What is the true value of NZOG ?
Posters may be interested in a research paper done by a NZ firm McDouall Stuart Securities Ltd (Wellington)dated 24 November 2005 (just over 2 years ago now)
It runs to some 20 odd pages and concludes that at that stage NZOG sshould have had a value of NZ$1.23 whereas at that date on the market NZOG shares were selling for NZ$0.94.
One of the interesting things about that valuation exercise was that they assessed Tui as being 20 cent of that $1.23
Now that value was based on a peak production rate of 1.6 mmbls per month and being sold at US$60 (or NZ$92).
Now while NZOG's shareholding of PRC has changed from 2005 which would alter the overall valuation done, the recalculation of the value of Tui (both in terms of actual price per barrel and also increased reserves) would more than compensate and would push the calculated share value up considerably.
It would certainly be interesting if they did an update today on that research paper.
nzo value
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