# GLX - Gulf X



## yogi-in-oz (23 May 2006)

Hi folks,

GLX ... given that the rumour-mill has let
us down again, maybe we should look at the
time cycles ahead, for some direction ... 

Some key GLX dates ahead, may be:

  26-29052006 ..... minor and positive news???

     07062006 ..... minor and positive cycle.

     13062006 ..... minor

     14062006 ..... significant and negative news???

     30062006 ..... aggressive and positive trading here???

     07072006 ..... minor and positive news???

     10072006 ..... negative spotlight on GLX

     17072006 ..... minor

     02082006 ..... significant, negative and finance-related???

     09082006 ..... positive spotlight on GLX

     18082006 ..... minor

     21082006 ..... 2 cycles here ... positive news expected,
                    however market reaction may be flat.

  25-28082006 ..... significant, positive and finance-related???

September/October 2006 ..... pullback looks likely.

November 2006 ..... probably flat-to-uptrend

December 2006 ..... should be a very good month for GLX.

happy trading

  yogi


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## YOUNG_TRADER (30 May 2006)

This is definately worth a spec punt IMO, not many Aussies operating in Gulf of Mexico, will be drilling in the shallow water areas, tiny mkt cap company drilling in one of the most active areas in the world, has been termed the 'mini petsec'.

Agian is spec but risk reward ratio on this one is unbelievable, drilling in August I think,   

Has opies too


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## YOUNG_TRADER (31 May 2006)

hmmm not drilling till after the hurricane season, around November, too long to wait for specie, sold out,


Shall re-visit closer to drilling ie October


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## acer (8 October 2006)

Looks like it will be three juniors to take a step up into the Gulf of Mexico shallow waters ~LIO, GLX and ETE. LIO have just sold their ETE and GLX shares and are prepairing to join both ETE and GLX with drilling the South Marsh prospects very soon. Joint operating agreement signed with Ridgelake on Friday could be news any time of drilling dates for this quarter regarding the above two prospects.


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## yogi-in-oz (22 November 2006)

Hi folks,

GLX ..... should be strong next month, as
several positive cycles come into play:

30112006 ... positive cycle ... finance-related?

08-11122006 ... positive spotlight on GLX ... 

19122006 ... positive news expected here

27122006 ... negative cycle - finances?

29122006 ... short, aggressive rally here ...?


January 2007 should see GLX a little more volatile,
but mid-February will likely bring a strong rally,
from around 15-21022007 ... ???

happy days

yogi


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## OK2 (22 December 2006)

*GLX an early Christmas present*

Finally one of my stocks is moving nth, GLX has decided to give me an early Christmas bonus. Not to say it will not head back down where the rest of my stock has been parked almost half of the year. I have never seen such joy at the word drilling, if only I could be drilled more often. Merry Christmas all


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## Caliente (22 December 2006)

*Re: GLX an early Christmas present*

wow. this is a strange one. Any idea OK2 why it took them this long to get a damn drill into the ground? There were complete reports conducted way back in February 2006.

Still, having a read, things look interesting. I'll keep an eye on this one.


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## yogi-in-oz (29 December 2006)

Hi folks,

GLX ..... looking ahead, early-January looks
negative, but with a little luck we'll see a
big rally, in mid-February:

     29122006 ..... short, agressive rally ???

05-08012007 ..... 2 cycles may bring 
                          negative news.

     17012007 ..... positive and minor ...
                            ..... finances ???

     25012007 ..... positive news here ???

     06022007 ..... minor and positive.

     08022007 ..... 2 negative cycles here.

     09022007 ..... minor and difficult.

15-21022007 ..... big rally here ???

happy days

  yogi

P.S. ... holding GLX.


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## OK2 (29 December 2006)

GLX is pretty much on track with their intended drilling schedule Caliente, it is outside the Gulf of Mexico hurricane season as they had planned. I believe they initially had difficulty securing a drilling rig with the right circumstances. It may partly explain the Capital raising earlier in the year with the issue of more shares. That would be my interpretation.


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## yogi-in-oz (13 May 2007)

Hi folks,

GLF and GLX ... time cycle analysis for these suggests, that
we should be alert for some news/moves, on:

     18-21052007  ... positive news expected here

     23-24052007  ... negative cycle here ... finances ???
            ... trading may be flat, due to a weak underlying
            positive cycle from 21-28052007

    06-07062007  ... two POSITIVE cycles to trigger aggressive move
                     for GLF and GLX ...??? ... 

    22-25062007  ... positive cycle here .. finance-related ... ???        

         09072007 ... NEGATIVE spotlight on GLF and GLX

happy days

  paul



=====


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## moneymajix (28 June 2007)

Edited - up 15% to 11.5c. Options unchanged.
at 3.24pm.
________________

Yogi, thanks for your info.

I am interested in your astro stuff.

Do you have any additional info since your last post in May?


The GLX share price has improved of late.

Today up 10% to 11c.

The options remain unchanged at 3.4c.


Good luck to all holders.


PS: Have you ever done any astro stuff on CXY?


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## Evangeline (22 May 2008)

hi yogi

still holding...this one looks like it's going to take off after the likes of lnc, mee and cxy....now intends to focus on its syngas ctl project...looks good...only one in south oz and close to transport etc.

a lot more interest lately....shares hit 10.5 cents today and oppies 4c....still flying a bit under the radar atm.

anyone else got these?

cheers


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## unit (23 May 2008)

Picked up some of these this morning.
Another UCG plus sulphur as a by product.

From their website:
http://www.gulfx.com.au/projects.html
'GulfX has acquired Syngas Energy, a company focused on achieving large scale syngas production from its substantial feedstock deposit located near Adelaide, using existing gasification and associated technologies to produce significant quantities of low-sulfur high-quality automotive “Clean Premium” Diesel, Power (in the form of gas as input to gas fired power stations), and native/pure Sulphur for sale in the industrial market place.'


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## farout (23 May 2008)

Nice work unit, you musta got in just after me. I grabbed 500,000 at the opening. Kinda shot the price up but has settled back now.


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## Dukey (23 May 2008)

unit said:


> Picked up some of these this morning.
> Another UCG plus sulphur as a by product.
> 
> From their website:
> ...





Had a look at this mob recently - Not absolutely sure - but i believe Gulfx plan to MINE their lignite and then gasify it in their plant afterwards  - if this is the case then they are not Underground Coal Gasifiers.... but they are CTL = coal to liquids.  
Maybe this above ground process allows them to recover the sulfur???   not sure.

check out this syngas presentation  http://www.gulfx.com.au/documents/GLX_SyngasPresentation_20-11-07.pdf

They should have plenty of potential regardless of below or above ground, but they look to be well behind LNC and MEE in the process towards building a plant and making diesel.

still... I'll be watching...  they will probably benefit more from the total sector action happening...

Dukey - 
not holding.... yet


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## unit (23 May 2008)

Saw that order go through farout, good luck with it.

The presentation just came out and on page 3 it does say they mine the lignite, dewater it, and then gasify and then onto diesel, power generation and sulphur.
Targeted production of 30,000 barrels per day of premium diesel on page 5.

100kms from Adelaide.

From Announcement on 13/5/2008 the drilling is only down to depths of 100 metres, so the seam must not be deep enough for ucg.


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## farout (23 May 2008)

Nice 5.5 Million shares traded today in GLX, biggest volume on record. Hope a few others here have now jumped in. Currently 25% gain today


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## mick2006 (23 May 2008)

After reading the presentation by GLX today, I have switched some profits from CXY,ICN into GLX, this company could truely be massive.  

Given the massive increase in power demand to be generated by the expansion of the olympic dam mine, companies like GLX are in a perfect position to take advantage of future energy demands.

Also they are likely to benefit from the hype in the coal seam sector at the moment, wouldn't surprise given the run up of companies such as CXY,MEE,LNC,ICN to see GLX pressing 20c in the coming weeks based on momentum in the sector and the beginning of resource definition drilling.


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## blehgg (23 May 2008)

farout said:


> Nice 5.5 Million shares traded today in GLX, biggest volume on record. Hope a few others here have now jumped in. Currently 25% gain today




1 million of those were yours farout??  hehehe

nice pick from this morning....

I got a small parcel at 11c ~


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## farout (23 May 2008)

Not quite that much blehgg, but I know a couple of others who jumped in this morning as well.  Getting close to 6 mill traded for today.


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## mick2006 (23 May 2008)

Just re-reading todays presentation, quite amazing the company is targeting production of 10 million barrels of premium diesel using a proven coal to liquid technolgy.  

Taking information from the company presentation, 

At todays price premium diesel is fetching around $140 usd per barrel

With cash operating costs of $45 usd a barrel, 

So a cash margin of $95 per barrel 

or $950 million per year.


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## DavidB1 (23 May 2008)

i put a order for 100,000 @ 10c at 1pm 

should have just bought at market at 11c 

just have to by on monday


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## Evangeline (23 May 2008)

yep...glx did very nicely today....i bought some oppies a couple of weeks back...very happy and will be hanging on to them for a while.


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## Djayness (23 May 2008)

Nice to see they will be producing soon, their market cap is a mere 16 million which highlights the shares potential. With all the hype surrounding cgl, ucg and syngas technology, I will be looking to get in on monday.


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## michael_selway (23 May 2008)

mick2006 said:


> Just re-reading todays presentation, quite amazing the company is targeting production of 10 million barrels of premium diesel using a proven coal to liquid technolgy.
> 
> Taking information from the company presentation,
> 
> ...




Yep plus this, its actually not too bad

*Project feed material is lignite from large, extensively drilled and delineated deposits, containing approximately1. 4 billion tonnes of non JORC resource, over which mineral exploration licenses, are held by GulfX. Commercially proven gasification, gas clean up, and end product technologies will be used. Sasol/Chevron, Shell, Siemens, GE and Lurgi are several of the globally recognised technology licence providers in this area. Production at the 40 year life Syngas plant is targeted to commence in 2015, with subsequent ramp up.*

http://www.syngas.com.au/File/GulfX brief.pdf


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## mick2006 (24 May 2008)

with doom and gloom articles regarding oil prices starting to appear in australian papers, its no wonder why CTL and GTL plays are starting to gain attention.

with people now predicting high oil prices for the next decade, it is projects such as GLX's coal to liquid (premium diesel) that will be required going forward to stop Australia's reliance on imported oil/refined products.

given the large increase in activity in GLX's shareprice, I think this is just the beginning as investors start to take long term positions.

below is an article from todays age.


Petrol pain set to last until 2016
Email Printer friendly version Normal font Large font Nassim Khadem and Tom Arup
May 24, 2008

Latest related coverage
Comment Petrol price pain will spoil the PM's honeymoon

PETROL prices will keep rising for at least another eight years and inflation will continue to plague the Australian economy in coming months, creating further pain for families already hurting from higher living costs.

