Slap me Balance, I almost pushed the buy button on this today......
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Slap me Balance, I almost pushed the buy button on this today......
Wow Balance - you really are 'something else' . Apart from the (rare) minor 'gem' , you do spout one heap of super -ve $@#t with your implication that it was somehow the NZOG directors who were responsible for the death of the Pike miners. You've said your piece - again and again - now why don't you go away and play somewhere else?
Come on 'Balance' you can do better than that. Surely the resumption of dividends is a disaster for shareholders and the SP. -So please explain how. Or are you waiting for an upgrade to Tui reserves and a resumption of the buyback before you
reiterate what "a bunch of dead-beat directors" NZOG has.
(Quote is from your post 20-08-2011 06:39 PM, but its the kind of inside knowledge posing as comment that you have often graced us with)
NZO its faults, but balance is what we all need.
QUOTE=Balance;355259]A few left-over crumbs from the top table to the groveling masses or a just a little more dung for the mushrooms to keep them ready for the next (rights issue) harvest?
The directors must wake up each morning and marvel at how easy it is to manage the groveling masses - throw them a few bones and they are happy! So easy to lord over them even after the board has presided over the destruction of hundreds of millions of dollars of shareholders' wealth through gross mismanagement of all that lovely cash of $285m 2 years ago - Pike, PPP, dry wells and above all, missed opportunities when assets were dirt cheap.[/QUOTE]
p.s. my view is that 80c is achievable in the short term...20% from here
04c rise in a day, unseen for a fair while, some (other than (un) balanced) obviously like the mystery of spending $100mil somewhere !
Notice in PPP annual report they aspire to a merger - now I wonder how that sits with NZO?
Perhaps merge with NZO and as a bonus PPP provide DS's replacement with Tom Prudence.
M
Well it was reported that NZO are going to announce an investment around 100 million very shortly
PPP has a market cap of about 100mil so is quite possible considering they already have a stake
hmmmm and PPP directors buying more stock recently.
FInally an Energy Minister and Government that proudly wants to responsibly maximise the economic benefit of our vast resources !
The New Zealand Energy Strategy and the New Zealand Energy Efficiency and Conservation Strategy released today by the Acting Minister of Energy and Resources, Hekia Parata, show an energy future that delivers for all New Zealanders.
“New Zealand is blessed with an abundance of energy resources,” says Ms Parata.
“Our Government’s goal is to make the most of all the assets we have – hydro, wind, geothermal, oil, gas and minerals.
“We want to use those resources responsibly to secure our energy future and to lift our standard of living. That is why the Government is taking a balanced approach to building a sustainable energy and resources future."
On the renewables side of the energy and resources portfolio, New Zealand’s renewable energy levels are the second highest in the OECD, behind Iceland.
“Renewables and energy efficiency are a big part of our energy picture,’’ says Ms Parata.
”Renewables made up 79 per cent of our total electricity generation in the March 2011 quarter. New Zealand has a target of 90 per cent of electricity generation to be from renewable sources by 2025, and we are well on our way to achieving that.’’
Like the rest of the world, New Zealand needs a range of renewable and non-renewable energy sources to meet its energy needs in the immediate future.
“Fossil fuels will continue to play an important role in the global economy. Around half of the energy we currently consume is from petroleum,’’ says Ms Parata.
“We can’t just turn off the tap in our journey to a lower carbon economy. We also can’t ignore the major economic opportunity that continuing global oil demand could provide New Zealand. Petroleum was our fourth biggest export earner in 2010.’’
In addition to the energy strategies, the Minister today released an independent report assessing New Zealand’s oil and gas potential.
The Woodward report shows that New Zealand is set to earn more than $3 billion in royalties from oil and gas fields already in production.
That could increase to $12.7 billion with future discoveries, which would help pay for schools, hospitals, broadband and roads.
“People want to be sure that the environment is protected and they also want jobs and growth,’’ says Ms Parata.
“We have seen the difference the oil and gas industry has made in Taranaki, employing over 5,000 people (in 2009) and contributing $2 billion to our country’s GDP.’’
Environment Minister Nick Smith last week introduced legislation to manage the environmental effects of activities in New Zealand's Exclusive Economic Zone and Extended Continental Shelf and announced interim measures to manage the environmental effects of activities before the new law is passed.
