True, I recall my ANZ shares had to be manually added as overseas income, however no NZ tax was deducted from those divs, whereas the NZO div does have NZ tax deducted. Time will tell..
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True, I recall my ANZ shares had to be manually added as overseas income, however no NZ tax was deducted from those divs, whereas the NZO div does have NZ tax deducted. Time will tell..
That may well be the difference. I do find the IRD tax return getting better each year.
https://www.nzx.com/announcements/429791
New Zealand Oil & Gas Limited (ASX & NZX: NZO) notes the press release by Triangle (ASX: TEG 50% and Operator of the L7 permit) attached.
The Ventia 106 rig is signed up, all necessary approvals are obtained, and the Booth-1 well will commence drilling operations in late June 2024. This is the first prospect to be targeted using the 3D seismic acquired over the L7 and EP437 Permits in 2022. New Zealand Oil & Gas farmed into these permits in 2023 [see NZO announcement 17 Jan 23 for more detail]. The net cost to NZO for this well is forecast to be A$4.55 million in accordance with the farm in terms.
“This is very exciting news and the result of a lot of work over the last year," says Chief Executive Andrew Jefferies. "It will be great to get the bit spinning on the Booth gas prospect in the prolific Perth Basin. It is a promising onshore exploration target, surrounded by recent discoveries and developments, near infrastructure, in a market that needs gas to keep folks showers warm and cook their West Australian Crayfish; as well as powering the industry and mining that will enable our low carbon future. Gas is a three-letter word for transition”.
The Permits’ joint ventures comprises Triangle (ASX: TEG 50% and Operator); NZO (25%) and Strike Energy Ltd (ASX: STX 25%).
For further information please contact the Company on: email enquiries@nzog.com phone +64 4 495 2424
Just back from a ride in the Vegas Redwoods to the exciting news that the first drill is all lined up.
Go NZO!
Just back from a ride in the Vegas Redwoods to the exciting news that the first drill is all lined up.
Go NZO!
There has been some quite strong interest in CUE lately, big buys of a million a day. I still feel it is undervalued but shouldn't CUEs improved value reflect on NZO?
Interest in Cue has increased since end of February, but with almost 700 million shares on issue, but isn't massive. Only been 3 days since the divvy was announced that they've had more than 5m volume, and average over last 90 days still just under 1.1 million per day.
Cue paid out $14m AUD in the special divvy, and their market cap has gone up by circa $14m......
In theory, the increased value of Cue should be about 6.7cps per share. But there isn't much that moves the NZO share price!!
Well compared to what was happening before they announced a dividend it is a far more liquid stock. Before you couldn't give CUE shares away now it looks like methodical accumulating.
You need to give it more time for the disgruntled shareholders to exit.
Once the washout has happened we should see a very different picture with the NZO share price.
The current price represents a great opportunity to accumulate.
Quarterly report this week.
Im sure there will be a big mention about the excitement around the office with the TEG drill booked.
Mereenie deal. NZO says that this investment deal will double its cashflow share. And from reading the disclosures the accounting will be backdated to incluse the full financial year once complete?.
And this is all happening outside of CUE's continued successes.
CUE and TEG have released their quarterly reports on the ASX.
A bit of movement in the stock price today off the back of another solid quarter.
NZ Nimble Oil & Gaseous sees some distant Gas nibbles:
https://www.nzx.com/announcements/431283
might help jack up things til next divie announcement time ;)
So its just us two then.
Genesis announcement but posting here.....
https://www.nzx.com/announcements/431437
Genesis Energy advises that the well intervention campaign at Kupe KS-9 has concluded, with work unable to produce sufficient flow to sustain operation of the well due to the reservoir pressure level and liquid inflows. As a result, maximum gas production is 47TJ/day.
Further interventions may be considered in due course. Lower than expected production is estimated to result in a $15m to $20m reduction in FY24 EBITDAF versus previous guidance of around $430m. Normal FY25 financial planning is underway and will include an assessment of updated Kupe production levels and reserves.
Malcolm Johns, CEO, commented: “Gas production across New Zealand continues to decline faster than expected and as previously stated, less gas means more coal. This reinforces the importance of Gen35 and Genesis remains focused on its long-term strategy.”
Bad news for NZ.
Atleast NZO only has a 4 percent holding.
NZO will be sticking to it's growth strategy of investing in Australia and Indo.
Nz oil and gas to delist from nzx....
"Is PLEASED to announce its intention to delist from the main board of the NZX Ltd......."
https://api.nzx.com/public/announcem...452-418980.pdf
Brilliant.
