We are more than happy to vote in support of one of the trusted posters on this forum becoming an independent director to look after the interests of the small shareholders should someone decide to put their name forward.
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We are more than happy to vote in support of one of the trusted posters on this forum becoming an independent director to look after the interests of the small shareholders should someone decide to put their name forward.
Agree Digger and Left field. Like Lf, I am currently not a NZO holder but have been in the past. I am a NZSA member as I know many members here are. Why don’t we use the NZSA on this case to really see if small SH have any chance of making a difference ?I have never seen a better opportunity to try it and to hopefully make a difference to small holders
Just returned to Oz from Europe. My NZO paperwork had arrived in my absence. Only a minor thing, but I hope OGOG has paid for it not NZO as it is totally OGOG related. I have always been impressed with this forum. I have been a NZO holder for a loooooong time, way before Pike River etc. It really is a very switched on crowd here. So I think a big Thank you is in order.
Digger I know you have been enthusiastic years past about Barque.Was it Andrew Jefferies who said it had about a 1 in 3 chance of commercial success-tat was several years ago and offshore drills are now approaching 1 in 2 chance.Also it is very big and would be nz biggest find.One of my concerns is that this is 60km offshore and ideal for one of ogog floating offshore storage platforms with the intention of direct export rather than pipeline to shore.Both of these options are equivalent in cost but ogog would be the main beneficiary of the former to the detriment of the nz economy(estimate of 32 billion could be lost)
This alone could be a strong reason to get politicians involved in this takeover.
However if the takeover was unsuccessful we probably have enough minority power to block direct export-Independent Directors or not.
Away fishing today and returned to an email from NZSA saying (at last) ....
It is the policy of NZSA to support the retention of listed companies on the NZX and it appears to NZSA that
the offer is opportunistic.
We have decided in all the circumstances to vote undirected proxies AGAINST the resolution.
fish - as I recall Barque is more of a (potential!) gas field than oil. When you refer to a floating platform, are you referring to oil storage then export? NZOG prepared a business case for piping Barque gas to shore to fuel SI cities and factories and maybe a methanol plant and claimed that would be economic.
Some commentators reckon LNG is the fuel of the future, a bridge between "dirty" fossil fuels like oil and coal, until renewables are fully up and running. That's what Ironbark's gas would mostly go to, I think. I haven't heard anyone talk of an LNG plant (or 'train') for Barque's gas - they are hugely expensive to build, but it's possible it might become economic one day. Isn't Ironbark 50km from shore? Barque is only a little more distance and not much smaller than Ironbark.
Hey well done to you, digger, mistatea and others. I think together we have probably stopped the SoA and maybe given OGOG a bit of a fright.
Thanks mate, we are very pleased with the result.
In turn we would like to thank all of our fellow Sharetraders. Everyone who voted (no matter how big or small their shareholding was) made a big difference.
Outside of the large 5 holders who post on Sharetrader (fish, digger, Wiremu, me plus one other who does not use Sharetrader) I counted about 2 million shares from those of you who were happy to share. There were actually more votes than that, but some preferred to keep their shareholding private, which is fair enough.
In other words, just to cancel out your shares...OGOG would have needed to get 6 million FOR votes. I will be surprised if they managed to get anywhere near 6 million FOR votes in total.
Good Morning Lion
The mastermind Billionaire behind OGOG is Eyal Ofer.Look up his activities on Wikipaedia.Also read about Barque in the Oil and Gas journals.
Greenpeace have played right into his hands.
LNG is the transition fuel as we move from dirty oil and coal to much cleaner.
gas.
If Barque is successful(it is considered a highly regarded prospect) we will see a floating processing and storage platform under OGOG plans and they need 100% control to do this.These FLNG have to be massive.One put recently into an Australian 3 tcf gas field in is 488m long by 74 m and producing 111000 BOE equivalent a day.
In simple terms of this takeover one days production would pay for it.
OGOG have been lucky so far to get control of nzo and cue for a pittance.
Now we know how they play it might get tougher.