Labour Minister, Kate Wilkinson, has also announced the establishment of a High Hazards Unit of eight inspectors specifically dedicated to the petroleum and mining industry.
The Minister of Transport is also reviewing the liability insurance requirements for the industry and is looking to raise it above the current level of NZ$30 million.
“Together these measures provide assurances that the industry operates within a sound regulatory and operational framework.’’
Ms Parata also announced today proposed changes to the way permits are issued for oil and gas exploration. Currently companies can apply to explore any area in New Zealand, the proposed approach would see the Government open up a limited range of specific areas for tender.
“The proposed approach would allow us to focus on areas of greatest potential, and will be more transparent for the public, who would know which areas are available for permitting and which are not. Communities and iwi would have an opportunity to comment on the proposed areas to be opened up,” says Ms Parata.
There is a 40-day working period for which people can make submissions on the proposed change to the permitting system.
Ms Parata also announced the Government is reviewing the Crown Minerals Act (1991) and that a Discussion Document will be put out for consultation before the end of the year, with revised legislation in 2012. This follows on from the earlier round of consultation in August 2010.
“The Act is 20 years old and the review will focus on updating and aligning it with the Government's economic agenda,’’ says Ms Parata.
Sometimes I get a funny feeling about stocks and I've got it for NZO. Still quite cheap and the buy side is buildings and the sell side is thinning. I don't think it will be long before you can't buy in the 60's.
I tend to agree Corporate, with the stock being very undervalued on earnings. They need another partner for their main offshore prospect (was kaupokanui) and there are other factors such as recovering Pike secured debt and the sale of the mine which is holding the SP back .
Then there is the possibility of $100 million investment which could be good news if they can finalise the deal.
NZO has been a bit of a dead horse all year.
With a bit of luck sentiment could change quickly.
This year has been the perfect storm - the weather will clear. I think that the current lack of bad news in itself will see a re-rating upwards. Lets face it it had to stop falling eventually! I even read a post from Balance mentioning "good assets". Say no more. Chart suggests long term bottom IMO.
Long may the weather clear over nzo.
Increasingly stormy in usa though-metaphorically and physically-1/2 of gulf of mexico oil production now shut in by this slow moving cyclone.
China continues its phenominal growth to more than make up for the relatively static usa economy .
Much higher production in august than july-gas,lpg and light oil all up
Kupe is certainly making up for the lower predictions on Tui .
Good point fish, loving the big bid in at 67c
NZOG website gives monthly production figures.
Also confirmed by Chris
-You are correct, Kupe is doing very well. So well that the planned in-fill drilling has been delayed until 2013/14. This means any further exploration drilling at Kupe is also delayed until then.
At Tui there are several promising exploration targets. We are waiting for a firm proposal from the Operator. But there will certainly be no drilling before 2012/13.
We are well advanced on our planning to drill the Kakapo well (formerly Kaupokonui) but are struggling to secure a rig. No-one else is planning to drill this summer in NZ waters so it is a bit of a lonely slog to get a rig. If we miss out on drilling this summer we will drill in 2012/13.
A lot of our efforts are focussed on Tunisia and Indonesia. In addition to what has been announced, we have a steady stream of other potential deals in both locations were are being assessed and I’d expect some further announcements in the next few months.
YES IT IS ALWAYS THE NEXT & NEXT & NEXT this or that, at least we go back to the formula that lead to success 10 years ago. Here is hoping!
will be a shame if the Kakapo well is not drilled this summer but understandable re the struggling to secure a rig. Has been a boring year on the exploration side.
Talk the talk, but was PW walking the walk?
29 miners dead.
http://www.stuff.co.nz/national/pike...-many-to-tears
"there had been no evacuation practice at the mine during his 2 1/2 years working there."
Maybe NZOG should talk to Tag, they seem to be going to drill this summer:
http://www.stuff.co.nz/business/indu...-job-prospects
Cadenhead said yesterday that initially a couple of dozen staff would be involved in the project on the east coast, but as that moved to the seismic testing programme and drilling in the first half of next year, it could involve "hundreds".
