Member Info for rongo

If there is any it will be the first time ever in this organisation, getting back to the basics, using cheap tactics has landed the Parrot where it is today, bone has been stripped bare by the BOD and IGS, nice link from Shakey of his London digs, looks like they have enough cash left for one more trip around the globe, then its lights out. who in their right mind would wish to be involved in a farm in deal with these plonkers as operators with their abysmal track record to date.

The oil price I can handle it's not the enemy here, trying to negotiate lower drilling rig rates ,that really wont/doesn't alter the economics of the/an overall project that would noticeably make a real difference that would matter contrary to what one may think,(albeit if done correctly ,which they cant). If Kea was somehow able to raise some cash to drill Shannon ( most likely 15 mill based on all their other well drilling costs to date) the real and present danger is the management of that project from within. .Every thing they have done to date has ended up in tears everything, there is no stand out item of hope to think another attempt would turn out any different. There is nothing in their twilight years to make one believe they could actually get one right. Sorry Mr Parrot, you are Dead.

After several years of looking at and accessing the bank account by the finance director and the BOD I really cant see why Rockpoint should be commissioned for some cost to tell the board that it is now out of money, any prudent treasurer of a public purse has a reasonable idea of what is and or is suppose to be in the treasure box. Don't think it should have taken a year at 89 BOPD gross less 30% to MEO to work out what was about to happen,oil price drop or not. .may be there should have been a real Parrot elected to the board as per the comment below.

5k will get you a very nice night out with your friends, ask IGS and the board.

hummm, if one takes it at face value as reported the information from Kea as it has been provided, the Makau well and all its bells and whistles cost between 12 and 15 million dollars ,it was reportedly suppose to TD at 3400 mtrs,now that's quite a bit more than 500 bucks a foot ,add to that the seismic the office expenses along with all the governance and the flights of the BOD you start to get a pretty ugly picture moving forward.. depending on the capacity of the rig engaged and the experience of the crews and the depth of operation , you can expect anything from no mtrs per day up to 100 at or near the upper well location, as Snapper has quite rightly suggested depending on equipment required for each well,70/120k rig rate per day..don't see how you could expect to expect to see any drop in drilling rates in NZ for small one off contracts with companies with questionable management records..so no relief there.

Guys ,seriously ,if the wells were producing these sort of numbers speculated in profit why shut them in as the BOD has done.I think its is fair to say they cant recover enough to wash their face here and unless someone tosses some serious money and effort at it will face the same issue. Drilling the Tikorangi or Shannon easily is not a given there should be doubt the recent seismic can it be relied upon (that would need to be revisited) if it is like everything else they have done it wont be up to scratch, then there is the dry hole risk/failure for the actual well if it is ever drilled for the 10 million dollars being bounded about here...take it off the life support machine Kea still looks like the dead parrot to me.

apparently its in the millions from the word on the street, they did say after the event they had dumped their contracted driller NRG, rather unceremoniously rumour has it, for an alternative to drill the Makau,which took twice as long as initially expected and as usual with KEA operations extremely over budget..

Re the litigation claim pending ,i my experience its normal for management to disclose/advise shareholders the basic content of any claim bought against the company, not here though as usual nothing has been disclosed , must be top secret again, perhaps someone could call Ian Brown the CEO based in Wellington NZ and ask him or better still one of the BOD I am sure they should know and tell you ,after all they have sat on that information for that long it should have hatched by now, alternately if it has been lodged in the High Court (most likely Wellington) as I would assume it will have been by now,a phone call to them ,its a public document ,they may send you a copy .Think its fair to say it must be for a significant amount as getting to the High Court anywhere isn't insignificant in the cost process...

can I take from that a dead parrot is still a dead parrot then, if there are continuing monthly expenses and no money to pay them that means the BOD is operating in an insolvent situation, this is not the classiest position to be in and frowned upon in most if not all financial circles these days,anyone want to tip some more cash in for the management to waste ,i think not, its back to the dead parrot again.

You mention the short ,its worth noting by now that with the track record to date, absolutely nothing about dealings in/by this company would come as any surprise to me or other shareholders/stakeholders or parties in the operations to date, I even doubt if the company Nomad or the auditors have been fully kept up to date with the health of the operations.

Shakey more like a dead Parrot than the dead duck ,John Cleese was right, it is no more. very poor management, or actually none at all by the board perfectly good little project destroyed. perhaps a.bother some aspect is the recent surfacing of the contingent liabilities that must have been in the pipe line for 2 years what else haven't the shareholders been told whilst the hand was out for capital.

Kea is very much a dead duck, years of bad management, there is no hope of resuscitation .