# MMR - MEC Resources



## moneymajix (27 June 2007)

This stock is doing well lately.

Great gains of late.


This moring it is 14c, up 22%


8.4c on the 25th June.

2 anns on 25th

25/06/2007 Advent Energy - Investment - Farmin Transaction 2 

25/06/2007 CTP: Second Major Farmout 2


No one wants to sell. Next seller at 15c.


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## moneymajix (19 November 2007)

ASX Announcement MEC Resources Ltd 

*PEP 11 – Reference Santos/Ampolex Studies*

Background

MEC (through its investees) has been granted an option to acquire up to an 85% interest in Petroleum
Exploration Permit PEP 11(former NSW 97-01), an oil and gas permit located in the Offshore Sydney Basin.
A literature review has resulted in a number of key studies being identified which were produced by prior
tenement holders Santos and Ampolex. The following extract is produced from a major study “Offshore
Sydney Basin” produced by the Federal Government Bureau of Research Sciences in conjunction with the
NSW Department of Mineral Resources. The referenced paper is reproduced in full on the MEC website.
www.mecresources.com.au. The extracts follow.


http://www.asx.com.au/asxpdf/20071119/pdf/315x8jzgqy8yw8.pdf



12c.


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## ta2693 (28 November 2007)

Someone come with a huge bid order, 500000 units.
What is going on? Preset trading or Is he going to pump up MMR?


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## ta2693 (28 November 2007)

I think the guy is very bold to place such an big bid order at 12c in today's bear market on small shares like MMR. He probably knows something and very confident that MMR is worth at least 12c.  This bidding is very suspicious.


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## moneymajix (18 December 2007)

*Re: MRR - MEC Resouces*

ALL ORDS is down over 2% again today.

One green stocks is MMR.

UP 16%, 2 cents, to 14.5c.


MEC Resources Limited (MMR) is a Pooled Development Fund investing into exploration companies targeting large energy and mineral resources. Sectors with limited supply and strong demand such as Oil and Gas, Uranium and Gold will be the initial focus.


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## robjb5 (18 December 2007)

*Re: MRR - MEC Resouces*

Indirectly controls Approx. 9-9.5 mill.shares and options in CTP via Advent..
An alternative route into CTP?


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## BESBS Player (21 June 2009)

*Re: MRR - MEC Resouces*

I have decided to take an early but small position in MMR as a BESBS play. The drilling target in the Sydney Basin (with BUY) is still a long way off but at least tenders have been called for the job. Given the location and the probable size of the target, MMR could lift nicely as a BESBS investment. 

Holding a small parcel at 10c.


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## Donga (13 July 2009)

*Re: MRR - MEC Resouces*

Some more buying today, up to 13c as people anticipate news of the test rigs going into place? Be good if there was a news article like this the one mid last year in the Telegraph to upset the Greens some, reinforce government support and get the project into the news again. The stock seems so thinly held.  

I wonder how long before they get any decent appraisal of the reachable reserves? Must say I have littlew understanding of offshore drilling and the like.


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## sleeper88 (26 July 2009)

*Re: MRR - MEC Resouces*

Came across this one recently and punched some numbers for it. Looks a decent speculative punt. The potential company maker for MMR is the offshore Sydney basin gas prospects PEP 11. Potential gas resources of 16.3TCF. Although the exploration is run by Advent Energy (an unlisted company, 74% owned by MMR), there are several pros with MMR: 

1. MEC is registered by the Australian Federal Government as a Pooled Development Fund (PDF) enabling most MEC shareholders to receive tax free capital gains on their shares and tax free dividends. See the below link for information about PDFs
http://www.ausindustry.gov.au/Ventu...ges/PooledDevelopmentFundsTaxConcessions.aspx 

2. Potential participation in a possible Advent Energy IPO when the market turns. Advent back in December 08 raised $7m by issuing 14m shares at 50c each. 

3. MEC/Advent Energy association with Chinese Oil and Gas Company (CNLC). 

IMO, the price catalyst for MMR are: 
1. Finalisation of drill rig tender 
2. Announcement of farm in partner (esp linking with any oil/gas major)  
3. Concrete timetable for drilling 

On the other hand, the above catalysts are also risks, if none of it gets finalised. 

Im happy to hear any comments or opinions?

Disclaimer: I hold a small parcel, DYOR!! and the above does not constitute financial advice, they are merely my person opinions.


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## BESBS Player (29 July 2009)

*Re: MRR - MEC Resouces*

Nice post, Sleeper.

The big issue for MMR is to get a rig and get drilling locked in. Once this occurs, this one should fly given the potential size of the target and the proximity to demand. Until this is donethough, we will wait.


I have a few pennies in this one and happy to leave it there for the reasons that you mention above. I don't want to be out of this one when the news arrives.


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## kelvin (30 July 2009)

*Re: MRR - MEC Resouces*

I rang MEC resources yesterday because I was confused over who (BUY OR MEC) has the majority interest over PEP 11. 

The person I spoke to advised that drilling tenders were being evaluated atm and an anouncement will be made to the market soon (didn't give a specific date).

The person I spoke to also advised MEC will have 85% interest once drilling has commenced. 

I hold MMR


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## LeeTV (17 August 2009)

*Bounty's big energy*
_PURE SPECULATION: Robin Bromby | August 17, 2009 
Article from:  The Australian_
http://www.theaustralian.news.com.au/business/story/0,28124,25937534-18261,00.html

ONE of the constants of living under the shadow of Pure Speculation is what the Americans call Monday morning quarterbacking, and in our case this involves being told -- usually in no uncertain terms -- where we got the wrong end of the stick.

Don't misunderstand; we are thrilled to know that someone out there is reading this every week (and especially those who, rather than part with $1.50 for a copy of the paper, email in outrage that the column is late being posted on the website). 

Three years ago, when this column had just begun -- yes, we know, it seems longer, much longer -- one of the earliest such Monday morning emails was to take Pure Speculation to task for publishing an item about a history of oil slicks being sighted off the NSW coast from Newcastle. 

We said that Bounty Oil & Gas (BUY), which held the exploration licence for that offshore area, believed this was a big lead, that the slicks were caused by natural seepage from the seabed. The licence area had been dropped in the early 1990s by Santos (STO), which, although it had found some gas, was too heavily focused on the Cooper Basin at that time. 

Nonsense, came the emails. Those slicks were more likely from ships discharging oil into the sea. And there the matter rested. 

Bounty is now in joint venture with unlisted Advent Energy, which is controlled by listed pooled development fund MEC Resources (MMR). Now the quest for (mainly) gas but also some oil off this part of the NSW coastline is getting serious. And Queensland coal multi-millionaire Ken Talbot, through his private investment company, has taken a 10 per slice of Advent. 

MEC believes there could be more than 16 trillion cubic feet of gas and has started on the road to raising serious money by mandating Pareto Securities of Norway as the lead broker for Advent's capital raising. Advent has the stake in the project as MEC's fund status (free of capital gains and dividend taxes) prevents it from operating a business. 

Pareto has raised some very big money for clients in recent years, and big sums will be needed given that the MMR-BUY permit covers 8100sqkm. Good timing, too, with the cost of drill rig hires being about half what it was a few years ago. 

Seems like there's more to this story than just a couple of bulk carriers discharging from their bunkers.


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## LeeTV (17 August 2009)

*Re: MRR - MEC Resources*

Here we go! 

ASX/MEDIA RELEASE
17 August, 2009
PEP 11 Sydney Basin – Funding and Update
Bounty Oil & Gas N.L. (“Bounty”) is pleased to announce important developments towards funding and
drilling the Fish Prospect in Petroleum Exploration Permit 11 (“PEP 11”) Sydney Basin.
Currently Bounty holds 75% of PEP 11 and is the nominated operator. Day to day operations are
however conducted by Advent Energy Pty Limited (“Advent”) a subsidiary of listed MEC Resources
Limited (“MEC”) (ASX Code: MMR) Advent has an option to increase its interest in PEP 11 from its
current 25% to 85% by funding and drilling the first exploration well in PEP 11 as part of the exploration
work commitment required by the terms of PEP 11. Advent carries out day to day operations as Bounty’s
designated agent. Bounty will be free carried through the first well but will then be required to contribute
15% towards all further exploration and development.
MEC has over recent months made a number of announcements showing material progress towards
providing the required strong technical underpinning for a wildcat drill test of the undoubted petroleum
potential in PEP 11.The permit covers 8,100 square km of the offshore Sydney Basin.
With the required technical groundwork for a drill test substantially completed, MEC has now announced
a critical step towards funding the well. MEC has entered a mandate with one of the world’s leading
petroleum finance groups; Pareto Group of Norway. Norway has massive offshore gas developments and
is the European leader in gas exports.
Bounty summarises the steps so far:
• Seismic surveys by Bounty in 2004 and highly advanced seismic analysis and other surveys
conducted by MEC have proved that gas is being generated and expelled from the Permian age
coal and related sequences in the offshore Sydney Basin within PEP 11.
• MEC has:
• identified the Fish Prospect, a massive structure containing the gas generating
sequences with estimated prospective recoverable gas resources of 9.2 trillion cubic feet
(at P10 probability level) (920 million barrels of oil equivalent) and additional gas
potential in the Permian –Triassic age sequences totalling 16.3 trillion cubic feet for the
permit (including Fish).
• selected a drill location to test the Fish Prospect with a jackup drill rig.
• announced on 29 May 2009 that it had issued tenders for a rig to drill the Fish Prospect.
• announced on 11 August 2009 that in addition to the completion of the well design and
testing program for the Fish Prospect it had identified seismic anomalies on adjoining
2
seismic lines indicating the possibility of larger gas accumulations in younger Quaternary
aged sediments further east of the Fish Prospect with analogies to the giant Marlim gas
field offshore Brazil.
• announced the Pareto Group funding mandate on 14 August 2009.
Commenting on PEP 11, Bounty’s CEO, Mr Philip Kelso said:
“Bounty sees the funding arrangement announced by MEC as an extremely positive step towards drilling
the Fish Prospect in PEP 11.Once the technical basis for testing in the offshore Sydney Basin had been
established by MEC they commenced the challenging task of funding. The technical strength of the
project presented by MEC has now attracted Pareto Group who have raised US $25 billion for a range of
international oil and gas majors in the last 3 years.
This step by MEC provides confidence that funding and drilling of PEP 11 will now proceed. If the Fish
well is successful in discovering commercial gas offshore from New South Wales there is the potential for
a major re-ordering of the New South Wales gas market and for establishment of an LNG export project
based in the Port of Newcastle simply because the gas volumes would be much larger than could be
utilised in the State which currently consumes 890 bcf per annum. Such a development of clean burning
gas would also have the potential to supply energy for power generation in the Hunter region.
Bounty looks forward to progress towards completion of MEC’s funding for the well”


