This would be okay if you wanted to spend time in litigation with Todds ( Tweedie ). We have been through this sort of thing with Greymouth. Avoid.
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Right on 5 o'clock.
NZO
17/06/2008
MINE
REL: 1700 HRS New Zealand Oil and Gas Limited
MINE: NZO: Exploratory Drilling starts at Momoho 1
Exploratory Drilling starts at Momoho 1
(PML 38416 Exploration Well Offshore Taranaki Basin, New
Zealand)
Origin Energy Resources (Kupe) Limited* ("Origin"), on behalf of the Kupe
Joint Venture,
advises that the ENSCO 107 has commenced drilling the Momoho 1 exploration
well at a
location six kilometres south east of the Kupe field.
Kupe Project Director Peter Ashford said that since the Kupe project was
approved in June
2006 Origin, as operator of the Kupe JV, has been looking for other
exploration
opportunities close to the Kupe facilities.
Extensive geological and geophysical investigations identified the Momoho
prospect as the
most exciting drilling candidate in the Kupe area.
It is believed that the Momoho prospect could contain either oil or gas,
possibly both. The
Momoho 1 well is located between previously drilled exploration well Kupe
South-4 (see
map), which found subcommercial volumes of gas and Kupe South-5, which found
subcommercial volumes of oil.
Mr Ashford said, "The well will take about 40 days drilling to reach its
target depth. If the
results are encouraging, further appraisal may be required."
Participants in the Kupe Gas Project are:
Origin Energy Resources (Kupe) Limited* (Operator) 50%
Wholly owned subsidiaries of Genesis Energy 31%
New Zealand Oil & Gas Limited (through its subsidiaries:
National Petroleum Ltd. 12.75%, Petroleum Equities Ltd. 1.25%
and Nephrite Enterprises Ltd. 1.00%) 15%
Mitsui E&P Australia Pty Ltd 4%
*a wholly owned subsidiary of Origin Energy Limited
For further information please contact:
Media - New Zealand:
Rory Newsam
Tel: +64 460 2386
Mobile: +64 27 295 3809
I wouldnt mind PPP, because as bermuda says, it will give a 22.5% stake in the JV permits. NZO and JV have stated how they like the potential leads in Taranaki. So all in all not a bad option...its just the price you would have to pay for them thats the problem?? Would AT be willing to let his stake go knowing what he knows about tui?...Maybe a merger would be better, this would give NZO a little entry to australia via PPP's permits there.
Too many shares? Isnt it the market cap that matters? They wont need to raise cash either with tui coming in...the cash they have on hand wouldnt be a problem...
As for Cue, it only has a 5% stake in Maari and will be producing at lower intial rates than tui is producing now.... What is the acerage like for them in rest of taranaki?
NZO could probably take out PPP with decent debt financing even without option money atm. Would provide much better leverage and return for the shareholder.
Some interesting comment on the proposed Saudi production increase
Commentary
11:16 AM, 17 Jun 2008 Robert Gottliebsen
The oil imbroglio
TOP News
RBA sees growth moderating 11:55 AM
Allco sells US wind project for $US325m 1:54 PM
Local stocks bounce on banks 2:29 PM
Dwelling unit starts up 2.4% 1:51 PM
Crane Group cuts 90 staff 11:15 AM
The Spectators
Gottliebsen: Overheated houses
Gottliebsen: Greens under fire
Kohler: Trigger-happy bankers
Barclays' capital gamble
Curiouser and curiouser
Many in the US still have not grasped the fact that the Middle East outside Iraq does not have the ability to lift oil production substantially. Emotion is now creeping in.
As you will see in our news report, US oil refiners said on Monday that they would not be interested in buying any additional Saudi oil unless the price was steeply discounted.
The Saudi’s would love to open up the valves to move the oil price down but they simply don’t have the capacity to do it (Peak oil gathers steam, June 10). And while the latest production increase will help in theory, it's not big enough to make a significant difference and might even fan more speculation.
The rapid price increase has also spurred demands from politicians to introduce curbs on so-called speculators in the oil futures markets. But the oil futures market is just too deeply integrated into the global economies for America to be able to restrict it.
The speculators are only likely to be curbed by much higher interest rates, which were looking more probable last night with widespread expectations that the European Central Bank will hike interest rates to fight inflation.
That sentiment hit the US dollar. But if the US reacts to similar inflationary pressure by lifting its interest rates we will then see the oil market tested (All hands to the pump, June 16).
