# MEE - Metex Resources



## bigdog (29 October 2006)

Top of the pile is Metex Resources, which has a uranium deposit in Italy, although Mr Grigor believes the resource needs to double in size to make it worth developing. But with Metex shares trading at 6.1c on Tuesday (the day on which all price calculations were based), the shares offered good upside. 

Above Reported Australian Oct 27 2006
http://www.theaustralian.news.com.au/story/0,20867,20651857-643,00.html

Uranium's glow waning, investors warned
Robin Bromby
27 October 2006

URANIUM investors beware: there aren't many bargains left in the sector.

This is the conclusion reached by Far East Capital's Warwick Grigor after he analysed more than 50 uranium stocks listed on the Australian Stock Exchange. The size of the known resource, the market capitalisation per pound of uranium in the ground and exploration results were all examined. 

Stocks where there is still value to be found at present prices are pretty thin on the ground. 

Top of the pile is Metex Resources, which has a uranium deposit in Italy, although Mr Grigor believes the resource needs to double in size to make it worth developing. But with Metex shares trading at 6.1c on Tuesday (the day on which all price calculations were based), the shares offered good upside. 

"It is a cautiously and competently managed company that would be one of the lower risk ways to play the uranium market," the report says. 

Nova Energy gets a "sound" rating because its projects have real production possibilities once the political opposition in Western Australia is resolved. 

Summit Resources has been one of Far East's preferred uranium plays for some time, having, in Queensland, one of the largest undeveloped uranium resources in Australia. 

Mr Grigor expects Paladin Resources to make a move on Summit, following the latter's successful takeover of Valhalla Uranium, which owns half of Summit's main deposits. 

Mr Grigor has a big stake in uranium. He is chairman of Monaro Mining, which is in Krygyzstan; a director of Peninsula Mining, which is looking in South Australia and South Africa; and a shareholder in Western Metals. 

All three, as would be expected, get a "good" grading at Far East Capital - Monaro because it is seen as one of the cheapest potential producers, Peninsula because of the potential of its grassroots projects, and Western Metals because its ex-WMC Resources management team has picked up uranium ground in Tanzania. 

The report - "What is the value in the Uranium Sector?" - says uranium prices up to $US100/lb (nearly double the present $US56/lb spot) could be reached in a year or two, allowing many marginal projects to come on stream. 

But Mr Grigor says investors should pick out the companies with sizeable deposits with the potential for between 25,000 tonnes and 50,000 tonnes of uranium. 

He warns against placing too much emphasis on a few good intersections or assays. 

"Beware of beat-ups designed to drive the share price," Mr Grigor says. 

Tricks that companies use to get a good headline for a stock exchange release include drilling right beside an old hole that had good grades - which guaranteed a good intercept but doesn't add any new information about the deposit - and reassaying previous drilling as a substitute for getting stuck into detailed drilling programs. 

There are plenty of uranium stocks that don't appeal to Mr Grigor, who charts these and many other resources juniors daily. 

Compass Resources, which has the old Rum Jungle project in the Northern Territory, had been taken to unrealistic levels because US funds bought aggressively. 

Uranium Exploration Australia is another to get the thumbs-down. 

Bannerman Resources has been running since August and its $152 million market cap is looking "a bit heady". 

Toro Energy, while having good projects, has too much expectation built into its 74c share price. 

Aurora Minerals, which is looking for uranium projects, gets dismissed: "There is nothing compelling here."


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## bigdog (29 October 2006)

SMH report Oct 28, 2006 for Metex (MEE) issued was not glowing and shot down the Far East report per next para:

THE no-uranium movement in the Italian Alps is celebrating a victory over the Australian exploration group Metex Resources. Metex was seeking a permit to explore the uranium potential of the Valgoglio-Novazza zone, in a valley 85 kilometres north-east of Milan.

I watched Metex yesterday closed Thursday at 0.073 and reached high of 0.9 and closed at 0.082.

Oct 27 volume at 6,787,609 was the highest since Dec 2005

Also, there has been no ANN from Metex to ASX

http://www.smh.com.au/news/business...grazie-to-metex/2006/10/27/1161749311836.html


Full article:
Lombardy minister's no grazie to Metex
Desmond O'Grady in Rome
October 28, 2006

THE no-uranium movement in the Italian Alps is celebrating a victory over the Australian exploration group Metex Resources. Metex was seeking a permit to explore the uranium potential of the Valgoglio-Novazza zone, in a valley 85 kilometres north-east of Milan.

The Italian energy authority ENI located uranium there in the late 1970s but dropped further work because Italy voted against building nuclear reactors.

In a statement to the Australian Stock Exchange in September, Metex managing director Ian Walker said the area contained an estimated 870,000 tonnes of material which was expected to produce 130,000 tonnes of uranium, with an in situ value estimated at almost $200 million.

A Metex press release described the Novazza site as the cornerstone of our new energy policy. The news produced a pick-up in the Metex share price although it subsequently fell back to around 6.5c - only to close at 8.2c on Friday.

But the Valgoglio local council, which includes Novazza (together they have fewer than 1000 inhabitants), voted against the Metex project. And on Tuesday the Lombardy Region Minister for the Environment, Mario Pagnoncelli, announced he had given it the thumbs down.

We want to close the question once and for all, Mr Pagnoncelli said. Last week I asked the Metex representatives to withdraw their request but they have not responded.

We've got projects of our own, Valgoglio mayor Augusto Bonardo said by phone. We settled this issue years ago and don't want to reopen it for an anachronistic and dangerous project - uranium mining entails health hazards and environmental damage.

The uranium project was discussed at several public meetings. A no-uranium committee was formed and people were invited to email their disapproval to Metex. It is claimed that 500 did so and a petition was presented to Mr Pagnoncelli with 2500 signatures opposing the project.

The well-organised and nationally based Legambiente movement, with ideals close to those of the Greens, has been crucial to the opposition movement, using arguments such as that radon gas from uranium is already present in considerable quantities in the zone, which has high cancer rates.

Yet several at the public meetings spoke in favour of the Metex project, and there is a growing impatience with the not-in-my-backyard mentality which blocks many development projects in Italy.

A Valgoglio councillor who was absent when it voted against the project, Amedeo Pirola, says the earlier site exploration did no damage, provided work and resulted in construction of a useful road. He pointed out that the Metex application was only for exploration, not extraction.


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## bigdog (23 November 2006)

METEX ASX ANN just posted

http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00670762

METEX, CSIRO EXPAND UNDERGROUND COAL
GASIFICATION VENTURE INTO INDIA
CARBON ENERGY PTY LTD LOOKS TO INDIA FOR UNDERGROUND COAL GASIFICATION PROJECTS
Carbon Energy Pty Ltd, a company jointly owned by listed resource company Metex Resources Ltd (ASX:MEE) and CSIRO, has added further momentum to the international development of its innovative process for the gasification of underground coal deposits for power generation through a significant new development venture in India in collaboration with India’s second largest coal producer.

