NZ Oil & Gas (NZO)

**Joshuatree** · 09-10-2019, 12:04 PM

Well said Bart.A win for the little guys atpit

. fantastic sharing on here by many, Sharetrader at its best thread. Im very aware of the risks drilling Ironbark,its a gamble when exploring, drilling thats the exciting fun part using a small allocation im prepared lose on.

**airedale** · 09-10-2019, 02:06 PM

The new booklet also states "The chance of commercial success (of Ironbark) has been independently assessed to be highly unlikely" - what fools BP and our directors must have been to invest in that!!unquote
That very perceptive and ironic remark by Bart really sums up the inept behaviour of the independent directors.

**Sideshow Bob** · 09-10-2019, 02:12 PM

If it was a fair offer at 62c, I'm surprised 74c isn't described as "utterly brilliant".

**mistaTea** · 09-10-2019, 02:19 PM

Yes it still beggars belief that they are continuing with the version of the story that describes Ironbark to be highly unlikely to succeed. 95% certain to fail according to our Board representitives.

A much different story to the one Andrew Jeffries was giving very recently.

It was another talking point I put to Alistair. "Nobody believes Ironbark has a 5% chance of being commercially successful Alistair. Nobody. BP certainly didn't purchase 42.5% of the equity on those odds. And, if it were true, why the hell would NZOG go and purchase an additional 15% when we already had exposure through Cue?"

From memory he just blinked at me. He certainly didn't say much.

It is entirely possible that Ironbark (or any other prospect for that matter) turns out to be unsuccessful. But let's not kid ourselves - the odds for this particular permit are much higher than that.

Fish (who has been granted access to Sharetrader again) has a friend who used to work in the industry and reckons BP wouldn't take this on unless the odds were 1 in 2. Even if the odds aren't quite that high, it certainly highlights to me that BP would definitely not be interested in 5%.

**Vaygor1** · 09-10-2019, 02:52 PM

Originally Posted by Ripping

I logged on to computershare late this evening to check my vote remained 'no' - and it had.
It clearly states that if you do not want to change your previously registered vote you need not do anything. Always good to be sure though eh?

Cheers Ripping.

I too just visited ComputerShare and went through the process again myself, just to make 200% sure I've voted AGAINST the offer.

**Independent Observer AUNZ** · 09-10-2019, 03:59 PM

Originally Posted by mistaTea

John Pagani

Why is a controversial political figure filling the External Relations role of a listed company?

This whole charade just leaves me with more questions than answers about the governance of this company. I expect NZX to also take a very close look at the recent trading activities for anomolies. Bizarre to say the least.

**tim23** · 09-10-2019, 07:39 PM

Voted against today too.

**Beagle** · 09-10-2019, 09:14 PM

As a former shareholder who endured many years of NZO's "expert" governance and management before I will opine on this one.

I've never heard of the chances of drilling success being anything remotely like 1 in 2 or for that matter being 200% confident of anything but this thread is absolutly fabulous entertainment, that's for sure !

What happens when you vote this SOA down and then Ironbark drilling is a failure, (which simple logic will tell you is highly likely). Back to well under 50 cents, perhaps only 35-40 cents taking into account the substantial cost of drilling said project and then all you good folks have the lasting pleasure of enjoying NZO's "expert" management and governance for many years to come.

A wise old dog once said to me, be careful what you wish for...

This miserable failure of a company that's squandered hundreds of millions of dollars of revenue from Kupe deserves to be eradicated from the NZX once and for all.