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International Investing / Australia (All-Ordinaries)


Subject:  Re: Would you invest here ??? Date:  7/11/2002  3:06 AM
Author:  harmy Number:  4650 of 6186

Just glad to be a free man and to be able to live and travel just about anywhere I choose. We have come a long way in the last 50 years in that respect.

Hellejua to that !! One thing that could produce a complete turnround for NZ is the discovery of a big oil patch. For years oil and gas has been discovered in small to medium amounts (by NZ standards) including a massive gas field which was world class in size.
A recent discovery in very, very deep water off the east coast of the North Island has raised hopes that it may be the big one everybody has been hoping for has finally been discovered. This discovery is in depths of around 2000 metres and until now drilling in those depths has been out of the question. However, new drilling technology now has rigs drilling in 3000 metres of water off the Mexican coast. The NZ discovery is a massive sedimentary basin several thousand feet thick and very extensive in area which is very similar to those around the middle east. It contains typical oil formations and has aroused the interest of several big overseas consortiums - Shell, BP etc.
It's very early days yet with only licences being issued.
Very interesting developments though.
PS Who knows I may yet be able to draw my old age pension from NZ - not holding my breath though - LOL !!

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