Carbon Energy has entered into a Memorandum of Understanding (“MOU”) with Singareni Collieries Company Limited to cooperate in the investigation for joint development of underground coal gasification in Singareni coal areas within the Godavari Valley coalfields. Singareni Collieries Co has mines in Andhra Pradesh State, and is jointly owned by the State and the Indian Governments

The MOU was signed by Carbon Energy’s executive general manager, Cliff Mallett, and S. Narsing Rao, the chairman and managing director of Singareni Collieries, following the Asia Pacific partnership for Clean Development and Climate (AP6) Coal Mining Taskforce workshop on underground coal gasification in Kolkata 12-15th November.

I hold MEE


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## bigdog (12 December 2006)

Does anyone know of pending news or reason for 12.5% increase this morning in SP from 8 to 9 cents

Metex was rated with Excellent buy rating by Far East Capital's Warwick Grigor Oct 27

Australian Oct 27 2006
http://www.theaustralian.news.com.a...857-643,00.html

Uranium's glow waning, investors warned
Robin Bromby
27 October 2006

URANIUM investors beware: there aren't many bargains left in the sector.

This is the conclusion reached by Far East Capital's Warwick Grigor after he analysed more than 50 uranium stocks listed on the Australian Stock Exchange. The size of the known resource, the market capitalisation per pound of uranium in the ground and exploration results were all examined. 

Stocks where there is still value to be found at present prices are pretty thin on the ground. 

Top of the pile is Metex Resources, which has a uranium deposit in Italy, although Mr Grigor believes the resource needs to double in size to make it worth developing. But with Metex shares trading at 6.1c on Tuesday (the day on which all price calculations were based), the shares offered good upside. 

"It is a cautiously and competently managed company that would be one of the lower risk ways to play the uranium market," the report says.


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## bigdog (18 December 2006)

MEE ASX Ann today
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00679167

MEE 10:31 AM Uranium Initiative - Grant of explorations licences in South Australia with further applications to be approved shortly 

SP up 1 cent to 9 cents (12.5%) today

There are problems reading Westpac Broking ASX Ann today!

I hold and tipped in ASF tipping comp


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## crazyjimsmith (18 December 2006)

*MEE Metex*

Announcement out today. Granted two tenements in SA. Looking for uranium

9.1c up 12%


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## bigdog (28 December 2006)

Metex SP has been outstanding for Dec rising from 8.2 to 13.5 cents or 64.6% for the month.

My prior posting Oct 29 reported:

Australian Oct 27 2006
http://www.theaustralian.news.com.a...857-643,00.html

Uranium's glow waning, investors warned
Robin Bromby
27 October 2006

Top of the pile is Metex Resources, which has a uranium deposit in Italy, although Mr Grigor believes the resource needs to double in size to make it worth developing. But with Metex shares trading at 6.1c on Tuesday (the day on which all price calculations were based), the shares offered good upside. 

Metex was rated with Excellent buy rating by Far East Capital's Warwick Grigor Oct 27

URANIUM investors beware: there aren't many bargains left in the sector.

This is the conclusion reached by Far East Capital's Warwick Grigor after he analysed more than 50 uranium stocks listed on the Australian Stock Exchange. The size of the known resource, the market capitalisation per pound of uranium in the ground and exploration results were all examined. 

Stocks where there is still value to be found at present prices are pretty thin on the ground. 

"It is a cautiously and competently managed company that would be one of the lower risk ways to play the uranium market," the report says.


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## bigdog (14 February 2007)

ASX ann today on uranium

MEE 10:15 AM   Airborne EM to follow-up Roll-Front Uranium Mineralisation 
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00693007

To use airborne EM


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## bigdog (24 February 2007)

ASX ann 
MEE 5:15 PM  One for Five Non-Renounceable Rights Issue - Announced 
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00696487

Metex Resources Ltd ("Metex") is pleased to announce a one (1) for five (5) non-renounceable rights issue to shareholders at 12 cents per share to raise up to approximately $5.4 million.

The purpose of this issue is to provide additional working capital to fund the exploration of the uranium initiative, development of the investment in the CSIRO UCG Joint Venture (Carbon Energy Pty Ltd) and ongoing gold exploration.

The issue will be non-renounceable, and shareholders will be invited to apply for additional Topup Shares beyond their entitlement, subject to allocation by the Directors.

Record Date to determine Entitlements under the Offer 9 March 2007

Opening Date and Dispatch of Prospectus and Acceptance forms 13 March 2007

Closing Date of Entitlements Issue for acceptance and payment of
subscription price 27 March 2007

Anticipated date for quotation of New Shares on a Deferred Settlement basis 28 March 2007

Notification to ASX of any Shortfall 30 March 2007

Expected date of despatch of Holding Statements 4 April 2007


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## bigdog (12 March 2007)

ASX ann March 12

MEE 11:28 AM  Grant of additional exploration licences in South Australia 
http://www.asx.com.au/asxpdf/20070312/pdf/311dy6723xr41w.pdf

GRANT OF ADDITIONAL EXPLORATION LICENCES IN SOUTH AUSTRALIA, TOGETHER WITH ENCOURAGING RESULTS OF UP TO 1400PPM (0.14%) U3O8 RETURNED FROM PREVIOUS EXPLORATION ON EL3672 (BROOKER).

Metex Resources Ltd (ASX:MEE) has been advised by Primary Industries and Resources SA (PIRSA) that the additional 3 applications for exploration licences in South Australia have now been granted.  These are Mannahill (EL3708), Eringa (EL3709) and Goode Hill (EL3710) respectively. The Company
now has a total of 10 granted Exploration Licences in the State covering ground prospective for both iron oxide copper-gold-uranium (IOCG) and uranium in Cainozoic palaeochannel sequences 

A review of all available public domain exploration data over these tenements is producing encouraging results from previous programs completed by companies exploring for uranium during the last period of significant uranium exploration activity in the early 1980’s.

At the Brooker Project (EL3672) on the Eyre Peninsular (west of Port Neill on Spencer Gulf), previous exploration had been undertaken by significant uranium exploration companies at the time including Pancontinental Mining Ltd (Pancontinental), Power Reactor and Nuclear Fuel Development Corporation (PNC) and Afmeco Pty Ltd (AFMECO). The target at the time was uranium within the Lower Proterozoic gneisses and schists of the Hutchison Group. Outcrop of these prospective units is generally confined to the coastal strip along Spencer Gulf. Within the tenement the development of extensive sand dunes conceal the extent of the prospective lithologies.

Work completed in 1979 over part of the ground now covered by EL3672 included airborne magnetics, radiometrics, water sampling, and rock chip sampling. A number of significant radiometric anomalies were defined and “ground truthed” with field inspections. 91 locations were sampled testing some of the radiometric anomalies; however the majority of the sites either within or close to the current exploration licence (EL3672) remained unchecked. Rock chips from the sampled sites were assayed for U, Th, Cu, Ni, Zn, Pb, Co and Mn. Significant results were returned from an area close to the locality of Moreenia, west of Ungarra, with results ranging up to 1400ppm (0.14% U3O8) and 200ppm Th (Thorium) (Figure 2). The results were returned from outcropping weathered and altered gneiss and pegmatite of the Moody Suite. Follow up sampling confirmed the anomalous results. Following the completion of these programs no further work was completed, and the previous tenements were allowed to lapse.