Analysts predict the cost of oil will keep rising until 2016, with the price at the petrol pump tipped to reach $1.70 a litre in the next fortnight, and $2 a litre by next year.

But consumers won't just be hit at the bowser. Retailers are saying they will have no choice but to charge higher prices for groceries to compensate for increased transport costs.

The political pressure to tackle rising petrol prices is growing, with Prime Minister Kevin Rudd being criticised for saying the Government had done "as much as we physically can" to provide help.

While Mr Rudd said the global price of oil was being fuelled by factors "way beyond the control of a national government", Opposition Leader Brendan Nelson attacked him for ignoring the concerns of everyday Australians.

Dr Nelson said the one thing Mr Rudd could do was reduce the excise on fuel.

An oil and commodities analyst at the National Australia Bank, Gerard Burg, has backed recent predictions that oil could reach $US200 a barrel as the price rises to meet rapid global growth. He said it was unlikely the world would see a downturn in fuel prices in the near future, explaining that futures trading in oil as far forward as 2016 was still at a premium.

Australian Tourism Export Council managing director Matthew Hingerty said higher fuel costs and the stronger Australian dollar threatened to send many small tourism businesses to the wall this year.

Coles spokesman Jim Cooper said that while contracts with transport providers were structured so they were not immediately affected by day-to-day fluctuations in fuel prices, "longer term rising fuel trends do obviously feed into the costs of running our business" and would have to be passed on.

Woolworths director of corporate affairs Andrew Hall said there were severe pressures on trading. Fuel represented 20% of the company's distribution costs, and the rise came as the price of other commodities was also increasing.

While airlines Virgin Blue and Qantas have raised their air fares this week ”” as oil and jet fuel prices continue to skyrocket”” analysts say discount air fares are here to stay.

Economists say that while the US recession and credit crisis could dampen growth, the more likely outcome is that China will keep powering ahead, buying our minerals and boosting our national income.

Access Economics director Chris Richardson said the inevitable consequence of greater prosperity was higher inflation and more interest rate rises. He said that while a segment of the population was hurting from interest rates, governments, businesses and households generally would add to demand. "Stressed-out suburban households may not be a big enough set of people to break the numbers on inflation," he said.

But Macquarie Bank interest rate strategist Rory Robertson said interest rates would slow growth and inflation eventually.


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## michael_selway (24 May 2008)

mick2006 said:


> with doom and gloom articles regarding oil prices starting to appear in australian papers, its no wonder why CTL and GTL plays are starting to gain attention.
> 
> with people now predicting high oil prices for the next decade, it is projects such as GLX's coal to liquid (premium diesel) that will be required going forward to stop Australia's reliance on imported oil/refined products.
> 
> ...




HI Mick, what do you think of GLX's management? Do you think they can pull those forecasts offin time?

thx

MS


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## mick2006 (24 May 2008)

hey Michael, good to see you are having a look over GLX, you must be rapt with the increase in the coal sector at the moment.

in terms of management yes I believe GLX have the quality to pull off this production timeline, they have recruited very well with a senior managment that has a WMC feel with both Derek Lenartowicz (chairman) and Merrill Gray (MD) both senior WMC figures.  

But it is the latest appointment in Phil Thick (senior managment Shell Australia) that really spells out they are serious about getting this CTL project off the ground.  Below is a quote about Phil Thick taken when he was appointment, I certainly like the emphasis on government contacts.

"Mr Thick brings a wealth of Australian and Global Oil and Gas industry knowledge, particularly in the downstream transportation/logistics and retailing side of the business, to GulfX Limited. He also brings an extensive network of government contacts and Oil and Gas industry contacts."


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## Evangeline (24 May 2008)

Check out the weekend australian financial review...page 46...great write up...'Investors fired up over coal-to-liquid plays'...mentions lnc, mee and also glx:

"Shares in GulfX, which is examining a coal-to-diesel project in South Australia, also rallied, adding close to 60 per cent in the past week as the company conducted an investor roadshow"

Also article in BRW...'Gas Busters'...specifically mentions GLX, along with mee and lnc:

and yet another article in BRW...."Gas Buster"...makes particular mention of mee and lnc...also mentions Sasol, BLR and GLX..taken from lnc website:

http://www.lincenergy.com.au/pdf/coverage-64.pdf


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## farout (25 May 2008)

Some terrific promotion happening Evangeline. This is currently one of the most talked about stocks on HotCopper. I expect Monday will be a ripper of a day.


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## mick2006 (25 May 2008)

Could be a very big week ahead for GLX, with plenty of media coverage over recent days starting to highlight their South Australian CTL project, this is on the back of a recent investor roadshow, which judging by friday's volume seems to have brought plenty of new money flowing GLX's way.

As long as we have record high oil prices and the focus is on alternate energy source's companies such as GLX will certainly be in investors minds.


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## redback (25 May 2008)

Hi Mick, I see you are all over the net promoting your latest purchases, there is no doubt that the (day trader) market has found it's newest hot sector, but words of caution would be prudent here, which of course will be ignored by the traders who will milk this bubble for everything  in the next few weeks, most of these small fry haven't got anywhere near the money to realise the hype now on, most of these minnows will fail in a big way without major backers, but which ones?, don't get too carried away with your posts, I see you sold some of your CXY to buy some GLX, this is OK, but people listening to you must realise that this is a bubble, nearly all of these smaller hopefuls  have less than $2 mill in the bank without exception, only the better, or should I say the conducive deposits will prove to be viable, and we have countless amounts of these deposits, but nevermind--promote away, all of these opportunistic little companys will also milk the market like there is no tomorrow, only problem is, most entering late will do their money big time, the dilution required to even get to first base is going to prove too horrific for even the best of the optimistics amongst us


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## redback (25 May 2008)

ps., forgot to say most of these smaller companys are at least 10 YEARS away from proving up anything, never mind producing anything


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## unit (25 May 2008)

redback said:


> ps., forgot to say most of these smaller companys are at least 10 YEARS away from proving up anything, never mind producing anything




2015 was the projected time until production for GLX but the JORC is expected to bring that forward.


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## farout (25 May 2008)

I think you are being a little harsh there redback. Mick has invested in these stocks with good intentions, and I believe he is doing rather well. I've been investing in UCG stocks for a couple of years now so I could say the same thing about you, just investing in CXY of recent times. Short to mid-term price prospects of GLX are fantastic. Yes, some people that jump in later down the track may get burnt from this coal boom, but that is the nature of the stockmarket beast.


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## LittleMak (25 May 2008)

redback said:


> Hi Mick, I see you are all over the net promoting your latest purchases, there is no doubt that the (day trader) market has found it's newest hot sector, but words of caution would be prudent here, which of course will be ignored by the traders who will milk this bubble for everything  in the next few weeks, most of these small fry haven't got anywhere near the money to realise the hype now on, most of these minnows will fail in a big way without major backers, but which ones?, don't get too carried away with your posts, I see you sold some of your CXY to buy some GLX, this is OK, but people listening to you must realise that this is a bubble, nearly all of these smaller hopefuls  have less than $2 mill in the bank without exception, only the better, or should I say the conducive deposits will prove to be viable, and we have countless amounts of these deposits, but nevermind--promote away, all of these opportunistic little companys will also milk the market like there is no tomorrow, only problem is, most entering late will do their money big time, the dilution required to even get to first base is going to prove too horrific for even the best of the optimistics amongst us





You raise some interesting points Redback, what are your thoughts on the UCG-GTL companies LNC, MEE, CXY?  Who do you see as best positioned and able to survive longterm?

Has anyone read or heard on CXY's indicated or inferred coal resources?  What size deposits do they have at Kingaroy (or in Australia?)


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## redback (25 May 2008)

Hi Farout--that would describe most of the current hopefuls, mind you, I have seen the highs and lows in CXY as I have been in and out of this one multiple times since 3.4c, a few weeks dosen't change the reality, I am a realist, not a illusionist, but I will buy and sell a I see fit in any bubble, so I cannot see how you can call me too harsh, our mate here is all over the place-how many nics has he got?, I counted at least 5--NZ included


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## farout (25 May 2008)

If he is using multiple nics then he will soon enough lose his credibility. You can't use more than one pen-name on this new forum without being caught. 

As for GLX, I think it will show it's true colours this week. Should be many a person pressing refresh on GLX's market depth.


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## redback (25 May 2008)

LittleMak said:


> You raise some interesting points Redback, what are your thoughts on the UCG-GTL companies LNC, MEE, CXY?  Who do you see as best positioned and able to survive longterm?
> 
> Has anyone read or heard on CXY's indicated or inferred coal resources?  What size deposits do they have at Kingaroy (or in Australia?)




Hi LM, it may be of some interest to you that CXY's main interests do not lie in Australia, neither doe's LNC's, rather the collaborations they have or will have with major corporations due to the good doctors expertise, after all he instigated the Chinchilla operation before being shunted by the very brash Mr Bond, Walker did the hard yards but got shunted by the new Twiggy of the UGC world.
I think Len Walker, as an expert in this field and will be supported by the real behind the scenes people, presently LNC's valuation is a complete nonsense


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## redback (25 May 2008)

farout said:


> If he is using multiple nics then he will soon enough lose his credibility. You can't use more than one pen-name on this new forum without being caught.
> 
> As for GLX, I think it will show it's true colours this week. Should be many a person pressing refresh on GLX's market depth.




Tomorrow's open is a given, it will see the first hour madness in GLX, more experienced traders will wait until the people who pay too much panic, never ever ever trade on open-that is only for amateurs, you will lose everytime


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## redback (26 May 2008)

farout said:


> If he is using multiple nics then he will soon enough lose his credibility. You can't use more than one pen-name on this new forum without being caught.
> 
> As for GLX, I think it will show it's true colours this week. Should be many a person pressing refresh on GLX's market depth.




Farout, I didn't mean he is using multiple nic's on this site , he is obviously a very seasoned promoter who operates on every stock chat site--even some we haven't heard of, very clever is this chap, but his recent posts promoting his interests should alert you


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## mick2006 (26 May 2008)

redback good to see you doing your research, how long you been around here for 5 minutes.  lol

everyone who has been around ASF for a while knows that I post here and HC, its no secret.  And I certainly don't hide the fact.

its also no secret that I'm a momentum based trader, and will continue to move around stocks with the news/money flow.

as for 5 nics, I don't know where you get that from, and I certainly don't do any posting on any NZ sites.  I used to be a member of sharescene but haven't posted anything there for ages.