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## LeeTV (17 August 2009)

Was up 70% when I left for golf and got home to find it was up 160%(BUY up 67%), is that good? 

54 buyers for 3,148,473 units  6 sellers for 153,005 units

Going to be an interesting week.
(disclosure I hold!)


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## sleeper88 (17 August 2009)

Wow..this smashed my valuation of 33c, I have greatly underestimated the power of the media in getting MMR moving. (and a special thx to management in moving things along too! )


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## Donga (17 August 2009)

Yeah what a day  Am surprised as the announcement was little more than a recap of the past few months with the Friday Pareto involvement triggering a day later that this could be real? Looks like the market is going to take a hit tomorrow so be interesting to see how MMR handles it  Holding lots of options and also some fully paids for hopefully an entitlement issue in Advent at some time.


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## BESBS Player (18 August 2009)

G'day MMRers.

Great day yesterday and holding up OK today given the market.
Once we have a rig confirmed and finance all settled, this will go off again if the action of the past 2 days is any guide. The context of an elephant sized drilling target in the vicinity of the Sydney Basin will get the media and punters' attention IMHO.

As I said earlier on this thread, this one has all the hallmarks of a classic BESBS play and plenty of potential rewards for those who hold through the drill.

Holding MMR at 10c


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## Donga (21 August 2009)

All happening for MMR 

1) SSPP ann Aug 19th didn't excite the market, limit of $15,000 per shareholder at a 10% discount to the ave weighted price of 5 days prior...
2) BUY put the cat out there this morning with their statement on PEP11 "if well is a commercvial success BUY estimates an increase in its Enterprise Value (IEV) of $2.75 per share"  BUY and MMR both up over 30% today
3) MMR just posted the Advent preso of today where they plan to raise $27.5M with Talbot already stumping up $7M leaving $20.5M to be issued. Not clear to me how this be divied up. MMR stake in Advent will decrease from 82% to just over 50%. 

Best of luck MMR holders with the Advent IPO.


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## Donga (24 August 2009)

*Re: MRR - MEC Resouces*



sleeper88 said:


> Came across this one recently and punched some numbers for it. Looks a decent speculative punt. The potential company maker for MMR is the offshore Sydney basin gas prospects PEP 11. Potential gas resources of 16.3TCF. Although the exploration is run by Advent Energy (an unlisted company, 74% owned by MMR), there are several pros with MMR:
> 
> 1. MEC is registered by the Australian Federal Government as a Pooled Development Fund (PDF) enabling most MEC shareholders to receive tax free capital gains on their shares and tax free dividends. See the below link for information about PDFs
> http://www.ausindustry.gov.au/Ventu...ges/PooledDevelopmentFundsTaxConcessions.aspx
> ...




Wonderful post back in July sleeper88 and your value estimation wasn't too shabby either.  You also called out the pdf status and I'm gobsmacked more folk didn't get into this thread. 

I've been mentioning on various posts and again last night under BUY, before buying into MMR0 again this morning at 22c. Today MMR up nearly 50% to 54c and MMRO up 70% to 34c, they can afford to settle some! Go you good thing


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## Pocko (24 August 2009)

Hi All,

I got in at $0.43 after i couldn't get online for the opening of trade, but I'm pretty happy with the progress. How far can this stock run, and what's a fair market value for the stock?

Love the fact it's tax free too!

Cheers.


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## sleeper88 (24 August 2009)

*Re: MRR - MEC Resouces*



Donga said:


> Wonderful post back in July sleeper88 and your value estimation wasn't too shabby either.  You also called out the pdf status and I'm gobsmacked more folk didn't get into this thread.
> 
> I've been mentioning on various posts and again last night under BUY, before buying into MMR0 again this morning at 22c. Today MMR up nearly 50% to 54c and MMRO up 70% to 34c, they can afford to settle some! Go you good thing




Thanks Donga, I was just sharing my 2c worth on MMR. What a big difference a month makes, currently up 433% erasing all of my losses during the worst periods of the GFC. 

I'm working on an updated valuation estimate based on their recent presentations and proposed capital raising. Will post it up once i have time to finish it (most likely this weekend). 

Cheers


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## michael_selway (24 August 2009)

*Re: MRR - MEC Resouces*



sleeper88 said:


> Thanks Donga, I was just sharing my 2c worth on MMR. What a big difference a month makes, currently up 433% erasing all of my losses during the worst periods of the GFC.
> 
> I'm working on an updated valuation estimate based on their recent presentations and proposed capital raising. Will post it up once i have time to finish it (most likely this weekend).
> 
> Cheers




Interested to see how you value MMR (& BUY)












thx

MS


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## BESBS Player (25 August 2009)

Unbelievable rise again today for MMR. 
The excitement of the huge potential in the Sydney Basin is clearly driving this one. Currently near 80c today when I checked.
The rocket journey continues! I'd love a funding confirmation announcement now and this one could go northward much further... Might need funding news soon or it should correct a little. As I said back when this share was 10c, potential was/is huge! 


Holding MMR at 10c


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## skyQuake (25 August 2009)

Think its just the BUY (bounty oil) holding thats pushing it up. Those two have been in lockstep since...


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## Donga (25 August 2009)

Are you kidding skyQuake? I'm staggered there has not been more coverage of MMR in this forum, though sleeper88 analysis earlier is very helpful. While BUY is a product of The Australian Business News and HotCopper, MMR has deftly timed their releases and industry presentations regarding rig tender and recent appointment of Pareto to finance. The drilling outfit should be announced shortly. The players are impressive (including Talbot) as are their connections. Gotta love their pdf (tax gains) status. If you haven't looked into this, there is probably still time. You could do worse than yesterday's Advent preso to the Aust Gas Markets conference. IF it comes off it will be huge. Or maybe you've done your research and think its a dud


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## skyQuake (25 August 2009)

Donga said:


> Are you kidding skyQuake? I'm staggered there has not been more coverage of MMR in this forum, though sleeper88 analysis earlier is very helpful. While BUY is a product of The Australian Business News and HotCopper, MMR has deftly timed their releases and industry presentations regarding rig tender and recent appointment of Pareto to finance. The drilling outfit should be announced shortly. The players are impressive (including Talbot) as are their connections. Gotta love their pdf (tax gains) status. If you haven't looked into this, there is probably still time. You could do worse than yesterday's Advent preso to the Aust Gas Markets conference. IF it comes off it will be huge. Or maybe you've done your research and think its a dud




Definitely don't think is a dud, but still doing my due dilligence on it. Meanwhile it looks like its led by BUY. We may see decoupling soon though.


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## BESBS Player (26 August 2009)

Decided to dump all my MMR this morning. 
Although I still believe that this company has a huge future, I am conservative by nature (if one can be in these stocks) and I am uncertain that the market can sustain such gains in the short term unless an announcement is very close that confirms funding. Once it started to drop quickly from the mid 70s, I decided that the risk was too great for me.

Bought MMR at 10c
Sold MMR at av. 68c
Profit - approx 550%+ 

Good luck to all holders and in the long term, I believe that MMR will go much higher.


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## Donga (26 August 2009)

Good on you BESBS  well done. It's not easy to hold on (though still sticking with all my BLY and will take up entitlement). I sold 30% of my MMR/MMRO over past 2 days to cover acquisition costs and realise a decent return to enable me to free carry the rest. This is a lovely story, the communications of the last two weeks have been slick (oh dear). I expect an announcement on the rig operator will follow shortly and the stock to rally as a consequence. Then the details of the Advent IPO and so on for a few weeks. I'm not as confident as a few days ago that anything will ultimately come of this having read a bit more on the Santos history and some geos comments, but still love it .