The occurrence is consistent with a bedrock source for the uranium mineralization. Follow up ground geophysics and further rock chip sampling is scheduled to commence in April as a precursor to delineating suitable drilling targets.


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## james99 (15 April 2007)

Still good - see my post (set out below): Mee is an excellent buy. It has (i) potential gold resources of 880.000 ounces, ie about AU$750 mil, (ii) the CSIRO joint venture with a good trial coal field and (iii) now has over 20 uranium licences, including one which was prospected in the 70/80s by Total (the French energy giant) with a U3o8 rating of .33% from a very limited bore sample. That is a significant percentage of uranium and also of total resources compared to some of the much higher cap (AU$100-150 mil) unproven AU uranium companies.

Its (ivth) venture is its Italian mine, which is easily accessed and its uranium value (2.3mil lbs) is about US$230mil, however there are signficiant environmental  opposition issues. They are being worked on I understand but my not be easliy overcome, at least not without a JV. However, Mee has engaged a highly experienced Italian expert to assist. I think it is a longer term project and am no so confident of its fruition in the short term. However, it adds speculative value and potentially European takeover interest.

Mee has a market cap of about AU$29 mil, being less than 3-6 times that of other, much lesser, stocks. Several pay for research uranium experts recommend it highly. I suspect that the difficulty is that it does not actively market itself as a uranium play, and thus misses the speculative buyers. However, I understand that it is considering a rebranding later this year, or splitting its uranium business, with preferences to existing shareholders. Further, it has the uranium potential with a solid backup interest in gold and coal gasification. It thus has less downside risk than many uranium plays.

I disclose reasonable long term interests (2010-2014) in Mee (acquired at AU$.13) and Cameco (acquired at US$39 and payng a minor dividend), my only junior and senior uranium and gold plays respectively. The time frame reflects the IAEE survey as to when uranium prices are likely to reduce to the US$60-70 range. Gold prices are speculative and of course will depend on the US$ amongst other things, and little weight is placed on those in the long term, given its significant fluctuation over the past 6 years. I note that my comments stem in part from concern that many will be burnt from pure speculation without considering long terms fundamentals. Best wishes to all.


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## Dink (20 April 2007)

Thanks for the good summary james99.

Promising news out today from the completed airborne EM on their Nyang Project in the Carnavon Basin. However one would think that they will need some drill results before there is any great movement in the shareprice. Promising all the same...


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## james99 (20 April 2007)

Agreed. An announcement as to a positive method of surveying with no data is of little use. However, it does show that Mee understands the importance of good uranium in today's speculative and longer term market and that it is focusing on that. I am quite positive about the Total block - it was a company wth significant expertise when it selected that area.

I suspect that with the announced US Uranium futures market and the increasing number of uranium IPO's it will become even more difficult to decide on relatively limited stock that provide a balance of limited risk and high potential reward. 

Even when that can be done, the markets can often result in obtuse pricings. Cameco, for example (one of my holdings) still has US$100 bil of uranium reserves, and is still the largest producer despite the Cigar lake fiasco, and is buffeted by gold and electricity interests, yet its market cap is only approx US$10 bil. That is a low market cap, compared to Pdn, especially when regard is had to the Pdn reserves and production, and ridiculously low when compared to some Uranium plays who have no production and at best can be described as junior entry level explorers who may be a takeover target in a year or two, with none of the regulatory or mining expertise required to achieve production.

I do not intend to denigrate from Pdn - I do not have holdings but I think that it is is a company with excellent fundamentals and potential. As will be SXR One (with its new proposed struture) and its listing on the LSE. Instead, my issue is that the pricings are out of alignment and we all have an interest in having a stable uranium sharemarket because it may only take a few failures to result in a substantial price correction for all. Best wishes.


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## james99 (24 April 2007)

*Re: MEE - Metex Resources Rising >10%*

Dink. I see that Mee rose 11 % today. I understand that a rebranding may be in process. It will be interesting to see progress.


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## bigdog (24 April 2007)

James,

Looking forward to Thursday

The volume was great today including large parcels and SP was up 2 cents.
-- todays volume 9,062,298 shares was the second highest trade for the past 12 months where on 2-Jan-07 10,565,457 shares were traded.
-- there were large parcels were traded in the last 100 minutes including at 14:25:04 1,000,000 @ $0.145 $145,000.00 XT

MEE   $0.15    +$0.02  +15.38  9,062,298 share $1,299,526  24-Apr 16:10:59

Date ----- Close	Volume
24-Apr-07 0.150 	9,062,298
23-Apr-07 0.130 	727,320
20-Apr-07 0.125 	540,400
19-Apr-07 0.120 	309,274
18-Apr-07 0.125 	511,146
17-Apr-07 0.130 	693,126
16-Apr-07 0.125 	875,265
13-Apr-07 0.130 	5,814,635
12-Apr-07 0.115 	0


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## james99 (24 April 2007)

Cheers Bigdog. I agree, good volumes, especially in a day in which the overall market was generally flat. Thanks for those. The moving average is now also showing a clear uptrend. My purely personal feeling is that it suffers from underperformace of about three months compared to other stocks and, if so, then there is a substantial way to go (minor price fluctuations aside).


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## Dink (24 April 2007)

Good volume and happy with the general trend. Does anyone know what the upside the underground coal gasification will have in terms of the shareprice? I have done some research into the technology but cannot find any information on the economics of the process. I know it can be easy to focus on their uranium prospects but with the Queensland and Commonwealth Governments being very much pro clean coal technology could this aspect be being missed?


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## james99 (24 April 2007)

Dink. Not sure if this helps, but differing forms of gasification have been used overseas sucessfully. However, I understand that the CSIRO / Mee technology is at the intial trial stage and anticpate that details of the trial process to be conducted will be provided in the not too distant future. From trial (if successful) to commercialistion is likely a lengthy time frame, however CSIRO have an excellent reputation in this area, and the Mee personnel have considerable long term skill and credibility. Government support must be a possiblity given the currrent climate (no pun intended).

The technology, if successful, has the potential to be used / licenced worldwide. Russia, NZ, Australia, Europe and Amercia, for example, have substantial tracts of coal seams and the project is aimed at extraction such that there will be 40-45% less greenhouse emission. 

My feeling is that it is a very substantial plank of the company, with potential if successful to add many multiples to the share price. Tt would be entirely possible for an international coal / gas / oil company to pay near to Au$1 bill. to buy the company and its technology (which would be a 30 times increase in share price). 