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## redback (26 May 2008)

No worries Poly, we all move around, as seasoned survivors do, no offence meant, but your getting a bit too transparent, as I said--tone it down a little, even if it is hard to do


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## farout (26 May 2008)

redback said:


> Tomorrow's open is a given, it will see the first hour madness in GLX, more experienced traders will wait until the people who pay too much panic, never ever ever trade on open-that is only for amateurs, you will lose everytime




I don't know why I am bothering to reply to this, Dukey summed you up quite well in the CXY thread, 'equivalent of a radio shock jock'. HC is more the place for this nonsense.

What you stated is true on occasions, however I bought in on Friday's open and I shall now be laughing all the way to the bank.


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## avaramo (26 May 2008)

redback said:


> Hi LM, it may be of some interest to you that CXY's main interests do not lie in Australia, neither doe's LNC's, rather the collaborations they have or will have with major corporations due to the good doctors expertise, after all he instigated the Chinchilla operation before being shunted by the very brash Mr Bond, Walker did the hard yards but got shunted by the new Twiggy of the UGC world.
> I think Len Walker, as an expert in this field and will be supported by the real behind the scenes people, presently LNC's valuation is a complete nonsense




Redback,  Why would you think that LNCs valuation is complete nonsense?  I am assuming you saw the announcement about "Teresa", a potential coal deposit that could be worth AUD$700 million.  Given there about 370 million shares outstanding I figure a recent increase of AUD$2 a share is justified (risk included).  Then given the potential of LNC and its current stage of development it seems reasonably priced.  I am no seasoned investor and was just lucky to jump on LNC back at $0.175 but I don't plan to be jumping off LNC for a long while yet.  If "Teresa" comes good and diesel starts flowing from the LNC bowser I would consider a $7 stock price to be justified....then again I won't be crying if I am wrong.


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## farout (26 May 2008)

Once again trading 20-25% ahead of the previous trading day. Got some very good support as well    .


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## DavidB1 (26 May 2008)

bought in today 240000@ .15c 

the stock was as high 36c in 2005 


http://au.finance.yahoo.com/q/bc?s=GLX.AX&t=5y&l=on&z=m&q=l&c=


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## farout (26 May 2008)

Nice work David, I'm expecting that mid 30's figure to re-appear in the not-too-distant future. From memory, the 'Top 20' shareholders have accumulated 70 million odd shares, leaving few freely traded shares for the rest of us. One of the reasons I bought in. Over 13 million shares traded today, made the large 6 million traded on Friday appear small in comparison.


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## redback (26 May 2008)

Today,s trading was amazing, as the profit takers and early buyers up to 19c panicked and  exited, their shares were soaked up, I waited for them to do so, as I expected a retrace, now a holder and still in the bid depth for more


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## Djayness (26 May 2008)

I also got in today, sold a small package of gbg and picked up 14000 on a spec buy, not a major investment but then again my capital is limited. The movement tomorrow will be amazing to say the least, 13 million shares traded, surely this share cannot be considered as "under the radar" anymore

The CTL, UCG and interest in syngas has definently attracted the odd few traders to say the least.

Can anyone comment on the current market cap? It just feels a bit small in comparison to the size of GLX. Maybe im wrong, id like to know why though.


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## farout (26 May 2008)

After seeing you post the other day I was waiting for you to jump onboard Djay. I hope someone else is prepared to give you some insightful market cap knowledge, because quite frankly I feel lazy and am ready for bed


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## farout (27 May 2008)

Just bought another piece of GLX today, had a dip in price which I thought was a good opportunity


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## farout (27 May 2008)

Guess I'll have to post again after some irrational moderator removed my words of wisdom. GLX is currently in a small consolidation period which hopefully hasn't spooked anybody yet. It had to happen after the large gains it has received in the last week. I expect either tomorrow afternoon or Thursday we should see this stock moving in the right direction again.


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## Shadex (27 May 2008)

Yup, Hopefully we start to see a rise towards the end of the week.                                     
Lets hope it does anyhow


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## farout (27 May 2008)

*farout*

Nice to have you on-board Shadex.

I hope people don't consider this post a ramp, as that is not my intentions. Just a personal opinion, when Linc starts producing, I believe this little share will be 3 to 4 times it's current value. But then again, I tend to under-estimate things


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## redback (27 May 2008)

OK all you profit takers, keep selling, I got hit at 13.5c today, will now sit down the line at 11c, c'mon keep throwing them up, next thing you will manage to do is to value at least 750 million tonnes of resourse at nearly nothing, well done!!


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## desolator (28 May 2008)

wow how low can u go? thought i got in at a bargain today 0.13c but dam lot of paniky sellers out their.. hope this can rally back to a decent level on friday..


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## Djayness (28 May 2008)

Got another packet in at .13 cents, for a company that use to be worth up in the high 35 cents, the recent announcements have not exactly been working wonders. 

Too many people flogging off profits, interesting to see what happens tomorrow.


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## farout (28 May 2008)

This would have to be the buy of the century at the moment - just have to wait for a few off screen buyers to awaken. People love jumping on the bandwagon after it's already taken off.


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## redback (28 May 2008)

This is starting to look very dodgy, I watched that crazy bidder today, he was all over the place like you know what,I couldn't keep up with him, he appeared and disappeared at least 5 times before re-appearing at close, and the crazy then decided to pay $2600 over market, very strange fellow this, if it wasen't for his buy this would have closed at 12c, bet most recent holders aren't too impressed by all this dumping, 61.8% retrace =10.7c--looking like going there too, not impressed one little bit, as this was trading around 8c before announcement the market is valueing this resource around .008c a tonne, is there something seriously wrong here?


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## cordelia (28 May 2008)

I do not hold these shares but I am thinking about taking a position once they find some support. I have been caught before buying a share that is on the rise only to be left at the top and then sweating while it retraces. Looks like it this some support around .12c Falling prices and falling volume is a positive sign..hopefully


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## Datsun Disguise (28 May 2008)

Djayness said:


> Can anyone comment on the current market cap? It just feels a bit small in comparison to the size of GLX. Maybe im wrong, id like to know why though.




My thoughts on market cap is that, yes it is low, but remember these guys have got a mine to develop, technology to licence and a processing plant to build. And most importantly - remember that the resource estimate was retracted along with the 30,000 barrels a day. Basically they got ahead of themselves. This should only move once they start getting confirmation of what they think they've got. So when the drilling results start coming in then that's when a re-rating will occur in my opinion.

This phase could be a good accumulation period for the longer term - or I could be completely wrong and it does an INP tomorrow....:

BUT - if that resource and daily production figures prove out - OOOh Mamma!!!


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## farout (28 May 2008)

Agree with what you said about the gains once they prove their resource (in couple of months), however I think there will also be some large positive movement in the interim, especially when Linc demonstrates their coal to diesel plant, which should be in a few weeks. This demonstration will promote the industry greatly and should flow significantly into GLX's market cap.


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## unit (28 May 2008)

cordelia said:


> I do not hold these shares but I am thinking about taking a position once they find some support. I have been caught before buying a share that is on the rise only to be left at the top and then sweating while it retraces. Looks like it this some support around .12c Falling prices and falling volume is a positive sign..hopefully




Cordelia,
I have been stuck in that postion too. This site might help. 
http://www.shareselect.com.au/knowledge-bank/Technical-Analysis/Candlesticks-Bull-Flag-Formation/
It may help you decide where you want to put your buy and sell signals.
Good Luck


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## cordelia (28 May 2008)

hey thanks for that. I must say though I have pretty much learnt to control my impulsive buy outbursts


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## redback (28 May 2008)

farout said:


> Agree with what you said about the gains once they prove their resource (in couple of months), however I think there will also be some large positive movement in the interim, especially when Linc demonstrates their coal to diesel plant, which should be in a few weeks. This demonstration will promote the industry greatly and should flow significantly into GLX's market cap.




OK Farout, what is the problem here?, do you know this management team?, there has been some small snippets posted around the place that these guys are not trustworthy, what do you know of their remaining Gulf Oil interests?, it looks like they are bailing out. Not happy at all


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## farout (28 May 2008)

I'm not sure that I follow you Redback. Are you saying there is a problem because the share-price has settled back down after some very large gains? 
There have also been some 'down days' it has had to deal with, have a look at MEE & SXP today. Time will tell, it is your money Redback.


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## redback (28 May 2008)

farout said:


> I'm not sure that I follow you Redback. Are you saying there is a problem because the share-price has settled back down after some very large gains?
> There have also been some 'down days' it has had to deal with, have a look at MEE & SXP today. Time will tell, it is your money Redback.




It really must be of a concern that the market is fully discounting this SA resource, do you know what their Gulf of Mexico assets were valued at ?  looks likes sfa?, SA the same, these people are starting to look look like a bunch of cheap amateur's, time they followed up with some real substantial statements, not the vague ****e so far


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## Djayness (28 May 2008)

redback said:


> OK Farout, what is the problem here?, do you know this management team?, there has been some small snippets posted around the place that these guys are not trustworthy, what do you know of their remaining Gulf Oil interests?, it looks like they are bailing out. Not happy at all




Redback, do you have anything to support your claims or are you just sh*t stirring? Im all for it if you at least have something to back up your claims; on what basis do you consider the management team to be flawed?


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## redback (28 May 2008)

Woops, sorry Joe, seen the moderation, but mad as, as now being taken out by probably whole bunches of stale holders sick to death of losing their shirts because of this management team, who promised  utopia but so far have delivered  sfa, this is my concern, has present m/ment proven to be so incompetant that the sp fell to 6c from 35c?, if so, I suspect more of the same, today confirmed my suspicion that nothing has changed except a different tack as these clowns run out of money for their wages, so far they have achieved absolutely nothing, this amazing team of collective dunces  should be hanging their heads in shame, but hey--they don't care


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## farout (28 May 2008)

Looks like you have finally tasted your first stockmarket loss. No offence intended, but I'm guessing you are about 18-20 years old Redback? It's only a loss on paper if you sell now, and that is the choice you have to make. Just remember though, if a bullish stock has a massive quick rise it generally shoots part way back down before rising again.

If you've got some substance to speak of we are keen to hear it. However, I don't think you should be bagging the company just because you bought at the top of a peak. You were pro-GLX a couple of days ago until the price dropped a few cents.


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## desolator (28 May 2008)

mmm their is ALOT of sell depth on this one, i got decent hopes for these guys but by looks of things we may not see support til around 9-10c..on no fact what so ever.. i just feel this week their is alot of negativity surrounding this week. next week may prove to be back in the ++++.. who knows..


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## redback (28 May 2008)

farout said:


> Looks like you have finally tasted your first stockmarket loss. No offence intended, but I'm guessing you are about 18-20 years old Redback? It's only a loss on paper if you sell now, and that is the choice you have to make. Just remember though, if a bullish stock has a massive quick rise it generally shoots part way back down before rising again.
> 
> If you've got some substance to speak of we are keen to hear it. However, I don't think you should be bagging the company just because you bought at the top of a peak. You were pro-GLX a couple of days ago until the price dropped a few cents.




