NZ Oil & Gas (NZO)

[arjay]

Digger, 'the greenies' appear to be largely mythical beasts who are wheeled out whenever this type of discussion takes place. Can you name anyone in particular? The principal person I recall was Eugenie Sage of Forest and Bird who was quite vehement in opposition. To be fair, if the opposing forces of green persuasion had had there way there would not have been a mine, so no deaths (no jobs for the Coast either). As someone has already pointed out, it is DOC land so DOC has a say in how it is used, and it may well turn out that the restraints put on the mine were perfectly reasonable for a safe operation, provided the mine was operated safely (and that has yet to be determined). We also must accept that there is a good reason why it is protected land. Anyone who has been there will realise it's value to NZ over and above that to extractive industries.

BTW Balance, you missed my earlier point - I was having some fun at your expense, not the family's of the unfortunate miners.

[skid]

Man,I come back after a 3 month trip and its the same ole arguments-"greenies"-"mushrooms"-"goldbugs"--this is getting to be one small step from talkback radio.--meanwhile its not been a bad month for NZO-wishing all you holders best of luck

[fabs]

Is there some more revising down of reserves at TUI, or other negative news?
Seems like both NZO & AWE S/P spiraling down. I can accept justified perception by market of poor governance at NZO. But AWE too.

[Xerof]

The indices are in 'killer wave C' or a 3 or 5 but someone with a decent charting package might do something for you. Nothing is totally immune from this sort of selling

[DarkRed]

Interesting comment in a stuff article today about JK and PRC.
"New Zealand Oil and Gas, the mine's largest former shareholder, was happy to fund the re-entry and recovery process."

http://www.stuff.co.nz/national/5669...-recovery-plan

[fabs]

Thanks xerof,
yes have also considered other causes for the trend and no doubt there are.
Although i hold no AWE shares there decent intrigues me a bit, while noting surprises me with NZO any more.

[minimoke]

Interesting comment in a stuff article today about JK and PRC.
"New Zealand Oil and Gas, the mine's largest former shareholder, was happy to fund the re-entry and recovery process."

http://www.stuff.co.nz/national/5669...-recovery-plan

And we might find that largesse has an element of self interest. The Pike inquiry finished round 2 last week. The closing words were around who would appear in the next round and what evidence they would give. Witnesses solicitors are very aware of their clients right to silence and to not incriminate themselves through this process. OSH has only a bit longer to work out who to prosecute and directors of PRC will be in the firing line. The police are also investigating criminal charges but these can be laid after the Inquiry has finished. In the event NZO is implicated, through a Directors interests, and subsequently found guilty, the judge will look at the actions of the defendant when it comes to sentencing. NZO's generosity will be raised if the need arises.

[dsurf]

Interesting comment in a stuff article today about JK and PRC.
"New Zealand Oil and Gas, the mine's largest former shareholder, was happy to fund the re-entry and recovery process."


Minimoke you have been believing too many comments from the dark side who wish people to be burnt at the stake. NZO will be a creditor & possibly secured for all the money to retrieve the bodies. The sale is conditional on a "recovery plan" for the license to be able to be transferred. NZO also (must talk to reciever confidentially) know that it is very likely that the creditors will eventually be paid out in full. NZO gains most from a sale where the discount for outstanding risk (including obviously body retrieval) is reduced. All they are doing is lending money so that the sale will be at a higher price. It is about $ only.

[minimoke]

Minimoke you have been believing too many comments from the dark side who wish people to be burnt at the stake. .

I don't think so.

We have just had NZ's largest industrial accident in recent history and the worst accident since the economy has been deregulated. It is highly improbable that a government will allow such an event go by without major change. We can expect to see a toughening up of mining and drilling regs after the election.

It is improbable that the judicial system can let 29 deaths go by without all those who may have contributed to those deaths in one way or another being placed under intense scrutiny. That scrutiny will be by OSH who have the ability to prosecute directors of PRC. They also have the ability to prosecute PRC. It is incomprehensible to think PRC will not be prosecuted for the death of the employees (as the employer) and the death of the contracotrs (as the contract principal). The Directors will be sweating over the next month or so to see if they are in the firing line. Once PRC is prosecuted it is highly improbable they will be found "not guilty". When they are found "guilty" they will present facts to mitigate their sentence. What better mitigation than having already made cash contributions to the employees and contractors estates. Teh judge wil look at PRC's ability to pay a fine. They will have the ability to pay substantial fines once the sale has gone through - though I am not sure if fines get paid ahead of secured creditors. Someone wil know. There will be substantial fines and reparation. I'm assuming PRC won't be able to draw on its insurance to pay the reparations.

Where OSH does not prosecute private individuals can. Again the Directors will be worried.

We do not have Industrial Manslaughter in NZ - but it will come. In the meantime the police will be looking very closely at what criminal charges can be laid. They will be going over the Crimes Act with a fine tooth comb to see who could be prosecuted and whether there is enough evidence to sustain a prosecution. NZO Directors may not be out of the woods yet.

[Xerof]

And we might find that largesse has an element of self interest

mimimoke, you're on to it.........