However, before an international company was to explore that then it would want to have had the trials undertaken, and done so sucessfully, audited to an appropriate level, and to result in a technology which was easily replicated, cost effective and meet regulatory requirements in other countries. That is why I think that the process is longer (2-5 years) not short term. 

Hence, also, one of the reasons why I have taken a long term position. The company's three strings to its bow (gold, coal gas and uranium) and long term viability (it has existed sucessfully for many years) appeal. Added to that, the directors have options at share prices in some case higher then the current price (some options are 20c). All too often directors grant options at very low cost and in such quantity that the dilution effect is very substantial. Mee's approach speaks of a conservative and shareholder focussed board. Additionally, ANZ Nominees have an almost 12% interest, and tend to take a well researched approach to any investment.


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## james99 (14 May 2007)

Dink

A good day.5.2 million shares and closed at 15c. Perhaps it is finally being recognised as relatively undervalued. Its moving average is showing a clear upward trend.


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## Dink (14 May 2007)

Very good day. Not sure what the stimulus is. Quite possibly it is simply just some seeing how undervalued this stock is. 

I have also noticed that there has been a lot of media regarding funding in queensland for clean coal technologies. Unfortunately I believe this may be aimed at IGCC projects rather than UCG. ZeroGen has been getting some bad press and Beattie states that ZeroGen would be abandoned in favour of a better project. Ian MacFarlane (federal industry minister) has stated that there are better projects in the mix that may deserve funding. Now I don't know enough about this technology or the other companies that are in the process of developing such technology to speculate which companies might be in line to get some government funding but any company that receives a little backing will probably see a corresponding rise it its shareprice. 

James99 do you know any other companies which are publicly listed and might be in line to receive such funding? 

All just speculation at this stage. Regardless of the stimulus I'm not complaining. Good shareprice trend but more importantly very good volumes. Lets hope it keeps up over the ensuing days and doesn't retreat as it has in the past.

By the way, thankyou for the summary on the possible upside for Metex from their exposure to UCG technology with the CSIRO.


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## james99 (15 May 2007)

Dink: I am sorry that I do not know of other companies that will receive government funding. I would be speculating and do not wish to do that in an online forum. I think the IGCC / UGC debate is unlikely to result in strongly preferring one instead of the other. Most politicians appear to accept that a mix of technolgies will be necessary and I suspect will not wish to close off any particular option but, as you point out, may wish to avoid some companies. 

I think that both types of project will receive some government support, as a preference to exploring nuclear power, and that will benefit any serious contenders, such as Mee. I think quite a lot of weight can be placed on the CSIRO expertise. Their subsidary (Carbon Energy Pty Ltd) projects generating electrity with 50 % of the greenhouse emissions of traditional coal plants and 10 % of the emmissions of natural gas plants (see www.carbonenergy.com.au/images/CarbonEnergyA4.pdf). Howard has aleady committed $250,000 in principle to Carbon Energy and I suspect more may be forthcoming depending on test results expected in September 07. 

I agree the good volume is important, but think Mee volumes (and prices, albeit there appears to be a clear upward trend) may drift up and down a bit. Its directors are quite conservative about media announcements and are silent when other companies may make announcements. However, even its gold assets justify a substantially higher price (potentially a market cap of $100mil plus), without factoring in uranium and UGC. Ultimately, it is a sleeper with potential for share price increases of many multiples. Even a re-rating to only 100mil is a 3 times increase, and that will still result in a conservative value relative to other pure uranium plays with only licences, little mining expertise but boards with very good marketing skills that make frequent announcements. When the prospectivity of areas the subject of those some of announcements are analysed, in combination with the relevant geopolitical environment, some of the other companies have an air of sham about them. 

Mee and CSIRO shrewdly (via Carbon Energy), entered into the Indian  MOU with Singareni Collieries Company Limited to cooperate in the investigation for joint development of underground coal gasification in Singareni coal areas within the Godavari Valley coalfields. Singareni Collieries Co is jointly owned by the State and the Indian Governments. If that is successful, then they will be very well placed to secure more international JV's. 

Fortunately, Mee has some uranium licences in states that will likely support them, and sufficient mining expertise to exploit them, or to be a realistic JV partner for larger companies. Interestingly,some major US brokers are only now beginning to place gold and uranium stocks on the watch lists.


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## Knight Trader (16 May 2007)

MEE has a stake in MMB(Magma Metals).
Recent share price movements in MEE is due to SP movement in MMB.
MMB is mining (PGM group of metals) in Australia and Canada.

I have a small position in MEE and will hold  for a while.

James99, could you please give us a rough valuation of MEE?

Regards,
K.T


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## bigdog (16 May 2007)

Something is cooking!

MEE what a finish for the day with high of 20 cents and finish of 19.5 cents up 5.5 cents or 35.7% and biggest volume for 12 months of 13,001,485 shares 

MEE   $0.19    +$0.05  +35.71% high of $0.20 and low of $0.13  13,001,485 shares $2,059,847  16-May 16:10:03 

The last trade spoilt 20 cent finish!

Time---- Price --Vol ---Value 
16:10:03 0.1900 5,245 996.55  
15:59:59 0.2000 10,000 2,000.00  
15:59:59 0.1950 35,000 6,825.00  
15:59:57 0.1900 20,000 3,800.00 

Date ------ Close	-Volume (past eight days trading)
16-May-07	0.190	13,001,485
15-May-07	0.140	1,181,410
14-May-07	0.150	5,173,848
11-May-07	0.120	620,000
10-May-07	0.130	489,936
09-May-07	0.130	796,721
08-May-07	0.130	335,251
07-May-07	0.135	905,000


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## Dink (16 May 2007)

Hi KT,

I notice that MMB has had a good run and quite possibly the MEE shareprice is a result of this but what is the reason for the MMB run? MEE has a much higher comparative volume of trading so it makes me wonder whether it has more to do with one of MEE's projects... or is it as James99 suggested just getting more recognition. I suppose the next couple of weeks will reveal all...

Dink


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## bigdog (16 May 2007)

Speeding ticket issued to MEE and response: the company is unaware.

MEE 6:18 PM  Response to ASX Share Price Query 

http://asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00721699


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## james99 (16 May 2007)

KT: Sorry I do not wish to be unhelpful but don't think that it would be appropriate for me to indicate my valuation of Mee. I have expressed my view of relative value online (see earlier posts) and there are global factors and intangibles that I suspect are affecting the international and Australian mining markets generally at present. That said:

1. I think that, barring some quite major market event, those factors will continue to have a positive influence for some time, albeit that there may be some ebb and flow in share price, but with a general upward trend;

2. I do not think that the MMB interest is the sole determinant of the recent moves. While I think that Mee is substantially relatively undervalued, I cannot account for the exact timing of the recent increase;

3. I think that (as Mee has implicited suggested in response to the price increase query, that Bigdog has referred to) Mee has some solid projects and a very experienced team and credible JV partners. I think its gold, uranium and UGC projects have great potential, perhaps with the exception of the Italian venture, due to the social and political climate there. The fact of three different types of project helps I think to reduce the downside risk, in the long term.


