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  1. #661
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    just got back from wellington. Thanks for all the comments but would like to add some points.
    All the share bonuses to the staff should be looked at. Roughtly it means they get the right to take up the options two years after they join the company at 20% above the price they were when they joined the company or 20% above the price when they agreed to take up the rights.
    {Helen tells me that in the US staff get these options for no capital outlay.}
    So if theses options are issued today at 1dollar they will have to be 1-20 when exercised.

    I have to accept the hedging policy in place to satisfy bank lending policy but i have it from several directors that hedging will be kept to a minium in the future.
    Agree that there should be no dividend until imputation credits are available,and also until the other two projects are at or very near production.At that stage i will be prepared to lead a lunch mod if more shares are issued to staff if no dividend is paid to shareholders.
    digger

  2. #662
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    Krokopin- you were not at the AGM so stop commenting; the food was fine but I was impressed with David Salisbury; TR usual dulect tones.

  3. #663
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    Quote Originally Posted by digger View Post
    just got back from wellington. Thanks for all the comments but would like to add some points.
    All the share bonuses to the staff should be looked at. Roughtly it means they get the right to take up the options two years after they join the company at 20% above the price they were when they joined the company or 20% above the price when they agreed to take up the rights.
    {Helen tells me that in the US staff get these options for no capital outlay.}
    So if theses options are issued today at 1dollar they will have to be 1-20 when exercised.

    .
    thanks for explaining that digger
    that looks fair enough
    When they said "partially paid shares" I assumed they were going to be heavily discounted, ie a give away
    .
    He who lives by the crystal ball soon learns to eat ground glass. (Edgar Fiedler)

  4. #664
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    Quote Originally Posted by digger View Post
    just got back from wellington. Thanks for all the comments but would like to add some points.
    All the share bonuses to the staff should be looked at. Roughtly it means they get the right to take up the options two years after they join the company at 20% above the price they were when they joined the company or 20% above the price when they agreed to take up the rights.
    {Helen tells me that in the US staff get these options for no capital outlay.}
    So if theses options are issued today at 1dollar they will have to be 1-20 when exercised.

    I have to accept the hedging policy in place to satisfy bank lending policy but i have it from several directors that hedging will be kept to a minium in the future.
    Agree that there should be no dividend until imputation credits are available,and also until the other two projects are at or very near production.At that stage i will be prepared to lead a lunch mod if more shares are issued to staff if no dividend is paid to shareholders.
    Thanks digger et al for your observations from the AGM . Are you sure you mean lunch mod and not
    lynch mob??
    Mick, partially paid means they have to pay 1c per share now to reserve the right to later take them up.
    At uptake they have to pay the difference i.e. if the are offered at 20% over today's price they'll have to
    fork out another $1.23 at uptake. Only after that do they become fully paid shares and can be sold on the market.

  5. #665
    Senior Member Nitaa's Avatar
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    From what i have figured so far with the share option plan for employees is they are getting free cracks of the cherry imo. By that i mean that as incentives so to speak they can purchase these various options at reletively low price compared the the current SP at the time. There are a sway of options available at around the 41.00 to $1.10 mark. This is significantly lower than the 20% that digger has mentioned if you read the NZX release when they come out.

    What does all this mean. NZO is probably no different to most other listed companies where imo the strike rates or incentives are too easliy attained. This is biggest gripe but it wont do us any good if only the odd person complains about it. In effect we are paying for mediocrity. It could be worse. You only have to look at many of the spec assie mining stocks to realise that most NZ companies arent too bad.

    Although i wasnt at thge meeting i am growing to dislike TR more and more every day. I sort of expected that DS is a puppet to TR by the looks of today my fears are not easing. If someone wants to put their heart and soul into a company then reard them for their effort but TR has his fingers in a lot of pies and since he is based in Aus i dont see how he is being efficient for NZO. His family will do very well out of his legacy.

    Im sure the oil spill was mentioned today and since AWE acknoweledeged there was an incident on the 21st I wonder how significant it was. was the question asked and if so what was the reply?

    Although i am a holder i cant help but get the feeling the pong is getting stronger.

  6. #666
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    ill be holding nzo till the day digger sells his shares.

    me and the old mans cash in this company for 3 years now, has pretty much been flatlined.


    a dissapointment? you bet

    in the past 3 years, they have got tui into production , ipo'ed the coal

    i tink that aint too shady for the company IMO

    share price wise = shocking

    company's projects = good work.

    lets hope the share price will catch up some day...
    Oil - NZO
    REE - ARU
    Copper - EQN/OXR/TMR
    Iron- AGO/ADY/UMC
    Nickel-WSA
    PGM/Gold - PLA/VRE

  7. #667
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    Thumbs up

    Those of you who didnt see NZ herald article

    NZOG expects $100m from Tui
    5:00AM Saturday October 27, 2007

    New Zealand Oil and Gas (NZOG) is expecting its oil revenues from the Tui area in offshore Taranaki to top $100 million this financial year.