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## BESBS Player (27 August 2009)

Thanks Donga.

Hope that it makes a motza for you. I'll be watching to see if the SP drifts and offers a cheaper re-entry. As I usuallu like stocks to be within 20% or less of their annual low SP, MMR now looks less appealing. However, if the right announcements were forthcoming, there would be BESBS $$$ to be made.

Cheers,
BESBS Player


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## sleeper88 (30 August 2009)

Ok, as promised, here's an updated valuation of MMR. The information of the individual prospects were extracted from Advent Energy's presentation released to the market on 21/08/2009. 

Please feel free to comment and give me constructive feedback on the multiples I've used. The actual share price has moved on signficantly since the my last valuation. 

Disclaimer: I hold MMR (free carried) DYOR!! and the information provided in this post DOES NOT constitute financial advice, they are merely my personal opinions.


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## Donga (8 September 2009)

Not sure how excited we should be about the announcement today unrelated to the main game at PEP 11 but at least it is tasty and stopped the small scale profit taking - upgrade of commercial potential in EP386/RL1 in WA and NT. Not on their website yet but can access it through http://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=MMR&timeframe=D&period=W.

These guys seem to have everything lined up as regards timing and announcements. Advent are presenting in New York on Thursday, see http://www.rodmanandrenshaw.com/conferences?id=32  and all the ducks are in line for Advent IPO and rig tender announcement in tandem with the current SSPP. Today bought some more options at 29 cents to add to my long term parcel, which hopefully will provide tax free profits from their pdf status. This is a goodie


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## wtang89 (8 September 2009)

Some nice late rallying today, sign of positive expectations towards the new news as well as advent's presentation on Thursday. Currently hold a batch of options and wait with anticipation.


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## Simon29 (13 September 2009)

Hey guys,

Do you think this share worth buying at its current price (around 0.5)? Am looking to enter into some speculative shares, looking at this one, BUY and ADI. Trying to decide which has the best potential at the moment!

Cheers


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## Peanut (13 September 2009)

Simon29 said:


> Hey guys,
> 
> Do you think this share worth buying at its current price (around 0.5)? Am looking to enter into some speculative shares, looking at this one, BUY and ADI. Trying to decide which has the best potential at the moment!
> 
> Cheers




Hi Simon29

Forum rules prevent members from being able to provide financial advice or advice on particular stocks.  Opinions expressed are personal opinions only.

Check ASX announcements, broker recommendations, media coverage etc and use these as a basis for determining whether to buy.  Good luck!


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## Donga (14 September 2009)

Simon29 said:


> Hey guys,
> 
> Do you think this share worth buying at its current price (around 0.5)? Am looking to enter into some speculative shares, looking at this one, BUY and ADI. Trying to decide which has the best potential at the moment!
> 
> Cheers




Simon - this is an intriguing speccie with loads going for it, i.e. pdf tax advantage, likely media coverage due to offshore Sydney PEP 11, board composition, active govt support, near future rig tender announcement as well as Advent IPO.  The fully paid has advantage of likely involvement in Advent IPO, while the option enables you to buy more. 

You do need to read a lot of recent announcements and I am holding both MMR and MMRO in short term and long term parcels. The movements have  been dramatic and could continue to be in the next few weeks, perhaps downward. As with any speccie you could lose heavily as this has already enjoyed a good run and there is a lot of work ahead of Advent to prove the viability of PEP11. 

There are also some stocks that seem to be going through a rerating and may also deserve your research being FMS and CXM capitalising on renewed China interest in iron ore and also PRU with their gold resource in Ghana which brokers are finally getting their heads around. These three have done well lately and MAY have more petrol in the tank, I hold shares in each. Probably less speculative than MMR though not as exciting  

As always don't invest anymore in any speccie than you can afford to lose. DYOR and best of luck.


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## LeeTV (14 September 2009)

Well worth a listen to holders and would be holders.

_"September 12, 2009 Podcast of Advent Energy Limited presenting at the Global Investment Conference in NYC (September 9-11, 2009)"_

http://blog.resourcemarkets.com/podcast-of-advent-energy-limited-presenting-a


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## LeeTV (21 September 2009)

Title of Referral: Asset Energy Pty Ltd/Exploration (mineral, oil and gas - marine)/offshore Newcastle/Commonwealth Marine/PEP11 Site Survey 
Date Received: 21 Sep 2009 Reference Number: 2009/5093

Referral

Figure 1 


Title of Referral: Asset Energy Pty Ltd/Exploration (mineral, oil and gas - marine)/offshore Newcastle/Commonwealth Marine/PEP11 Drilling Program 
Date Received: 21 Sep 2009 Reference Number: 2009/5094 

Refferal

Figure 1


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## Riddick (24 September 2009)

I'm looking at MMR.

here's the chart I am looking at.

MACD is entering a bullish signal, short term moving average moving beyond the 31 day lagging moving av.

RSI indicating good internal strength with little divergence

Nice little pennant on the share price

stochastic osc. is showing this stock to be currently oversold and entering buy territory and not showing any divergence.

seems ok in my opinion. anyone else seeing the same thing.

for the record, i'm in at .43


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## Donga (25 September 2009)

Hi Riddick - Forget the charts on this one as so many novel factors: 

 pdf status = tax advantages
 their board composition
 state govt and CSIRO support
 likely PR from offshore NSW media attention
 past and recent history plus the news to unfold in the next few weeks.   

DYO Real R and by all means hop on board but give the charts a miss


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## Riddick (25 September 2009)

Donga said:


> Hi Riddick - Forget the charts on this one as so many novel factors:
> 
> pdf status = tax advantages
> their board composition
> ...




ouch. this may be the last post i ever do after such a a stinging rebuke. i had no idea that your research was the only real research. I didn't realise i had to have your blessing to jump aboard. guess I'll just go hide my head in shame.


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## Donga (26 September 2009)

Riddick said:


> ouch. this may be the last post i ever do after such a a stinging rebuke. i had no idea that your research was the only real research. I didn't realise i had to have your blessing to jump aboard. guess I'll just go hide my head in shame.




Take no notice of me petal and expect some chartists will appreciate your contribution. And I don't pretend to have all the research bases covered 

After review of charts presented on this site, have seen little evidence that charting by itself, being the anal crunching of past stock indices, provides much value without a good understanding of the company situation in an assessment of the market relative to the FUTURE.  

By all means jump aboard fella. I topped up with some more MMR yesterday. And hey, I'm hoping your interpretation of the chart signals is right


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## Riddick (27 September 2009)

Donga said:


> Take no notice of me petal and expect some chartists will appreciate your contribution. And I don't pretend to have all the research bases covered
> 
> After review of charts presented on this site, have seen little evidence that charting by itself, being the anal crunching of past stock indices, provides much value without a good understanding of the company situation in an assessment of the market relative to the FUTURE.
> 
> By all means jump aboard fella. I topped up with some more MMR yesterday. And hey, I'm hoping your interpretation of the chart signals is right




thats ok, i'm not that sensitive. I am certainly not a chart addict. I never invest in anything I don't research on a company level first. charts are just another tool. they have their purpose, are definitely not oracles. you are totally right by alluding to the future as unreadable. case in point is the recent debacle. no one had posted one so i thought i would. 

I hope we're both right as I bought in too, a goodly amount. so many positive reasons to get on board at what I'm confident will turn out to be an absurdly cheap price. 

nice one in the first instance. well played


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## Donga (28 September 2009)

This was lodged this arvo after the bell...
_
28 September 2009
Companies Announcement Office
Australian Securities Exchange Limited

Dear Shareholder,

ANNOUNCEMENT TO ASX
EXTENSION OF SHAREHOLDER SHARE PURCHASE PLAN

The directors of MEC Resources Limited wish to announce the extension of the Shareholder Share Purchase Plan to Friday 2 October 2009. The extension will allow for the receipt and processing of applications after the public holiday in Western Australia on Monday 28 September 2009.

Accordingly shareholders are encouraged to submit their Acceptance Form for the Shareholder Share Purchase Plan as soon as possible.

The directors of MEC Resources Limited would like to thank all of its shareholders for their continued support.

Yours Sincerely
David Breeze_

This is interesting .  Am hoping it means that they recognise their two recent announcements were poorly written, somewhat ambiguous and didn't lift the SP so they are going to give shareholders who participated or even held off, another bite. This will work IF they give the market some meaty forward moving news, like who won the oil rig tender or details of the Advent IPO. I initially didn't partake and bought some more MMRO instead, then decided to take up some of the SSPP last Friday. 

Be great if they are not really worrying about the Sandgropers


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## Donga (30 September 2009)

The MMR Annual report, released today, makes for fascinating reading. The board is strong and the company has a number of interesting permits other than PEP11 through their majority owned Advent P/L (impending IPO recently announced), especially EP386 and RL1 in the Bonaparte Basin. 