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## Knight Trader (16 May 2007)

Hi Dink and James99.

Thank you for the posts.

Speeding ticket issued today.

I am just guessing here that they might have an interested party  in the UCG project. This project requires heavy investment and one should be looking at a time frame of more than 5 years IMO. 
With the global warming issue and clean coal technology being current hot topic perhaps MEE might attract the right partner in the project.

MEE has been clearly overlooked by many investors.
For the time being, only time will tell.
Regards,
K.T


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## james99 (18 May 2007)

RE UGC: You will see that BHP and RIO have just entered into a JV to pursue a similar theme.

SAN FRANCISCO (MarketWatch) -- Petroleum giant BP and coal miner Rio Tinto said Thursday they are forming a joint venture to develop low-emissions electric power by converting fossil fuels into hydrogen and then capturing and storing the byproduct carbon dioxide.


http://www.marketwatch.com/news/sto...x?guid={48952524-6F91-4192-B730-B010C66C99B5}


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## james99 (18 May 2007)

Sorry, should be BP and Rio. Incidentially, the recent increase in price might in part be attributable to CSIRO's latest magazine, which briefly mentioned the CSIRO / Metex Carbon Energy Ltd as one of a number of promising projections for commercialisatio.

http://www.solve.csiro.au/0507/article11.htm


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## Dink (18 May 2007)

Happy to see the shareprice hold up yesterday despite the response to the ASX query. Unfortunately I imagine it will drop a bit further over the next few days... feeling confident all the same.


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## james99 (18 May 2007)

Dink: I agree that it may well ebb and flow, however the daily volume weighted average keeps increasing, and today was, I think, the highest it has been 17.5c.


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## bigdog (18 May 2007)

There was a high of all time high of 20 cents on May 16

Date --------Open --High ---Low --Close --Volume 
16-May-2007 0.1400 0.2000 0.1300 0.1900 13,001,485

https://www.aussiestockforums.com/forums/showpost.php?p=158144&postcount=23


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## Dink (21 May 2007)

Looks like being another good day today. Volume remaining high and with a nice shareprice rise testing new highs.


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## james99 (21 May 2007)

Well Bigdog and Dink. Daily volume weighted average up again to 19.3. And a new high of 20.5. Even if it dips pre-close those are still significant. Of course, relative to its peers it is still substantially undervalued. Bigdog, you may just win the monthy stock tipping context.


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## Dink (21 May 2007)

Just wondering if anyone out there knows of any negatives regarding this company. I realise that James99, Bigdog and myself are fairly positive about the outlook. I have just read the March Far East Capital Uranium Sector Analysis. I notice that Warwick Grigor has sold his stock in Metex and has downgraded its value from "excellent" in January to "sound" in March despite the shareprice dropping by 30% over that time. He states that investors and brokers said the  recent company presentations were "uninspiring" and company was "too diversified". In the January analysis this diversification was a positive. I have never taken what Grigor says too seriously... quite possibly he is kicking himself now that the shareprice is 19.5c (up from 10.5c when the analysis was done in march). Wondering whether anyone made it to the presentations and has anything to add to the discussion.


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## bigdog (22 May 2007)

james99 said:


> Well Bigdog and Dink. Daily volume weighted average up again to 19.3. And a new high of 20.5. Even if it dips pre-close those are still significant. Of course, relative to its peers it is still substantially undervalued. Bigdog, you may just win the monthy stock tipping context.




James, I won the share tipping competition with Metex in December 2006.

I bought MEE based upon Grigor report issued in October.


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## james99 (22 May 2007)

Dink: I essentially took Grigor's comments to be directed at whether he thought Mee would catch the interest of investors and thus have a rapid rise. 

He has always regarded the fundamentals of the company as sound, especially relative to some of the others. Grigor has clearly got it wrong in terms of investor appeal. It has had two signficant increases in range since his first recommendation in October 2006, from 6-8 to 11-13; and now from 11-13 to 18-20; I think that perhaps the next range, in the short term, might be 26-29. 

The diversification means that Metex has not had the surge that it might have had if it were marketed as a pure uranium play (ie 400-600%), even though its uraniuim licences are in better areas and states than some. The  investors with licences only in WA are taking a risk. Interestingly, I understand that Mee may seek to spin off its uranium assets at some stage this year, but with preference to existing shareholders.

The presentation was no doubt less exciting than others, because Mee is run by miners and geologists, rather than marketers etc. That makes it a more solid long term investment (IMO). If you do hear anything negative, please do let me know. I am conservative and do quite intensive research before investing, but, frankly, it is always possible to miss something.

Bigdog: I am aware that you won earlier with Metex. I hope that you win twice.


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## Dink (22 May 2007)

Volume weighted average now up to 20.0c with very good volume again! Was there also a big buy at the end of the day of value $141 817.8 (709089 at 20c)? It is included in the days volume but ASX says last trade was at $0.195 and not $0.2. Oh well suppose it doesn't matter much but still another solid day...


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## james99 (22 May 2007)

Yes Dink. Not especially big but reasonable: 4:22:55 p.m. 0.2000 709,089 $141,817.80. Because it occurred after the official market close, .20 was not shown as the closing price.


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## Knight Trader (30 May 2007)

Hi James99 & Dink,

MEE is up again today.
I have noticed that  LNC (linc energy) went up as well.
I have a feeling that MEE could be doing a JV (or is in the process) with LNC.
LNC has a few projects which include UCG.

Any thoughts on MEE?

Regards,
K.T


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## Dink (30 May 2007)

Not sure what the reason is for the increased volume. Like during the last period of increased volume I notice that ZeroGen is once again getting bad press with the federal government stating that essentially the project was a failure. Mr MacFarlane was quoted as saying "Mr Beattie was well aware of ZeroGen's deficiencies and he was seeking support for alternative clean coal projects". (see the article in the australian titled "clean coal project fails"). There is a article on the LNC site with reference to the speeding ticket LNC received yesterday with Anna Bligh commenting on the potential of UCG technology.  So I can only speculate that these projects are possibly in line for more government backing. Maybe a JV between the two is on the cards but once again only speculation... same technology, same region, it is a possibility...???


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## james99 (31 May 2007)

Sorry KT, no specific knowledge. It could just be a rebound after all shares suffered briefly from the overseas drop (I see overseas stocks have now recovered).


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## Knight Trader (31 May 2007)

Re: MEE

I have noticed that things are moving a bit faster for MEE lately since Souhtern Cross Equities Ltd has come on board.

Would be nice to see MEE speed up their projects (UCG) and make some concrete announcements about their drill results.

Would like to see MEE follow the footstep of LNC (Linc energy).

Regards,
K.T


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## Knight Trader (5 June 2007)

Re: MEE

Hi James99 & Dink,
Hope you are still holding and enjoying the ride with MEE.
Below is an article from AFR in regards to MEE.