    Chief executive David Salisbury told NZOG's annual meeting in Wellington yesterday that production from Tui had averaged about 40,000 barrels a day since oil began flowing on July 30.

    Some technical modifications were needed to reach the 50,000 barrels a day target, which the company expected to achieve during November.

    NZOG has a 12.5 per cent interest in the Tui area, from which 2.5 million barrels of oil have so far been shipped.

    About 60km from the coast, the Tui Area Oil Project, operated by AWE, is being investigated as the possible source of oil that washed up on a Taranaki beach.

    About 6cu m of contaminated sand has been removed from the beach.

    Salisbury said the oil produced from Tui was a high quality sweet, light crude, but so far the amount of money earned from it was commercially sensitive.

    During the September quarter NZOG had received US$7.5 million cash from Tui, he said.

    Forward revenue predictions were difficult, but a useful rule of thumb was that each barrel of oil earned roughly $100, Salisbury said.

    With NZOG's share of production this financial year expected to be about 1.2 million barrels, the company expected its revenue from Tui to comfortably exceed $100 million in 2007-08.

    Developed proved and probable reserves for the Tui area were put at 32 million barrels, with project operator AWE carrying out a study which would include evaluation of the economic potential of undeveloped reserves.

    NZOG chairman Tony Radford said the cash flow being generated from Tui this financial year was earmarked in part to repay much of the bank loan NZOG used as the primary source of funding for the development.

    The company also needed to meet its other operational costs and to be able to provide financial support , if needed, to the development of the Pike River Coal mine on the West Coast, of which NZOG now owns around 31 per cent, following an $85 million public equity raising.

    NZOG's other major investment is a 15 per cent interest in the Kupe gas and condensate field development, also in offshore Taranaki, where first production is due in mid-2009.


    Salisbury said NZOG's share of the Kupe development costs up to the beginning of October was about $50 million which was met from general sources of funding.

    Remaining development costs were being funded through a $125 million debt facility with Westpac Bank.

    He acknowledged the company had "recent disappointments" with the overseas Taranaki Hector, Taranui and Tieke exploration wells.

    NZOG's current exploration portfolio was not as strong as the company would like. It remained committed to pursuing attractive exploration opportunities, both within its existing acreage portfolio in the Taranaki region, and elsewhere, Salisbury said.

    Taranaki alone would not provide sufficient future opportunities for NZOG, and the company believed New Zealand had good remaining prospectivity for oil and gas.

    NZOG was also looking at specific acquisition opportunities but could not yet talk about those.

    "The economics for NZOG of exploring in New Zealand remain very good," he said. "New Zealand continues to be under-explored. Worldwide the hunt for acreage is on - yet New Zealand is still largely off people's radar screens.

    "But we know that New Zealand has active hydrocarbon systems. There are eight identified basins, but only Taranaki has seen any significant exploration."

    Salisbury said the company had been through a "transformational" period, with production beginning at Tui and the long-awaited float of coal mine Pike River.

    NZOG shares closed down 1c at $1.04 yesterday, having ranged between $1.34 and 86c in the past year.

    - NZPA

    Tui tips

    * The Tui Oil development is located off Taranaki.

    * It was discovered three years ago.

    * Oil began flowing on July 30.

    * NZOG has a 12.5 per cent interest in the development.

    * It intends to lift production from about 40,000 barrels a day to 50,000.
    Time is a great teacher, but unfortunately it kills all its pupils

  8. #668
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    Quote Originally Posted by tim23 View Post
    Krokopin- you were not at the AGM so stop commenting; the food was fine but I was impressed with David Salisbury; TR usual dulect tones.
    I had no idea someone was tracking my every move...

    Quick! Tell everyone where I'm a going to be monday lunchtime!

    Clearly you missed by further comment about leaving early - had $ to make rather than listen to TRs ramblings.

    I stand by my comments - you don't have to pay attention.

  9. #669
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    Kropotkin,

    If you object so much to the two directors you have made disparaging remarks about, why didn't you vote against their re-appointment.

    Oh I forgot, then you couldn't hide behind anominity.

  10. #670
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    Quote Originally Posted by Wiremu View Post
    Kropotkin,

    If you object so much to the two directors you have made disparaging remarks about, why didn't you vote against their re-appointment.

    Oh I forgot, then you couldn't hide behind anominity.
    He probabely did what i did at the previous years meeting, walk out half way through In disgust. When you listen to what i listened to i knew to vote with my cheque book, no point upsetting the starry eyed brigade. I do notice that even some of the companies greatest supporters starting to wake up to the reality of what is going on. Never mind only eight months to go in pass the parcel that should upset a few apple carts. All those questions you lot wanted answers to what a bunch of wimps to come back none the wiser. Macdunk

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