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[sharechat] NOG - Buy

From:	"Mike Hudson" <mikehudson@clear.net.nz>
Date:	Tue, 29 Feb 2000 23:19:23 +1300

Interesting comment in my broker's daily newsletter

"New Zealand Oil and Gas toured the institutions several weeks ago,
announcing
their new drilling which had a "three to one chance of success", giving an
opportunity to buy the shares at around 48c. The shares duly followed the
hope
of a large oil find up to 65c. Yesterday's news is that the actual find is
not
commercially viable, and the shares have been thumped by disappointed
investors,
down to 32c, from which the price is recovering. We estimate that the
break-up
value of the company (the Net Asset Value) is over 60c, which makes NOG's a
target for predators like GPG. At this level the shares are oversold and
present
a good buying opportunity."

Cheers
Mike H


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