*"AFR Tuesday 05 June 2007 Street Talk"*"*Big things on the horizon for Metex Resources.*With the coal sector very active right now, stocks exposed to clean coal technologies are getting a lot of market attention.
The stock to own in recent weeks has been Linc Energy, which last week did a deal  with an Indian-based energy company to develop underground gas gasification (USG) projects, while Kerry Stokes's private clean coal company, HRL, has also done some power station deals in Victoria.
Also on the up and up is Metex Resources, a Perth-based player with a 50 per cent interest in Carbon Energy (the other half is owned by CSIRO). Carbon Energy is completing a study on a gasification project alongside a coal resource of 45 million tonnes in the Surat Basin in south-east Queensland.
Metex could be well placed if there is a scramble, as some are predicting, by large international resources companies to get involved in this area.
Metex also has uranium business with 16 tenements around Australia( which could be spun out),a share of a goldmine in the Laverton belt of Western Australia, along with other gold interests and 10 million shares in Magma Metals.
On Southern Cross Equities' numbers (the broker has been a heavy buyer of the stock recently and raised money for Metex at 9c in April), the stake in Carbon Energy could be worth 50 million, or close to 20c a share alone."

MEE holders should be happy for the time being and more good news are underway( Uranium drill results ).

Regards,
K.T


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## bigdog (5 June 2007)

MEE is off to a great start this morning and up 2 cents or 10.26% 

Code - Last   --Move -%Move Buyer Seller Open --High --Low --Volume ----Value ----Last Traded 
MEE   $0.215    +$0.02  +10.26  $0.21  $0.215  $0.205  $0.215  $0.205  2,246,994  466,987  05-Jun 10:10:27


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## james99 (5 June 2007)

KT - Many thanks - I was not aware of that article. And Bigdog, thanks for the figures. Lets hope that there is international involvement soon.


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## bigdog (5 June 2007)

James you are doing well in the ASF tipping for June and currently 1st

Well done

1. james99 MEE 0.180 0.220 +0.040 +22.22%


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## james99 (5 June 2007)

Simply following you Bigdog.................................................................................................. ;-)


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## bigdog (5 June 2007)

The market loves MEE and now up 4.5 cents or 23% today

MEE   $0.24    +$0.045  +23.08%  $0.24 high and low  $0.205  7,156,507  $1,576,229  @ 05-Jun 12:14:33


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## Dink (5 June 2007)

Great day again... I think we can rest assured that the increased volume and gains over the last couple of weeks reflected the growing interest in clean-coal technology. The other facets of Metex's interests will hopefully continue the trend in the coming several months. Thanks for the AFR article Knight Trader. Also noticed that there was an article talking about coal liquefaction to gas in yesterday's Pure Speculation in The Australian. Metex is not specifically mentioned but Linc was. See below.

"Looking for new black gold: coal
PURE SPECULATION
Robin Bromby
June 04, 2007
GERMANY, without its own domestic oil resource, pushed ahead the production of oil from coal by liquefaction during World War II. The technology was later refined in South Africa to combat shortages of oil under the embargo of the apartheid era. That country's two coal-to-liquid plants still operate and are well placed if oil prices rocket and the world starts running short.
Now the US Congress is talking about spending billions in construction loans for new coal-to-liquid plants.

This coal-to-liquid story is one that will gain traction as the oil crunch grows, so it was not surprising that shares in Linc Energy put on a spurt after the company announced a deal with Shiv-Vani, described as one of India's oil and gas exploration companies. Linc is looking to turn stranded coal deposits into clean power and ultra-clean diesel.

Incidentally, Linc is not the only local coal company to attract big Indian interest. Bhushan, that country's third biggest steelmaker is buying a large stake in Bowen Energy.

But back to coal-to-liquid. Recently listed South Australian oil and coal play Sapex is looking at the potential in its deposits for coal gasification and coal to liquid. In the same neighbourhood, London-listed Altona Resources is working to convert 7.5 billion tonnes of low-grade coal into clean liquid fuel.

There is another play in the wings, with Xanadu Mines looking to float on its Mongolian properties. Its coal resource, thought to be about 150 million tonnes, is sub-bituminous and liquefaction is one possibility being examined."

All good news and I look forward to the coming weeks...


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## james99 (6 June 2007)

Thanks for that Dink. There appears to be a very strong upward trend. I see today there was a volume of 13,038,296, for total turnover of $3,085,280, a volume weighted average of 23.7 and a high of 25. They are new highs in each category.

I agree that the  UGC has likely been a strong factor, and given the Rio / BP venture would anticpate increasing international interest. If, as Southern Cross equities suggests, the UGC venture is worth $50 mil (20c) then only about $10 mil value is being placed on the entire balance of uranium, Magma Metals and gold interests, which seems very light. 

Grigor (I think) suggested that the company was good value some time ago at a cap of $30 mil, based primarily I inferred on the uranium and gold interests, with only limited weighting on UGC. That added to the UGC value of $50 mil would suggest a cap of $80mil (about  32 cents/share). Even that sounds light relative to some competitors.


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## james99 (11 June 2007)

FYI - European article re Coal Gasification including Carbon Energy / Metex. European exposure cannot hurt.

http://www.euro2day.gr/articlesfna/36392246/


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## james99 (14 June 2007)

FYI 2 day UGC conference in Texas with Carbon Energy as a participating company. See link.

http://www.syngasrefiner.com/UCG/agenda.asp


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## Dink (17 June 2007)

Thanks for all the information James.

Think we will need an announcement or more public interest in UCG if the shareprice is to hold up... otherwise I think volumes will gradual start to dwindle and the shareprice will slowly continue to retreat... 

I would love to hear more about their uranium prospects... nothing like uranium to spark some interest...


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## james99 (19 June 2007)

Ahh Dink. If you are right then a disservice is being done and a buying opportunity will present.

I agree, a uranium announcement would be good. Or gold. Good things take time.


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## Knight Trader (20 June 2007)

Hi James99, Dink and Bigdog.

It's been a while since my last post.
I am a bit surprised by the number of MEE followers.It's only a handful of patient bunch here holding and sitting tightly.

James99, you're right by saying good things come to those who wait.
I have done some research and recently found CXY( Cougar energy) doing some UCG in Queensland as well.
Very interesting company which is working with Ergo Exergy of Canada.
www.ergoexergy.com
Sounds interesting to me.

Regards,
K.T


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## Nuke (20 June 2007)

Hi KT,

In on MEE as well. Happy to hold & looking fwd to SP rise. FYI Cougar Energy JV with MLM, another favourite of mine. Had an announcement today: raised $2.1m for UCG development.


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## springhill (20 June 2007)

Im also a big fan of MEE, shame about the holdup in the Italian U3O8 mine  Any further word of the possible fragmenting of the company? Also what ramifications would this have for the everyday, ordinary shareholder? Good to see MEE is holding above 20 cents


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## james99 (21 June 2007)

Thanks v. much KT and Nuke. I have a wee bit of an eye on CTP (Central Petroleum) but have not quite refined that nor invested yet. Still researching.