I was asking the question about management, and who they are or were, are they worthy of their positions or are they just another bunch of useless wage stealers, my questions remain unanswered


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## Djayness (29 May 2008)

redback said:


> I was asking the question about management, and who they are or were, are they worthy of their positions or are they just another bunch of useless wage stealers, my questions remain unanswered




But on what basis are you asking these questions, what has led you to question the management team? If you dont know who they are or were, how can you make assumptions that the management team is flawed. 

I just dont see where you are getting your questions from.


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## xabialonso (29 May 2008)

Interesting banter going 

Just started following this share recently..
and it has a lot of positive traits (as well as some negative ones

Does anybody know when the latest JORC will be released?

Xabi


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## farout (29 May 2008)

Xabi,
I believe we shall see the JORC report early-mid in the June quarter. There has been extensive drilling done already on their coal tenement by the SA Government, GLX now just have to do a little more to satisfy JORC, confirming what has already been found. 750 million tonnes or more is expected. Good support currently being seen at 12c.


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## xabialonso (29 May 2008)

Thanks farout.

in regards to some critcism in the above thread about the managements inability to deliver on timelines, have you found this to be the case?

Much appreciated.

Xabi.


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## farout (29 May 2008)

I believe they are doing a swell job, and don't know of any issues Xabi. Redback just likes jumping between threads causing a stir.

The current managing director 'Merrill Gray' ran Syngas Energy which GulfX bought, so she knows what is going on. She's had over 20 years experience with coal/ion-ore industries. 

Just like Metex, I wouldn't be surprised if they try to get rid of their other assets (ie Gulf of Mexico), as Merrill has had little to do with this and she just wants to focus on the exciting and profitable Syngas Plant in South Australia.

Closed higher today at 13.5c


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## Woody (29 May 2008)

This talk of the management team makes me laugh, and also indicates how lazy some posters are who offer opinions on stocks they have never researched. 

When Middlemas and his crew came in they basically rescued a company that had hit the wall - virtually a shell.  The people pulling the levers now, had nothing to do with GLX when it was at 35c - on the promise of GOM riches. The new team announced they were reviewing the GOM leases and were looking for new opportunities. The syngas project has been the first of these. 

Recently they announced they were abandoning one GOM lease and I expect they'll sell there way out of the rest.  I've followed Middlemas very profitably from Eagle Mining days right through to Indo Mines etc. Respected, cash and connections. He's no longer chairman, but has a strong executive team in place - and I haven't noticed he's sold his bucket loads of shares. 

Also, trying to extrapolate trends from graphs reaching back to the old GLX (New Horizon Oil) defies all logic.


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## farout (29 May 2008)

I agree largely with what you said Woody, comparison shouldn't be made to the old shareprice and the old management team. However I do believe the share-price will be heading towards those old figures once again.

This is the current management, as already stated Middlemas is no longer chairman. 

Mr Derek Lenartowicz (Chairman)
Ms Merrill Gray (Executive Director)
Mr Philip Thick (Non Exec. Director)


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## unit (2 June 2008)

Mexican stand off re: the share price at the moment.
Reduced volume from the big spike, hopefully it should take off again by the end of the week.


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## farout (2 June 2008)

Agree unit, should be seeing some nice gains shortly.

I am expecting some news either this week or next about them securing a drilling contract/partner, then Linc should fire up their demo plant creating more exposure, and then their JORC should be finalised in couple of months. 

Should start to see a few more posts in this thread in a couple of weeks.
Very interesting times ahead for this little market cap share.


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## DavidB1 (2 June 2008)

yes it is a small market cap only 155,176,907 Ordinary Share on Issues 

going to sell my roc and by some more tomorrow
down about 3k on glx


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## Djayness (3 June 2008)

Announcement posted on the asx literally just then, very interesting indeed! 


Drilling of Coal Deposits commences in South Australia.
GulfX Limited (ASX: GLX), incorporating Syngas Limited, is pleased to announce the commencement of drilling within the Mineral Exploration Licence (MEL) 3896 held by the Company. MEL 3896 covers 288 square kilometres of South Australia’s Northern St Vincent Basin Coalfield and is located approximately 100 kilometres north-west of Adelaide.

The Company’s drilling program has been developed after collation, review and interpretation of 215 past drill holes across the Coalfield deposits covered by MEL 3896. Significant progress on the Syngas Coal to Premium Diesel Project in line with previously announced work and milestones is expected as a result of completion of drilling. The program is targeting securing JORC compliant resources, coal sample collection for laboratory analysis as well for laboratory scale gasification testing.

Drilling will be undertaken by Tom Browne Drilling Pty Ltd (Tom Browne), an experienced drilling contracting company. Tom Browne has successfully completed drilling contracts for a range of ASX listed companies in varied geological settings in the past and has a number of ongoing contracts around Australia.

Phase one of the drilling program is underway in the Clinton area. Drilling is expected to be completed at Clinton by the end of June 2008. Subsequent phases are currently being co-ordinated to follow at Whitwarta and Beaufort, within GulfX’s MEL 3896.

Core samples of coal/lignite collected during drilling will be sent to HRL Technology Pty Ltd (HRL) located in Melbourne, Victoria. GulfX has selected HRL as its analytical service provider based on HRL’s significant coal, specifically lignite, handling and analysis expertise and experience. HRL has been contracted to provide accurate, reproducible and robust proximate, calorific value and ultimate analyses for the drilling program as well as a range of other analytical services.

Coal/Lignite core collected during GulfX’s drilling program will also be used for laboratory scale test work further characterising the Syn(thesis) gas likely to be produced during gasification of the Clinton Coal Measures feed material and to more accurately defining coal to liquid (premium diesel) yields. This work is currently being scoped.


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## farout (4 June 2008)

Nice to see GLX have a 10% rise today by end of trading. Was up at 0.165 during the day. Still a great buy in my opinion.

All the UCG holders are on the forum this afternoon. Congrats guys, may we all make a fortune from this old-but-new technology. Beers for everyone!


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## jaster (4 June 2008)

Congratulations FAROUT!

What an amazing day:-

LNC - Hit an all time high of $4.17

MEE - Hit an all time high of .93c

CXY - Hit an all time high of .245c

& GLX - Is on its way up again and hit a new RECENT high OF .165c.

There was some big $ traded through all of them today and not one announcement. Lets hope this is just the beginning.


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## james99 (4 June 2008)

And BLK up 33% to .60. Interestingly tonight the big oils on the UK are being hit, but Fortune, a small co with a JV with Molopo (MPO) is up... that is the good this about these small cap UGC CSM CTL co's, even if oil drops to 100 - 110 they are still cost effective with a much lower break even point.

Well done to all, reagardless of which of the many sector cos they own.


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## redback (4 June 2008)

I think the key to success is having large known historical deposits, especially the substantial ones that the government of the day thought worthy of drilling, although not of the quality of black coal, they are much shallower and very widespread and tend to be uniformally strata bound easily worked  material, both BLK and GLX have areas such as these under license, the technology is there, the deposits are there and are both approaching 1 billion tonnes, both of these companys have very small market caps compared to the market darlings presently, both should be considered, what is it? 15m and 24m, that is going to change rapidly


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## springhill (5 June 2008)

Took up a position in GLX today at 17 cents to go with my MEE and CXY, probably a touch more than i wanted to pay, but im a buy and hold-for-grim-death kinda guy. Looking forward to those drill results.... not a bad effort by GLX couple of cents up on a down day.... everything else i hold is in the RED. Happy to be on board


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## bennib0i (5 June 2008)

springhill said:


> Took up a position in GLX today




Good to hear. I just jumped on the boat too. got in at 16.5 cents...althought my investment is only marginal..$2.5 k investment. Im new to all this, with very little money, and after plenty of reading thought i'l take the risk.

hopefully i'l b looking back and thanking myself for joining u guyz.


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## redback (5 June 2008)

Just a shame about the mindless wombats selling eod though, these numbskull panic merchants shouldn't be allowed out, ruined a perfectly promising day, never mind making zero


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## farout (5 June 2008)

Welcome to the new holders, great day once again with another 10% added to total value. Starting to feel a little deja vu. Awesome ten million volume on what was a very ordinary day in the general UCG market


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## DavidB1 (5 June 2008)

i all so Took up a position in GLX today at 17c 63,000
to go with my 240,000 at 15c

i'm running out of money lol


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## redback (5 June 2008)

Just a question here, do the GLX leases contain the major deposits of lignite resources in South Australia, or are there larger ones?


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## Pimping (6 June 2008)

Got my 20k worth of GLX a couple of days ago at 15.5c I am pretty happy with my entry, now to sit back and enjoy what looks to be a great ride.


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## redback (6 June 2008)

This has to be a joke--1 million added at 18c, the games begin, someone wants in cheaply, and the panicking wombats will probably let them


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## Pimping (6 June 2008)

I'll be topping up if this joke continues that's for sure. Can't believe people would sell with the prospects this little beauty has. Oh well one man's trash is another man's FORTUNE!


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## prawn_86 (6 June 2008)

Redback and Pimping,

Instead of posting small, essentially nothing posts, can you please provide some information as to why you think the co is cheap. 

Technical or fundamental, short or long term, just please provide some analysis

thanks

prawn


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## blehgg (6 June 2008)

Just like to point out most traders don't like to hold out over a weekend (especially a long weekend...) 

Too much uncertaintainty... ~ it might be people playing games, or more logically people are wanting to consolidate their profits...

Some negativity in today's trades ~ (can't expect it to soldier on like LNC, fundamentally stronger) 

Drilling is expected to be completed at Clinton by the end of June 2008. Hopefully we should see some more action in the upcoming weeks.

Though... I'm a bigger fan of CXY ~ even though red has been bashing it around for a couple days  pro-cxy vs pro-glx ~ [no offence red... but hard to follow your comments]

[Note - I want CXY to do better cause I've backed it for this months Trade comp !!  But good luck to you GLX holders]


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## redback (6 June 2008)

Well , that 1 million seller will be holding a lot longer than the weekend now, what an absolute idiot putting up so many on a Friday, what was he thinking?, he has destroyed any confidence, well he's now a long term investor with no one to offload to now unless he takes a huge loss, absolute Wombat


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## blehgg (6 June 2008)

redback said:


> Well , that 1 million seller will be holding a lot longer than the weekend now, what an absolute idiot putting up so many on a Friday, what was he thinking?, he has destroyed any confidence, well he's now a long term investor with no one to offload to now unless he takes a huge loss, absolute Wombat




If your backing it so strongly  could just take out a loan and put your money where you mouth is  ~

Can show him who the wombat is! Take him down redback :eek3:


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## cordelia (6 June 2008)

redback said:


> Well , that 1 million seller will be holding a lot longer than the weekend now, what an absolute idiot putting up so many on a Friday, what was he thinking?, he has destroyed any confidence, well he's now a long term investor with no one to offload to now unless he takes a huge loss, absolute Wombat





Redback...FYI...price fell today on falling volume and that's a positive sign....Volume is down around 70% on yesterday. Shows that people aren't abadoning ship in droves.....Tuesday could be a good buying opportunity....


