There was speculation that this may be on the cards but nzo sold their shares last year which to me put an end of that theory
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nzo should get a lot of pr next week with the petroleum conference in auckland, then come march 20 should have reached the 10m barrels for tui.
coupled with kupe gas logs from K6 then nzo might crack the nz$1.50 by end of march.
M
Malcolm my old mate you described the shareholder types better than i ever could. Mums Aunty would have to be NITA. Sons mate would describe the blue eyed brigade, and dads aunty could be some of my heel nippers. Back for two days couldnt resist adding a few words of wisdom to balance the garbage about peak oil or the price of oil measured in a tanking American dollar. Beware guys the market in general is going to take some big hits this year, its not the place to have your savings.
In the NZX share competitions only 13 out of 125 entries are in the black.
In the ASX competition only 5 out of 147 entries are in the black.
Last year i was leading the ASX competition with my nickel stocks about this time, this year i sit with my money in the bank watching the markets tank.
Anyone that thinks a company is above the market sentiment is due for a shock. 2008 will be a very bad year in general leading up to a major crash. The dopes that spread their investments accross the board like eagle sh*t over the countryside must be down about 20% at least this year. NZO should hold its price but pass the parcel will not be much fun. Look out for a bad day today guys 8.5% in the bank is a winner saving up to buy the road kill next year. Macdunk
The North Sea of the south
By JAMES WEIR - The Dominion Post | Monday, 10 March 2008
New Zealand may be the southern hemisphere's answer to North Sea oil, according to a leading geophysicist, with the potential for finding billions more barrels of oil off the coast.
The New Zealand Petroleum conference kicks off in Auckland today, a few days after world oil prices hit a high of US$106 a barrel.
The Kiwi exploration sector is also buzzing over the better-than-expected offshore Taranaki Tui oilfield, which is producing about 45,000 barrels a day. About 2 billion barrels have been discovered.
But GNS exploration geophysicist Chris Uruski says many more billions of barrels may yet be found off New Zealand's coast, possibly in water as deep as 2000 metres.
Big sedimentary basins Deepwater Taranaki and the new frontier area of the Raukumara Basin off the East Cape may yield oil, while the Great South Basin off the bottom of the South Island is already being explored.
The high price of oil should have a positive effect on exploration, which so far had barely scratched the surface in New Zealand, Mr Uruski said.
A survey of Deepwater Taranaki showed three large prospects that could each hold up to 1 billion barrels of oil, though the prospects were well offshore and therefore expensive to explore. "One [the Romney structure] could hold 3 billion barrels.
The potential is quite large, but realising that potential is another matter."
Romney is about 120 kilometres offshore in deep water, though even at 2000m drilling is possible.
It would take a company with courage and deep pockets to explore Deepwater Taranaki but if a big player arrived, it could trigger a new wave of exploration, Mr Uruski said. Players were already sniffing about Deepwater Taranaki.
Mr Uruski said that early seismic work on the Raukumara basin suggested that area could also hold billions of barrels of oil.
About 10,000 sq km of the region held source rock, which could be expelling oil, with a potential capacity of about five million barrels for each square kilometre.
"There could be about 50 billion barrels," Mr Uruski said.
American oil giant Exxon Mobil and Austria's OMV are already exploring the Great South Basin, with a decision on drilling expected in 2010.
However, any development could be a decade away, according to the Petroleum Exploration and Production Association
The consortia will implement analysis and drilling estimated at $1.2 billion in the next five years.
With shares in the Maui and Pohokura gas fields, OMV is already a player in New Zealand. OMV has a 69 per cent stake in the offshore Taranaki field Maari, which is due to yield its first oil later this year and could contain as much as 50 million barrels of oil.
In a few months, the Government will offer blocks of onshore Taranaki land for exploration, and New Zealand Oil & Gas has already indicated it may bid for some.
Australian firms such as Origin Energy and AWE are exploring here, as are locally listed NZOG, Austral Pacific and Pan Pacific.
Duncan. you were expecting a hughe hit today. Nope... i just checked the sp and so far today there is no change
You are quite wrong NITA i was expecting a little hit today which is happening right now. It all depends on the overseas markets in what they get up to, we only play follow the leader.
NZO are still trying to reach its peak from years ago even with all the good news out, you are still playing catch up. Any huge hits in our market comes after overseas markets take a tumble. 2008 will descend into a very bad year the brain dead hold at any price will find out as the year progresses. NZO are in a good position in a very bad market how it ends up is anyones guess.
Its good to see my mate MICK100 following me about name calling like a primary school kid simply because i have a different opinion, grow up MICK you must be losing heaps right now. I expect the big hit to happen at the end of this year so good luck all i will be back to pick up the road kill. The pass the parcel event wont be much fun but who knows in this market. Macdunk
MacDunk - I would have thought an expert investor like yourself would be utilising a CFD account and be short all the large stocks on the market including NZO. Time is money - you are suffering huge opportunity cost by having your money in the bank!!!
sorry to dissapoint you macklunk - I'm actually up for the year so far
As dsurf points out, there are other strategies that can be used other than being long equities
Along with my share investments account,
I run a commodities account - up 140% this year (10 weeks);)
Your so fond of charts macflunk, why don't you have a look at the charts of crude, gold, silver, corn, sugar etc
Anyway, I'm glad (particuarly for your wife's peace of mind) that you have realised that you were out of your depth in the markets - maybe fishing will bring you better luck.:D