NZ Oil & Gas (NZO)

[fabs]

Sp tells you that NZOG is ready to buy something which will NOT be good for shareholders.

Something though which will keep the directors in their jobs longer and to enjoy the good corporate life.


But HEY, it will be something with lots of implied potential, 3-4 years down the track.

[shasta]

Hi folks,

I dont think I have ever posted in the NZ thread so this feels weird for me.

How are all the NZ stocks going for many of you folks?

You picked a good thread Drilly, NZO & its former title NOG is Sharetraders most active thread of all time, & this is the 2nd NZO thread, other one is archived.

The NZ index is basically weighed towards FBU & TEL, & FBU had a profit downgrade, as u know on the ASX threads plenty of NZ folk keen on O&G companies hence the wide interest in NZO.

They have PR folk who from time to time post on here. but NZO polarizes people like no other NZX stock!

[Balance]

They have PR folk who from time to time post on here. but NZO polarizes people like no other NZX stock!

All credit and power to the Noggers - through thick and thin (mostly thin), holes after holes (mostly dry) - their faith in NOG's directors and management are undiminished (but unrewarded!).

[Mr Tommy]

NZOG has now received $38.3m from the Receivers in part payment of the secured PRCL debt held by NZOG. Under the early payment plan, NZOG will in coming weeks receive $3.0m as part payment of its unsecured debt.

So with 392m shares thats 10c per share they just banked.

[Beagle]

http://www.sharechat.co.nz/article/f...ike-river.html

Dont pretend to understand why they would have to advance $5m to the receivers while unsecured creditors are being paid in full but this whole thing is so messed-up I suppose you just trust the directors have some idea of what they're doing, or you don't. SP languising near an all time low despite the recent insurance proceeds recovery and higher oil prices speaks volumes about the markets distrust of the directors "abilities", IMO.

[notie]

wow, what a bargin and surprised no one has taken them over.

Why not you ask? They are a dog.

Their management and board is so useless that the CEO has jumped ship and it wouldn't surprise me if others didn't do the same.

[fabs]

Maybe CEO big part of the problem, was never impressed with him and predicted on this forum months before he declared his intentions, that he would quietly slip out of the picture.

[Mr Tommy]

http://www.sharechat.co.nz/article/f...ike-river.html

Dont pretend to understand why they would have to advance $5m to the receivers while unsecured creditors are being paid in full but this whole thing is so messed-up I suppose you just trust the directors have some idea of what they're doing, or you don't. SP languising near an all time low despite the recent insurance proceeds recovery and higher oil prices speaks volumes about the markets distrust of the directors "abilities", IMO.

I think we can take from this that the offers on the table to buy Pike are a lot higher than $5m.

[Balance]

I think we can take from this that the offers on the table to buy Pike are a lot higher than $5m.

Fair assumption and on past history, accurate.

Sp going lower and lower however indicates some bad news coming - the US$100m investment?

[Mr Tommy]

Sp going lower and lower however indicates some bad news coming - the US$100m investment?

Yep that worries me.
Back in July the Tui field was downgraded after "preliminary work". The statement also said:
An independent review of the reserves estimate is being undertaken by
RPS Energy Pty Ltd (RPS). The RPS review is anticipated by AWE to be
completed in early August 2011. A finalised 2P reserves estimate will be
advised after the Joint Venture and RPS review has been completed.

Whats happened with this other review? Notie was hinting the other day AWE were keen to get out of Tui.