Would it make you feel better if ten people placed sell orders for 1000000 each?  That would bother me more.

Perhaps the same person who placed the sell order for 1mil is planning on buying some more before they get too expensive and wants those holding to panic and sell when they see the big sell order on...just like you are doing...After all the sell order is a fair way off the trading price.....It can easily be removed...


think beyond the square


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## farout (10 June 2008)

Good to see GLX obtain another Petroleum Exploration License (PEL) this morning. In addition to them already having the mineral license for the area. This is over their Moorlands deposit, just south-east of Adelaide. 

Everything is falling into place. These guys know how to move, everything is being fast-tracked as much as possible. Past drilling has already been done in the area demonstrating large coal/lignite deposits. JORC will soon demonstrate the large deposits which the board already know they have.


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## sydneysider (10 June 2008)

farout said:


> Good to see GLX obtain another Petroleum Exploration License (PEL) this morning. In addition to them already having the mineral license for the area. This is over their Moorlands deposit, just south-east of Adelaide.
> 
> Everything is falling into place. These guys know how to move, everything is being fast-tracked as much as possible. Past drilling has already been done in the area demonstrating large coal/lignite deposits. JORC will soon demonstrate the large deposits which the board already know they have.




Interesting point about current drilling at Clifton, Beaufort, Whitwata is that non jorc resource is 1.4 billion tonnes of lignite (based on prior drilling and SA Government data). Update to JORC will take 37 holes to 100 meters plus several months of testing lignite samples. Linc claims appox 1.5 barrels of hydrocarbons per tonne of lignite. Assuming these numbers and a recovery of 50% then GLX may be looking at appox 1 billion barrels of recoverable hydrocarbons that convert to diesel fuel. This mornings report talks about Moorlands which i assume is a smaller lignite deposit. In any event these are huge numbers for a market cap of around $25,000,000 for GLX or 2.5 cents per barrel!!!!


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## freerider (10 June 2008)

Sydneysider, do you mind if I ask what your current valuation of GLX shares is?  What's the current market value of 1 barrel of lignite?


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## sydneysider (10 June 2008)

freerider said:


> Sydneysider, do you mind if I ask what your current valuation of GLX shares is?  What's the current market value of 1 barrel of lignite?




lignite is a low value/low calorific (solid) brown coal and would be measured by the tonne. The liquid hydrocarbons that are extracted are measured in barrels. LNC says that similar types of coal found in Queensland contain 1.5 barrels of liquids per tonne of lignite. Typically by weight there are about 6-8 barrels of hydrocarbons in a tonne depending on the type of oil, light sweet Arabian crudes are light and Fort McMurray tars are very heavy. The type of fuel that GLX plan to produce is a sulfur free diesel fuel which is in very heavy demand and probably worth more than a barrel of arabian sweet crude which is the current world benchmark valued at around US$135 barrel.

LNC is currently in merger talks and i suspect that the whole sector is under close examination. At current GLX shareprice each barrel of "estimated recoverable" hydrocarbons (see prior post) is worth around 2.5 cents so there is considerable upside subject to drilling proving up JORC and tests establishing nature of lignite (which i am sure they already have a decent idea of what is available, but cannot be stated until due diligence is completed).


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## freerider (10 June 2008)

Thanks for that information.  So does one barrel of liquid hydrocarbons translate to roughly one barrel of sulfur free diesel fuel?  And is there a substantial cost in converting from one to the other?  Is your assumption of recovering 50% of the estimated available lignite just an arbitrary figure to be safe?  I bought in a couple of weeks ago at around 15 cents amidst all the UCG hype, so I'd like to be as informed as possible about this company.


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## sydneysider (10 June 2008)

freerider said:


> Thanks for that information.  So does one barrel of liquid hydrocarbons translate to roughly one barrel of sulfur free diesel fuel?  And is there a substantial cost in converting from one to the other?  Is your assumption of recovering 50% of the estimated available lignite just an arbitrary figure to be safe?  I bought in a couple of weeks ago at around 15 cents amidst all the UCG hype, so I'd like to be as informed as possible about this company.




Yes, one barrel of liquid hydrocarbon equals roughly one barrel of diesel fuel. I assume 50% recovery IMHO. The actual recovery level will be determinted by the company on completion of all tests. Might pay to visit LNC and read up on their work to establish "ballpark" calculations.


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## Dukey (10 June 2008)

Guys - quick question - whats the current funding situation for GLX. ??   Do they have plenty of cash to fund the quick development they propose - or will they be raising capital?

-dukey.


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## redback (12 June 2008)

I observed todays trading which clearly saw a large buyer in the market, offset by a seller of the same magnitude, the market then noticed this 100k  drip feeding and he didn't know when to stop, he  reloaded once too often which brought proceedings to an abrupt halt causing the take out of the 16.5's, either this is a standing exit order(the size we don't know) which was taken then paused because of this persistant seller, I note he is still there with another 100k sell but now stranded, this wombat was too eager reloading his 100k sells all day for his own good, absolute dipstick.


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## Dukey (13 June 2008)

Dukey said:


> Guys - quick question - whats the current funding situation for GLX. ??   Do they have plenty of cash to fund the quick development they propose - or will they be raising capital?
> 
> -dukey.




any comments here folks?    Despite what some may think - I do think GLX has good prospects...and considered buying some a while back (when I first posted in this thread). but I'm concerned about funding.   The last presentation (march) said nothing about this.  The previous one mentioned a budget of just $2M to do a whole lot of confirmation drilling, JORCing, planning, feasibility studies....  all in a very short time frame.... is it possible??

(- not holding GLX)
-dukey


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## blehgg (13 June 2008)

redback said:


> I observed todays trading which clearly saw a large buyer in the market, offset by a seller of the same magnitude, the market then noticed this 100k  drip feeding and he didn't know when to stop, he  reloaded once too often which brought proceedings to an abrupt halt causing the take out of the 16.5's, either this is a standing exit order(the size we don't know) which was taken then paused because of this persistant seller, I note he is still there with another 100k sell but now stranded, this wombat was too eager reloading his 100k sells all day for his own good, absolute dipstick.




Would day trader's choose such a low volume stock??

Maybe its just me, but wouldnt there be better sheep in the flock ?

Noticed a couple of heavy buyers today 



> Number	- 2
> Quantity - 417,273
> Price - 0.165




One should have about 300,000 other should have about 150,0000?

50,000 bucks is huge for small fry like me  -but maybe I'm over thinking..... and in reality its nothing but sofa change. At least someone believes in this stock


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## sydneysider (13 June 2008)

Dukey said:


> any comments here folks?    Despite what some may think - I do think GLX has good prospects...and considered buying some a while back (when I first posted in this thread). but I'm concerned about funding.   The last presentation (march) said nothing about this.  The previous one mentioned a budget of just $2M to do a whole lot of confirmation drilling, JORCing, planning, feasibility studies....  all in a very short time frame.... is it possible??
> 
> (- not holding GLX)
> -dukey




Drilling to get to JORC will be very cheap. On the order of 11 holes x 100 meters on the Clinton deposit. 26 additional holes to 100 meters to be drilled at Beaufort and Whitwarta. This is very shallow drilling. There already is a karge amount of data available plus the data and samples from current trial targetting a potential 1.4 billion tonnes of lignite. Technical studies IMHO are reasonably straightforward.  Could be completed over the next 4-6 months??. Results of drilling and assays will confirm viability of the business plan.


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## Dukey (13 June 2008)

sydneysider said:


> Drilling to get to JORC will be very cheap. On the order of 11 holes x 100 meters on the Clinton deposit. 26 additional holes to 100 meters to be drilled at Beaufort and Whitwarta. This is very shallow drilling. There already is a karge amount of data available plus the data and samples from current trial targetting a potential 1.4 billion tonnes of lignite. Technical studies IMHO are reasonably straightforward.  Could be completed over the next 4-6 months??. Results of drilling and assays will confirm viability of the business plan.




OK - thanks for your answer - I guess there's plenty of time to find additional funding - beyond planning - to build the plant and mine the coal.

-regards Dukey


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## redback (14 June 2008)

I watched Fridays trading with dismay as this repeat 100k 17c Wombat selling was joined by the Numbats, this clown set the tone for the day, even the large 16.5c buys got wiped out, and that was it--pure panic set in, and what did this dipstick achieve? --SFA, and there they sit all bunched up as the panic merchants offloaded, this guy is a Retard.


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## cordelia (15 June 2008)

redback said:


> I watched Fridays trading with dismay as this repeat 100k 17c Wombat selling was joined by the Numbats, this clown set the tone for the day, even the large 16.5c buys got wiped out, and that was it--pure panic set in, and what did this dipstick achieve? --SFA, and there they sit all bunched up as the panic merchants offloaded, this guy is a Retard.




Redback.....buying and selling shares is not a team effort....Surely you don't believe that traders concern themselves with the notion that others may loose money because they are closing out a position...That's just ridiculous..It would seem that, in your opinion, all holders of GLX should trade them in such a way that suits all concerned....He/she may have many reasons for selling, profit taking for one or did it occur to you that perhaps he/she was covering a margin call due to the BNB meltdown?

I watched the trading on Friday and the whole day was overshadowed with BNB generating a very negative tone...The volume for GLX was pretty low and that's good..shows everyone wasn't jumping to get off....

Friday could have been viwed as a good buying day for some..

If you can't handle a down day maybe you should think about doing something else that makes you less angry


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## cordelia (15 June 2008)

on another note......I had a look at the options....Plenty of buyers there......With the share price low so is the price of the options...

ht sixty minutes is running a story on the energy crisis and alternative sources....could be interesting


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## redback (16 June 2008)

Well, with all the sellers continually lining up/re loading again today, I was absolutely appalled by today's after market 5.95 million disgraceful false bid, ASIC should have been on his case, the last thing this stock needs is an idiotic bid like this appearing and disappearing, I'm sick to death of this nearly uncontrollable market manipulation every day and how easy it is to con people, the regulators must be asleep, and are these people who instantly reload the sell side involved?, might put in a complaint form to ASIC, at least the surveillence people might record who's responsible (on both sides) for this nonsense


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## prawn_86 (16 June 2008)

Very hard to prove any form of manipulation Redback. I agree that ASIC is useless though.