"We will definitely be drilling in the first half of next year," he said, after assessing the results of the seismic testing.
"We don't mess around, you have to get on with these things", with Tag working at a faster pace than some other exploration companies in New Zealand.
As predicted NZO is slowly clawing back some lost ground. I think the share price will move towards the mid 80c's in the medium term.
Corporate, if you get any more funny feelings about a stock will you let us know.
I sold NZO during the week - needed the cash elsewhere. Still think it is a reasonable buy.
Ok so there is a halt in trading, where do you think the next base for the directors to hive off to might be (un) Balanced ? Turkey ??, Croatia ?? some nice beaches there ??
South east asia is my guess
Well blocky if it is another downgrade of TUI it then will be so little left that we may have to put so oil back into the well to meet the new target.
My guess is that it is a new prospect in asia or a new partner for that near KUPE prospect that has just had a name change,whatever it is now called.
The well is henceforth known as Digger-1 in honour of NZO'S most faithful shareholder.
NZO
12/09/2011 11:55
GENERAL
REL: 1155 HRS New Zealand Oil and Gas Limited
GENERAL: NZO: Insurance settlement for Pike River Coal Limited
NZOG (New Zealand Oil & Gas Limited) has been advised by the Receivers for
Pike River Coal Ltd (In Receivership) (PRCL) that a conditional agreement
has been reached with PRCL's insurers in respect of material damage and
business interruption insurance claims associated with the tragic events of
19 November 2010. While all of the parties have reached an in principle
agreement to the terms of the settlement, the settlement remains subject to
execution of formal documentation by NZOG, BNZ and the owners of the leased
mining equipment who have priority rights.
The Receivers and NZOG have agreed that some of the insurance settlement
should be directed to PRCL's unsecured creditors, including contractors and
former employees, through an early payment plan.
At the time of the events in November 2010, PRCL held extensive insurance
with a cap of $100m. PRCL's Receivers have advised today that they have
agreed with the insurers to a payment of NZ$80m in full and final settlement
of claims under those insurance policies. The Receivers expect to receive the
settlement proceeds around the end of September this year.
Approximately $6.3m will be paid to the owners of leased mining equipment
arising from their priority rights, leaving approximately $73.7m to put
towards PRCL's debts.
The Bank of New Zealand is a first ranking secured creditor owed
approximately $23.2m and will be paid in full.
As the other first ranking secured creditor, NZOG has legal priority to all
of the remaining monies. However, Chief Executive David Salisbury says NZOG
recognises the huge and ongoing impact the tragic events have had on the West
Coast community.
"Hopefully all of PRCL's creditors can receive full payment when the sale of
the mine occurs. However, for the mine workers, contractors and suppliers
this has been a very stressful time, emotionally and financially. We
therefore support the Receivers using some of the insurance payout to make a
voluntary early payment now to all unsecured creditors."
The details of the early payment arrangements have been determined by the
Receivers and are supported by NZOG.
Under the proposal, unsecured creditors will receive a payment of the first
$10,000 of their claim (or their full claim if less than $10,000) and up to
20c in the dollar for any balance above that amount, up to a capped aggregate
amount of $10.5m. Unsecured creditors are not being asked to reduce their
total claim and will still be entitled to claim for the full remaining
balance, once the Receivers complete the sales process. Unsecured creditors
will be asked to agree to a moratorium on certain actions they could
otherwise contemplate, including seeking the appointment of a liquidator.
This will support the Receivers' sales process in the interests of all PRCL's
creditors and investors. As the total amount available for early payment to
unsecured creditors under the proposal is limited, the amount to be paid to
each creditor may need to be reduced if actual claims accepted are greater
than the amounts of claims known to date.
Under Section 229 of the Companies Act 1993, a Notice of Meeting is being
sent to all creditors and they will be asked to submit postal votes on the
early payment plan, which if accepted by a majority in number representing at
least 75% in value of each class of creditors, will be binding on all
creditors. NZOG understands that details of the early payment plan will be
mailed to creditors within the next week.
If the early payment plan is approved, the unsecured creditors (including
NZOG and the owners of leased mining equipment) will receive payments. On
the basis of known creditor claims to date, around 243 creditors will be paid
in full and 222 creditors will receive a part-payment.
