-
the high dollar may have been in our favour to this point (building the facilities etc), but now we're about to actually sell the stuff, we'd be better served by the nz dollar falling away. still, with the oil price as high as it is, we can afford to give a bit away to the exchange rate. Moreover, over the life of tui i think the price of oil will remain high, i don't think the same of the x-rate. again, the story is all good.
-
well, just two days until the end of the month. therefore, we should expect an announcement today or tomorrow. a shame it's not a great market environment to be releasing the news that will define the company. still, we've had so much in our favour, it's difficult to complain. bring on the oil!
-
with thanks to kisssic and zorba on nzo thread...
NZO 31/07/2007
REL: 1007 HRS New Zealand Oil and Gas Limited
MINE: NZO: NZOG's Tui First Oil Flowing
New Zealand Oil & Gas Ltd ("NZOG") reports that Tui first oil flowed
overnight. This is the culmination of an intensive fast tracked project to
bring the Tui oilfields into production, only three years after their
discovery.
The Tui oilfields are located 50 kilometres offshore in the Taranaki Basin.
Initial production is anticipated to ramp up to 50,000 barrels of oil per day
from 2P reserves (proved and probable) estimated at 27.9 million barrels of
oil. NZOG's 12.5% share of the development gives the company 3.5 million
barrels of oil over the project life, 30% of which will be recovered in the
next 12 months. The first three shipments of oil have already been sold,
benchmarked against the Tapis crude oil price.
NZOG CEO David Salisbury said "Tui is the first of our three current
development projects to come to fruition and the oil revenues will give us a
solid platform to pursue our growth strategy."
NZOG's three major development projects are Tui oil, Kupe gas/oil and Pike
River coal.
End CA:00151445 For:NZO Type:MINE Time:2007-07-31:10:07:57
-
very muted response by the market. it's a little like getting exactly what you wanted for christmas but not having any batteries...
still, i guess the fact it is flowing is not as important as actual flow rates and the remapping of the field for possible upgrades.
still, certainly a great milestone.
more news to come but so far so good. next stop - hector spud.
-
...well, that didn't take long...hector at 1500m. big day for news.
-
Hey either way guys we are on to a winner and if Hector comes in...."O" baby if your a blondee (and not hairy) watch out.
Disc 200000 + oppies Nzood
30,000 CFD's aver .96
-
Wow, lots of people dumping this stock
Hope they release some flow rates soon to ease the market.
-
nothing to worry about, in my view. sp being dragged down by the current market sentiment which is a bit dour, and people not wanting to risk the downside of a dry hector.
sure as hell it's going to move quickly on news. but if flow rates prove ok, the downside is limited. (plus reasonable chance of a reserves upgrade)
of course it's the upside of hector that's keeping me in the game – huge gains to be made on a strike. a gamble, for sure, but that's what makes it fun.
for those religious sharetraders among us, i'd appreciate it if you'd put in a few good words this week (water to wine is so last week, give him a crack at water to oil).
-j
-
its times like this you want the press secretary from LMP here, giving drilling updates Every morning and sprinkled with gas percentage and oil show, mud preasure readings etc on the long way down to 3500 meters...... lol
-
neopole my good man, you can keep LMP's press secretary, i'm sticking with my calls for help from a deity. certainly LMP's recent form suggests my way stands a significantly better chance...!