Have to agree buybacks are the most effective use of the cash at the moment if surplus to requirements.
Printable View
UU, i thought momoho was dry?
Momoho - a failure so abandoned in 2008.
http://www.stuff.co.nz/business/5374...-explorers-50m
Shows the quality of analysis and discussions on this stock?
Balance - the link you posted is about netball.
Not sure why Stuff would switch a business page to sports but there we go!
http://www.stuff.co.nz/business/mark...failure-costly
"In May, Origin Energy made an internal estimate that Momoho might hold 100 billion cubic feet of gas and NZOG said later its estimate was 200 billion cubic feet."
NZOG is a master at ramping up its sp - in the above case, doubling the reserves estimate even though it is the junior partner in Momoho.
That's the beauty of the mining business in the hands of those who know their shareholders so well - as in NZOG.
Imagine what will happen in other businesses if management get it so wrong!
NZOG's track record (in the Momoho case, giving an extremely bullish estimate compared to its major partner) certainly does not equate with Andrew Knight's latest presentation of : "Experienced technical and commercial team."
Balance to call Momoho a failure is overstating the negative,but as you know at these times it will find fertile ground. I have it from a source i have undertaken not to quote that Momoho was a disappointment has they had hoped for more. Also likely or possible that sometime in the future MOMOHO will join up with the small oil field to the south[forget name] and the two could be producing although certainly not at that point in time.More test were to be done from which i have had no further info from.
Interesting that we should now be talking about MOMOHO as i was just thinking it about time we heard an update on this well.In fact Balance if you wanted something negative to say about NZO and be honest at the same time it is that NZO and JV partners are too often saying more test to be done then you never hear about them again. It reminds me of my Doctor.They take a blood test and if you want the results you have to drag it out of them.
so Momoho was labled at the time a disapointment but it is only from Balance that i have heard it called a failure.
Eh, what do you call this statement in the article from Dominion Post dated 18 July 2008 :
"Momoho field failure costly
Last updated 00:19 18/07/2008
The Momoho offshore Taranaki exploration well is being abandoned, having cost partners including New Zealand Oil and Gas and state-owned Genesis the thick end of $50 million."
I think I read the word Momoho and failure in the headline but I could be mistaken!
http://www.stuff.co.nz/business/mark...failure-costly
Somehow, I think the Momoho incident in the last few exchanges probably provides a very valuable insight into how Noggers think?
From upside_umop : "Momoho has potential" when $50m had been spent and well abandoned.
From Digger : "Momoho is not a failure and it's only from balance that it has been described as a failure". Dominion Post would definitely take exception to you, Digger, ignoring them as a mainstream media calling the well a failure, no?
So what's the insight? NZOG has trained Noggers well to accept failures and disappointments.
May I offer the recommendation that Noggers would be better off spending their time taking the directors of NZOG to task for destroying over $1,000 million ($1 billion) of wealth in the last 3.5 years, than in harassing posters like myself who are trying to bring NZOG directors and management to account.
Maybe then, shareholders will truly benefit from their investment in NZOG.
I would prefer to see capital returns than dividends if there are imputation credits available. Given the return of money from PRC this should not be an issue. As I have said for years, the only way to turn round the sentiment is to remind mr market that this is a producing company & giving the S/H a few regular crumbs.