Of particular interest regarding recent SP rise of CTP are the following statements "Advent holds a large shareholding in CTP". The CTP Dec 2008 Annual Report discloses Advent as the 2nd largest shareholder with 2.43%. And this one: "Advent reserved its right to claim damages from Central Petroleum and its subsidiaries following repudiatory breach of contract regarding farmin by Advent to Central's permits". CTP went into trading halt today so be interesting if MMR lurks at all 

While their recent announcements have been a little lack lustre, their next few could well be very forceful.


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## Donga (15 October 2009)

Great day for patient MMR holders with the SP increasing 37% to 42.5c. Hopefully this is a taste of what lies ahead when the CSIRO summary highlights are released very soon as well as the decision to be announced on Monday by NSW Dept of Environment etc as regards approval to proceed with the pre-drilling site survey, which was referenced in today's response from MMR to ASX.   

The following snippets appeared in their recent Annual Report:  

"independent confirmation of a thermogenic hydrocarbon source in the offshore Sydney Basin was revealed at the Petroleum Exploration Society of Australia’s (PESA) Eastern Australasian Basins Symposium, 14-17 September 2008. The confirmation of this type of hydrocarbon gas seepage is a significant development for Advent, as active seeps of the nature reported are considered by experts in this field to occur in basins now actively generating hydrocarbons and/or that contain excellent migration pathways" and also  

"In additional prospectivity studies of PEP11, Advent has recently interpreted significant new prospective multi-Tcf stratigraphic plays. The Fish and Baleen Prospects and other leads reside in deeper, structural Permo-Triassic targets associated with the Offshore Uplift. Further examination of features in the Cainozoic sediment wedge overlying the Permo-Triassic sediments along the Sydney Basin continental shelf has demonstrated “soft” high amplitude anomalies (reverse polarity to the water bottom reflector) that are observed along sequential seismic lines continuously over considerable (>60 km) lateral NE-SW extent. An example of these seismic features is provided here. The zones of contiguous amplitude anomalous horizons are depicted as yellow polygons in the permit map provided here. Advent has been advised that these newly identified prospective zones are analogous to the Marlim Field in the Campos Basin in Brazil."

The MMR response late today to ASX also mentioned that CEO "David Breeze is currently briefing stock brokers on Advent Energy and the PEP 11 project". Best of luck to all holders in the coming weeks


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## soren_lorensen (15 October 2009)

Donga said:


> The MMR response late today to ASX also mentioned that CEO "David Breeze is currently briefing stock brokers on Advent Energy and the PEP 11 project". Best of luck to all holders in the coming weeks




Donga the last bit in your message about the ceo briefing stock brokers, what would that be all about then?

amazing journey for holders had dropped in dribs/drabs over the last 2-3 weeks and then the bang today!

noticed 'BUY' didn't jump as much today


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## Donga (15 October 2009)

soren_lorensen said:


> Donga the last bit in your message about the ceo briefing stock brokers, what would that be all about then?
> 
> amazing journey for holders had dropped in dribs/drabs over the last 2-3 weeks and then the bang today!
> 
> noticed 'BUY' didn't jump as much today




Likely a rehash of the Advent presos doing the rounds in September  however timing a little more juicy due to impending CSIRO release as well as likely decision from Environment dept. Expect the reality of BUY's minor role in PEP 11 is now better understood, though I've taken a smalller position with them also as they have some other interesting projects on the go. Just a glorious time for many small/mid cap minors


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## Donga (21 October 2009)

Apologies in advance for length of post – don’t intend to go into this detail again. Will try summarise the case for PEP 11 and MMR objectively, and as always pls DYOR.

The board – critical factor for long term investments and don’t expect day traders will be too influential as the stock is tightly held see below. I provide snapshots of two members and suggest punters refer to MEC website for more details on the others.

Chairman Goh Hock was President of Schlumberger Asia - managed their Asian operations including oil field services, outsourcing, financial software and smartcards. Hock was responsible for US$800 million in revenue and more than 2,000 employees spread across 17 countries. In his 25 year career with Schlumberger, Hock held several other field and management responsibilities in the oil and gas industry spanning more than ten countries in Asia, the Middle East and Europe. Hock started as an oil field service engineer in Indonesia in 1980 before moving to Australia where he worked on the rigs in Roma, Bass Strait in and the Northwest Shelf.

Some brief facts on Schlumberger: FY 08 $27.16 billion revenue; 79,000 employees of 140 nationalities, operating in approximately 80 countries.

Mr Ding Guiming - Chairman of Advisory Panel was former Head of Exploration for the China National Petroleum Company (CNPC), directed the exploration activity of more than 20 oilfields all over China. CNPC recently announced $US 86 billion revenue. Was President of the Daqing Oilfield, one of the largest and enterprises in China and has 34 years of extensive successful oilfield experience.

Tightly held - According to Commsec MMR market cap today is $47m comprising of 108m shares (not inc options) and the top 20 shareholders account for 40% (MMR latest annual report).

History of PEP 11 – so much material available so pls DYOR however suffice to say there has been lots of research done on the permit area over 20 years from the likes of Ampolex, Santos, CSIRO amongst others. A good place to get a snapshot is presentation released today, see http://www.mecresources.com.au/newsroom/announcements.html and click on Advent Eco presentation. Other Advent presentations earlier this year have much more detail.

Recent progress – number of important milestones:
o May, tender cycle for drilling rig suppliers commenced
o August, Pareto Securities (Oil/gas expertise, Oslo) was engaged as lead broker to source Advent’s capital needs
o Capital raising conducted in September to raise funds for initial PEP 11 expenditure
o Today announced that Dept of Environment approved next step being site survey

Upcoming announcements – broad dates per releases and enquiries
o Recent CSIRO report has been received and awaiting CSIRO approval before summary highlights are released, likely in next week or so.
o Awaiting approval for initial drilling approval. Application was lodged 21 September, see below, Dept Environment questions been answered and now await decision.
o Final negotiations with rig suppliers underway pending Dept Environment approval

So expect there will be activity off NSW coastline in the next month or so hopefully including first drill rig, if not early 2010. So what are the challenges?

Environment – The recent applications can be read see http://www.environment.gov.au/cgi-bin/epbc/epbc_ap.pl?name=current_referral_detail&proposal_id=5093 re site survey and http://www.environment.gov.au/cgi-bin/epbc/epbc_ap.pl?name=current_referral_detail&proposal_id=5094 re drilling and are very compelling, especially if you consider the need to reduce dependence on coal energy. They also address the environmental considerations, e.g. every species of fish, bird, shark, dolphin etc in the permit area.

Economic – No brainer if proved commercially viable and expect both state and federal governments will be supportive.

Finding the stuff and viability – Who knows whether the supposed resources will be retrievable commercially? But we’re going to find out and in the meantime there will be a lot media coverage and interest in this project. By the time we find out, present holders will have sold along the way and hopefully free carried.

The biggest carrot – MMR has pdf status which means that capital gains and hopefully dividends are tax free. Not only very attractive but some indication of the strategic value placed on the project by the government.

The operating structure is fairly complex, but suffice to say MMR is majority shareholder of Advent, see today’s preso for breakdown and Advent will increase interest in PEP 11 to 85% once they drill the first well, while Bounty Oil BUY will have 15% interest.

Today’s Advent presentation also mentions a couple of other permits which are fairly promising, and I copy post on HC today from Jazzasax “noticed Exoma Energy EXE have asked for a trading halt... have the 100% working interest on Perth Basin. "EP 419 covers 559km² on the north eastern side of the Perth Basin about 10km east of the Beharra Springs Gas Field. Advent has retained a 3% royalty on future profitable production from EP 419."

Conclusion – Who knows where this will lead, but it is a wonderful project with the potential to participate in the development of an East Coast energy megastar.

Pls do not rely on above and DYOR. Best wishes to all current holders of MMR, BUY, GBA & BPH (last two also have interests in Advent).


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## Donga (4 November 2009)

My own littlel world in here. Never mind, here's the latest :

From OilBarrel.com

November 03, 2009

ASX-listed Biopharmica Diversifies In Order To Back Advent Energy’s Hunt For Gas Offshore Sydney

Excitement is building at Australia’s MEC Resources, an investment company with interests ranging from biopharmacy to oil, as one of its investee companies gears up to drill the waters offshore Sydney, where the possible gas resource could top 16 trillion cubic feet.
First, however, there are some corporate issues to be resolved: one of MEC’s companies, ASX-listed Biopharmica will be renamed BPH Corporate and will hold Biopharmica’s existing biotech research as well as a 20 per cent stake in unlisted Perth-based E&P Advent Energy. This move diversifies the risk, with BPH then holding two possible value-adding projects in two very different industries, and creates a structure to bring more capital into the company ahead of drilling. It also helps protect against any low-ball bids from potential predators and should increase shareholder exposure to any uplift in value following a successful well. 

