I agree with this:
http://www.sharechat.co.nz/news/scne...e.php/91fb63a2
ShareChat News: NZ stocks drop on global rout, unearthing some bargains
By Jonathan Underhill
Tuesday 16th September 2008
Quote: "The decline has created "some great opportunities" for investors taking more than a 24-hour view, Ward said. He cited New Zealand Oil & Gas, which has sunk 4.6% to NZ$1.45 today.
"Investors selling the stock weren't taking into account that the company is sitting on as much as NZ$280 million of cash and has an investment in Pike River Coal that would yield another NZ$150 million. Added to that, its oil field assets in Kupe and Tui were being under-valued, implying an oil price of around US$48 a barrel, he said."