Bye bye NZ.
So, a name change must be next??
If it didn't have NZ in the name, it might garner a bit more ASX interest??
Yes, I would say that will be on the cards.
The Australian CUE investors often complain that they cannot buy into NZO on the ASX as there is no liquidity.
With the TEG drill next month we should see some activity on the ASX.
Delist date is June 24. Ie only one month. Moving fast.
Any chance they merge the two?
It's hard to say what their long term plans are. A successful drill in the Perth Basin would be agame changer.
They have CUE ticking along with decent cashflows. And the fact that CUE was shut out of the recent Mereenie deal sends a signal that they see CUE as the Indo arm.
Another one bites the dust
I agree that the Kupe drill outcome is not what we wanted. Who wants a dud drill.
But NZO has spread its wings further afield now with more positives than negatives.
Let's focus on the upcoming drill in the Perth Basin and the Central Australian operation. CUE is also going gang busters in Indo.
Moving the share trading 100 percent to Australia, where the appitite for giving things a crack is embedded into their culture should over time see some decent trading in the stock.
As for CEO incomes in NZ, it's easy to argue that the majority of CEOs salarys are not reflective of the current share prices.
Let's get excited about the Perth Basin opportunities. TEG and STX shareholders are.
CEO Compensation as a Percentage of Company Profit
- **Andrew Jefferies (New Zealand Oil & Gas)**
- Total Compensation: NZD 1.020736 million
- Net Profit: NZD 19.1 million
- Percentage of Profit: **5.34%**
- **Kevin Gallagher (Santos Limited)**
- Total Compensation: AUD 6.2 million
- Net Profit: AUD 2,100 million
- Percentage of Profit: **0.30%**
- **Meg O'Neill (Woodside Energy Group)**
- Total Compensation: AUD 5.6 million
- Net Profit: AUD 1,980 million
- Percentage of Profit: **0.28%**
- **Morné Engelbrecht (Beach Energy)**
- Total Compensation: AUD 3.1 million
- Net Profit: AUD 504 million
- Percentage of Profit: **0.62%**
Andrew Jefferies' compensation at 5.34% of NZOG's net profit is notably higher compared to his peers at larger firms, who range from 0.28% to 0.62%.
I do agree, don't get me wrong. I just don't think it's worth wasting energy on because say you trimmed it by 200k, split over 200m shares its worth nothing.
If we get a hit on a drill then the equation changes fast.
There is a good article on Business Desk explaining what today's KS 9 dud means. Probably not that material to NZO. But the extra income would have been welcomed.
It is the principle. By that logic you could double his pay and on a per share basis it is 'no biggie'. Not suggesting shareholders need to light a bag of dogsh1t on fire and leave it on his doorstep right now. But pointing out that he is grossly overpaid (and has been for years) relative to the size of the business and relative to his peers.
Sure, but that is speculative. Get the big hit on a drill first, then lift his pay accordingly if need be. The idea that he gets paid at a rate way above his peers now because he might have purchased the winning lotto ticket is foolish, in my view.
Anyway, nothing any of you can do about it even if you wanted to. OGOG determine his pay, and they are obviously quite happy with the current situation.
I just think you are being scammed.
Shareholders should be happy today with the NZX delisting and moving 100 percent to the ASX.
Surely this also qualifies for a delisting from the Share trader forum too on June 24. Where is the paperwork, I'm more than happy to fill it out to make it happen.
I think we are better off chatting about NZO on the Aussie sites once the liquidity has been moved over. Highlight on TEG, CUE, STX chats etc. Get some new investors on board who want to hold and go on the journey. The Australian investors have a good understanding of mining in the areas where NZO are based.
Just look at what happened to the CUE share price once the dividend was announced. It's up 100 percent. And CUE don't have exposure to the Perth Basin drill etc.
There is an article just posted on Business Desk re the delisting.
There is also the inference brought by others at an AGM a few years ago, that he is doing a bit of work for OGOG and using NZO resources to do that. There is of course the bit where OG pay NZO for his time, but how do you audit that?
p.s I am not inferring myself that that is going on, but these questions cannot be adequately answered and that leads to a loss of trust, especially how they bungled the takeover via SOA a while back. The question then and remains for me is the independence of the independents.
I wonder if the tax will be handled differently, like CUE, nothing deducted.
Can you be more specific? What do you mean by "tax to be handled differently"?
NZO is a NZ company under NZ companies Act and a tax payer in NZ.
I think Cue is an Australian company and subject to the Australian tax regime.
So there will undoubtedly be different tax considerations.