Advent certainly believes it is sitting on a substantial project in the PEP11 licence in the offshore Sydney Basin. Over the last two years Advent has reprocessed existing seismic, ranging in vintage from 1981 to 2004, which has significantly enhanced the understanding of the geology. It now reports a prospective P10 unrisked gas resource of 16.3 trillion cubic feet for six prospects and leads in the 8,100 sq km permit, with the P50 and P90 numbers estimated at 5.1 tcf and 1.2 tcf respectively. The largest of these is the Fish prospect, which alone carries a P10 prospective recoverable gas resource of over 9 tcf. 

Advent has the right to earn an 85 per cent interest in the project, with its joint venture partner, ASX-listed Bounty Oil & Gas, reducing from 75 per cent to 15 per cent. This would give the unlisted company a major stake in a potentially major gas project in one of the last frontiers in Australia as the waters off New South Wales have long been neglected by the industry. This is ex-Santos and Ampolex acreage: both companies invested in seismic but never committed to the drillbit. 

“In the past new South Wales has relied on its vast coal resources for energy but the there is now a desire on the part of power companies, the government and the population to put into place gas-fired power generation in order to reduce CO2 emissions,” explained MEC executive director David Breeze, a stockbroker by trade.

According to Breeze, one third of Australia’s carbon dioxide emissions come from just 12-13 power stations all within a coastal strip 20-50 km wide, stretching from Wollangong in the south up to Newcastle, the largest coal export port in the world. Substitute this cheap but dirty coal with cleaner burning gas and national emissions targets become much easier to meet. This pressure to cut CO2 emissions means there is now a demand for gas in this part of the country, with demand in the Sydney area expected to double over the next 12 years. “The dynamics of climate change have brought about a tremendous opportunity for the company,” Breeze told oilbarrel.com. 

The company is now in the final stages of negotiating a rig contract and getting all the necessary approvals ready to drill in Q2 2010. Water depths in the area of interest range from 85 to 120 metres, making this jack-up territory, and with the prospects lying just 20 to 25 km offshore, it would be feasible to build a pipeline connecting to the gas distribution network in Sydney. “The costs of development are remarkably low compared to the alternatives for supplying gas into the Sydney area,” said Breeze.

The necessary capital raising is already underway, with the company looking to raise A$12 million. “The market reaction has been very good,” said Breeze. “There’s been a marked improvement in appetite for investment in Australia, especially for resource projects.”

Should the drillbit prove up this potential, this could be a truly transformational project. The potential resource could not only supply the expanding gas demand of the Sydney region but also justify investment in a floating LNG plant to supply energy-hungry markets across the Pacific Rim. At which point, MEC Resources’ early backing of little-known Advent Energy would really begin to pay off for investors…


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## Donga (28 February 2010)

I'll soldier on with this  Don't really care about ramping per se because MMR is not heavily traded and will move on announcements. Fund manager associated with the group advised me last week that various activities were progressing "very very well" and we can expect a series of new announcements in the next 6 weeks. 

So my latest update for anyone wishing to look more into MMR: 

Been six months since MMR captured serious market attention. SP has held up well, see attached given recent conditions and compared to pre Aug 09 levels. Believe we're on the verge of another level in activity and SP response.

The 1st Feb ann looked a little ho hum though suggest slow reading of the two page update. Various seismic work up announcements have grabbed little excitement, however are critical in determining the rig required, consequent environment considerations and hopefully provide enough evidence for a big player to farm in.

So back to the 1st Feb ann - apart from the reprocessing and drill target selection on the 1st page, draw your attention to some other stuff:

o Drill rig - "at advanced stage" and has been for a long while 

o Environment approval - "approvals process is rig specific. Advent environment consultants RPS and other consultants are currently completing a further standard work program for this process"

o Well planning - "Du-el contract staff are currently engaging in the completion of planning, sourcing and contracting ancillliary services and equipment for the well"

o JOINT VENTURE - love this "Plans for the process were matured during meetings with Pareto staff in Perth in Januray" and this..

"THIS PROCESS IS DUE TO COMMENCE WHEN THE DRILLING CONTRACT HAS BEEN CONCLUDED AND DURING THE PERIOD IN WHICH APPROVAL PROCESSES ARE BEING COMPLETED" (my caps).

o Site survey - "planning is at advanced stage with the preferred tenderer advised. The precise site selection is being refined through the current seismic reprocessing process"

Last Thursday we got a fairly lame ann regarding operational progress with some ancilliary services including helicopter services.

So why did I buy more on Friday?

Look at the chart, the elapsed time and recent announcements. Also remember they have set themselves an ambitious target with BPHO which expire end May. Du-el are beavering away with planning for the well. So we're just waiting for the rig finalisation which will trigger environment approval process and they are doing everything to ensure this goes smoothly. Then there is the joint venture scenario.

Whether its March or April, we can expect the result of all this seismic reprocessing, well and environment planning and rig negotiations will eventuate. Lastly, here is a clip from Perth news last Friday, so again the timing:
clipattic.com.au/details.php?image_id=1896&Clip_Name=MEC%20Resources&mode=search  

MMR - emerging offshore superstar!!


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## soren_lorensen (4 March 2010)

MMR was up 11.7% today, wonder if we'll see more movement and announcements in the next few days/weeks?


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## rabbit59 (5 March 2010)

soren_lorensen said:


> MMR was up 11.7% today, wonder if we'll see more movement and announcements in the next few days/weeks?




It was indeed, but do keep in mind, it has sumped that 11.7% in the past week also....dont you worry MMR will have its day in the sun soon enough.....DYOR


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## Donga (7 March 2010)

soren_lorensen said:


> MMR was up 11.7% today, wonder if we'll see more movement and announcements in the next few days/weeks?




Fund manager advised me early March: things are going well and assuming they continue to progress, we can expect a series announcements within six weeks. These would address the drill rig details, likely environment approval and update on farm in major. MMR have been advising on these matters for a while and let's hope the timing is accurate. 

Great to have some company in here and best wishes for PEP 11


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## moneymajix (17 March 2010)

Ann. re drill rig is due before 19 March.

Share price has been going up this week in anticipation. 

44c and up near 20% this morning.


Other companies that have a relationship to MMR - GBA, BPH, BUY - are also up.



The luck of the Irish is with us today.


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## Donga (17 March 2010)

moneymajix said:


> Ann. re drill rig is due before 19 March.
> 
> Share price has been going up this week in anticipation.
> 
> ...




Yes indeed - promising day for MMR and related PEP 11 companies, looks like we're reaching that next series of annoucements. Believe this one was prompted by recent BUY statement re March 19 and they threw us a bone, with some tasty meat on it:

o "funding for the well has been secured"
o "discussions have commenced with a number of upstream companies concerning a farm in"
o "made substantial progress towards applications and environment permits"

So lots more anns to look forward to IMO.

Don't forget to DYOR on BPHO - SP doubled today and could continue to fly leading up to May expiry.


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## Riddick (17 March 2010)

Hi Upmarket oops I mean Donga.
I responded earlier on this thread but it was moderated largely because some unnamed sissy complained i was picking on him... 

so i'll just post on "the other" forum when it comes to mmr, buy and so forth.

nice work by the way on this stock and bounty.
cheers

RB


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## sharebuddha (22 April 2010)

They have a rig contract for Pep11. :chainsaw: This is a big step forward and something us long term investors have been awaiting for quite some time. 

(deleted links)

everthing now rests on that rig coming to fruition, and some brown stuff with yellow gas popping out.. if that happens. Well, well well...

(stupid forum rules won't let me post links as this is my first post, so just go to the asx website at asx.com.au and search MMR.AX announcements )


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## craigj (3 May 2010)

is this one of those stocks that you dont pay any capital gains tax on ?

pooled development fund i think ?


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## happytown (7 June 2010)

Channel 9 news (Sydney) look like they will be running a story this evening on PEP11 - how Sydney may be able to supply its gas needs from directly off-shore and is it safe to drill off-shore


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## Buckfont (7 June 2010)

happytown said:


> Channel 9 news (Sydney) look like they will be running a story this evening on PEP11 - how Sydney may be able to supply its gas needs from directly off-shore and is it safe to drill off-shore




Hate to tell you this happytown but that was on Ch 9 here on C Coast last night. There is great potential here with MMR, although all the probs in The Gulf will put a lot of people off. Cant even get HMAS Adelaide scuttled off Avoca beach without the do gooders jumping up and down, so I`d hate to think what they would say to rigs off the coast. Noticed SP up 015c. in a shocker today.


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## BESBS Player (8 June 2010)

Bought back in to MMR over the past 4 weeks. Now set in the mid-30c range.

Risks remain - local protests, general market gitters. That said, both of these might ease enough to allow MMR to fly when drilling is close. 

Happy to hold and see.


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## Donga (10 July 2010)

MMR has held up well during market jitters BESBS and would expect protests will be short lived once the 'eliminate coal' card is played as well as knowledge that they will be drilling in shallow waters, less than 200 metres. If anything the media exposure should assist. Possible Environment approval in the next 30 days will trigger much interest IMO.

Great to have four good initial drill sites to choose from and that decision anno should also generate interest. Also heartening to see Bob Healy invest a small fortune.

Next few months should reward your play in the exciting PEP11 project.


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## BESBS Player (13 July 2010)

Hi Donga.