NZOG will receive $3.0m as part-payment of its total unsecured debt of
$15.1m. The remaining sum from the insurance settlement will pay off
approximately $38.3m of the $53.0m in secured debt held by NZOG. This will
reduce NZOG's remaining debt to $14.7m secured and $12.1m unsecured. NZOG
also has a 29.4% shareholding in PRCL.
David Salisbury says as a secured creditor, NZOG has sought to have a
constructive influence since the tragedy occurred.
"Following the mine explosion on 19 November last year, NZOG loaned PRCL
$12m. After the Receivers were appointed it was this funding that allowed the
Receivers to carry out their duties - to support the mine stabilisation
efforts, pay employees their statutory entitlements, co-operate with the
various inquiries, begin a sales process and pursue the insurance claims."
"Now, by supporting the early payment plan for unsecured creditors, NZOG is
again acknowledging the widespread impact this tragedy has had, and that the
support of the local community is crucial if the sales process is to realise
the full value of the assets and the mine is to be safely reopened."
David Salisbury says the agreement reached in settlement of the principal
insurance claims is a good outcome.
"The insurance settlement ticks off one of the primary tasks of the
Receivers. The sales process is also well advanced, with the Receivers having
advised us that a number of interested parties are conducting due diligence
ahead of making final offers."
"The mine stabilisation efforts have always been given priority and NZOG
understands that the Receivers are working with an Expert Panel to advance a
plan to allow a safe reclamation of the access tunnel, which is a necessary
precursor to any move to re-enter the mine or to attempt a body recovery
exercise."
"A very complex set of tasks are having to be managed and while we all would
hope for quick resolutions we believe the Receivers are doing their job with
great empathy and skill."
Key Points:
- An $80m conditional settlement has been agreed between PRCL's insurers and
the Receivers.
- Approximately $6.3m will be paid to the owners of leased mining equipment
on a first priority basis.
- The BNZ, as a secured creditor, will receive approximately $23.2m in full
settlement.
- NZOG, as the other secured creditor, has agreed that the Receivers should
offer an early payment to PRCL's unsecured creditors.
- Under the proposal, unsecured creditors will receive a total of
approximately $10.1m in early part-payment.
- NZOG will receive approximately $38.3m as a secured creditor and $3.0m as
an unsecured creditor.
- NZOG will still be owed approximately $14.7m in secured debt and $12.1m in
unsecured debt.
- The mine sales process is ongoing and NZOG expects to recover its remaining
secured debt and possibly some or all of its remaining unsecured debt through
that sales process.
- The Receivers are continuing with the mine stabilisation and tunnel
reclamation activities.
ENDS
End CA:00213615 For:NZO Type:GENERAL Time:2011-09-12 11:55:17
So NOG getting about $41m which is over 10c a share.
Good to see NOG helping out the small creditors in the deal too.
Sounds like BNZ is taking their full lot though.
Good to see a bit of common sense shown in this plan, can't see who might be too unhappy with this
Snrs.
The little creditors pay will stop any lawsuites - good strategic nzo - yes!
Ease up there zigzag,balance has a name for faithful shareholders of NZO.Yesterday i turned 70 and one of the cards i got says something about knowing a thing then a mimute later it slips your mind.So all you good shareholders under 70 will have to get together and work out what it is that Balance calls faithful NOG sharholders.Now how could something you heard 2 or 3 hunderd times not have stuck???
Well thought out NZO. A less intelligent company would have stood on there legal rights and taken the lot.To have done so would be a very short term gain and leave no future chance of ever reopening the mine with NZO having any future say.This tragedy will in the end allow a future PIKE to be run in the best interest of safety and not in the best interest of DOC or the greenies,as i have outlined several times before about the best way to remove the methane.
The outstanding thing about this agreement if it should go ahead is that there is a future.
The banks are of coa-se the ones that have to have all there monies.But that is too big to comment here but has a lot to do with the lenders taken on some of the risks instead of just expecting govt baleout if there policies turn sour.But as i said too big for here.
