NZ Oil & Gas (NZO)

[fish]

Agreed. And I don’t actually think it is in the best interest of the business for OGOG to spend a lot of time trying to canvass some kind of consensus from minority holders that they will never achieve.

They, along with Management, are supposed to be the experts and they need to chart a way forward. Just like we expected them to do before the SoA.

Trying to get useful information about what they specifically need to do from a generalist investor like myself would be nuts.

If they decide in the future that they want to have another crack at buying out the minority interest, then yes - they should have discussions with the larger minority holders to get a feel around expectations. Fairfax did this very thing when they attempted to buy Tower - and they got the blessing of two of the largest shareholders. The deal ultimately failed - but not because of their process. It failed because Vero were more cunning.

So beyond consultation in the future should they change their mind about a takeover - I think they just need to get on with it. Do with the cash what they would have done if NZOG was a private business. In other words, what they determine is on the best long term interest of the organisation as a going concern. The fact the company is listed and has many shareholders (instead of just one) is irrelevant in my view.

.

My feeling is that they cannot do with the cash as if it was a private business.
They have to work with the minority shareholders and are confined by the companies act.
They have no experience of this.
So far they have not been well-advised judging by their use of the SOA which has resulted in hostile feelings amongst some minority shareholders.
Personally I do not feel hostile but I no longer trust the Independent directors and OGOG -voting for Rod to be re-elected may be see to be endorsing a duplicitous director(he is a director on CUE and if he was honest would not have supported the Northington report).

[k14]

Interesting and relevant article from the Herald:

https://www.pressreader.com/new-zeal...81977494551330

Thanks for the link, very interesting article. I love this bit "Kid said the chances of a discovery in frontier waters were low, with odds of success about one in eight". If that's the case for frontier waters then what is Ironbark with 1 in 20 odds?

Have enjoyed following this thread throughout the takeover attempt as a very new/novice investor I have learnt quite a bit. I've just taken the plunge and bought a small stake in NZO so I can jump on the bus for for the "1 in 20" chance of success

[mistaTea]

Speculation on a Cue thread - if PB-1 comes through the SP could go upwards of 20c.

If that is true, and if the NZX increases by a corresponding market cap for NZO’s share then the SP could lift to 75c- 80c.

Not sure if any of the recent gain to 68c takes into account the possibility of a discovery at Mahato.

[mistaTea]

https://www.asx.com.au/asxpdf/202001...xk6t56gxcr.pdf

Speak of the Devil. I just got this update.

What the hell is going on with The Operator?

If they really are not sharing information that is required under the agreement with Cue - that is absolutely outrageous. I can’t understand why they would do that and expose themselves to litigation.

[Lion]

Speculation on a Cue thread - if PB-1 comes through the SP could go upwards of 20c.

I wonder where you saw this, mistaTea? I can't see it on HotCopper. Quite interesting.

Yeah, it looks like something underhand there - the operator have been paid what they wanted, but are still refusing to say what the result of the drill is. Except to say it has been drilled.

The drill was in Indonesia, the operators from Yemen. I hope if it goes to court, that that would be in Australia and not in either of those other 2 countries.

CUE's 6.9% rise today to a record high might suggest there is a good result at PB-1 and someone knows about it. Or it could be pre-Ironbark thrill-of-the-drill. Or both.

By the way, someone here said Ironbark could drill as early as April. I haven't heard that, I'd thought September was the best guess. Can anyone comment on this?

[Rowdy Flat]

Could also of course have acquired a Percentage over the last 2 years via surrogates and still continuing doing so???
Also there my be some shills on this forum who knows, lets wait and see how this unfolds???

The Takeovers Code states that purchase by associates (I assume that's what you mean by 'surrogates'?) have to be added to the total held.

See p10: https://www.takeovers.govt.nz/assets...ember-2018.pdf

As to forum shills, maybe you could adjust your tin foil hat.

[mistaTea]

I wonder where you saw this, mistaTea? I can't see it on HotCopper. Quite interesting.

https://www.sharetrader.co.nz/showth...l=1#post785016

This was the post where I saw the speculation of the magnitude of SP increase Cue might experience if PB-1 is successful.