Nice to see that the SP is starting to rise on the expectation of up-to-date drilling news. I bought a few extra last week. Lifted my average price a little but feel better about it today. 

The Sydney Basin was always going to be a BESBS winner _provided _that the market holds. The recent rises over the last few trading days is a really positive indicator that we could see a decent SP run as drilling approaches. The Sydney Basin, the potential market that a discovery could be eventually sold into, the potential size of the prospect...that is why we are here. Smaller BESBS plays are always a little dicey in bear markets but this one ticks enough boxes for me. MMR finishing today at 48c is certainly a nice start to the pre-spud timeframe. 

Good luck to all holders. Hopefully the train ride is just beginning...

Holding MMR at 38c ave.


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## Donga (16 July 2010)

Well, well, well BESBS what a couple of days and hopefully more media coverage to come after this today see http://www.abc.net.au/news/stories/2010/07/16/2955296.htm comparing PEP11 potential to Bass Strait. 

We can expect the Greens to stir more interest which should ultimately reinforce the benefits of this energy source vs coal generated for Sydney.

Next few weeks and months are going to be very exciting one way or another 

MMR - East Coast Superstar


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## BESBS Player (17 July 2010)

Hi Donga.

Great to see MMR rising so quickly. As I stated earlier, I can only see a significant SP increase while MMR have the Sydney Basin drilling on the horizon (most likely in October-November). The location, potential target size...all spell profits ahead to me.

That said, I was a little surprised that MMR has basically moved just on 50% in one week :. Given this rise, and the fact that I don't think too many larger players would risk being out of MMR at this point. Once an update on drilling comes out soon, we hopefully (assuming that the announcement is positive) shall see the SP hike again as the next wave of traders buy in quickly.

So far this is going according to the script presented above. 

All the best to all MMR holders...


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## BESBS Player (17 July 2010)

Monday morning might see the recent SP impetus increase given the following in today's SMH:

*Advent says massive gas field off NSW could be a new Bass Strait *CLANCY YEATES 
July 17, 2010

ADVENT ENERGY'S plan to explore for gas off the NSW coast have been boosted by studies that found the area could contain a gas field rivalling the mammoth resources of the Bass Strait.

Although drilling has yet to start at the site, about 25 kilometres from Newcastle, the company says a discovery of this scale would be large enough to convert the state's coal-fired power stations to gas.

After recent seismic surveys, the unlisted company Advent recently said the resource could hold up to 3.7 trillion cubic metres of gas, on par with Bass Strait's gas resource.

Shares in its 50 per cent shareholder, MEC Resources, have jumped about 40 per cent since the upgrade was announced last week, including a 19 per cent rise yesterday.

Another key shareholder in Advent is Talbot Group Holdings, founded by the recently deceased resources entrepreneur Ken Talbot.

Advent will later this year start drilling at the site - known as Petroleum Exploration Permit 11 - the first time a company has drilled for gas in NSW waters.

The executive director of Advent, David Breeze, said one reason for the project was expected growth in gas demand from power stations.

''One third of Australia's carbon dioxide comes from 12 or 13 power stations between Wollongong, Sydney and Newcastle,'' Mr Breeze said.

''If you converted all of the coal-fired power stations to gas from a discovery that we made, then you'd actually meet Australia's Kyoto principle objectives in that one single step.''

Aside from the recent seismic surveys, Mr Breeze cited numerous government reported that said the Sydney basin was also prospective for gas.

However, the project is still several years from a final investment decision and whether it goes ahead will depend on the drilling results.

An energy analyst at Deutsche Bank, John Hirjee, said the 3.7 trillion cubic metres was a ''theoretical number''.

Further drilling will reveal whether the geological structure is as promising as studies suggest, and how much gas it contains.

''This could be very significant, but there's a long way to go before we would give it any credibility,'' Mr Hirjee said.


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## Wysiwyg (17 July 2010)

Here is a video link on the project. Less than 1 in 10 chance of finding gas in the August drill according to Trevor Powell in the vid. This offshore project might prod the onshore companies to pull their finger out. Like Metgasco.

http://video.au.msn.com/watch/video/gas-mining-plan-off-sydneys-coast/xen6fg7


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## Donga (17 July 2010)

Wysiwyg said:


> Here is a video link on the project. Less than 1 in 10 chance of finding gas in the August drill according to Trevor Powell in the vid. This offshore project might prod the onshore companies to pull their finger out. Like Metgasco.
> 
> http://video.au.msn.com/watch/video/gas-mining-plan-off-sydneys-coast/xen6fg7




Good video Wysiwyg, which I missed at the time and followed by recent press coverage  Not overly concerned about conservative time estimates or chances expressed on the first drill - the stuff is there and MMR has the permit. Expect they'll get a sniff with all the data they now have, then attract further funding for the push to find and commercialise. 

Lots of interest and SP movement should occur leading up to first drill and the subsequent ones IMHO


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## BESBS Player (19 July 2010)

G'day guys.

Interesting to see a trading halt today. 
The announcement seemed very positive but revealed nothing that we did not know at present.
Still, nice to have the data confirmed. 

Video clip is interesting. Not too worried about the 1 in 10 chance of success decreed by Powell. For any wildcat, that is usually about the odds (maybe the GoM and the Cooper Basin are better). Given the research, added to the potential size of the target and location, this one will fly once we have drilling action confirmed (which I expect around Oct/Nov.).

Good luck to all holders. 


Holding MMR @ 38c ave.


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## Donga (19 July 2010)

BESBS Player said:


> G'day guys.
> 
> Interesting to see a trading halt today.
> The announcement seemed very positive but revealed nothing that we did not know at present.
> ...




Believe the anno today was attempting to put 'likely' into context given Powell's 10% chance. Either way Advent have the permit and a lot of evidence to suggest there are enough hydrocarbons out there to supply Sydney with clean energy for decades. Great project.  And yes, good luck to all holders


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## BESBS Player (22 July 2010)

Just checked this morning...MMR now up to 68c. Sure they might taper off a little but the trend is very positive .

Enjoying the ride...

Holding MMR at 38c ave


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## BESBS Player (27 July 2010)

Sure enough, they tapereed off a little.

Still, we have drilling confirmed for early Q4 and 60c...
The horizon looks fine from here


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## BESBS Player (6 August 2010)

Announcement out. Management confirm that drilling should remain on schedule. 

Always comforting to read...



Holding MMR at 38c


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## Donga (7 August 2010)

BESBS Player said:


> Announcement out. Management confirm that drilling should remain on schedule.
> 
> Always comforting to read...




Yeah BESBS the ducks continue to line up nicely. I liked these bits from the anno:

o Ocean Patriot activity in Bass Straight then PEP 11 in Q4
o Drill will be approx 55km from Newcastle
o Site survey indicates target is "likely" to contain zones of gas
o Advent will comply to necessary environment approvals

I liked the last two paras about generating jobs, new source of clean energy for NSW and relevance to meeting Kyoto objectives.

Then received this info from BP broker this week regarding Advent and PEP 11:

o Likelihood of commercial or technical success from drilling is increasing from the convergence of different sources of analysis

o Well will be drilled October. Likelihood of delay is neglible as Exxon has no further rights to extend

o All major contracts have been let in relation to drilling

o Completion of Advent capital raising is expected within 3 weeks and before the closure of the BPH rights issue.

Pity more folk not interested on ASF. 

MMR - emerging offshore superstar


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## Buckfont (8 August 2010)

Another article in the local paper here.

There seems to be a divergence of opinion between MMR and the pollies as to whether proper permits have been obtained. Being a local and in agreement with the project I can see a real bun fight emerging at some stage. Hope not.

http://express-advocate-wyong.where...s-off-central-coast-says-exploration-company/


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## BESBS Player (9 August 2010)

Hope that this might be of interest:

Angela Macdonald-Smith
The Australian Financial Review | Page 17 | 09 Aug 2010 

Advent Energy's plans to test a possible big natural gas province off the coast of Sydney is attracting interest from larger oil and gas groups that want to join in the promising exploration.

The potential partners would join unlisted Advent and its partner Bounty Oil & Gas in drilling what will be the first gas exploration well offshore NSW. Drilling in the PEP11 permit, the state's only offshore petroleum exploration licence, is due to start in October at a cost of tens of millions of dollars.

Market interest in the well has surged since early July when Advent released an updated estimate of the targeted resource in the permit, doubling the volume of potential recoverable gas to 13.2 trillion cubic feet. A discovery on the doorstep of Australia's biggest energy market would drive a shift away from coal to gas for power generation, cutting carbon emissions.

Shares in MEC Resources, which owns 51 per cent of Advent, have jumped 48 per cent since the start of July, while Bounty Oil & Gas has gained 13 per cent.

"We have received approaches and we are evaluating them," said David Breeze, an executive director of both Advent and MEC Resources.

He declined to say what stake Advent, which now holds 85 per cent of the permit, may end up with in the exploration venture. Bounty owns the other 15 per cent. "We are evaluating what we might do relative to the sort of people who have approached us," Mr Breeze said. The PEP11 permit stretches about 200 kilometres from Wollongong south of Sydney up to Newcastle.