Springhill, what happens upon breakup is in the realm of speculation. Mee has said that if there is a split, then existing shareholders would have preference.

If it is correct that the UGC is valued at 20c a share (see earlier) then it is also reasonably possible that the uranium. purely based opon speculation relative with other startups, might justify a cap of 25 mil (poss 10 +/- cps). The gold would have a more tangible value, but possible lesser speculative value. Either way, upon split up (if it occurs - who knows) the shares appear undervalued.


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## springhill (22 June 2007)

Thanks james99. In your opinion, and i invite any other Metex investors to throw their  in, if the split does occur and you only have the $$$ to go one way or the other ( as may be the case with me ) which way would any of you lean, hypothetically, and for what reasons?. Also any opinions on Metexs appeal as a standalone uraninum hopeful??


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## james99 (22 June 2007)

Springhall: Sorry I simply couldn't say without knowing capitalisation, options, management, jv partners etc.

KT/Nuke: Still assessing Cougar: I agree the Ergoexergy venture may prove interesting. I would be interested in any info you might post on it.


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## bigdog (25 June 2007)

MEE SP doing OK first up 2.5 cents

MEE   $0.24    +$0.025  +11.63% 718,385 shares  $161,325  25-Jun 10:11:39

Overall market down 47 points


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## Lachlan6 (25 June 2007)

Like the looks of (MEE) from technical and fundamental perspective. Waiting for an entry at 25c. Was hoping for a retracement in POL for an entry, but didnt eventuate so looking closely at MEE instead. Lets see how it trades today as it has broken short term resistance intra day.


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## springhill (12 July 2007)

Hi BigDog i'd like to sound you out if possible, purely as you started the thread. Do you still hold Metex? If so what are your thoughts? It all seems very quiet at the moment. I think there is alot to like about this company but its painful watching the share price slide south on the back of disinterest and inactivity. Other holders feel free to voice their opinions


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## bigdog (13 July 2007)

bigdog said:


> Top of the pile is Metex Resources, which has a uranium deposit in Italy, although Mr Grigor believes the resource needs to double in size to make it worth developing. But with Metex shares trading at 6.1c on Tuesday (the day on which all price calculations were based), the shares offered good upside.
> 
> Above Reported Australian Oct 27 2006
> http://www.theaustralian.news.com.au/story/0,20867,20651857-643,00.html
> ...




Springhill

I was influenced by this article which was "top of the pile" with emphasis in U in Italy.
-- However, in late 2006 Italy became a problem because of locals objecting and now rarely mentioned.

I still hold and got in at 8 cents; still happy to sit on MEE with hope of SP going higher. 

Yes I am disappointed with SP riding the waves! 

James99 has now taken on the MEE analyis and I have not seen much from James lately.


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## disarray (13 July 2007)

the company still looks good and i am excited about the clean coal test and think this has enormous potential. i was watching the great global warming swindle last night on the abc and on the panel discussion afterwards the business people said they have already made their decision that global warming needs to be addressed and cleaner versions of current tech are where the money will be flowing.

investing in new tech is all well and good but it is more logical and cost effective to refine what we have, and that is what the clean coal trial is doing. the project study is out at the end of this month and construction starts in september so there will be news soon. more details on the project are available on the metex website.

i am also encouraged by the clean coal trial because it is a joint venture with the csiro and i reckon we have world class boffins. i wish the government would just dump money on the csiro and license all the cool stuff that would pour out but that will never happen.

buyers and sellers are looking even on the chart and its flat again today. i'm out if it falls again but would definately be back when the chart recovers because i think this project is a reasonable risk. with all that mining money and the business community making climate change part of their risk management, there is enormous, global potential for new techs that don't require you to rip up the ground and spew masses of carbon into the air.


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## james99 (13 July 2007)

Bigdog, I am still here and still holding shares. I think that someone observed that the difficultly with small caps is that they fluctuate signficantly with the market and draft in the absence of news. I do not think that the current drift is surprising. 

A better test will be to await implementation of the UGC trial - perhaps an announcement in September 2007 would be my pick. The board is quite conservative, compared to some other small  public resource companies, and I think that that shows through in them not making the frequent and, frankly in some cases, meaningless, announcements that tend to bolster share price. However, the positive fundamentals are unchanged. I have been viewing the price drift as a buying opportunity.


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## Knight Trader (25 July 2007)

Hi James99 and all MEE holders,

I am out of MEE for good with a nice profit and intend to pursue other good opportunities elsewhere.
I mentioned a company called CXY (cougar energy) last time I posted.It is worth a look and warrants some further analysis.
I do not hold CXY yet and will be considering a position after some further research.
Thank you to all those who posted their thoughts on MEE.

regards,
K.T


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## james99 (25 July 2007)

KT: Thanks for that. As it happens I have just (Monday this week) sold Mee off market at AU$.21, with a view to buying back in at a slightly lower price. I think it may drift for a month or two coupled with short term global uncertainty  (I could be proven wrong). I shall buy back in because I am quite confident as to the fundamentals, and note a recent positive roadshow. 

I am considering MRO, which has reasonably prospective areas, significant geopolitical risk but a competent team and board. The board includes Grigor who has a reasonable shareholding and I suspect is about to push the shares in Europe. Will look at CXY (I did a couple of months ago, but quite superficially) and perhaps we will share thoughts. Cheers.


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## james99 (27 July 2007)

Well KT: As it happens I couldn't resist buying back Mee today given the slump in prices; as well as CXY (which I think is more speculative but relatively cheap and has a good scientific team IMO). No MRO as yet; it has potential but I am finding it difficult to properly assess the geopolitical risk. It may be that the market has further to drop, but I think that there is a reasonably good chance that in 3-4 months it will have forgotten the last few and next few days, just as it forgot the upset about 4 months ago and March-May last year.


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## james99 (31 July 2007)

Quarterly report just released. It appears as though progress is being made with both UGC and uranium. Re UGC it appears as though Metex is now also exploring with Davey Technologies (presumably http://www.davyprotech.com/default.aspx?cid=270) to produce petrochemicals from UGC syngas.

There is a good balance of uranium licences, across both favourable and non-favourable states (SA / WA / QLD / NT); and the gold resource at Burtville appears to be firming up. Anyway, rather than my summar, see link:

http://www.asx.com.au/asxpdf/20070731/pdf/313qm2hmkbs3n0.pdf


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## bigdog (3 August 2007)

ASX ANN today and little effect on the SP!

03/08/2007	CARBON ENERGY - RAMPS UP INDIAN UCG PROJECTS
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00745725

Metex Resources Ltd (MEE) is pleased to announce that the joint venture  company CARBONENERGY PTY LTD (“CEPL”, a 50/50 J/V company with CSIRO) is increasing its Underground Coal Gasification (UCG) activities in India with the signing of a first stage A$237,500 contract with the Australian Government to identify and develop clean coal UCG projects in India. The potential for UCG will be assessed with a range of Indian collaborators, and a feasibility study for UCG project developed for at least one site. If successful, a second stage development of a UCG pilot will follow in 2008. This is the first implemented contract for the Australian Government in its $100M commitment to the Asia Pacific Partnership on Climate change.