But there is no law about putting up an offer to sell however many shares you want...


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## redback (16 June 2008)

prawn_86 said:


> Very hard to prove any form of manipulation Redback. I agree that ASIC is useless though.
> 
> But there is no law about putting up an offer to sell however many shares you want...




How true that is, everybody went--wtf?, and as was expected the bid disappeared again as soon as another bid over that failed to appear, that was obviously a sell side bit of trickery, I will definately put a complaint in tomorrow, in fact I will do it now.


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## prawn_86 (16 June 2008)

What exactly are you going to complain about?

That someone wanted to get rid of some shares, but the changed their mind and pulled the offer? Whats different to every second of every open day when the market depth is constantly changing? 

Doesnt sound very compelling to me.


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## redback (16 June 2008)

prawn_86 said:


> What exactly are you going to complain about?
> 
> That someone wanted to get rid of some shares, but the changed their mind and pulled the offer? Whats different to every second of every open day when the market depth is constantly changing?
> 
> Doesnt sound very compelling to me.




Opposite way around, this outrageous huge false bid was seen for what it was, attempted manipulation, I have lodged a complaint with ASIC asking them to investigate the seller/bid identities at auction, these people are despicable


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## cordelia (16 June 2008)

redback said:


> How true that is, everybody went--wtf?, and as was expected the bid disappeared again as soon as another bid over that failed to appear, that was obviously a sell side bit of trickery, I will definately put a complaint in tomorrow, in fact I will do it now.




Redback ..I love you ..you are the craziest poster I have ever come across..keep it coming...keeps us all on our toes BTW are you a naturalist because you seem to have quite an indepth knowledge of Australian marsupials.

On a positive note..all sarcasm aside..today was very positive for GLX..the close was at the high and it seems to have found good support above .14c...plenty of accumulation..always a good sign....good luck to all holders


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## prawn_86 (17 June 2008)

redback said:


> Opposite way around, this outrageous huge false bid was seen for what it was, attempted manipulation, I have lodged a complaint with ASIC asking them to investigate the seller/bid identities at auction, these people are despicable




My point is, how is there any way you can prove it to be false?

Perhaps they changed their mind, or perhaps they added too many 0's on their order so pulled it and changed it. Its not against the law to change or pull your bid you know


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## sydneysider (17 June 2008)

redback said:


> Opposite way around, this outrageous huge false bid was seen for what it was, attempted manipulation, I have lodged a complaint with ASIC asking them to investigate the seller/bid identities at auction, these people are despicable




I never saw this bid and assume that it lasted only a few moments, probably operator error, mistyped bid. IF u never commented about it then no-one would be any wiser. There has been a decent supply of stock into the market over the last week that has kept the price average around 16 cents, the prior week it was averaging 13-14 cents. My sense is that the supply up to 18 cents is on the order of around 2 million shares (based on posted bids yesterday) and may be a little above that amount that is undisclosed and sells at market. Based on this history we should get some pretty volatile trading as we trade thru the next 2-4 million shares.


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## freerider (17 June 2008)

hmmm... very low trade volume today so far.  so when exactly is this JORC report being announced? Does anyone know?


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## redback (18 June 2008)

A promising day's trading ruined once again by a bunch of one day wonders, now what have we got?-- a bunch of silly numbats all bunched up 18c, what are these people thinking?, do they really think they will be able to get a sale? or is it safety in numbers?, what a bunch of absolutely insane nignogs, also I see the resident nutter is back yet again for the third day running with his nonsense 4 million bid which only lasts a minute or so before being pulled which was replaced by other even sillier bids--500k@17.5c, another 350k@ 17c--both also pulled, this is starting to undermine any credibility this company may have built up, I bet they are fully aware of this nonsense and should take steps to stamp out these ingrates before they are regarded as a joke company, I'm surprised ASIC hasen't jumped on this daily 4 million bs bidder by now.


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## DavidB1 (18 June 2008)

redback said:


> A promising day's trading ruined once again by a bunch of one day wonders, now what have we got?-- a bunch of silly numbats all bunched up 18c, what are these people thinking?, do they really think they will be able to get a sale? or is it safety in numbers?, what a bunch of absolutely insane nignogs, also I see the resident nutter is back yet again for the third day running with his nonsense 4 million bid which only lasts a minute or so before being pulled which was replaced by other even sillier bids--500k@17.5c, another 350k@ 17c--both also pulled, this is starting to undermine any credibility this company may have built up, I bet they are fully aware of this nonsense and should take steps to stamp out these ingrates before they are regarded as a joke company, I'm surprised ASIC hasen't jumped on this daily 4 million bs bidder by now.




yea i no he/she starting to piss me off got about 50k in glx when the sp goes down it cost me a lot of money


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## redback (18 June 2008)

DavidB1 said:


> yea i no he/she starting to piss me off got about 50k in glx when the sp goes down it cost me a lot of money




you got 50k?, think about the guys who have 4 or 5 hundred K, the silly Willie's all bunched up at 18c can expect even sillier Willie's to bail under them, these Wagtails will sit there forever, for the life of me, I cannot understand these people who are intent on destroying their money, unless of course, they really are Wombats who belong in a cave--it looks that way--very dark


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## sydneysider (19 June 2008)

redback said:


> A promising day's trading ruined once again by a bunch of one day wonders, now what have we got?-- a bunch of silly numbats all bunched up 18c, what are these people thinking?, do they really think they will be able to get a sale? or is it safety in numbers?, what a bunch of absolutely insane nignogs, also I see the resident nutter is back yet again for the third day running with his nonsense 4 million bid which only lasts a minute or so before being pulled which was replaced by other even sillier bids--500k@17.5c, another 350k@ 17c--both also pulled, this is starting to undermine any credibility this company may have built up, I bet they are fully aware of this nonsense and should take steps to stamp out these ingrates before they are regarded as a joke company, I'm surprised ASIC hasen't jumped on this daily 4 million bs bidder by now.




its an open market, any buyer on the system can bid, some bid one share, some bid millions, sometimes folks try and be very clever, or downright silly. the stock is performing IMHO in a very bullish fashion and i suspect that another day or to of volumes around 2-3 million will see GLX go substantially higher/break above the flag. that is just my opinion and is based on my reading of the chart below. looks like a breakout to the upside from a penant/flag formation. typically you read the flag as a half way point in the move, assuming this is correct a continuation of the upward trend will see a break abouve 20 and give us a target in the low 30's


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## cordelia (19 June 2008)

sydneysider said:


> its an open market, any buyer on the system can bid, some bid one share, some bid millions, sometimes folks try and be very clever, or downright silly. the stock is performing IMHO in a very bullish fashion and i suspect that another day or to of volumes around 2-3 million will see GLX go substantially higher/break above the flag. that is just my opinion and is based on my reading of the chart below. looks like a breakout to the upside from a penant/flag formation. typically you read the flag as a half way point in the move, assuming this is correct a continuation of the upward trend will see a break abouve 20 and give us a target in the low 30's





toyally agree with your analysis. The increasedvolume yesterday is very bullish. All shares undergo a period of consolidation where they move sideways for a while before a move. I use P&F charts and GLX looks set for a break to the upside fairly soon. 

When the price of the share is lower it is a good time to accumulate options..


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## mick2006 (23 June 2008)

its taken a while but GLX has finally broken through that stubborn resistance at 18c, has now broken through 20c on healthy volume.

looks like the whole coal to liquids has more room left to run.


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## sydneysider (23 June 2008)

mick2006 said:


> its taken a while but GLX has finally broken through that stubborn resistance at 18c, has now broken through 20c on healthy volume.
> 
> looks like the whole coal to liquids has more room left to run.




I am in total agreement, GLX punched thru 18 & 20 cents and has now broken out on decent volume confirming new upside targets into the 30's as per my prior post.


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## mick2006 (23 June 2008)

after a period of accumulation between 14-17c, today marked a major move higher above the recent trading range for GLX on excellent volume, will be interesting to see where the market takes GLX over the coming days.


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## DavidB1 (23 June 2008)

sydneysider said:


> I am in total agreement, GLX punched thru 18 & 20 cents and has now broken out on decent volume confirming new upside targets into the 30's as per my prior post.




investorweb.com.au did a report on glx today there  target is $0.68

i hold glx 

is anyone hear hold Aim Resources Limited (AIM.AX)  ? there like glx


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## michael_selway (23 June 2008)

DavidB1 said:


> investorweb.com.au did a report on glx today there  target is $0.68
> 
> i hold glx
> 
> is anyone hear hold Aim Resources Limited (AIM.AX)  ? there like glx




Hi do you have a link to the report?

thx

MS

-------------------------------------------------------


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## mick2006 (23 June 2008)

well if investorweb came out with a price target of 68c that may explain the sudden explosion in price/volume in GLX trading today, thought it was strange given their was no news from the company.


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## redback (23 June 2008)

There is more to this than meets the eye, those big takeouts of any resistance tells you something, do NOT rely on a 10 depth screen, you will end up selling out too soon, expect the scammers to turn up shortly, just look away, there is only 155million on issue here, not nearly a billion like all the other's, also this big 16c buyer who has been appearing each day for the last week is now being investigated by the ASX surveillance team, I see at one point today he was joined by another 5 million bidder, strange they both disappeared together shortly after.


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## michael_selway (23 June 2008)

mick2006 said:


> well if investorweb came out with a price target of 68c that may explain the sudden explosion in price/volume in GLX trading today, thought it was strange given their was no news from the company.




Ok got it thanks

yeah its interesting but still a spec at thsi stage, will keep an eye on it

thx 

MS



> Lachlan McKenzie-McHarg
> Gulfx Ltd: Streaming Away?
> By Lachlan McKenzie-McHarg, 23 Jun 2008
> Gulfx (GLX) has been on my watchlist for a number of days whilst the stock traced out a bullish ascending triangle pattern. GLX is involved in the Syngas project which is based around premium diesel. The company claims premium diesel is more efficient and cleaner than traditional diesel used today.
> ...


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## rob7string (4 July 2008)

Would someone be kind enough to quickly explain why GLX has gone so bad over the past week or so after getting up to 20c.
The announcement from the other day with updates on drilling seemed to be pretty good so i would of thought we would see the sp rise a little.
I know i should do my own research, which i have, but im still learning.


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## Bushman (4 July 2008)

rob7string said:


> Would someone be kind enough to quickly explain why GLX has gone so bad over the past week or so after getting up to 20c.
> The announcement from the other day with updates on drilling seemed to be pretty good so i would of thought we would see the sp rise a little.
> I know i should do my own research, which i have, but im still learning.




