NZ Oil & Gas (NZO)

[Unicorn]

Paul Grogan is standing for directorship of NZO at the upcoming AGM on the 28th. Today i received a letter from him regarding this matter. I have just retruned emailed him for more info and will give a detailed comments when i hear from him. In the meantime has everyone else got a letter? Fish if you are reading did you get one?
Until later

Hi Digger

I received the same letter today. I can't say I was impressed.

While I would like the current funds to have been utilised, I am happier for them to remain unused rather than to be used on a project that does not stack up. To say that many opportunities have been squandered while the Board procrastinated, but without giving any examples is quite ridiculous.

I am not generally in favour of making more use of derivatives, as I see that as more likely to benefit outsiders (the money parasites) rather than shareholders.

The statement that the Board is arrogant to strongly endorse the reappointment of the current directors is quite peculiar. If the Board did anything other than to strongly endorse sitting members then I would be most upset that they had not acted to replace them earlier.

I am not sure that the letter shows a great understanding of the PPP transaction and of the $50 put options - but the again I do not understand all of the facts in these areas myself.

All in all the letter had very little substance, but set the candidate up to be a hostile addition to the Board - which I do not believe to be in shareholders interests. There seemed enough to contradict the claim to be a strategic and logical thinker, and I would have expected much more care to be taken to avoid this in a letter of this type.

If the company was not performing, then I would be somewhat more interested in looking towards a change in personnel. But I would look for a candidate who showed more concrete proposals and who was employing a more appropriate strategy to harmoniously join the team.

[fish]

[QUOTE=digger;276471]Paul Grogan is standing for directorship of NZO at the upcoming AGM on the 28th. Today i received a letter from him regarding this matter. I have just retruned emailed him for more info and will give a detailed comments when i hear from him. In the meantime has everyone else got a letter? Fish if you are reading did you get one?
Hi digger ,

All my mail regarding nzo goes to my margin lender and then is forwarded to me . I havnt received anything from Paul Grogan yet .
My gut reaction is that I am supportive towards the current board . They seem to have made excellent decisions in the most important arena-exploration .
My only gripe is that it was clear to almost everyone that the us/nz exchange rate had gone to far-and better use of this windfall-such as a special dividend -could have been made .But this is a very small point and no board can be expected to be perfect for everyone


Unicorn makes a wise reply .

[Nitaa]

I havent received this letter but clearly it was sent out to the main shareholders only.

His approach seems to be of looking for opportunities for himself other corporate raiders with a certain type of agenda. It wont be good for the general shareholder.

[Nitaa]

[QUOTE=fish;276504]

My only gripe is that it was clear to almost everyone that the us/nz exchange rate had gone to far-and better use of this windfall-such as a special dividend -could have been made .But this is a very small point and no board can be expected to be perfect for everyone

I know this has been debated before but in essence nzo is already hedging the currency. If they converted all revenue at a particular price to $NZ then when they have to pay for exploration and other costs that are in US currency then they have to pay a premium to convert it back.

I think they have got the balance about right. Now that the $NZ is tipping 75 US cents it is now nearing the all time high. So whether we keep climbing or retract no one knows for sure but there will always be swings and round-a-bouts.

[Mr Tommy]

Quote - although NZOG appeared to have “snookered itself” regarding significantly increasing its 14.9% stake in, or taking control of, fellow Tui oil fields partner and dual-listed company Pan Pacific Petroleum.

For the Tui wells, the Umuroa is contracted out until 2022, so Tui is going to be producing possibly for another 12 years or so. Plus some extra drilling over this summer could add to that. Add in PPPs other ventures, and the doubling in PPP share price since NOG bought them, the investment seems to have been pretty good to me.
If NOG was in a rush to get hold of their money then maybe they would be snookered, but with plenty of time on their side, and loads of cash in the bank, I dont think so.

[Chris Roberts]

i must congranulate the nzo media pr team for pulling off such a great stunt!
the monday before the dividend went ex the media released a report claiming if all 4 wells come in nzo sp could go up by $2 and the sp rose,yesterday the same media released on that day was released again,and the sp rose....
if they continue to release this same news every monday it wont be long before it hits $2

While it would be nice to take the credit, I should point out that NZOG had nothing to do with either of the recent newspaper stories. A number of broker analysts have come to similiar conclusions about the potential impact of our summer drilling programme and have put out research notes. Those notes have been seen by the media and stories have been written. NZOG was not contacted for comment at any point.

[fabs]

Re:P. Grogan, from whom i too have gotten notice, Ditto to all of the above.
Yes he is also trying to get on the board of the NZXS under similar circumstances.
Not my cup of tea and as a single voice against the present team totally superfluous.

[digger]

To Chris Roberts ----Public Affairs Manager NZOG


Chris i am asking you for this comment here on sharetrader as it is a public matter reqarding all NZO holders as opposed to a private email.
Now that Paul Grogan and a Mr Dick are both putting forward their names for directorship of NZO i am seeking the history of their involvment with this company and their holding in it.So my question is as elected directors have to reveal their holdings and history with NZO when do candidates for nomination have to reveal theirs? If it is [and it should be] on accepting nomination can that information be released here for public knowledge on sharetrader?
In the meantime i have asked Paul Grogan for this info and 4 other points but so far have just got back that he is busy and will reply in a few days.The month is ticking by so we need this info.

[Chris Roberts]

Charles, I am not aware of any requirement for nominees for a Board position to declare the details of any shareholding. I note, however, that both Mr Dick and Mr Grogan provided biographical details for inclusion in the Notice of Meeting. Mr Dick described himself as "a longtime investor in... publicly listed companies" and Mr Grogan stated that he was a "large shareholder in NZOG for approx. 20 years".

[digger]

Charles, I am not aware of any requirement for nominees for a Board position to declare the details of any shareholding. I note, however, that both Mr Dick and Mr Grogan provided biographical details for inclusion in the Notice of Meeting. Mr Dick described himself as "a longtime investor in... publicly listed companies" and Mr Grogan stated that he was a "large shareholder in NZOG for approx. 20 years".

Thanks Chris for replying so quickly. I am aware what you stated but it really does not give the info exactally as i seek it,or as it must be post successful election.So by law only Mr Dick and Mr Grogan can release this info. .Mr Dicks long term invester statement could well mean an invester using someone elses money,and Mr Grogan needs some numbers to guage the level of what he sees as large.This also needs to clarfy if it is personal committment or on behalf of clients. But thanks anyways.