Oil & Gas will wait and Overseas Tax
Possibly we will not see more buying in by Oil & Gas until their position becomes clear on their underwriting of PRC which won't be known until mid April.
Another possible reason PPP is not moving much is the advice I just received from my accountant that PPP is regarded as a foreign company by the IRD in NZ and therefore not exempt from the new tax regime introduced last year by Mr Cullen despite the oil being in NZ and PP being an Australian company. If the Fair Divided Rate method is applied my understanding is then one gets taxed on 5% of the 31 March share value.