NZ Oil & Gas (NZO)

[Mr Tommy]

Here are some facts:
NZOG is one of 8,000 PRCL River shareholders (the biggest).
NZOG is one of 470 PRCL creditors (the biggest, and appointed the Receivers on PRCL's request).
All of the PRCL Board was appointed by PRCL shareholders (Two individuals did also sit on the NZOG Board but as PRCL directors they represented all PRCL shareholders, not NZOG).
NZOG has no legal responsibility for the actions of PRCL.
There are three inquiries underway.
1. Royal Commission - NZOG has provided written statements but has to date not been asked to appear at the hearings.
2. Police - The Police do not want to speak to anyone from NZOG.
3. Department of Labour - NZOG has had no involvement.

NZOG is supporting the Receivers to achieve the best outcomes for all interested parties - through an insurance settlement, stabilisation of the mine and sale of the assets. There are no hidden motives.

Hi Chris
the Herald today has a story on Pike, about possible re-entry by Christmas. Theres a one liner at the end:
New Zealand Oil and Gas is spending $1.4 million in reclaiming the tunnel to 2.4km.

Is this something new? Or is it tied into the insurance claim that was settled a few weeks ago?

[dsurf]

From same Herald article.

"Receiver Malcolm Hollis of PricewaterhouseCoopers said reclaiming the tunnel also made commercial sense.

"We are happy with the interest we have in the mine. There is international and local interest but that is confidential information. Intended parties will need to have a firm bid on the table at the end of the month - we will then have a far clearer picture of where parties are at."

[minimoke]

Hi Chris
the Herald today has a story on Pike, about possible re-entry by Christmas. Theres a one liner at the end:
New Zealand Oil and Gas is spending $1.4 million in reclaiming the tunnel to 2.4km.

Is this something new? Or is it tied into the insurance claim that was settled a few weeks ago?

The insurance, as far as I can tell was an arrangement between PRC and its insurer. The insurer and PRC receivers have agreed to a $80m full and final settlement. NZO have temporarily forgiven $14.7m secured and $12.1m unsecured debt in favour of contractors and other secured / unsecured creditors. I think we can assume NZO is spending NZO shareholder money. Which begs the question: what return do they anticipate on this spend?

[Chris Roberts]

The insurance, as far as I can tell was an arrangement between PRC and its insurer. The insurer and PRC receivers have agreed to a $80m full and final settlement. NZO have temporarily forgiven $14.7m secured and $12.1m unsecured debt in favour of contractors and other secured / unsecured creditors. I think we can assume NZO is spending NZO shareholder money. Which begs the question: what return do they anticipate on this spend?

NZOG appointed the Receivers. NZOG also loaned PRCL $12m following the explosion, which is essentially the only cash that the Receivers have had to run the receivership process. So essentially NZOG is funding all of the Receivers activities, including the mine stabilisation plan.

[minimoke]

NZOG appointed the Receivers. NZOG also loaned PRCL $12m following the explosion, which is essentially the only cash that the Receivers have had to run the receivership process. So essentially NZOG is funding all of the Receivers activities, including the mine stabilisation plan.

Perhaps. NZOG also opened up the balance of the $25m facility. But there was also the $3.3m from the sale of coal and $1.1m GST refund. The receivers probaby also had their eye on the $100m insurance policy and any potential proceeds from the sale if the mine. Receivers are first in line when it comes to dishing out any available cash.

[Coalman]

Can someone please tell me why $30.00 was taken out of my dividend deposit? I have 35,000 NZO and recieved only $670.00. I reckon I should of recieved $700.00. If it went to help out the Pike River miners so be it. But please tell me. I gave to them already!

[777]

Tax. It shows up on the dividend statement.

700/.7*.67=670.

Imputation at 30c therefore grossed up to $1000

less 30c in the dollar+ less 3c in the dollar RWT.

Next year it will be 28 and 5.

Well that is my understanding.

[blockhead]

Probably withholding tax deduction I would say

[fabs]

COALMAN!
Be happy that you have the chosen cash payment of your Div.
Consider the alternative.

[Lion]

COALMAN!
Be happy that you have the chosen cash payment of your Div.
Consider the alternative.

The alternative being lots of shares because they are so cheap just now?

I just read the Company report. I know it's a kind of self-promotion, but still, it seemed to have some encouraging pointers for the future.
That's if the world financial system doesn't implode, which seems quite possible.

Karl Marx, maybe you were right, capitalism is inherently unstable.


Off-topic, sorry, but the cold fusion story was interesting. I read some links and it seems they did measure energy input and it was far less than energy out - a good thing. Who knows, it could just work. If it does, you wouldn't blame them for keeping a few secrets back as it would be extremely profitable. The biggest secret is the catalyst. The nuclear reactions are possible -it's a field I know a bit about, but only if some wonderful catalyst can make the reactions actually happen.