""So if a sale results in more than $50m theres a chance of shareholders getting something. ""
the permit is still in place,(i think) and that very expensive tunnel is still in place,(it seems) as is 99.9% of the coal.
if the highest bid is $50m it better be NZO's
in fact.......... NZO should of held a special meeting of shareholders and had a vote to see what the majority of shareholders would of backed the directors bids up to, to secure the mine.
Agree Digger but I do expect NZO Board to make sure PRC is not sold too cheaply and be ready to go in and buy it out of receivership rather than have it gifted away to another bidder. The assets are still there (largely) and a lot of the monetary value of the mine remains intact. No reason to give it all away.
the acceptance vote by value should be a done deal since BNZ, equip hirers and NZO should all agree, plus the 200+ unsecured creditors who paid in full.
lawsuites being stopped would only be binding if the unsecured creditors signed the agreement, accepting up to 20c in the dollar, but in saying that one would hope most unsecured creditors would agree.
the big plus in this is the insurance payout, tips the balance to the positive [no pun re 'balance' though]
once payout accomplished then less people involved and who knows what will happen - a corporate play by nzo to payout remaining unsecured creditors in exchange for more script?
M
ps, happy 70th digger
A man took money in from others, borrowed some more and bought an expensive car.
He wrecked it through careless driving.
Insurance paid out some of the value of the car.
The mushrooms jump up and down, proclaiming what a great thing the man has done!
Look at how well NZOG has trained you lot.
Pathetic.
So do we take it you don't agree with the payout plan (un) balanced ???
I think even you (after feeding the mushrooms) would see merit in this plan
Who are these mushrooms you refer to? Get off of your extremely long legged horse and sell sell sell..if you havent already packed your little gonads away in your back pocket!!
This is buisness recovering secured and unsecured debt that has been written off by the market. You may not like the company balance but this is about making money. The shareholders believe the shareprice is going up.
Lets see who is correct in 6 months..? Unless of course you think that the share price will go up?
You have a good day Balance..you fungi u!
As an employer myself Ive come to learn over the years, the benefits in looking after the smaller people....the ol say "what comes around goes around" is extremely true. I feel its a clever decision coming from a forward thinking NZO. The people on the Westcoast..the businesses and even the next government will remember this. If in fact NZO do have a future with the mine..many of the local people will be very supportive with the company in control.
I'm not sure the market had written off all the debts had they? There was $100m in insurance up for grabs for a start. Toss in a few more mil from Solid Energys sale of coal. Take out BNZ's $23m they were always going to get a fairly decent sized chunk of their loot back. The issue is about recovering their investment in PRC. What they have done is bough a pile of good will which has seen NZO rise $12m on that tide. NZO probably have a hint that the sale of PRC will be for more than $40m so they'll get all their loan cash back - its possibly about positioning themselves in the sale process
Well the shareprice drop was well overshot under the value of the loss of PRC equity and debt... however the company did not write off the secured debt.
It is a good move but the way some of the mushrooms are reacting - like it's a vindication of their heads-in-the-sand support NZOG at all costs stance.
29 miners are dead, remember?
You guys keep bringing up this "sp 6 months from now" stunt.
What has the sp been doing for the last 3 years? Remember the $180m odd raised via the $1.50 options exercise?
I can't speak for the long term holders as I have only come in for the short term gains. However the shareprice drops of recent have been out of the control of the company. No point looking at the past Balance . IMO is some cheap assets right now that when sentiment improves will be revalued on market to reflect in the shareprice.
I hear DS say on the wireless this morning, "the insurance deal is worth 10c per share", add in a 2c div and there should be a bit more upward direction yet
Did NZO management start this move regarding unsecured ones or follow recievers advice?
Yes that ties up with this bit from STUFF. Wonder if the current Indian part owners of Pike are having a look at bidding as well.
The deal was announced amid growing signs that the mine will return to commercial production.
PWC said several interested parties were conducting due diligence, and receivers would ensure the new owners would continue attempts to recover the bodies "and ultimately to recommence commercial mining activity".
Kokshoorn said he was aware of interest in the mine from companies from India, China, Australia and New Zealand.
Not the receivers idea apparently:
John Fisk, of receiver PricewaterhouseCoopers, said it was the first time he had seen such a payment. "NZOG has shown a huge amount of sympathy towards what has happened and the impact that it has had on creditors, particularly on the West Coast".
