Area Oil Fields
    have been further increased from 47 million to 50.1 million barrels,
    following a detailed field reassessment by the Operator.

  3. #10663
    Legend Balance's Avatar
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    Quote Originally Posted by Mr Tommy View Post
    Interesting - here are the previous reserves upgrade announcements. So now we are back to 41m, takes us back to the first review on Nov 2007, which was 50% above initial estimates on which the project went ahead. So look on the bright side, Tui has still been a great success, and its still pumping away and all paid off.
    What great success? What did shareholders in NZOG got out of all that lovely money from Tui?

    Pity all that money from Tui has been pixxed down the black holes of PRC and PPP, and of course huge salaries and benefits for NZOG directors/executives.

    Meanwhile, remember shareholders had the privilege of pumping in extra money at $1.50 per share?
    Last edited by Balance; 26-07-2011 at 09:06 AM.

  4. #10664
    Legend Balance's Avatar
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    In July 2008, NZOG took in $193.7m from shareholders via the exercise of options at $1.50 per share. Rather 'lucky' to have the 'triple' oil reserves upgrades prior to that?

    $55m was raised in 2005 via options and placements.

    So a total of $249m has been raised from shareholders and what is the market cap today?

    $286m!

    Mushrooms, anyone?

  5. #10665
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    Can anyone quantify if s/h have any chance whatsoever to take on the Directors at the AGM especially as it is in Wellington??????

  6. #10666
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    if this bloomberg article eventuates into reality, then it would be a nice xmas present for producers - tapis of course a premium to wti


    http://www.bloomberg.com/news/2011-0...rs-behind.html

    M

  7. #10667
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    Quote Originally Posted by fabs View Post
    Lets take the bottom estimate 1.1mil. Barrels left to NZO.
    At 120 us $ converted to nz at 0.865$= $152mi. instead of nz $190 mi. a downgrade of nz $ 38mi.
    Say over 9 years a loss of GROSS revenue of 4.2 mil.per annual.
    Question: is downgrading of at one point 18% and end of day trading yesterday of 13% realistic ,what is going on here?
    Fabs you could have also said that when the oil reserve expected fron KUPE was upgraded by a some slightly greater amount than the now TUI downgrade,that the SP from the KUPE upgrade did not move the SP one cent north.So what is going on. To answer my own question i would say a slow but deeply developed lack of confidence in the board.
    DS desire to overseas empire build even when the base at home is erodding away leaves the average shareholder asking what is the point in holding this share .The board is oversupplied with academic wisdom and show a continual lack of practical knowledge.This board of accountants,geoligists and laywers needs a drastic downsizing just as the Dairy board had to do 10 years ago. Under DS leadership in these last three years the company market value is approaching one third it size and getting weaker each day.
    Gross income is projected to be 100 million but with overseas dreams and a overladen non preforming management structure none of that money is expected to be available to shareholders. But no doubt though plenty available for the departing CEO.
    digger

  8. #10668
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    Quote Originally Posted by fabs View Post
    Lets take the bottom estimate 1.1mil. Barrels left to NZO.
    At 120 us $ converted to nz at 0.865$= $152mi. instead of nz $190 mi. a downgrade of nz $ 38mi.
    Say over 9 years a loss of GROSS revenue of 4.2 mil.per annual.
    Question: is downgrading of at one point 18% and end of day trading yesterday of 13% realistic ,what is going on here?
    Just my curiosity: where you get $190mi from?

    Per my understanding, NZO shared Tui reserve is 2.6m barrels at 31/12/10. Now this number come down by almost half, So if it has only 1.3m barrels left. Assume oil price at USD 100 pb, ex rate at 0.80, which NZD is 125 pb. This will represent nearly $163 mi revenue loss for next 9 years, or $18mi revenue loss p.a.

  9. #10669
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    well the way some of the big boys are bailing out this stock isn't a great endorsement on where they see nzog going long term, or in the short term for that matter. Over 5 million shares sold today, well up on the 300K normally traded.

    terminal spiral looks to have started

  10. #10670
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    Quote Originally Posted by notie View Post
    well the way some of the big boys are bailing out this stock isn't a great endorsement on where they see nzog going long term, or in the short term for that matter. Over 5 million shares sold today, well up on the 300K normally traded.

    terminal spiral looks to have started
    Who are the buyers?

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