Market interest in Advent has been heightened by Talbot Group Holdings' 10 per cent stake. Talbot was the private investment vehicle of mining magnate Ken Talbot, who was killed in a plane crash in Congo in June. Talbot's other investments include explorer Karoon Gas, whose shares surged last year following discoveries off north-west Australia that may underpin a liquefied natural gas project.

Advent can also lay claim to some important Chinese connections, through chairman Goh Hock, a former Asia president of oilfield services major Schlumberger, and senior advisory panel member Ding Guiming, a former head of exploration at China National Petroleum Corp.

The expected start of drilling around the Great White and Marlin prospects about 55 kilometres east of Newcastle was recently delayed until early in the fourth quarter after a deferral in the date the drill rig would become available. The Ocean Patriot rig is now working for ExxonMobil at the $1 billion Kipper gas development in Bass Strait. The final drilling location in PEP11 has yet to be determined.

Independent experts used by Advent rate the chance of a discovery at the well at about 20 per cent, although other technical indicators point to a much higher probability, towards 80 per cent.

If successful, a gas discovery would have "immense significance" in terms of meeting the government's goals for carbon dioxide emissions reductions, Mr Breeze said.

Easy access to cheap coal resources in the Hunter Valley and technical difficulties in processing seismic data from the offshore Sydney Basin have deterred any drilling previously in waters off the NSW coast.


Disc: Holding MMR at 38c


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## Agentm (10 August 2010)

Donga said:


> Yeah BESBS the ducks continue to line up nicely. I liked these bits from the anno:
> 
> o Ocean Patriot activity in Bass Straight then PEP 11 in Q4
> o Drill will be approx 55km from Newcastle
> ...





donga.. i am certainly interested.. and will be posting a lot more.. as the days draw nearer, but in the short term there are a few months of waiting. 

great days to accumulate 



BESBS Player said:


> Hope that this might be of interest:
> 
> Angela Macdonald-Smith
> The Australian Financial Review | Page 17 | 09 Aug 2010
> ...




nice report in the fin review.

the pep11 prospect has its merits, been likened to "the next bass strait"

super high risk high reward prospect..


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## BESBS Player (12 August 2010)

Good to see management continuing to keep MMR in the media spotlight.
In the current market turbulence, such efforts are worthwhile. If they can manage to keep the SP close to 60c+ before final drilling news, MMR shall have a great platform to have a final pre-spud run.


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## Lycon (13 August 2010)

does anyone have an opinion on why MMR instead of BPH , it seems that other than the obvious difference in shareholding MMR has seen a bit of a rise in the build up but BPH not so noteable . Is it the dilution?


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## Agentm (13 August 2010)

Lycon said:


> does anyone have an opinion on why MMR instead of BPH , it seems that other than the obvious difference in shareholding MMR has seen a bit of a rise in the build up but BPH not so noteable . Is it the dilution?




nice observation

i think the recent cap raising has a great deal to do with it..

lol.. you can call it a conspiracy theory that false media reports of the well spudding in 3 weeks spiked the sp and they took full advantage,  but that aside, the value of bph is certainly worth considering, i know i am..


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## BESBS Player (13 August 2010)

Hi Lycon,

I reckon Agent makes a good point. Any capital raising at this time will put a clamp on BPH until at least the end of the month. Once that lifts, then it is a matter of whether they can attract punters. While many shall already be set in MMR, I'm sure that a cheap entry could get BPH moving in Sept. 

Remember that MMR is a Pooled Development Fund. As such, profits are tax-free for many investors (so I am told) and this makes MMR very attractive as well.

BUY might also be another stock that runs a little later on (especially if BPH starts to move) but I'm not so sure that it is as loved as MMR. BPH might be a stronger candidate here.

From a psychological perspective, currently MMR is within 15% or so of its annual high on PEP 11 news to date. BPH is only 50% to its previous peaks. BPH can get very good leverege on smaller gains (ie. 8c SP compared to mid 60cs for MMR). Clearly punters have been prepared to pay near 16c before on PEP 11 news, so this is still a chance (or even higher) providing that BPH can start to gain momentum in early-mid September. Ultimately, that is the question.


I can see why, at 8c range, AgentM would see BPH as a worthwhile punt. All the very best with your investments.


Disc: Holding MMR at 38c.
        Not holding BPH (as present). Not holding BUY.


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## happytown (27 August 2010)

ann out today, re location confirmed for first well to be drilled at PEP11

to be called the New Seaclem 1 well (TD @ 826m)

and targeting the already discussed Great White and Marlin prospects

late Oct still intended drilling date


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## BESBS Player (3 September 2010)

G'day MMRers.

I'm totally out early this week.

Given the uncertainty (at present) over the Federal Gov't, the remaining risk of small protests, the wait for final drilling approval, I can't see the reason to stay in MMR at present.
The SP has hovered between the mid-50s and mid-60s for 2-3 weeks now. Until drilling approval is announced and the rig moves on to site, I suspect that the SP will remain within this range.

The article below is an example of some concerns in the public arena.

http://news.smh.com.au/breaking-news-national/ban-nsw-offshore-gas-drilling-greens-20100830-1451b.html

Ban NSW offshore gas drilling: Greens 

August 30, 2010 - 2:34PM .AAP 


Greens Senate candidate Lee Rhiannon has called on the federal government to reject an application for exploratory gas drilling off the NSW coast, insisting it will endanger the marine environment.

Perth-based Advent Energy has announced to the Australian Stock Exchange that in October it will begin exploratory drilling in waters 55 kilometres east of Newcastle.

Advent has begun towing an oil rig from Victoria to help unlock the massive Sydney basin gas reserves, which the company says have the potential to match the Bass Strait fields.

The gas explorer has yet to gain federal approval for the exploratory drill - but says it is confident it will get the all clear when it has lodged its final application in coming weeks.

Ms Rhiannon, who is expected to win the final NSW Senate spot when counting is completed, has called on federal Environment Minister Peter Garrett to block any application by Advent.

"Protecting tourism and the natural marine environment should be the priority of the Federal Minister for the Environment Peter Garrett, not lining the pockets of mining companies," she said in a statement.

There is plentiful evidence on the table already about the impact of drilling on whale migration, marine life and the potential pollution of our ocean and beaches."

The Advent project has provoked widespread opposition in the Hunter and central coast areas, and became a political football locally during the recent federal election campaign.

A spokesman for Mr Garrett confirmed Advent Energy had no environmental approval for the drilling, and said the company had recently withdrawn its application.

Advent executive director David Breeze said the company was "not aware of any issue with the application process", and would lodge its final application in "due course".

"Advent has been in regular consultation with the relevant government bodies concerning its intent to drill offshore, is pleased with progress of the formal application process, and intends fulfilling any additional information and requirements in due course as it prepares for the arrival of the rig and completes its final preparation for drilling later in the year," he said in a statement.

"It fully intends lodging its final and completed application ahead of drilling activity. It does not envisage any delays or constraints in completing this application process."

As many investors can receive tax free profits from MMR (so I am told as MMR is a Pooled Develop Fund), I shall wait until the final approval and rig move in. If I miss 10c in the rush, so be it. Profits are tax free so that is a bonus. If MMR is delayed, then my cash is safe.

Happy to watch and wait (although some funds have been put into SUR on dips).


Bought MMR at 38c, sold at 62c ave. 60% profit


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## nevieboy (6 September 2010)

Hi 
I've held MMR for over a year now. So when I sell do they send me
some paper work stating that I don't have to pay any taxes on the 
profits?
Or how does that work regarding with the A.T.O.
Thanks guys.


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## Donga (24 September 2010)

nevieboy said:


> I've held MMR for over a year now. So when I sell do they send me some paper work stating that I don't have to pay any taxes on the profits? Or how does that work regarding with the A.T.O.
> Thanks guys.




Your accountant will take care of that I imagine nevieboy. 12 months is immaterial as pdf applies to gains, period, not necessarily the normal 12 months as far as I understand.

As for earlier concerns about approvals and hysterical politicians, ffffft, just noise as most people will support, espec federal and state govts. 

I would focus on when Ocean Patriot becomes available. MMR are still saying mid Oct, so let's say late Oct/early Nov we should have news about that.

This stock could run again early Oct and I would not sell in the meantime DYOR. Media reporting will become more meaningful (read as sensibe, +ve) leading up to Ocean Patriot being towed into place. 

Hold on to your hats and your shares IMO.


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## wtang89 (15 October 2010)

Hi All,

It looks like MMR has been out of favour recently with more share diluting and concerns by local protests, as we speak, it has retreated back to the low 50c. IT would be interesting to see how far it retreats, as i am considering reentering into MMR in the near future. Interesting times are ahead....


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## Donga (23 October 2010)

wtang89 said:


> Hi All,
> 
> It looks like MMR has been out of favour recently with more share diluting and concerns by local protests, as we speak, it has retreated back to the low 50c. IT would be interesting to see how far it retreats, as i am considering reentering into MMR in the near future. Interesting times are ahead....




Back up to 57c close today wtang89- recent +ve media coverage lately more than compensating for impatient sellers. Newcastle is coming on board and good to see recent presos from BUY and MMR this week saying December drill. 