Yes NZO are very altruistic with your money, (remember the $12m donation when it
was obvious to all that PRC were insolvent) and pay all their "heavily strengthened"
management team extremly well indeed...for what exactly I'm not sure as the only
projects they're involved in that actually generate returns are managed by other parties.
No doubt the insurance proceeds will come in handy for D.S's golden handshake when
it comes time to farewell him for his fantastic world class performance over the years.
TR continues to ensure this company remains a goldmine for directors and
management for his remaining tenure, and if you're lucky you might get the odd
crumb in the way of a pathetic dividend every now and again.
Have you just been round to (un) balanced's place for a cuppa Rog ??
Roger/Balance, you must be aware that management and directors hold many shares. It makes no sense that they wouldn't want dividends....when appropriate.
Hi Blockhead, maybe they're such good mates as to be one and the same !
They must be both "Nigel no mates" Perhaps they could wipe each others chins? :)
As a long-suffering mushroom, oops I mean shareholder I don't get all this vitriol towards Balance. If my shares were north of $2 with dividends rolling in on a regular basis then I could understand the criticism but unfortunately Balance has been right all along about NZO. Bugger!
Good point, even though the Board/Mgmt saw fit to buy back there own shares!
They didn't mind using shareholders money to do it, but getting their own cheque books out is another thing
Hope they have "invested" in a treasury accountant by now, there "Ostrich" approach to treasury management/FX exposure baffles me
Finding Treasury Accountants in Wellington is akin to finding snow/ice in the south pole!
No vitriol for (un) Balanced, hes like a good fit horse, needs to be reined in from time to time, and yes Blockhead would be much the happier with a $2 share and a div flow.
Yes he is a good lad, I have an interest in Hayden Paddon Rallysport Global Ltd www.haydenpaddon.com there are a good number of local people offering financial support and if/when he gets picked up by a WRC team there is a chance of a good return on the investment, of course this is motorsport and nothing is guaranteed.
However as shareholders in HPRG we would welcome any involvement as a shareholder or financial supporter. I went to Argentina with them this year and was greatly impressed will all facets of his performance.
thanks for the link.I will enjoy reading it.
DS this morning,
New Zealand Oil and Gas says it is working to conclude a possible US$100 million investment.
As well as the producing Kupe and Tui fields in New Zealand, the company has been expanding its exploration horizons to Tunisia and Indonesia.
Chief executive David Salisbury says the company is in "a bit of an arm-wrestle" with the significant new investor.
He says the company is well-advanced in the due diligence process, but negotiations are taking time.
Im certain there is not one person within all these threads whom is not aware that its fast approaching 12 months since that terrible tragedy where 29 "people" lost their lives. Balance??
I was under the impression that the Pike deaths were caused by an underground explosion. According to Balance's last remark they perished due to fatally high pressures caused by money pumped into the mine by NZO. If they were pumping in $5 bills then I can see how that would amount to gross mismanagement. $20 bills would have resulted in much lower pressures for the same total dollar value.
well said Snr. Arjay
I think you'll find that the Royal Commission of Enquiry will find there was an explosive event which led to the death of those miners. The cause of death will be blast injuries (impact and burn injuries) and asphyxiation.
The questions to be answered will focus on what led up to that explosive event. The quality of the management and their decision making will be addressed.
It is arguable that NZO pumped money into its management structure. It pumped more money into its management as the mine grew and transitioned from construciton to operations.The question to be answered is "was there value in that extra money being spent". That is worth pondering. Lets look for example at post explosion decisions. PRC management instructed contractors to seal the mine with polyurethane contrary to the risk assessment which stated it is likely to self ignite. What happened? It self ignited sending hydrogen cyanide into the mine. In the highly unlikely event there were survivors this would have sealed their fate.Quote:
According to Balance's last remark they perished due to fatally high pressures caused by money pumped into the mine by NZO. If they were pumping in $5 bills then I can see how that would amount to gross mismanagement. $20 bills would have resulted in much lower pressures for the same total dollar value.
Is that an example of NZO getting good value for your money?
DS this morning,
New Zealand Oil and Gas says it is working to conclude a possible US$100 million investment.
