NZ Oil & Gas (NZO)

[mistaTea]

https://www.asx.com.au/asxpdf/202004...zrczcl806w.pdf

Discovery has been confirmed.

Texcal still trying to cut Cue out of the picture. Cue still disputing their ability to do so.

This should be a good news story, but instead it still smells like sh1t.

[blackcap]

https://www.asx.com.au/asxpdf/202004...zrczcl806w.pdf

Discovery has been confirmed.

Texcal still trying to cut Cue out of the picture. Cue still disputing their ability to do so.

This should be a good news story, but instead it still smells like sh1t.

It should be a good news story, yet the lack of transparency is worrying. Ironically the discovery comes at a time when oil is not worth very much.

[Waikaka]

Mahato PSC

or production sharing contract.

Terrible deal for an oil company. Hugely complicates booking reserves because the permit is just a contract to extract oil. You never own land or facilities, they remain owned by the state


Not just that but plenty of obligations that make developments inefficient


-A domestic market obligation of 25%.
-lots of minister approval
-Utilisation of local workers/employees, goods and services.
-Data obtained from oil and gas activities to be owned by the State.
-Indonesian participant, firm commitment, unitisation, relinquishments, etc shall be carried out in accordance with prevailing laws and regulations.

Pertamenia is getting more and more permits. Exxon, CNOOC and Chevron are the only big guys left. Good luck getting a good deal out of the Indonesian nationalists.

[Fabs37]

could you even imagine 'Soimon' fronting up and handling this crisis? Or that thing Paula Bennett?

Not I.
Misty tea

While this Forum is not particularly about Politicians/Partys doings.
At least do just a bit of easy researchable Statistical facts, to compare what this is all about [ no conspiracy here ]

Is Amnesia a Symptom of Covid-19? - Gilad Atzmon

I would think that the above named would have acted more or less the same.
Perhaps less Hysterical than Cinta, but following the same script.
Hope this helps.
Cheers

[Independent Observer AUNZ]

could you even imagine 'Soimon' fronting up and handling this crisis? Or that thing Paula Bennett?

Not I.
Misty tea

While this Forum is not particularly about Politicians/Partys doings.
At least do just a bit of easy researchable Statistical facts, to compare what this is all about [ no conspiracy here ]

Is Amnesia a Symptom of Covid-19? - Gilad Atzmon

I would think that the above named would have acted more or less the same.
Perhaps less Hysterical than Cinta, but following the same script.
Hope this helps.
Cheers

What the F are you talking about? There is a clear difference between the two leaders - just look at the recent social media posts from both to see the difference. Whether you agree with one side or the otherm the differences are as stark as night and day. Not sure what conspiracy you are saying is or isn't here regarding statistical facts... but you're not pointing anyone to such facts so I'm sorry buy you're going to end up on my 'ignore' list.

I agree with Independent Observer on this one. I think most of us can agree that for a range of reasons we have to move away from fossil fuels. However, the key is to reduce demand for the products. What the current govt have done is to reduce potential supply without providing sustainable alternatives, and that might come back to bite them. As for hens, isn’t it good not to be one?

Thanks for the support

[mistaTea]

What the Hell is going on here then?

https://uk.reuters.com/article/us-di...-idUSKCN2292NW

This does not bode well for Ironbark given a diamond are suing Beach for some other drills?

Either the Americans are dodgy as hell right now and have caused the recent issues for Cue and now Beach.

Or these stuffing Aussies need a kick right up the bloody ass.

Appreciate this is a different rig to our one (Beach were contracted to use Onyx, whereas we have a contract with Apex).

But it still does not bode well for our JV if Diamond are currently suing one of our partners. And Beach's cancellation has forced Diamond to file for bankruptcy?

[Wiremu]

What the Hell is going on here then?

https://uk.reuters.com/article/us-di...-idUSKCN2292NW

This does not bode well for Ironbark given a diamond are suing Beach for some other drills?

Either the Americans are dodgy as hell right now and have caused the recent issues for Cue and now Beach.

Or these stuffing Aussies need a kick right up the bloody ass.

Appreciate this is a different rig to our one (Beach were contracted to use Onyx, whereas we have a contract with Apex).

But it still does not bode well for our JV if Diamond are currently suing one of our partners. And Beach's cancellation has forced Diamond to file for bankruptcy?

A quick look at http://investor.diamondoffshore.com/...f-7ac1510f6c78 shows Diamond Offshore made an operating loss of US$180.2m in FY2018, and a further operating loss of US$357.2m in FY2019. So red ink around long before Beach's cancellation had any impact.

Also: https://www.msn.com/en-us/finance/ma...on/ar-BB13h187

[Waikaka]

I heard the rig was 2 days late so Beach used it as a nonsense excuse to cancel the 6 well program. Real disgrace after Diamond would have spent millions in mob to get it to aussie.

Suspect Noble and Valaris (Ensco/Rowan) are also teetering with going Chapter 11.

Such terrible times out there lots of good staff being let go.

[mistaTea]

A quick look at http://investor.diamondoffshore.com/...f-7ac1510f6c78 shows Diamond Offshore made an operating loss of US$180.2m in FY2018, and a further operating loss of US$357.2m in FY2019. So red ink around long before Beach's cancellation had any impact.

Also: https://www.msn.com/en-us/finance/ma...on/ar-BB13h187

Yeah, but they have still had a positive cashflow.

Regardless of whether or not Beach is just the final nail in the coffin...

Still does not bode well to have them filing Chapter 11...and also suing our JV partner.

Let's hope our fearless leaders at NZO and Cue have some reassuring remarks to make soon.

[mistaTea]

Does anyone know much about Chapter 11?

While Diamond are 'restructuring' - is it feasible that Ocean Apex could still carry on to fulfill existing contractual commitments? Or does everything go on ice while they try and sort out the business 'structural' issues etc?