If you are referring to the dividend, then as the are a NZ company, they will deduct RWT for NZ resident taxpayers.
Cue of course does not do that and nor should they.
Thanks, I was referring to the dividend and should have phrased my question better, I would be annoyed with such a lax approach myself.
Latest change is best of both worlds for holders. NZO remains a NZ headquartered company but its shares are listed and traded in a larger market more familiar with energy prospecting and production.
NZO divs are treated as NZ income meaning simplified tax compliance - ie. recent div and tax paid are already populated to MyIR for 2025 EOY return. Couldn't be simpler. Bring on the future.
Great news...won't blame them ...NZ economy is crap ...thanks to Orrs and his associates... Robertson n Jacinda
Not even the potential restart of oil & gas exploration in Taranaki can gain some interest. Likely some still wanting out before move to the NZX.
Need to get past delisting and then move on, name change.
Meanwhile market cap is $87m, with Cue being $35m AUD. Cash balance at the end of March was $45m so leaving $5m for the rest of the company.....
I guess some people need their money out.
For those holding, it's exciting times. We probably want the TEG rig late July. That way, the Aussie investors can see some volume going through the ASX which should pop up on the technical traders radar.
I'm going to top up at these levels. I was just trying to work out if there will be some bargains just before the delisting.
https://www.nzx.com/announcements/432618
New Zealand Oil & Gas (NZX: NZO, ASX: NZO) notes the press release by Beach Energy Limited (Beach) Operator of the Kupe gas field attached.
As we have announced previously, the results at KS-9 have been disappointing and the impacts for the field are still under detailed review. Our review work continues and we will report our determination on the impact of this asset in due course, in-line with our usual reporting practices. Any reserves changes are not expected to have a material impact on NZO Group’s reserves profile.
NZO has a 4% participating interest in Kupe along with joint venture partners Beach (50%, Operator) and Genesis Energy (46%).For
Non cashflow write downs and as NZO states, Not material.
NZO has no intentions of spending money playing around in NZ anymore.
How does the script work on the delisting re the fx rate and transfer over to the ASX.
https://www.nzx.com/announcements/432622
As announced on 14 February 2024, New Zealand Oil & Gas agreed to purchase a further 25% equity interest in the Mereenie licences, located in the Amadeus Basin in Australia's Northern Territory. The purchase is from Macquarie Mereenie and this transaction was subject to certain conditions, which have been fulfilled and the transaction has completed.
Horizon Oil is also announcing completion of the acquisition of 25% equity interest in the Mereenie licenses, which leaves Macquarie Mereenie with no equity interest.The participating interests in the Mereenie project are now:
• New Zealand Oil & Gas 42.5%
• Horizon Oil 25%
• Central Petroleum (Operator) 25%
• Cue Energy Resources (Cue) 7.5%
Including Cue’s 7.5% interest, the New Zealand Oil & Gas Group’s interest in Mereenie is 50%.
This has increased total 2P Group reserves by 41% to 23mmboe as at 1 July 2023. The acquisition will double the New Zealand Oil & Gas Group’s reserves and production from the Mereenie field.
There is a bit of chat around the Perth Basin assets and big players wanting some of the action.
Rinehart is being talked about, looking around at the likes of Strike and smaller companies that have the drill licenses, like Triangle.
It's all very interesting and I have enjoyed increasing my knowledge around the Perth Basin.
I look very much forward to the ASX move and the Australia shareholders sharing their thoughts as they increase participation on the ASX register.
Booth rig to be released early July, approx 10 days to assemble.
Drilling expected to commence mid to late July.
Bring it on.
Market news releases are under the partners STX, TEG and NZO on the ASX.
TEG got approval today on the carbon capture Cliff Head project.
This is excellent news as TEG will now have more than enough cashflow to pay for its share of the imminent Perth Basin Drilling program.
The last thing NZO wanted was a CUE situation where they provided short term cashflow to CUE when setting up the Indo project.
Well done TEG. Now let's drill.
One more full day of trading before we are off to the lucky country.
A new dawn for NZO. I'm giving it a few weeks before we potentially see a new name without the words 'New Zealand' in the title.
New Zealand Oil and Gas listed on the NZX in 1981. Robert Muldoon was the Prime Minister.
The Company has seen more oil booms and recessions that I can recall, survived economic crisis, many different political parties and the modern day environmental groups.
New Zealand has changed over this time, and it's time for NZO to dream big again and move offshore to where they are seen as adding value to an economy and shareholders.
It's difficult for me to say this, but I for one are comfortable about embracing new attitude of shareholders and Government rules that encourage moving forward.
