NZ Oil & Gas (NZO)

[spirit]

Note pg 30, the well is not that deep at 3000m below seabed. Also elsewhere Anadarko is talking big gas target at possibly in excess of say 3-4X Maui. So probably not what the world is wanting in respect of Global warming, planetary survival (and deep ocean exploration), but there you are.

[Balance]

https://www.nzx.com/files/attachments/185035.pdf

150,000 partly paid shares for new Chairman?

[J R Ewing]

Maybe I'm reading that wrong but it looks to me like he just bought 50,000 shares on market, he already had 11,992 and he already had 150,000 partly paid via the employee scheme.

[hilskin]

I'm no expert but that might just mean that it is time to top up?????? He certainly knows more than we do and that seems like a lot of money to just throw away unless he is feeling pretty confident about the future ?????

[spirit]

For what it’s worth, after a lot of digging around these are my numbers for an F Sand discovery at Matuku: likelihood of structure 95-100%, reservoir 95-100%, seal 95-100%, source kitchen 95-100%, migration path 75%. Therefore COS [F Sand] is 0.66-0.75. The biggest doubt is whether hydrocarbon has passed through the North Cape Shale.

[J R Ewing]

That's a pretty high % compared with the often quoted 10% chance for these wells in Taranaki. Unfortunately the 10% figure seems to be in line with our recent drilling experience. Why are you figuring Matuku so much higher?

[Balance]

I'm no expert but that might just mean that it is time to top up?????? He certainly knows more than we do and that seems like a lot of money to just throw away unless he is feeling pretty confident about the future ?????

Pile into Rakon quickly then. Directors had been buying. They must know more than we do?

[spirit]

JR - this well is surrounded by a ring of some 20 wells, each contributing varying pieces of information towards the Matuku story. That’s what my digging around was about and that’s where my numbers come from.

[hilskin]

Pile into Rakon quickly then. Directors had been buying. They must know more than we do?

I have put my money where my mouth is and topped up my smallish holding. Kinda fun waiting for the results to come out on the drills they have going. Yes I have been warned, thanks I am newish to NZO and there is a bit bad feeling with it but if they can bring some produces on board in the coming year or two , hopefully there will be some gain in the SP so earlier investors can recoup some of their loses and as investors, new and old, we can all smile

[J R Ewing]

Thanks Spirit. I can recall a couple of disappointments close to the Tui field though. It's certainly time we had a success!