[QUOTE=fish;270605]Last year the announcement was made at 9.24am.
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5c div record 9/13 pay 10/2
26/08/2009
MINE
REL: 0902 HRS New Zealand Oil and Gas Limited
MINE: NZO: NZOG takes 40% stake in Albacore permit
New Zealand Oil & Gas Ltd (NZOG) has extended its offshore drilling programme
this summer by entering into a conditional agreement to acquire a 40% stake
in permit PEP 38491, which lies in the northern Taranaki Basin.
PEP 38491 covers an area of 715 sq kms and is approximately 80 km north of
New Plymouth, in water depths of around 95 metres.
PEP 38491 is currently held 90% by Westech, a wholly owned subsidiary of
Energy Corporation of America and 10% by the State-Owned Enterprise, Mighty
River Power (MRP). Westech is the operator.
Subject to regulatory and partner approvals, the new participating interests
will be:
Westech 50%
NZOG 40%
MRP 10%
The permit contains a number of identified prospects and preparations are
already in place to drill one of those prospects, called Albacore.
NZOG will participate at 40% in the drilling of the Albacore-1 exploration
well by the jack-up rig, ENSCO-107. The well is expected to be drilled in
October/November at a total estimated cost of NZ$20-25 million.
Chief Executive David Salisbury says PEP 38491 is a further exciting addition
to NZOG's expanding exploration portfolio.
"Our assessment is that the central northern Taranaki Basin is a very
prospective part of the Taranaki Basin. There are three separate play
fairways within PEP 38491 - a Pliocene Fan and two Mangaa sands - and it
contains half a dozen interesting prospects. The first prospect to be
targeted is Albacore, which contains three separate target zones that may
contain hydrocarbons.
"The Albacore-1 well will target structures recently defined by 3D seismic at
depths of 1400 to 1800 metres, which could not have been mapped if only 2D
data had existed. It is the three dimensional resolution that enables a
degree of stratigraphical and sedimentological dissection that has identified
this as an exciting block.
"Having said that, exploration is always risky. The well will need to be
drilled to determine whether hydrocarbons have been trapped in any of the
identified structures. However, the potential is significant. NZOG's internal
analysis is that Albacore is more likely to contain oil than gas and, if
successful, could support an offshore development similar to Tui."
NZOG now has interests in seven permits in the offshore Taranaki Basin and
one in the Canterbury Basin. NZOG will be participating in the drilling of at
least four wells this summer.
End CA:00183969 For:NZO Type:MINE Time:2009-08-26:09:02:38
© Direct Broking Limited 2005.
Now that should make balance happy. Well it does me anyways. It is called grow the company. We now have 4 drills in the next 6 months.
amend 9/18 record
slight reserves increase as well from 50.1 mmbl to 50.5 mmbl not significant but a small change never the less
ppp paid 3c and has a growing sp
nzo pays 5c and will stagnate.
as for divi reinvestment...... why invest more in a company that doesnt reward its shareholders......... i wonder how many more millions of shares will be allocated to staff this year at massive discounts?
at least we get a 40% shot at a wildcat.........
Neopole
I agree with you, to me NZO management are very comfortable and reward themselves with far too many discounted shares.
IMO shareholders would be far better served if:
* PPP and PRC shares were allocated directly to NZO shareholders (what value does a shareholder have by NOG owning these as a middleman?) dam good work though buying PPP when they did.
* NZO took a leaf out of PPP's salary structure and downsized staff by 75%As they would need less staff to remanange what is already managed.
* and focused those staff remaining on using the $200 million raised form the rights issue to focus on growing oil and gas reserves.
disc. former holder
ppp got sold down at 5pm from 2 trades totalling 24000 shares.......... even though 500,000 odd went thru today.
games me thinks