From what I deal with on a daily basis, it does appear to be a French habit (and it drives me mad! :) ). I beleive there is a French word that directly translates to 'moreover', however in most contexts 'also' would fit the translation better.
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I think the French is "de plus" or "en plus" - they use it a lot where we would probably just say "and what's more".
I've been quite pleased with the way NZO's share price has held up the last few days, considering the way other oilers have been battered down in Aus. AWE is down to $2.70 close today - it was at $3.50 last week!! NZO may be fundamentally undervalued at this price, but there does at least seem to be some recognition of underlying fundamentals that is supporting the price at this level. Either that or it's the dividend. I hope I haven't jinxed it now by writing this!!
I think AWE is an absolute scream at these prices. Definately investors concerned the arrse will fall out of oil prices. To put things into perspective most would have relished oil being around $100 pbo especially the tui jv. Coupled with a nosediving currency the revenue is around $NZ650k per day after operating expenses . Meanwhile awe is creaming over $AU1.5m per day after operating expenses. PPP is pretty useful and i dont think AT is concerned at all
Because refineries are shutting down there is less demand for crude but I see this as a very short term reaction to a short term phenomenon. The fall in the price of oil has slowed to a trickle and there may be some hope of resistance around $1 barrel.Quote:
Texas has about 16 refineries that may be impacted by Hurricane Ike. Five refineries have begun shutting down in anticipation of the hurricane. Those plants can process about 1.33 million barrels per stream day of crude oil or about 6.9 percent of the U.S. refining capacity.
Oil and Gas exploration companies have been oversold but I am sure when the price of oil and Gas consolidates we will see a significant re-rating.:)
Picked some of these up yesterday. Too cheap imo. Surprised POO fell overnight, but our weak exchange rate vs USD keeping the ship steady for NZO. A 5c divvie next week will be nice too :)
$1m already traded this morning! is something up?
I don't think anyone has posed the most obvious question:
Has NZO hedged any forward production, other than that required by their umbrella weilding bankers?
Maybe it's not policy to do so, but the question should at least be asked and answered.
There was no mention of it in the annual report.
Remember - only the bankers win if they do this...
If PPP/NZO were to hedge half of their forecast production, there would be reduced risk which should translate to an increased share price.
I am dead against any hedging unless necessary. eg. required to secure funding as were the case. if you hedge oil prices then you need to hedge the currency. keep doing that and there will be nothing left.
If oil prices were to be hedged, at what price would you expect the company to hedge it at? When the oil prices climbed to $70, $100, $150? In my opinion i say no no no. I accept the risk of oil going down below $50 and accept the reward if it goes beyong $150.
If nzo were to hedge then they would need to hedge or insure against capex cost. imagine hedging oil prices at $100 only to find capex and operating cost increase 5 fold over the next 5 years for exploration and development. were would it leave nzo? then you need to insure against earthquakes, terrorism, strikes.
as you can see, my view is a big fat definate no