NZ Oil & Gas (NZO)

[skydog]

jonu, you hit the nail on the head on your earlier thread that there should be a trading halt. I think it's so unfair to trade when there is such influential non disclosed information floating about. The management shouldn't be doing any further buy backs or an increase in director’s holdings etc. Any current trade is no doubt on pure speculation and a guess. Although, if I had spare funds (not the house) I would take a punt in the dark, as there would be nothing else to support my trade.

p.s I've been a silent reader of this thread for many years, and held this stock for far too long.

[Chris Roberts]

The share buyback was suspended last week as soon as we learnt that the Receivers were considering making an announcement. We have always taken a cautious approach and have suspended the buyback on a number of occasions.

NZOG took a full write-down of its remaining PRCL debt in its half year accounts, because of the considerable uncertainty about the timing, extent and nature of any further recovery of that debt. Our view at this time has not changed. We expect further information will emerge from the discussions between the Receivers and the conditional purchaser.

[winner69]

jonu, you hit the nail on the head on your earlier thread that there should be a trading halt. I think it's so unfair to trade when there is such influential non disclosed information floating about. The management shouldn't be doing any further buy backs or an increase in director’s holdings etc. Any current trade is no doubt on pure speculation and a guess. Although, if I had spare funds (not the house) I would take a punt in the dark, as there would be nothing else to support my trade.

p.s I've been a silent reader of this thread for many years, and held this stock for far too long.

So you want NZO to go into a trading halt for several months .....maybe even longer

[skydog]

So you want NZO to go into a trading halt for several months .....maybe even longer

I don't expect for months, but it would be nice to know what they know. Time will tell I suppose.

[iceman]

Iceman,IMHO the NZO board made a big mistake by not asking for gas reading when PIKE did small pilot drills to make sure they stayed in coal before drilling ahead. One big rock in the coal was enough and if you remember at the time we did not want to immediatly hit another so those pilot holes were drilled. NZO could have got this info by linking it to any further money borrowed by PIKE from NZO. At the time i thought the nZO board would surely do this but they didn.t. Seems they have so many professional directors,but none that can think practically.
Iceman you are not correct in saying that NZO gave this milti resource away. Firstly the licence to mine belongs to PIKE and the GOVT has said it would not reissue it to NZO. So NZO was not in any possition to grab it off the receiver if they felt the price was too low.That is how i understand it from inquires i made about a month ago.

Digger I agree with everything you say about the Boards failures to do with drillings etc (as I agree with & respect all of your considered comments over a long period of time) and in fact, overall management of PRC. But I do not agree that I am wrong in saying NZO "gave" this multi billion resource away. NZO could have been in the running/bidding for PRC from the Receivers, either alone or with selected partners, at a price that they considered as the minimal price acceptable. By doing so, they could have basically put their foot down for the Receiver selling this asset for an unacceptably low price. I absolutely realise that many NZO shareholders don't agree with me on this, mainly because they don't trust NZO's Directors to make the right decisions on PRC and turn it into a producing & profitable mine. Obviously the Directors have a similar lack of confidence in themselves and have decided to "give it away" and write of 100% of this investment.

What upsets me the most is the fact that a Boss of a SEO (Solid Energy) has managed to talk the value of PRC down and scaring away any potential foreign investors, resulting in his SOE picking this asset up for a song (I maybe be proven wrong when the final price comes out but don't think so).
It looks to me, that this has been a strategic play assisted by the Government not willing to clarify any rules that will apply to PRC in the future and Solid Energy being the sole bidder as a result, even after saying they were out. Obviously they were very confident of their strategy. Of course this is great for the Government which is about to sell off 49% of SE.
Hey presto, along come a group of Maori lawyers taking the Govt to court for part selling the SOE’s without their approval as the “rightful owners”, Mana Party wants to picket and protest against any foreign shareholders (Crafar farms & SOE’s) and Xena Greena Queen protesting about anything at all that may move our country forward.
All of the above brings me to question why foreign investors should even consider investing in these sectors of NZ when other countries and Governments are much more in favour of outside investment. And if they don’t, why should I ?
These musings probably don’t belong on this thread but I felt a need to explain myself Digger. I can not finish this though, without saying that I would like the 29 families that have suffered the most from this tragedy to be fully consulted and have a say in any future decisions, decisions that should try to recognise and respect the interest of all the many suffering parties involved and which will hopefully result in the grieving families coming to terms with their loss and the lost souls resting in peace.

[Balance]

Gross mismanagement in everyway possible by the directors of NZOG - squandering hundreds of millions of shareholders' wealth and funds - and no accountability.

Now they are selling NZO's coal mine, potentially very valuable with the right JV partner, for a song (they would be shouting from the mountaintop otherwise) so that they can wash their bloodied hands from the affair.

Otherwise, why the big rush to sell? Let the coal sit in the ground for another 10 years if need be for the right JV partner to come along to extract the coal and optimise value for NZO's shareholders?

John Key has promised that if there's a way to recover the bodies, the government will pay, hasn't he?

Wake up, Noggers - assert yourselves and stop listening to some of the posters on this site who spend all their time supporting NZOG's management and directors, make excuses for their glaring mismanagement and allowing the scam of gross incompetence to continue.

[POSSUM THE CAT]

Balance Would they be that bigger fools to pay the receivers more than Solid Energy offered just on your say so. If you think it would be a good purchase why not buy it yourself. If I had been stupid enough to be a NZO shareholder I would at least be proposing a motion that all members of present management be dispensed with.

[Balance]

Balance Would they be that bigger fools to pay the receivers more than Solid Energy offered just on your say so. If you think it would be a good purchase why not buy it yourself. If I had been stupid enough to be a NZO shareholder I would at least be proposing a motion that all members of present management be dispensed with.

Point I am making, Possum, is that the directors of NZO seems to be in an unseemly haste to sell Pike. Something smells badly.

Think about this for a minute :

Pike is worth zero (शून्य)according to NZO's experienced, worldly wise, well paid and highly esteemed directors and management (as far as some of the posters here are concerned) - https://www.nzx.com/companies/NZO/announcements/218898

Now why would any director or individual or seller of an asset or business or anything do that?

Signal to every potential buyer and bidder that the mine was worth zero as far as the directors were concerned?

If the directors are a bunch of young teens without much experience in the ways of the world and are selling a used completely broken down piece of machinery which has to be removed from valuable land, fine.

But this is not the case here - these directors are the same individuals who happily pumped in tens of millions of shareholders' funds into Pike.

Same directors who supported Peter Whittall as CEO when NZO's MD wanted Peter gone.

As for buying it myself, read what I wrote carefully - the mine is worth a lot with the right JV partner who can mine Pike safely and properly.

That's why NZO's haste in writing off its investment and getting the receiver to sell smells. And it's not coal gas which is stinking up NZO's board room either - its something else.

[Onthemoney]

Well said Balance.... Just like the NOG of old....

[neopoleII]

question, when the board has its meetings, by law they have to take minutes (write it all down etc)
are these minutes available to shareholders? and if so, is it all or just the results... which we read from the anouncements.