Only hope DS aka DOCTOR SPIN will inform us that it will be in OIL or GAS not, heavens forbid in Coal.
Or worse, partnership with devious Don oF S/E.
Arjay Balance is right if NZO did not pump in money the mine would have been closed IE no Miners in it to Die
Arjay Balance is right if NZO did not pump in money the mine would have been closed IE no Miners in it to Die
Balance you have made a few good post and quite a few rubbish ones. The bit about NZO being somehow responsbility for the 29 deaths because they put money into PIKE tops the rubbish ones. That would make anyone the cause of a road death that bought or helped buy a car.See what i mean it is rubbish thinking.
There was only one cause of the explosion and that being that PIKE was forced to take on a third or fouth rate way to remove the gas in the first place,a requirement put on them by greenies and DOC.
Wow Digger --are you catching the same complaint as Balance?? In what possible way did 'the Greenies' contribute to the Pike explosion????
Hmm - excuse me if I misinterpret this post but this suggests to me that PRC, and by association NZO, were motivated solely by greed. You are suggesting they knew it was a dangerously gasy mine yet they still went ahead and put in a fourth rate solution. Surely at some point someone would have said "given the restraints we face and the potential for significant loss of life we can no longer make this venture viable". Unless the lure of the black gold was too strong.
And a point I'm not succeeding in making is that if you choose to dig on DOC land you play by their rules. If you don't like the rules go play somewhere else. If mine access wasn't required over DOC land the Greenies and DOC would have had a whole lot less to say.
NZOG would have been far better off to have done the sensible thing & pulled the plug. When problems with the main ventilation shaft showed how fragile the area was. And they could not get access for alternatives
It will be interesting to see if any evidence is presented to the commission that shows that NZO had requested or wanted better arangements for venting gas and exiting the mine in case of emergency, but were thwarted in these plans by DOC. DOC is an easy target, but I seriously doubt that they were aware that NZO had compromised safety to gain consent (if NZO did in fact compromise safety to gain consent).
it is PRC that is under the spotlight as they are the ones that owned the mine. I doubt NZO will be dragged in - if this happens the Indians can expect a call up.
You might have missed the evidence which suggests DOC is not interested in mine design or health and safety (other than that these things be considered) - their interest is in "resource allocation"
You might also have missed evidence which suggests Pike did not raise the issue of second egress with DOC.
You might have missed evidence which says in the 2005/06 work plan PRC did not list the ventilation shaft as a second egress but its 100m height made it unsuitable as an emergency egress. And that in 2006/07 they changed it to a not suitable for permanent emergency egress and how PRC didn't seek consent until 2008 for a second egress - and even then they didn't get around to lodging the paper work.
You might also have missed the evidence that the 4 inch gas riser was known by Peter Withall to be inadequate but it seems PRC just never got around to doing much about it (other than putting a larger fan in the mine) by the time of the explosion.
The issues you raise aren't DOC issues - they are mine construction and management issues. PRC is responsible for those. The Board of PRC is responsible for employing the senior staff of PRC. Look to see who is on the Board.
DOC is an easy target but its PRC who lodged over 144 plan variations and were the ones delaying the build.
Ive missed a lot this mini....but dear Digger made a statement ...it sounded fairly "factual"....that DOC would/did not entertain the (his idea) of vents every 300 meters....
The things that were not allowed to happen is what caused this tragedy.The very first thing i noted in a day or two after this accident is that DOC all of a sudden allowed a track to be built to access the top of the mine.PW told me that my idea for a small hole every 30 metres was completely out of the question for two reasons .The first i have already said several time now and the second that it would require a track above the mine and DOC would not allow it. But as soon as the accident happens the track is suddenly OK.
We have become a culture like that.Note how quickly the Govt can suddenly take over the Auckland transport arrangements just as soon as the mess looks like it would impact on the elections.
Minimoke,i had an arguement publically in Morrinsville with a DOC member and he was adminate that DOC would restrain PIKE in ever way he could.It seems clear that in many ways they succeeded.
We will all now end up with our own views on which way up is but for me PIKE-2 must never take place unless the mine can be run as a mine without DOC and the greenies imposing restrictions on the operation.