NZ Oil & Gas (NZO)

[Vaygor1]

Here is the link to a Draft 2009 U.S. report concerning the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling. https://web.cs.ucdavis.edu/~rogaway/...terials/bp.pdf

The entire draft makes very interesting reading but of particular note is a paragraph on Page 8 taken from the U.S Energy Information Administration...

"Advances in exploring the deepwater of the Gulf of Mexico relied in large part on improvements in seismic technology. As a result of these advances, the percentage of wells drilled in the Gulf where 3-D seismic technology was employed increased from 5 percent in 1989 to 80 percent in 1996. The success rate of exploratory offshore wells shot up once 3-D seismology and other improvements became common. Between 1985 and 1997, the offshore exploratory success rate for the major U.S. companies increased from 36 percent to 51 percent."

... and that was 10 years ago.

5% ... Pffft

[Beagle]

Good luck with Ironbark folks.

[mistaTea]

Here is the link to a Draft 2009 U.S. report concerning the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling. https://web.cs.ucdavis.edu/~rogaway/...terials/bp.pdf

The entire draft makes very interesting reading but of particular note is a paragraph on Page 8 taken from the U.S Energy Information Administration...

"Advances in exploring the deepwater of the Gulf of Mexico relied in large part on improvements in seismic technology. As a result of these advances, the percentage of wells drilled in the Gulf where 3-D seismic technology was employed increased from 5 percent in 1989 to 80 percent in 1996. The success rate of exploratory offshore wells shot up once 3-D seismology and other improvements became common. Between 1985 and 1997, the offshore exploratory success rate for the major U.S. companies increased from 36 percent to 51 percent."

... and that was 10 years ago.

5% ... Pffft

Very interesting. Fish's friend (who used to be in the industry) is adamant that BP don't go for these offshore explorations unless they think the odds are 50:50.

So what you shared reinforces that.

[digger]

Very curious.

If it is not a compulsory course of action, then OGOG are choosing to do this.

If that is true, then why would OGOG choose to make NZOG announce daily progress?

Well, they wouldn't choose to do this if the current voting tally was in their favour - if they had it in the bag.

So I would have to assume that they are well short of the required votes, and by publishing the results daily they hope to galvanise fence-sitters to take action and vote for the scheme.

A hope that will be in vain.

You could be right but an alternative view is that they are slowly telling the market to 74 cent SOA offer has failed.So we all including me have to watch very carefully whether this meeting on the 14th in Wellington will take place or not.
Do I book a flight or not?????

Guess that question is the blind leading the blind,as clearly no one really knows at this stage

Who is going -if on???

[blackcap]

You could be right but an alternative view is that they are slowly telling the market to 74 cent SOA offer has failed.So we all including me have to watch very carefully whether this meeting on the 14th in Wellington will take place or not.
Do I book a flight or not?????

Guess that question is the blind leading the blind,as clearly no one really knows at this stage

Who is going -if on???

I will be going, but I am lucky that for me its a train ride and a stroll to get there. (if its on that is).

[digger]

So is there a minimum time when the company have to let us know,or can they just leave us with a sign on the door when we arrive. Anyone what can bull sh-t us that Ironbank has only a 5% chance of success,and would invest in it can say or do anything.

[blackcap]

So is there a minimum time when the company have to let us know,or can they just leave us with a sign on the door when we arrive. Anyone what can bull sh-t us that Ironbank has only a 5% chance of success,and would invest in it can say or do anything.

I suggest you take this up with the company in question. John Pagani being the communications director (or whatever the title is) is probably the best place to begin.

[mistaTea]

You could be right but an alternative view is that they are slowly telling the market to 74 cent SOA offer has failed.So we all including me have to watch very carefully whether this meeting on the 14th in Wellington will take place or not.
Do I book a flight or not?????

Guess that question is the blind leading the blind,as clearly no one really knows at this stage

Who is going -if on???

I am 99% sure that the Monday vote tally will be approx 13M.

If 100% of minority shareholders voted we needed approx 12.7M to block it. So by Monday it should be clear that it is mathematically not possible for the deal to succeed.

My expectation would be that they would announce that they accept the deal will not happen, and the special meeting on Thursday is cancelled (since it is pointless).

I was not going to go even if the meeting is on. Might pay to wait until after the Monday NZX announcements if you were going to go but haven't booked flights yet.

[mistaTea]

In about half an hour we should have the latest tally - and hopefully a notification that the special meeting has been cancelled.

I tend to agree with digger and other posters that this has been a way for OGOG to signal to the market that they have failed hopelessly to attract enough sellers...thereby allowing them to cancel the pointless Thursday meeting.

[Not too Flash]

Don't think they can cancel the meeting until tomorrow - the announcement on Friday says

"Shareholders have the right to change their vote at any time prior to the cut-off time for submitting postal/electronic votes and proxies, being 10am on 12 November 2019."