At the time of that posting, 20c would represent a 6c increase in SP - or a market cap of $40ish million. No idea how the poster arrived at that figure, but does not seem ridiculous at all.

$20M of that (our half) would be the equivalent of 12c per share for NZO.

[JBmurc]

I wonder where you saw this, mistaTea? I can't see it on HotCopper. Quite interesting.

Yeah, it looks like something underhand there - the operator have been paid what they wanted, but are still refusing to say what the result of the drill is. Except to say it has been drilled.

The drill was in Indonesia, the operators from Yemen. I hope if it goes to court, that that would be in Australia and not in either of those other 2 countries.

CUE's 6.9% rise today to a record high might suggest there is a good result at PB-1 and someone knows about it. Or it could be pre-Ironbark thrill-of-the-drill. Or both.

By the way, someone here said Ironbark could drill as early as April. I haven't heard that, I'd thought September was the best guess. Can anyone comment on this?

Latest out from CUE ... Melbourne, Australia 10 January 2020: Cue Energy Resources Limited (the Company) advises that though its 100% subsidiary, Cue Mahato Pty Ltd (Cue), it has been informed by the Operator of the Mahato PSC, Texcal Mahato EP Ltd, that the PB-2 well has been drilled.


Now add this into an older ann.-

Melbourne, Australia 21 November 2019: The PB-1 exploration well in the Mahato PSC, Indonesia commenced drilling on 19 November 2019 at 1200 hrs local time. PB-1 is planned as an exploration well to test the PB prospect. It will be to be drilled to a TD of 1750m (5750 ft) m and is expected to take approximately 1 week to drill. The PB prospect is a 3-way dip closed structure, part of the Petapahan thrust/wrench system. The primary objective of the PB-1 well is to test the Early Miocene Bekasap reservoirs which are the producing reservoirs at the nearby Petapahan and Kotabatak fields. The secondary objective is the Middle Miocene Telisa reservoir, one of the producing reservoirs at the Kotabatak oil field. If successful, a logging and testing plan has been prepared for evaluation of the well. A decision on a follow on appraisal well, PB-2, will be taken once the results of PB-1 are reviewed and understood. The Mahato PSC is operated by Texcal Mahato EP Ltd. Cue Mahato Pty Ltd (a 100% subsidiary of Cue Energy Resources Limited) holds 12.5% participating interest.


So IMHO the A-hat operators 'Texcal Mahato"(owned by Sabson muti-billion cap Saudi's) did hit great Oil shows in PB-1 as to why they now have drilled PB-2

This of course is know by some parties which are loading up in CUE shares >>> I can't see how Texcal can withhold info from CUE for much longer >> could well end up in court in Aussie?

[mistaTea]

https://katadata.co.id/berita/2019/1...-2-blok-mahato

After using Google Translate:

"Texcal Mahato has been piloting the drilling of the PB-1 Mahato Block exploration well . Even so, the company has not yet received conclusive or conclusive test results. Therefore, the company plans to move drilling to PB-2 wells. "The PB-1 well has been tested, but it is not conclusive yet. So, we decided to move first to drill the PB-2 wells in the same wellpad ," said Deputy of the Special Task Force for Upstream Oil and Gas Business Activities ( SKK Migas ) Julius Wiratno to Katadata.co.id , today (12/23).

Julius explained, the current status of the Mahato Block is an exploration block managed by Texcal Mahato. The company is also committed to drilling two exploration wells PB-1 and PB-2. "The commitment of two exploration wells, PB-1 and PB-2. The investment value of two wells is around US $ 7 million," Julius said. (Read: SKK Migas Reveals Oil Findings in the Kuala Pambuang Block )"


So, results from PB-1 were 'inconclusive' according to this write up. Not sure what to make of that.

[digger]

I get the feeling that Texcal is giving back some of the crap to OGOG through Cue that OGOG gave to the market about the 1 in 20 for ironbark. What I am getting at here is that once you start this funny stuff you never know where it will end or where some form of this twisted thinking will break out next.

Naturally Texcal is right in saying PB-1 is inconclusive and it always will be. The Tue well is also inconclusive and even today you can not say with 100% certainly how much it will produce.



Strange though isn't it that while PB-1 is inconclusive it isn't so all inconclusive that the drilling of PB-2 has to be delayed