# ECU - Eastern Corporation



## Spaghetti (5 June 2007)

WATCHLIST RECOMMENDATION

Late today a bit more volume than usual with a sudden 7% gain on the day. Too late in the day to see if something is up or not but I am going to look closely at this one in the am. If nothing happens, nothing lost.

About Eastern Corporation


*from their website*

Eastern is a Queensland-based energy company mining coal at Cascade and Takitimu in New Zealand's South Island, and planning to develop coal resources at Broughton in Queensland's Bowen Basin and coal seam methane in Queensland's Galilee Basin.

*Last announcement*

EASTERN Corporation has returned steady March quarter results from its growing New Zealand operations, while further development at the Broughton project in Queensland has been put on hold due to projected overheads and operating costs.

Eastern announced during the quarter that it would not proceed with the development of the Broughton coal resource as a stand-alone project in the near future. 

The Broughton project has a 30 million tonne coal resource contained in two seams and is a joint venture with Mitsui Coal Holdings, which holds a 10% interest.

"The joint venture will continue to review development options for the project, including development in conjunction with adjoining tenement holders to maximise economics based on an expanded operation," Eastern said.

"It is also actively engaged in exploring options to increase the available product tonnes from the resource through mining by underground methods; production of a higher ash metallurgical product; and/or other blending options to increase coal yields."

Mitsui has confirmed its intention to maintain its current 10% interest in the project and retains the right to increase its interest by a further 20% if project feasibility is established. 

Also during the quarter, a new coal supply contract was secured for the newly acquired Takitimu open cut mine on New Zealand's South Island. 

Under the contract Eastern will supply Fonterra's Clandeboye plant approximately 130,000 tonnes of coal each year from September 2008.

"Resulting cash flow will enable the NZ operations to be cash positive and to contribute to further development and expansion of operations within the country," Eastern said.

Meanwhile, the Cascade open cut mine on the west coast of New Zealand's South Island performed as expected, with production and sales down slightly from the previous quarter. 

Coal produced from both Cascade and Takitimu totalled 10,090t for the quarter, with sales of 9208t.

"The outlook for coal sales from both Cascade and Takitimu mines is expected to improve significantly for the next quarter with increased demand due to climatic conditions," the company said.


----------



## moneymajix (12 July 2007)

Cheers Spaghetti

Do you have any more thoughts since your posts in June?


PS: do they have options?


Thanks in advance


----------



## Spaghetti (13 July 2007)

Moneymajix

Had this on my watchlist, however my watchlist became unmanageable so it seems to have been culled. My thoughts were basically this company MAY have a future and was worth watching. Yet I need reminding to do that lol, so thanks for bringing it back to my attention.

Could possibly be a very low cost entry into coal seam methane gas. Have more questions than answers at the moment but interesting to see they have started drilling Gallilee. Director resigns after 4 months?

For a few cents though it is a company with income so a little insurance there. Couldn't get much cheaper, could it? Well if I buy it it might lol.


----------



## agro (30 May 2008)

i am looking for CSM plays and came across this today,

seeing though coal-seam gas is the go at the moment is this up 20% on speculation or someone know something?

thoughts would be good


----------



## grace (29 April 2009)

mmmm....interesting...up 53% today and a speeding ticket with no excuse.  Do the drillers know something and have told their wives, mothers, cousins, friends, neighbours and so on.  Will be interesting to see.....I've been following this one for a while now....not invested yet...


----------



## woltage (30 April 2009)

grace said:


> mmmm....interesting...up 53% today and a speeding ticket with no excuse.  Do the drillers know something and have told their wives, mothers, cousins, friends, neighbours and so on.  Will be interesting to see.....I've been following this one for a while now....not invested yet...




ECU backed by Australian Small Cap Investor in latest edition, sent out tuesday evening...which is a wonderf (and thats 100)


----------



## Sean K (1 May 2009)

I did some research on this one a few days ago, and decided ICN was a better play. 

Something smelling of an ocean going creature left in the sun too long here me thinks.

Up another 10% on the open.


----------



## shag (1 May 2009)

kennas said:


> I did some research on this one a few days ago, and decided ICN was a better play.
> 
> Something smelling of an ocean going creature left in the sun too long here me thinks.
> 
> Up another 10% on the open.




a lot smells like that to me
but then i live by the beach...
i think i just need to join the taggers on sadly plus ask yr mates more questions....


