NZ Oil & Gas (NZO)

[Mr Tommy]

Wow Balance, some good news...


NZOG (New Zealand Oil & Gas Ltd) has this morning received from the Operator of the Kupe gas and oil field, Origin Energy, the preliminary results of a reserves review.
This preliminary information suggests that the estimate of remaining Kupe reserves may need to be further increased.

[Arbitrage]

Not a very good release of information. It doesn't say what the previous reserve estimates were and what the increase in % is, or am I missing something?

[777]

I agree Arbitage but it is typical of most companies release of information to the stock exchange. The NZX should have sorted it out long ago but have not. It is the same when there has been a change in substantial holdings. Instead of saying there has been a change they should start it off with "There has been an increase or decrease".

[Arbitrage]

Dare I ask but don't the shareholders have a right to know?

[blockhead]

Not a very good release of information. It doesn't say what the previous reserve estimates were and what the increase in % is, or am I missing something?

Whats this then, looks like previous estimate to me ?? and NZO say they will study it and make an ann later, pretty clear to me.

"In July 2010, the initial proved and probable (2P) reserves were revised
upward to 273 PJ of sales gas, 1,114 kilotonnes of LPG and 18.6 million
barrels of light oil. "

[Balance]

Wow Balance, some good news...


NZOG (New Zealand Oil & Gas Ltd) has this morning received from the Operator of the Kupe gas and oil field, Origin Energy, the preliminary results of a reserves review.
This preliminary information suggests that the estimate of remaining Kupe reserves may need to be further increased.

Means that NZOG is getting ready to sock shareholders with something.

[Chris Roberts]

NZ Oil & Gas flags uplift in Kupe reserves, based on Origin’s preliminary assessment
By Jonathan Underhill

June 27 (BusinessDesk) - New Zealand Oil & Gas says reserves at the Kupe field are likely to be increased for the first time since 2010 after the latest assessment by the operator, Origin Energy.

“This preliminary information suggests that the estimate of remaining Kupe reserves may need to be further increased,” the Wellington-based company said in a statement today. Details of the assessment are confidential until the Kupe partners meet to agree on the interpretation, which is scheduled for mid-July.

Kupe lies 30 kilometres off the south Taranaki coast. Its output is processed at a station near Hawera that has been producing natural gas, LPG and light oil since December 2009. The initial proved and probable reserves were revised upward in July 2010 to 273 petajoules of gas, 1,114 kilotonnes of LPG and 18.6 million barrels of light oil.

NZ Oil & Gas owns 15 percent of the field. Origin holds 50 percent, Genesis Energy 31 percent and Mitsui E&P Australia Pty holds 4 percent.

NZ Oil & Gas decided to flag the likely upgrade today to meet its continuous disclosure obligations, spokesman Chris Roberts said. While the assessment was preliminary and confidential “the indications are significant enough we had to at least give the market a head’s up,” he said.

Shares of the company rose 1.9 percent to 79 cents on the NZX today and have gained about 12 percent in the past six months.
(BusinessDesk)

[Mr Tommy]

Dare I ask but don't the shareholders have a right to know?

Theres several partners in Kupe. I guess they are just releasing the initial news straight away in case the shareprice starts ticking up before the partners meet to discuss the results.

[Toulouse - Luzern]

I agree Arbitage but it is typical of most companies release of information to the stock exchange. The NZX should have sorted it out long ago but have not. It is the same when there has been a change in substantial holdings.

Instead of saying there has been a change they should start it off with "There has been an increase or decrease".

Thanks 777 for your positive suggestion.

NZX announcements need to be simplified.

Then investors can get the right information quicker.

Standard marketing 101 for NZX - look after your customers.

Who are NZX customers ...?

If NZX need the skills to do this then maybe www.plainenglish.org.nz is a place to start.

Thanks 777 & rgds

[Mr Tommy]

Its a nice concern to have, sounds good.

Spokesman Chris Roberts would not discuss the scale of the possible increase, but said preliminary figures from Origin suggested a significant increase, leaving the NZOG concerned that it had to inform the market.
''We looked at these numbers, and if anything near to them are confirmed, it does have a material impact on our company value because Kupe is such a large part of our portfolio.''

http://www.stuff.co.nz/business/indu...Kupe-oil-field