Specs like GLX cop it the most on market capitulation days. Everything was hammered yesterday. 

Irony is the higher the price crude oil, the more compelling the GLX business case. Tell that to the stampeding herd?


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## springhill (4 July 2008)

rob7string said:


> Would someone be kind enough to quickly explain why GLX has gone so bad over the past week or so after getting up to 20c.
> The announcement from the other day with updates on drilling seemed to be pretty good so i would of thought we would see the sp rise a little.
> I know i should do my own research, which i have, but im still learning.




dont forget this ran from 7 or so cents not long ago rob, and yes as with the previous poster specs will get hammered in days like these, take CXY for example... was belted back to 12 cents yest, but back up today. Speaking from personal ideology, i never buy for the short term... i pick what i thing are good long term specs and am willing to hold for minimum 12 months. I saw it as a great opportunity to pick some more up yesterday at 14.5 and if it dips below those levels will continue to do so. Looking forward to drill results possibly due at EOM sometime


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## AndrewonASF (5 July 2008)

Hey guys,

I'm new here (to this forum, been trading for nearly 2 years though). Just a note on GLX first up. Do the valuations on 30,000 barrels of oil per day, then consider;

1. The demand from South Asutralia Mining (Olympic dam + Oxianana Proj. to name 2).
2. Then consider the management team (experience from Sasol a big player here).
3. Then consider the roots of this. The Executive Director started this project (Syngas) then was swollowed up by GulfX. If anyone management team is going to care about a project, it is going to be this one where the Exec D. is the founder.
4. Inflation will only help this project whilst it hinders other speccies. Power is free (read the presentation), and the products are high end inflationary (Diesel and Power). 

This is a $9 - $13 dollar stock come 2015. What happens to the share price in between then is anybody's guess. But really, if you have the ability to not be desperate for cashflow, load it up. 

Check out calcs and what I have stated for yourselves.


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## robzilla07 (6 July 2008)

"$9-$13 stock"
Bit extreme don't you think?
If you are right however i'll invite everyone on the forum to stay in my castle in the south of france. 
Eagerly awaiting 2015...


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## Datsun Disguise (6 July 2008)

robzilla07 said:


> "$9-$13 stock"
> Bit extreme don't you think?
> If you are right however i'll invite everyone on the forum to stay in my castle in the south of france.
> Eagerly awaiting 2015...




Will you supply the linen or do we bring our own?



Welcome Andrew, I think we all recognize the potential of GLX - it is a great story, and I'm all for $9 - 13! Could you give us your premise for getting to this figure? A Market Cap figure might be more useful as we can't see what type of figures you've used for issued shares etc. 

One thing that is certain about GLX's future is further share issues for getting this project going - and the subsequent dilution. Question is how many shares will need to be issued and when, that will drive the ultimate value of our holdings.

Robzilla - I'd like a room with views of the mountains please - and an ensuite. Cheers!
DD


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## AndrewonASF (6 July 2008)

DD & Robzilla, 

Here is what is going through my head on calcs (dramatically simplified);

30,000 barrels per day x 300 (days production per year) x $200/barrel earnt
* I use $200 for these reasons;

1. First it sounds like a minimum to me with a speculative thought.
2. The power generation and sulphur will cover the other costs (no cost for power also)
3. Don't forget it's premium (probably transport and jet fuel) and the demand would most probably be local.

Above calc = $1.8b earnigs, say a P/E ratio of 5? = $9B Market Cap
* Altona rsources (listed on the London, AIM has a Market Cap of approx. $3.5B but have a resource about 5 times and are only 12 months ahead of GLX, still nowhere near production, infact may only get there one year before GLX or at the same time)
About 350M total shares accountable now. Let's assume a total of 1B would have been handed out to get the project to completion.

Therefore $9B/1B = $9/share.

Alter the $200 per barrel to $300 I think you get $13 odd dollars.

Don't forget, no earnings from the power or sulphur are included, and no overheads savings from not paying for power are used either. Further, this is a 2015-2016 assessment. Management still have to get the job done between here and there. Altona's share price is 4.60 Great British Punds.

Glad to hear your thoughts here.


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## Wysiwyg (7 July 2008)

> Lachlan McKenzie-McHarg
> Gulfx Ltd: Streaming Away?
> By Lachlan McKenzie-McHarg, 23 Jun 2008
> Gulfx (GLX) has been on my watchlist for a number of days
> whilst the stock traced out a bullish ascending triangle pattern. *GLX is **involved in the Syngas project which is based around premium diesel*. The company claims premium diesel is more efficient and cleaner than traditional diesel used today.



Fantastic.


> Looking at the daily chart above, the recent activity is exceptionally bullish.



Now that`s better, getting to the point.


> Ascending triangles such as these are very reliable.



Oh yes of course.


> However, if the stock can manage to break through, I would suggest a move into much higher levels with an initial target of $0.68.



Production anticipated for 2015, it might just get there.


> I will place the initial stop loss at $0.14.



So 14c was hit.Will we ever know if the stop loss saw an exit?

And finally some realities about C to L ....



> The most troubling aspect of CTL is that producing it will roughly double climate-changing greenhouse gas emissions. That's because liquefying coal releases huge amounts of carbon dioxide in the atmosphere. Proponents of CTL say that could be remedied by capturing and storing the carbon underground. Yet this new technology is so untested on a large scale that the Senate energy bill seeks to conduct demonstration projects across the country to answer some vital questions, such as whether the carbon dioxide, once stored in a variety of geological settings, will remain there.


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## sydneysider (7 July 2008)

Wysiwyg said:


> Fantastic.
> 
> Now that`s better, getting to the point.
> 
> ...




IF u employ indirect heat fired technology (pyrolysis) the gasification stage will actually reduce greenhouse gas emission very considerably. This occurs because the feedstock is kept in a (relatively) small chamber and is heated to a relatively low temperature which is enough to release the hydrocarbons as a gas. This occurs at about one third  the temperature of incineration. 

Incineration requires large volumes of air/oxygen in a large vessel to support the reaction which releases large volumes of greenhouse gases. A typical example of an incinerator is a coker (oven). 

I assume that GLX is looking at low emission pyrolysis plants to gasify its coal. I cannot comment on the Fischer Tropp?? process that typically converts the gas into liquids by adding other gases, but assume that it gives off relatively smaller volumes of greenhouse gases.


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## Woody (7 July 2008)

Emissions are 20 -30% less than coal fired plants such as those in the La Trobe Valley. GLX runs through this in its presentations. They say they are also investigating mitigation strategies. Think the Torrens connection interesting re this.


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## Datsun Disguise (9 July 2008)

Morning all, question for those more informed.

On page 7 of the last companay presentation (put out on July 7) they talk about oil being higher than $140usd a barrel, then below that they have an indented bullet point wihich states;

Crude Oil currently +US$140 per barrel …
*•USGS Long term: US$54 (Our base projections)*
•More for premium diesel US$(5 to 10) per barrel
•Production costs of US$(35 to 45) per barrel, financing option dependent,

What does this line mean? Are they talking about the US geologocal Survey - that's the only USGS i know of. The US$54 doesn't help me with figuring out what they mean. 

So, first to answer correctly gets a smiley.


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## Pimping (10 July 2008)

Anybody care to comment on the current drop to 10c? please someone.....? remind me of why I am still holding this share.....


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## spottygoose (10 July 2008)

Pimping said:


> Anybody care to comment on the current drop to 10c? please someone.....? remind me of why I am still holding this share.....




Combination of general market sentiment and the very untimely selling by a director of some of his holdings.


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## bluedylan (10 July 2008)

Good morning all.

I am new to posting but have been lurking on these boards for quite a while.  I jumped on to GLX yesterday for what i hope to be a fun ride.  Maybe i should have waited, but here i am now.  no regrets right! 

-bluedylan


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## spottygoose (10 July 2008)

bluedylan said:


> Good morning all.
> 
> I am new to posting but have been lurking on these boards for quite a while.  I jumped on to GLX yesterday for what i hope to be a fun ride.  Maybe i should have waited, but here i am now.  no regrets right!
> 
> -bluedylan




Well you probably got in lower than most of us and unless the director knows something we don't know the future should still be positive.


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## jaster (10 July 2008)

Why don't you ask him? derek.lenartowicz@syngas.com.au

While your at it could you congratulate him for SPECTACULAR timing.


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## Datsun Disguise (10 July 2008)

Datsun Disguise said:


> Morning all, question for those more informed.
> 
> On page 7 of the last companay presentation (put out on July 7) they talk about oil being higher than $140usd a barrel, then below that they have an indented bullet point wihich states;
> 
> ...





Looks like I get my own smiley

If anyone is interested in what the USGS $54 means, let me know.


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## blehgg (10 July 2008)

Datsun Disguise said:


> Looks like I get my own smiley
> 
> If anyone is interested in what the USGS $54 means, let me know.




haha, Datsun  feel free to share the knowledge...

Been a rocky ride up and down.... Won't be watching it for a while...

Hopefully the release from the director wasn't cause of some dirty knowledge....

I bought some more at 14c ~ and disclose decent holdings ~ 

Good luck all holders


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## Datsun Disguise (10 July 2008)

blehgg said:


> haha, Datsun  feel free to share the knowledge...
> 
> Been a rocky ride up and down.... Won't be watching it for a while...
> 
> ...




I'm such a push over, I really should hold out for some more grovelling, but then again it may never come, so you take what you can.

This may cause some furrowed brows, it certainly did for me. This innocuous line refers to the long term view of the US Geological Survey that the longer term value of a barrel of oil would be US$54 a barrel, the Commodity Research Unit backs up this position providing a forecast of US$60 a barrel.

Seems these come from the last EIA review, which commented on the big 2004 study into oil supply. Here's something off the web;



> World oil markets have been extremely volatile for the past several years and the Energy Information Administration (EIA) now believes that the reference case oil price path in recent editions of the "Annual Energy Outlook" did not fully reflect the causes of that volatility and their implications for future oil prices.  In the "Annual Energy Outlook 2006" (AEO2006) reference case, released today by EIA, world oil supplies are assumed to be tighter, as the combined productive capacity of the members of the Organization of the Petroleum Exporting Countries (OPEC) does not increase as much as previously projected.  World crude oil prices, expressed in terms of the average price of imported light, low-sulfur crude oil to U.S. refiners, are projected to fall from current levels to about $47 per barrel in (2004 dollars) in 2014, then rise to $54 per barrel in 2025 and $57 per barrel in 2030.  The projected crude oil price in 2025 is about $21 per barrel higher than projected in last year's reference case.




