NZ Oil & Gas (NZO)

[Balance]

cosmos reservers up 40% - WOW!
underpins a positive development decision for Q1 2013
M

Tunisia, Canadians and easy $$$ from NZOG - I sense disaster around the corner.

[BigBob]

Tunisia, Canadians and easy $$$ from NZOG - I sense disaster around the corner.

Ahhhhh - you're back, balance... I take it you've sold again then after we hit 90....

[Balance]

Ahhhhh - you're back, balance... I take it you've sold again then after we hit 90....

Day of reckoning - Pike River Coal Report today.

"In evidence to the inquiry, the "horrified" chairman of the Pike River Coal board, John Dow, said management - including former chief executive Gordon Ward and Whittall - had kept safety problems from the company's board."

So Mr John Dow, as an appointee from NZOG to PRC's board, tries to shift the blame to management but as Chairman, seemed to take little heed of the delays, cost over-runs and engineering mishaps as indications of things seriously awry? Happy to keep throwing money at the problems as the solution?

[Balance]

Report is out :

http://www.stuff.co.nz/national/pike...s-families-say

Impossible to get a more damning report of gross mismanagement.

"The Commission found there had been reports of excess methane, as well as other health and safety problems, for “months”.

In the last two days before the explosion there were 21 reports of methane levels reaching explosive volumes and 27 reports of lesser, but still potentially dangerous volumes.

“The reports of excess methane continued up to the very morning of the tragedy. The warnings were not heeded.”

[Balance]

And NZOG kept pumping in more money without fixing basic safety issues :

"He said one of the most telling features of the report is when it talks about an underviewer in April 2010 dealing with the amount of gas venting in the mine and writing an email to the board saying "methane showed no mercy''.

He advised a full reengineering of the entire gas drainage system but nothing was done, Mr Davidson said.

"The truly appalling factual thing - and we kind of knew it before but here it is in black and white - is that in the period before the explosion only one sensor was working to record underground gas.

"It was a faulty gas sensor in the ventilation shaft."

[Balance]

http://www.stuff.co.nz/national/pike...cceptable-risk

The PM has apologised and the Minister has resigned.

And what are the directors and management of Pike and NZOG doing?

Showing their true colors and the cowards that they truly are, they are disputing the findings and refusing to accept responsibilities!

‘‘It is the commission’s view that even though the company was operating in a known high-hazard industry, the board of directors did not ensure that health and safety was being properly managed and the executive did not properly assess the health and safety risks that the workers were facing,’’ the report said.

It singled out former chairman, John Dow, saying he assumed things were under control ‘‘unless told otherwise’’, which was against good governance responsibilities."

[Balance]

"But Mr Dow, Mr Meyer and Mr Nattrass disagreed with any suggestion the board did not act appropriately on health and safety."

http://www.nzog.com/f51,2006/NZOG_AnnualReport.pdf

Read page 16

[blockhead]

Can't really argue with the point you are repeatedly making Balance, its all there in black and white now.

[Balance]

Can't really argue with the point you are repeatedly making Balance, its all there in black and white now.

Waiting for the directors and management to formally apologise for the deaths they have caused. The expressions of sympathy by them are but crocodile tears.

[Sideshow Bob]

Waiting for the directors and management to formally apologise for the deaths they have caused. The expressions of sympathy by them are but crocodile tears.

And Mr Gordon Ward remains silent.................