----------



## grace (22 May 2009)

Well, was the leaky boat the 1 for 4 issue - but the cutoff is 10 June 2009.  Were they thinking they had to be in?  Anyway, nice move today based on the the issue and fund raising.  I'm quite interested in this one.  I think there is still time though......


----------



## Sean K (24 July 2009)

Currently at 53c, no ann.



I'm picking the wrong CSG'ers.


----------



## shag (24 July 2009)

its got a god aweful chart from the last 18 months. i'm wondering if all the jumping around is leaked info and other dodgy goings on.
the only consistant one i know of is mel, consistantly bad, and the only one i'm holding sadly.
im wondering if its it too late to jump on this leaky boat and esg.


----------



## grace (4 August 2009)

Well, that pennant/flag scenario has been playing out lately on this one.  A little bit keen on this one myself - if not for my thoughts on the overall market, I would be invested (I've been wrong on the market bounce too though).


----------



## swm79 (25 August 2009)

no talk on this one for a while. but been watching with interest.

trading pretty flat - no movement with the rest of the market seems strange.

tempted to get in now that its found its footing at $0.46.... but i'm pretty bearish esp heading into Sept... not a lot of bargains out there.

tossing up between this and MEL. been looking at both for a while. MEL looks as though it may be flattening out at $0.45 too.... so undecided.


----------



## Sean K (31 August 2009)

Got a 'please explain', and obviously there is nothing going on here.

Had a great run up. 

Damn it!

lol


----------



## grace (31 August 2009)

kennas said:


> Got a 'please explain', and obviously there is nothing going on here.
> 
> Had a great run up.
> 
> ...




Yes, I feel the same.  I've been watching this for about a year now I think.  Stupid idiot!  Those who hesitate.........

Some sort of market correction will come in time I think.... (must justify my flaws somehow)


----------



## grace (7 September 2009)

grace said:


> Yes, I feel the same.  I've been watching this for about a year now I think.  Stupid idiot!  Those who hesitate.........
> 
> Some sort of market correction will come in time I think.... (must justify my flaws somehow)




Trying not to swear here but it's becoming very difficult......a speeding ticket today after touching 83c to settle not much below.  Big idiot - have been watching since 10cents.


----------



## cancan (14 September 2009)

this stock is pretty crazy. It did reach up to 0.90 cent...and now back down to the 0.65....so tempted to get and just hold on to it...anyone got any news that it might drop futher ?


----------



## swm79 (14 September 2009)

grace said:


> Trying not to swear here but it's becoming very difficult......a speeding ticket today after touching 83c to settle not much below.  Big idiot - have been watching since 10cents.




i refer back to my undecided post in late august.... WTF?!?!?!?!? 

i've been watching this since 20(odd) cents in April

this is like the 48th time this has happened this year!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


----------



## stretchie (9 November 2009)

Got in today at 41c, looks like the correction is over as RSI has hit lows not seen for some time. Also the .405 level is the 61% retracement from 10c to 90c so I figure it shouldn't drop much further. The uptrend looks intact still, as long as we don't drop past the rising trend line at about 36c. That's my 2c. Good to see I got in near the price after ASI recommended the stock around 6 months ago. Bargain


----------



## stretchie (11 January 2010)

Volume has really died away on this stock. I think until there's some more promising data this won't really do a whole lot.

Still holding this but I'm less enthusiastic as I was when I bought it. It's hard to catch a falling knife, I think I might stick to buying shares that are trending up from now on


----------



## sambek (11 January 2010)

Hi Stretchie,
This one is showing support around 31 cents however if it breaks through, next level could be around 24cents.  Looking at it over the last few years it certainly has been a volatile stock but has really flattened out...


----------



## yap (19 September 2010)

The Board of GLL is pleased to announce a maiden profit for the last financial year. Whilst
expenditure was committed to the Company’s coal seam gas exploration programme in ATP
799P in the Galilee Basin, the sale of the Broughton coal asset and revenue from the
successful New Zealand coal operations has resulted in an after-tax profit of $1.667 million
(including forex gain) for the consolidated entity.


----------



## System (24 September 2010)

Eastern Corporation Limited (ECU) is now known as Galilee Energy Limited (GLL).

Discussion of this company continues in the GLL thread, which can be found here: https://www.aussiestockforums.com/forums/showthread.php?t=20659

This thread has now been closed.


----------