Im a Kiwi through and through, and call this the 'Jacinda' effect. But I will thank her over this one, as NZO has embrassed change that has already been benefit of the shareholders.
1981-2024
https://www.nzx.com/announcements/433314
As announced on 21 September 2023, New Zealand Oil & Gas (NZX: NZO, ASX: NZO) agreed to extend the gas supply agreement with South32 Cannington for supply of gas from the Mereenie field, for an additional 12 months, conditional on transportation agreements. This agreement has become unconditional.
NZO has a 42.5% interest in the Mereenie project along with joint venture partners Horizon Oil (25%), Central (25% Operator) Cue Energy Resources (7.5%).
For further information please contact enquiries@nzog.com or +64 4 495 2424.
Two and a bit days since NZO delisted from the NZX, and a fraction over 3,000 shares traded on the ASX to date.
It's early days.
Im waiting for a name change announcement to remove themselves from the anti NZ oil and gas noise.
In the meantime they will continue to produce and sell oil/gas at good prices. And the Perth Basin drill is underway later in the month.
Yes, the 'cancel' laid back NZ culture is not good branding for an oil and gas company. Especially one that has its main income sources in Australia and Indo. And it's main shareholding base internationally.
AIOG.
Australia Indo Oil and Gas.
Should get some AI investors on the radar.
agree not a major factor like the 70% S/H of OG group ... but also not a stupid idea New Zealand O&G for a company with a future funding focus in Aus... with interests with CUE giving Indo angle..
NZOG could make a couple major step-changes easy Name change > focus on becoming an Energy Yield player on the ASX only... wouldn't take long till they got much more market interest if the forward yield at SP was 8-10% with upside coming from muti exploration wells
A bit of a crunch & splat on ASX to close yesterday:
36.5¢
Change -0.030(7.59%)
the Aussies not quite into what just leaped across the ditch to join it's oily stablemate just yet ? ;)
Heard Ausy reporter on RNZ this morning that Australia now has a gas crisis, not enough supply secured. Got to be good for NZO looking forward. Great strategy executed here by CEO Jefferies and co, placing holders very well for future returns.
Today's fun fact.
NZO market cap NZD85m
BAI market cap NZD129m
https://open.spotify.com/episode/3VRuMwdAT6EEnLNT8Gypdy
Andrew Musgrave ASX Briefs podcast with Andrew Jeffries
ECHELON, THE NEXT STEP IN THE JOUNEY
https://cdn-api.markitdigital.com/ap...72ff9ad5cb14c3
Webinar with Andrew Jefferies next Wednesday 31/7
Poster on HC suggested they may be rebranding.
It's official. Poster on HC has a screen shot of the company name change.
ECHELON RESOURCES LTD
Good movie. Crank up the gas and get those Moreton bay lobsters on the barbie
https://cdn-api.markitdigital.com/ap...3c24897ef2837d
Gas supply agreement with Mereenie Gas JV Partners updated.
https://cdn-api.markitdigital.com/ap...3c24897ef2837d
Gas Expression of Interest Successfully concludes with new long-term gas sales agreements
The Kupe duster and the relience on the NGP is behind us.
Im not sure how they will play CUE though. It makes to me that CUE's Australian assets come directly under ECHELON RESOURCES.
Up 2.5c/6% this morning, with easily the biggest volume to date, since the sole ASX listing.
Nothing will change until the disgruntled shareholders are out.
So hopefully the series of positive news and more exposure will get the trading volumes up.
With the script held so tightly, then we could see some decent price appreciation once the share registry has been shaken.
New ticker ECH.
Echelon Resources Ltd
I've been on the phone with Jarden. They are going to do a script to change over all of the tickers from NZO to ECH on your client positions.
Remember today's podcast meeting with updates and quarterly.
Thanks Toddy. The manual alternative was looking rather primative in this day and age.
I remember the old Direct Broking site automatically changed ING Property ticker over to ARG about 14 years ago. Can't be difficult.
The quarterly is out. Very impressive.
Fantastic signing the Government gas Contracts through to 2030 at today's gas prices.
There is so much to look forward too.
The Booth drilling Spud announcement has just been released.
Exciting times, is there pay down there!
Hey Toddy any idea on the timeframe for that ticker change script at JD?
CUE just reported and paying out a 1cps divvy.
https://research.iress.com.au/IDS/ol...091850000&ppv=
ECH have an announcement out re the CUE divvy - just can't see it yet.....if they pay it straight back out to ECH holders, then that is about 1.5c AUD per ECH share.