Hamish Douglass (KGB Interrogation, 16 June) says that the amount of money that’s gone into indexed commodity funds since 2003 has risen from about $US16 billion to currently about $US260 billion. He believes that if US and European interest rates rise, the amount of money in the commodity trading pool will fall and bring down commodity prices, including oil.
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Will the oil price bubble stay up or collapse ??
Interesting article from Canadian paper:
http://ago.mobile.globeandmail.com/g...r-cover14.html
Originally Posted by duncan macgregor
Competition to select NZO share price on conversion date June 30th
in the event of a tie the winner is the person with the correct score posting first
I will list you in posting order.
1,AMR 180c, 2, OILER 165c, 3,Macdunk 159c. 4,MATTYROO 158c.
5,SEAMUS 135c, 6,SERPIE 131c, 7, LIZ 120c, 8, STRAT157c.
9TRACKERS 168, 10, COLIN 170, 11,THE MACHINE 210c. 12,MALCOLM 200c.
13,SPOOK 172, 14,BIG BOB184c, 15,ZORBA 155c, 16, REMY 167c,
17 AMERICAN PSYCHO 175c 18 SHASTA 161c, 19RONTHEPOM 171c 20 PHAEDRUS 160.
21SHREWDY 169, 22 BERMUDA 149, 23 MORV 183c, 24 COALIE 188c
25 DIGGER 173c, 26 blank, 27 NITA 181c, 28 SUMMER NED 193c.
29 QOH 179c, 30 WK6332 225c 31 BALANCE $10-60 32 KS 162,
33 TOK3N 145c, 34 SHANE M 162.5c, 35CORRAN 156c, 36 MICK100 300c.
37 DSURF 154c, 38 SKEET 185c,39 MIBO 177c, 40 JAY 162c,
41 ZACMAN 187c, 42 GAMBLER33 115c, 43 ANUBUS144c, 44 BRUCETO9 164c.
45 romer 163c.46 HOOP 147c 47 RABBI 148c 48 ROTWEILLER 153c,
49 MINGEATHINAIOOS 150c,50 MANXMAN 195c, 51 MACDUFFY 146c, 52 BLOCKHEAD 198c,
53 777 226c,54 SWISSBOY 174c,55 AIRDALE166,56 CLIPS 178c,
57 PADDIE 196c,58 FOODEE 176, 59 BK152c,60 MPC182c,
61 STEVE 151,62 ONTHEMONEY 143, 63 LION 186, 64,TIM23 189c,
65 BOB C 190 66 RIF RAF 191c 67, OUT TO LUNCH 194 68 SEHNSUCHT888 192c,
69 PIETRADE 220c,70 ZAC 197c, 71,CAM 245C,72, CHALICE 214c,
73 GLENDOONIE 142c 74,UPSIDE_UMOP 159c,
Duncan Macgregor my old mate you must not change the rules. This competition has been from the start to select the SP on closing of 30 june 08. It is not nor has it ever been to select the value of the final NZOOD price. For this competition the options play a part but the final closing price on 30 june of the head share could well be different to what the options price + 150 is on final option trading date. Your opening sentence makes that very plain and we have to stick to the rules.
My 100 dollar wine prise goes to whoever gets the SP correct on closing of 30 june 2008,as per your opening sentence coppied above. Simple as that do not change the rules.Someone else has a competition for the options,but it is not this competition.
Zorba,i read that article a few days ago and it struck me as one more of those IF,IF,etc stories. It either happens on time or it or it dosen't. I read it that some time ago the Saudies put out that story but now that the future has become the present and now they can not deliver. By the time this delayed field gets underway the one million will be not enough to make up for depletion elsewhere.It is a bit like the latest 300000 promised to Bush and the 200000 just promiced. Read that is heavy crude that is of little use.Guess we had better believe it when we see it.
DIGGER, i will go along with what you say. I was under the impression that the options stopped trading on the 30th at the start of the competition which was wrong. However it looks like people want the 30th of june not the day the options finish trading so will stand corrected. Besides it will give my $1-59 selection a better chance of coming in to take out the Auckland convention title. Sorry about the confusion i will get whoever wins on the 30th to E-MAIL the address to post your most generous prize to.
MAY THE FLEAS OF A THOUSAND CAMELS INFEST MY ARMPITS FOR BEING SO SILLY. Macdunk