Originally Posted by
notie
The unfortunate news is NZOG is living off the spoils of yesterday.
Kupe discovered in 1986
Tui discovered by their JV partner in early 2000's.
They have not discovered anything like this to replace these assets. Sure Kupe will keep chugging along, but those expensive NZOG offices, board and staff need paying in the meantime.
This company has promised a lot over the years but has failed to deliver time and time again. Most recently was after the GFC when they raised 150M on a rights issue off the back of Tui and then blew much of that money on bailing out Pike.
Now their big focus seems to be on SE Asia with their Indo assets, but they are a minority partner in a PSC deal which will see them make about 20c, so no material change to the business.
Now they have purchased 40+% of Cue. Now what? Is that going to be any better than their previous investments in Pike River and PPP?
As for the capital return, that clearly shows they have no idea what so ever what they are doing. If they truly were the explorers from NZ, then 60M would have got them some good drilling action. Generally that is the way you find oil.
Call me a cynic, but the results and continued trash talk from this company speaks volumes