NZ Oil & Gas (NZO)

[Sehnsucht888]

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ABN Amro said it had assessed profit risk to be on the downside for seven companies - Fletcher Building, Freightways, Pumpkin Patch, Briscoe Group, Ebos Group, Just Water International and Tenon.

Balancing this, the broker predicted earnings from seven other companies - Nuplex, ING Medical Properties Trust, Steel & Tube, AMP NZ Office Trust, Mainfreight, New Zealand Oil & Gas and New Zealand Windfarms - could surprise on the upside.

Another ABN Amro analyst, Dennis Lee, said the slowing domestic residential market combined with the disappointing performance of international benchtop group Formica would have a "negative impact" on blue chip Fletcher Building's results. The consensus of analysts' expectations is for Fletcher to post annual net profit of between $398 million and $476 million.

There are, however, some bright spots: New Zealand Oil & Gas is expected to announced strong full year results, boosted by higher production in its Tui oil fields and record oil prices.
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http://www.nzx.com/news/markets/4635755
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-- no kidding..

[fish]

I didnt expect Tui to be still producing in these conditions but the latest announcement says it hasnt lost a day-

However, since the de-bottlenecking of the Umuroa late last year, subsequent monthly production has been about 40,000bpd or more.

This production had been achieved despite various technical challenges and some very rough weather and sea conditions at the Tui field about 50km off the Taranaki coast.

Last week saw the worst conditions yet encountered, with sea swells of up to 14.2m recorded at a nearby wave buoy.

Despite such conditions, the field and the Umuroa floating processing, storage and offtake vessel have continued to produce every day.

The FPSO’s liquid handling capacity is being increased, from 120,000 to 150,000bpd, and should be completed in time for the tie-in of the new Tui-4H production well, anticipated to be drilled in early 2010.

Tui crude is typically sold against the Tapis benchmark and so far 50 tankers have visited the field.

Tui oil is sold into the east coast of Australia or southeast Asia and, for the first time last week, to Hawaii.

The Tui partners are operator AWE (42.5%), Mitsui E&P NZ (35%), NZOG (12.5%) and Pan Pacific Petroleum (10%).

[Paddie]

[QUOTE=Sehnsucht888;215677]TUI Production Performance:



I too would be quite keen on another div. 5c, 10c something like that.


I am sure that most holders would be keen to get a dividend.

I am not so sure that we will?

Paddie

[tim23]

Paddie - the dividend for 07/08 has been paid, fullstop!

[fish]

[QUOTE=Paddie;215713][QUOTE=Sehnsucht888;215677]TUI Production Performance:



I too would be quite keen on another div. 5c, 10c something like that.


With the nz dollar crashing down-now 73.4- income from Tui should remain high even with the falling oil price . Not the best time to buy an overseas oil interest however .

The best move in the interest of shareholder wealth would be a dividend and I would agree with your 5 to 10c .

[Paddie]

Paddie - the dividend for 07/08 has been paid, fullstop!

Tim,

I was responding to Sehnsucht88's call for a dividend.

As posted, I would be surprised if we get one.

Paddie

[fish]

Paddie - the dividend for 07/08 has been paid, fullstop!

Tim,
Where did you get this information from?
I suspect the market is not expecting a final or special dividend but I certainly am.
The information I obtained from the nzo website dated 13 th march 2008 states -
"The Board of NZOG resolved to pay a
fully imputed dividend for the 2007/08
financial year of 5.0c per ordinary share."
I am not a lawyer but to me this does not exclude another dividend-be it called final or special
Elsewhere they state a reasonable proportion of profits will be payed out as dividends . Now in march they were not aware of the final quarterly result-so how could nzo make a final decision -in actually fact I expect it to be much more than even a bigger optimist than me could have predicted at that time !.
The rights issue has given nzo a vast amount of cash to use to expand reserves and production . In these circumstances I would expect a good final or special dividend to reflect the unexpectedly higher profits .
If we have no news of future dividends tomorrow then I would have to conclude the current directors are confusing the shareholders and possibly not acting in the best interests of the shareholders .

[777]

Any dividend, if declared, could simply be an interim dividend for 2008/2009 year.

I give it a 90% chance a dividend will be declared. We have a company producing profits here so shareholders should get some return on their investment. The cash issue is for further expansion and separate from this issue.

[friedegg]

doesnt te thing that comes out tomorrow only have the cash situation and the previous 3 months goings on?and doesnt include future announcements?

[tim23]

Egg - as I recall the company paid the 5c as a interim but final for 07/08 I'd love there to be another but there is no evidence to suggest that would be the case and the company I thought was at pains to point that out.