Expect more approvals, noise and media coverage leading up to Ocean Patriot being towed into place in December. Smooth sailing.    

MMR - emerging east coast, offshore superstar


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## happytown (3 November 2010)

story in the economic times (indian newspaper) that ONGC is in formal discussions for a 25% stake in advent for $1B has been dismissed as incorrect


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## Donga (3 November 2010)

happytown said:


> story in the economic times (indian newspaper) that ONGC is in formal discussions for a 25% stake in advent for $1B has been dismissed as incorrect




True, $1B at this stage would be nice but always unlikely. Spoke with company today about it and when quizzed as to any truth at all in the story, response was guarded which is fair enough. 

Manager was more forthright on EPBC clock is ticking and upbeat on that approval coming through soon. Also confident about Ocean Patriot coming up to PEP 11 in December. 

Cannot expect the SP to hang around these levels for much longer IMO.

MMR - emerging east coast, offshore Superstar


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## happytown (4 November 2010)

back in a trading halt again, this time in relation to an article from dow jones

this from the business spectator, http://www.businessspectator.com.au...India-media-report-AU76K?opendocument&src=rss

the last 3 paragraphs:



> ...
> 
> Indian gas firm GAIL (India) is in talks with Advent to buy a stake in the company, its head said.
> 
> ...


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## happytown (4 November 2010)

the indian interest in advent appears to be playing out as follows:

the economic times of india reported that a consortium of indian co's led by Oil and Natural Gas Corp (ONGC) and incl Oil India and Gail India is in talks to buy a 25 percent stake in advent for about $1B - see for eg "ONGC consortium eyes 25 pct stake in Advent for $1 bln - paper", Reuters, 03/11/10; an unnamed executive in the consortium is reported as saying, "We are looking at acquiring a minority stake in E&P (expl and prod) company Advent Energy.", see for eg "Indian oil group adds Australia to target list", Reuters, 03/11/10

MMR, BPH and GBA put out asx anns stating that the indian media reports of formal discussions was incorrect - see for eg "Advent Energy co-owners deny India media report", Reuters, 03/11/10

further reports indicated that Gail (India), descibed as an Indian state gas firm is in early stage talks to acquire a stake in Advent, although whether as part of the afore-mentioned consortium is not known, see for eg "GAIL in talks to buy Advent - exec", Reuters, 03/11/10

ONGC has just been named Asia's top O&G expl and prod co, beating China's CNOOC to the no 1 position - see for eg "ONGC becomes Asia'a No 1 oil and gas exploration and production firm", Indian Express, 03/11/10

trading halts currently all round for MMR, BPH and GBA


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## happytown (5 November 2010)

ann out at 7.26 pm last night, confirms that GAIL (India) are indeed in early discussions with advent to take an equity stake in advent

if the figures being discussed (25% for $1B) are legit, it values advent at $4B

current holdings in advent are MMR (51.14%), BPH (19.06%), GBA (8.75%)

based on the figures being mentioned in the media, the value of the current holdings would be MMR ($2.045B), BPH ($762M), GBA ($350M)

current fully diluted mc's of MMR (approx $138M), BPH (approx $36M)


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## happytown (11 November 2010)

bph, gba and mmr all moving up

talk of indian interest in equity stakes at values of 25% of advent at $1B

ann out on 09/11 indicating that rig should have completed its duties down south by nov 29

still awaiting stautory approvals


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## happytown (15 November 2010)

and regulatory approval from nsw dept industry and investment for drilling at pep11 granted for the seaclem1 well


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## Donga (18 November 2010)

happytown said:


> and regulatory approval from nsw dept industry and investment for drilling at pep11 granted for the seaclem1 well




We've got lift off! 

EPBC approval imminent, followed by Ocean Patriot to be towed 55 kms off Newcastle early December with the media attention this will draw. This puppy is going off and then we have Advent j/v news to follow. 

Stock is fairly tight and in the past few weeks has reminded LT holders how it might perform when above news is announced. Still time to get a piece before the spud, take enough profits to free carry and hope the December drill is at least promising.

MMR - offshore east coast superstar whose time looks to have finally come. 

Best of luck all holders


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## Bammers (19 November 2010)

Eagerly watching this one.... shot up 20% pretty much today... happy days


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## Donga (29 November 2010)

Bammers said:


> Eagerly watching this one.... shot up 20% pretty much today... happy days




And still consolidating around that level of $1.09 at the close today. Staggered at the little interest on this forum. 

Anyway, spoke with MMR management today and David Breeze did visit Canberra last week to chase up the one remaining environment approval being EPBC from Federal Environment. They expect to receive this week, which shouldn't surprise as they have the more rigorous NSW govt approval, but dare say it will and the media will go to town. Love it 

This may also trigger anno on the book build process which apparently is conditional upon EPBC approval. Again MMR managment expect this will be released soon, as per their recent anns. The Ocean Patriot drill rig is expected to be towed from Bass Strait 8th December and the tug from Singapore is patiently alongside. Spud in mid December.

Anyone's guess what these events and accompanying media attention will do to this reasonably well held stock. Take your pick on when to sell some, likely north of $1.50 and possibly up to $2.00 during drill depending on finance news. This has been my standout stock for a while and hope there are a few of you on board.  

MMR - emerging east coast offshore superstar with potential gas reserves to exceed Bass Strait


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## sleeper88 (30 November 2010)

Donga said:


> And still consolidating around that level of $1.09 at the close today. Staggered at the little interest on this forum.
> 
> Anyway, spoke with MMR management today and David Breeze did visit Canberra last week to chase up the one remaining environment approval being EPBC from Federal Environment. They expect to receive this week, which shouldn't surprise as they have the more rigorous NSW govt approval, but dare say it will and the media will go to town. Love it
> 
> ...




The final approval will hoepfully give MMR a boost. I've been following MMR for the past year and half and posted valuations on MMR back in August 09 on this thread. The parameters have change so I might update it once I find some time. 

Bought this as a BESB play. Currently free carried and looking to de-risk a bit more before spud.


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## Donga (10 December 2010)

sleeper88 said:


> The final approval will hoepfully give MMR a boost. I've been following MMR for the past year and half and posted valuations on MMR back in August 09 on this thread. The parameters have change so I might update it once I find some time.
> 
> Bought this as a BESB play. Currently free carried and looking to de-risk a bit more before spud.




Am in much the same position and still confident there's a lot of head room yet between now and Christmas for this wild child to run hard. Apart from making money, love the project for what it represents.


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## noie (14 December 2010)

Down close to 17% and has a bit of weight behind it.

any thoughts on why?  profit taking maybe , but this is a little drastic.


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## Donga (14 December 2010)

noie said:


> Down close to 17% and has a bit of weight behind it.
> 
> any thoughts on why?  profit taking maybe , but this is a little drastic.




Flesh wound lol... courtesy of BESBS players and MEO IMO. Positions now taken and with the spud today, on with the show.

Good luck all Peppies!


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## vpayne (19 May 2011)

if neither MMR nor BPH or GBA have issued a quarterly report to date, does this mean they are all waiting to announce the public listing of advent. Ha Ha


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## exberliner1 (5 July 2011)

On the face of it MMR seems to have ticked all the right boxes for more stellar gains during this week based upon the following.

We closed at the day's high +39% at 16c with the options (20c maturity 4th July 2013) up 65% at 5.8c

Volume at 3.8mn is the highest since back in February when MMR was still trending downwards.

At the close there were 1.6mn shares in the bid queue above yesterday's close - which with the close at the day's high would indicate there are a lot of unfilled orders out there.

The offer side is tiny compared to the bid side especially nearer to the market price.

--

In addition to the above casual observations I also like the following:

The independent report prepared by the consultancy firm RISC gives the Weaber Field 13.9 bcf of 2C reserves which to me sounds like a lot even if, at 2C, the provenance is not 100% - which is why it is 2C. A compelling farmin project perhaps?

The half yearly report gives the asset backing per share of 32.1c against an SP of 16c today.

It is worth listening to the BRR presentation from 11th April as it potentially gives some clues as to future developments which as it was recorded 3 months ago could easily relate to early July. especially with regard to RL1 & EP 386.

--

I have taken a punt by buying 50k options and 50k heads today - it is unlikely I will buy any more.

Any unexpected ANNs such as a farmins or other corporate developments would have to be seen as a bonus.

Still there was a lot of buying today there has to be a reason behind it all - after all MMR has been a bit leaky in the past so let's hope it is again.

With options not due until mid 2013 then the undiluted mkt cap based upon 16c and 156mn shares is still only around $25mn.

Cash is around $12mn.

I am suprised we did not get a speeding ticket today - not to worry imo some sort of ANN must be due to justify today's action on the screen.

Any comments or other MMR goodies I have missed?

EB


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## exberliner1 (9 July 2011)

Up from 11c to 20c this week.

Closed with hardly any offered and a hugely increased bid side.

9mn shares traded durng the week.

Bid strength would indicate it will go much higher next week.

1 year high is over $1 so I guess they are still a bargain at 20c.

I hold both heads and options - 

Worth keeping on the watchlist early next week imo

EB


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