So it looks like they are using this $54 as their business case number. They still make money at that price, break even being $35 - $45 a barrel. That's fine as long as they aren't right!! Here's some interesting links for further reading.

http://www.marketoracle.co.uk/Article4779.html

http://www.eia.doe.gov/oiaf/aeo/otheranalysis/wop.html
This is the 2007 report - uping their estimates again....

A lot of the discussion is about peak oil - which I think is irrelevant. It is simply the supply / demand equation that is what we need to worry about. If we can't get enough supply then the price will rise (shmart aren't I.) - when we hit peak then of course the gap between supply and demand grows faster and we will see $1000 a barrel until such time we wean ourselves off this oil addiction. If we are to survivie econmically we had better hope that peak doesn't arrive while we still have the habit. Best scenario is that prices are pushed up to $200 or $300 a barrel over a 5 year period giving us time to develop the alternatives. But I'm getting off track.


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## redback (10 July 2008)

Well Well Well,!! I wonder where the mystery 4 million @16c  bidder has gone (and never bought one share)?, dont tell me it was Derek the Destroyer, no company needs a chairman like this who undermines his boards best efforts.

This man has no future or credibility remaining with this company and should either resign or be pushed forthwith, I guess the only consolation for shareholders who he has destroyed, is that through his imbecilic selling for his $126k pieces of silver, his 17 million shares are now worth $12 million less.
Imbecile.


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## redback (14 July 2008)

Hey Derek the DH--hope you read these forums--what a chairman you are--happy now that you got your few bob??--best you resign before your pushed


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## redback (15 July 2008)

Fancy having a chairman who is intent on undermining the board for a few selfish shekels, the company ,and shareholders he works for, this guy is the kiss of death and should be sacked, giving this amateur 17 million shares was a big mistake, as a result, this will go right back to where it came from--7c


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## Datsun Disguise (15 July 2008)

redback said:


> Fancy having a chairman who is intent on undermining the board for a few selfish shekels, the company ,and shareholders he works for, this guy is the kiss of death and should be sacked, giving this amateur 17 million shares was a big mistake, as a result, this will go right back to where it came from--7c




Hi redback - been reading your passionate posts for a little while now - I'm impressed by your relentless pursuit of what you perceive to be anti-shareholder activity by dodgy directors!! 

Let me know if you are intending on going to the next agm - hell ANY agm, I'll be front row center just to watch the fireworks!!

7c would be fine - means opportunity - although for the bottom drawer. With this ugly, ugly market who knows what is going to happen?

Keep up the pressure redback and maybe you should get in touch with ACA or 2day2nite and offer yourself as a shareholder advocate reporter, I'd watch!

And I reckon GLX is a goer - not for a while though...


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## redback (15 July 2008)

Datsun Disguise said:


> Hi redback - been reading your passionate posts for a little while now - I'm impressed by your relentless pursuit of what you perceive to be anti-shareholder activity by dodgy directors!!




I'll let you into a little secret, ASIC are currently investigating the course of sales and the identity behind that repeat 4 million 16c bidder (who never bought a single share), you have any guesses as to who was responsible?


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## redback (17 July 2008)

What a debacle this has turned into, shareprice now collapsing, maybe shareholders should email Derek the Destroyer and congratulate him for dumping stock, bet the 14c placement holders are not too impressed either.


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## redback (17 July 2008)

AHH--no wonder--here is your illustrious chairman--or should I say--scalper--check out SSC, just another scalper


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## Pimping (22 July 2008)

a lot of doom and gloom talk over on HC, I still am a believer, can someone remind me of why that is so?????????


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## AndrewonASF (23 July 2008)

No doom and gloom Pimping.

just some down ramping to allow someone to pick up scared sellers cheap shares. Unfortunately it worked.

Just becareful of ramping either way guys.

Stick to facts and bounce ideas off others but be careful of overly confident ramps one way or the other. If you have the attention to get stuck into the business side of teh project to identify value, I would recomend it and even follow up questions to Merrill and GLX'ers peers to understand where the market for these products is headed.

For an easy comparison. Understand what Linc Energy (LNC) have done and try and make comparisons. Even check the LNC chart and understand the topsy turvey belw 50c and then $1 to 50c drop it underwent before it ran.

Similarly, check out Altona Resources and their market cap relative to tehir resource and project status.

Then try and understand the comitment of management which is the hardest part by far but with a bit of research and question time, you can make a better than average judgement.

That's all you can do.


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## Datsun Disguise (24 July 2008)

Good update on progress out. Looks like calorific value is 10% higher than historical results indicate (= more diesel produced from each tonne). The bit I liked best was the fact there's enough cash to get to PFS(2008) and into the BFS(2009) before we have to worry about nasty capital raisings. Although if it's through an SPP might be a good opportunity!

11.5c now up 18% on yesterday.

Holding for the long term (relatively speaking...)


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## AndrewonASF (25 July 2008)

Not many sellers left on the stack also. Just like Mantle Mining.

Both these stock will run like mad when people realise the financials are still buring them. Could start today or Monday.


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## AndrewonASF (28 July 2008)

Not sure if you guys have noticed the interest in GLX after the last announcement, but todays ann. together with LNC's prooves great things for GLX.

Some of you may be waiting for oil to jump back up which may be soon or not. Who knows, but as most of these plays are targeting full blown operations in 2-3 years or more, fluctuations in oil are already taken into account. In fact I think GLX and LNC have worked calculations on about $60 per barrel.


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## spottygoose (4 August 2008)

From Intersuisse Morning Notes:


GulfX Limited GLX Thursday, 31 July 2008

Early drill results encouraging for coal gasification project

Recommendation Speculative Buy

Overview

GLX is currently progressing a pre-feasibility study on its Syngas Project which aims to use commercially proven coal gasification and associated technologies to produce 30,000 barrels per day of low-sulphur high quality automotive diesel, as well as 120,000 tonnes per annum of sulphur for sale in the industrial marketplace and 250 MW of power for supply into the national grid.

The company holds two granted tenements covering a total of
421 sq km within an approximate 140 km radius of Adelaide. The focus of current activity is on E3896 that covers 288 sq km and is located north of Port Wakefield and about 140 km north west of Adelaide.

E3896 contains known lignite deposits within the Northern St Vincent Basin. These deposits are Tertiary in age and were drilled in the 1970s during the time of the oil crisis.

GLX is currently conducting a PQ diamond drilling program of up to 37 holes on three separate areas: Clinton, Beaufort and Whitwarta. Previous drilling, consisting of 96 drill holes, had outlined measured, indicated and inferred resources (non JORC) totalling 1.4 billion tonnes for these three areas. The aim of the current program is to provide JORC compliant resource estimates and to determine coal properties and suitability for the coal gasification process.

Early drilling at the Clinton area encountered coal at depths of approximately 60 metres through to the coal seam base depths of approximately 90 metres from surface. Two main seams had been encountered, ranging from between 3 metres and 10 metres each, separated by sandstone, siltstone and mudstone.

Initial coal quality results completed by the company’s analytical services provider, HRL Technology, showed the coal from Clinton to have a calorific value (MJ/kg) of 10.4 which is approximately ten percent higher than reported from past work. In addition the samples showed significantly lower ash content (5%) and sulphur content (1.2%) than previously reported in South Australian government publications.

Coal gasification has been in commercial use globally for over 60 years with operating plants located in South Africa, Asia, Europe and North America. In 2005 a total of 390 plants were operational or at various stages of planning. Over five percent of these (20)are fed or will be fed lignite. Under the gasification process lignite is fed into a high pressure, high temperature reactor containing steam and a limited supply of oxygen where 
partial not full combustion occurs. The resulting syngas is then cleaned of particulates,trace elements and sulphur. This process produces a premium diesel product, contributing to a reduction in carbon dioxide emissions.

GLX envisages that 95% of the project revenue would accrue from the production of premium diesel. Production costs of between US$35 to US$45 per barrel are expected compared to the long term USGS crude oil price of US$54 per barrel. In addition premium diesel receives a US$5 to US$10 higher price per barrel than crude oil. 

The project area is well served by sealed roads, rail and ports. Early scoping work together with the recognition of recent material and labour costs escalations indicates a capital cost for the Syngas Project in the order of A$1.5 to A$2 billion dollars.

Prior to the end of 2008 the company is seeking to have conditional offtake agreements in place for premium diesel, sulphur and power. The pre-feasibility study includes plant scale and technology, more detailed financial analysis, preliminary designs, carbon dioxide 
management options and water and energy balances.

GLX’s other Syngas tenement covers 143 sq km and is located south east of Adelaide within the Murray Basin. It covers the Moorlands coal deposit where previous drilling has outlined a potential 32 million tonnes. The company also holds rights to earn interests in four gas projects in the Gulf of Mexico.


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## Pimping (8 August 2008)

Any of my learned colleagues have thoughts on the decline in share price??? I am holding a large portion from the lofty heights of 15.5c  I guess I am holding for the long term now


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## blind204 (29 August 2008)

Anyone have any idea why GLX has has had no volume for the past few days including today? I have not seen any trading halt announcments just wondering if anyone could shed some light on this?

Cheers!


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## DavidB1 (30 August 2008)

there is no trading halt no one wants to sell it 8c and no one wants to by it for 8c

i called glx and spoke to Merrill yes today there goal is to get the JORC by the end of the mths septmeber !!

holding and waiting for jorc


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## Gspot (30 October 2008)

Trying to think optimistically in this world of doom.
With GLX close distance to Roxby Downs and BHP huge expansion plans there, it may look like a nice little investment for BHP to get involved with. 
Then when the smoke clears in a couple of years, BHP/ GLX have a nice little business going for one another.
Anyone interested in discussing this?


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## Datsun Disguise (17 November 2008)

Gspot said:


> Trying to think optimistically in this world of doom.
> With GLX close distance to Roxby Downs and BHP huge expansion plans there, it may look like a nice little investment for BHP to get involved with.
> Then when the smoke clears in a couple of years, BHP/ GLX have a nice little business going for one another.
> Anyone interested in discussing this?




Hi Gspot - I reckon GLX should have a nice little business going no matter what - with oil back down to US$58 a barrel it looks a bit less attratactive, but we don't expect it to stay there do we? the business case was developed on a long term figure of about $50 a barrel so still worthwhile.

If GLX can tie up Roxby Downs for diesel and power that's all for the good. I'm looking at the options as a potential money spinner - 13 months to run, PFS and BFS both due within that time frame...


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## anindya_becit (26 December 2008)

Anymore discussion on this after it changed name to SYS? I havent seen one .... but thought it's worthwhile to discuss more about this share!


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## Joe Blow (17 February 2009)

Gulf X (GLX) is now known as Syngas Limited (SYS). 

For further discussion of this company please visit the SYS thread: https://www.aussiestockforums.com/forums/showthread.php?t=13563

This thread has now been closed.


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