CEPL has an MOU with Singareni Collieries Company Limited to jointly develop UCG projects in Andra Pradesh State. Collaborative work has identified significant coal resources suitable for UCG in the Godavari Valley. Detailed evaluation has commenced on an area in the Manugura coalfield. The prospect is down dip from existing surface and underground mines and drilling at 300m spacing has encountered a coal seam ranging from 5m to 15m in thickness at depths between 300m and 600m over a 20km² area. The deposit is not considered suitable for conventional underground mining but analyses to date indicate it is highly prospective for UCG.


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## Dink (3 August 2007)

Good news. Hopefully will get some exposure in the general press. As expected shareprice was sliding without any news. Hopefully this will generate enough interest to get the shareprice back over 20c.


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## bigdog (3 August 2007)

Todays SP finish was encouraging up 16.67% 

 MEE   	$0.175  	   	  +$0.025   	  +16.67%   	high of $0.175  	  	 1,190,037 shares  	 $197,650  @	 03-Aug 15:53:14


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## james99 (3 August 2007)

Ahh Dink. 20c? Far too modest. For reasons expressed much earlier in this link, I still view the stock as being in the $1.20 to $1.50 range when its fundamentals including gold (over 800,000 ounces) and uranium licences and market cap are compared to others. Time will tell. Cougar energy for example commands a market cap of 35 mil approx based on its UGC, but Mee has the other two strings and still only has a cap of 45 mil approx.


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## Dink (3 August 2007)

I am easily pleased James. If I make 100% on a stock I am pretty happy... as most would be. Don't get me wrong I am in for the long haul for the same reasons you listed above and 1000% does sound very very good. Happy to see slow and gradual rise though. Dink.


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## james99 (4 August 2007)

Dink: I understand entirely and, aside from occasional sales to buy again on the lows, in fairness my timeframe is 2-3 years, which I suspect is quite a bit longer than many on this forum. I agree price maintenance is beneficial. What Mee is not yet very good at is ensuring that its announcements (eg the most recent uranium licence resources and the subsequent Carbon Energy funding) are placed in the media spotlight. That, I suspect, reflects its staffing who are geologically rather than marketing inclined. An asset in the long term, but not so good for share price in the short term.

In a softening market fundamentals are more important than marketing (Mee's are extremely good but that needs to be considered in the context of a speculative stock; clearly they are not good compared to, say, Oxr), and May to October are generally weaker in the US market, aside from the broader concerns there.


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## springhill (7 August 2007)

Carbon Energy ramps up Indian UCG Projects

UCG Rotary Mud Drilling


Metex Resources Ltd has announced that the joint venture company, Carbon Energy Pty Ltd (a 50:50 joint venture company with CSIRO) is increasing its Underground Coal Gasification (UCG) activities in India with the signing of a first stage A$237,500 contract with the Australian Government to identify and develop clean coal UCG projects in India.

The potential for UCG will be assessed with a range of Indian collaborators, and a feasibility study for UCG project developed for at least one site. 

If successful, a second stage development of a UCG pilot will follow in 2008. This is the first implemented contract for the Australian Government in its $100M commitment to the Asia Pacific Partnership on Climate change.

CEPL has an MOU with Singareni Collieries Company Ltd to jointly develop UCG projects in Andra Pradesh State. Collaborative work has identified significant coal resources suitable for UCG in the Godavari Valley. Detailed evaluation has commenced on an area in the Manugura coalfield. 

The prospect is down dip from existing surface and underground mines and drilling at 300m spacing has encountered a coal seam ranging from 5m to 15m in thickness at depths between 300m and 600m over a 20sqkm area. The deposit is not considered suitable for conventional underground mining but analyses to date indicate it is highly prospective for UCG.

Carbon Energy Pty Ltd (CEPL) is a Joint Venture between Metex Resources Ltd and the CSIRO to develop and commercialize the gasification of underground coal deposits (Underground Coal Gasification or UCG) by delivering a new generation of large scale energy projects based on the more environmentally responsible and sustainable use of coal.

Metex will acquire a 50% interest in a new Joint Venture Company, Coal Gas Corporation Pty Ltd (CGC), by subscribing $2.5 million in equity capital over a 12 month period. The CSIRO has been granted its 50% equity interest for assigning its rights, title and interests associated with the Underground Coal Gasification (UCG) Technology, as well as various Intellectual Property (IP) to CGC.


Thoughts? Very promising IMO


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## james99 (7 August 2007)

Yes it is promising; see also earlier post by Bigdog. Of course, Mee has a longway to go until the stage of commercialisation, however I am medium and long term bullish for reasons already mentioned. This essentially just builds on those.


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## james99 (18 August 2007)

See Australian policy change proposing sale of uranium to India: CANBERRA, Australia (AP) - Australia and India have agreed to negotiate a uranium trade pact to fuel burgeoning Indian demand for power, Prime Minister John Howard announced Thursday. For full story see link.


http://www.guardian.co.uk/worldlatest/story/0,,-6855513,00.html


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## bigdog (18 September 2007)

Posting have been few lately and the SP has been disappointing since mid July!

ASX ann this morning
MEE  	8:27 AM  	CARBON ENERGY QUANTIFIES SIGNIFICANT COMMERCIAL OPTIONS
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00759932

CARBON ENERGY QUANTIFIES SIGNIFICANT COMMERCIAL DEVELOPMENT OPTIONS

Metex Resources Ltd (ASX:MEE) is pleased to advise that the joint venture company CARBON ENERGY PTY LTD (CEPL, a joint venture with CSIRO) has successfully concluded the financial and technical evaluation of the Bloodwood Creek site located approximately 300km west of Brisbane, and is to commence Australia’s largest trial for the production of synthetic gas (syngas) from the underground gasification of coal.

The demonstration plant is budgeted to cost approximately $19 million and is expected to be sited at Bloodwood Creek where CEPL has defined an initial Inferred Resource of 45 million tonnes of high-quality coal sufficient to support the construction of a 1Pj (petajoule) per annum single Underground Coal Gas (“UCG”) syngas module (Figure 1). The module will incorporate a gasification design developed by CEPL, and it is expected that further modules will be added as the trial progresses. Construction of the plant is anticipated to commence early in 2008 with initial gasification expected to commence in July 2008.

The financial and technical evaluation has highlighted significant commercial outcomes that may be achievable if the objectives of the gasification trial are reached. They range from the direct sale of syngas for power generation through to syngas providing the feedstock for the production of liquid fuels using proven technology. Implementing multiples of the standard UCG module to be used in this trial should allow gas production to be scaled up to specific project requirements.

Future potential development options include;

1. An upgrade to a 9 UCG module array providing syngas for direct sale to an established gas fired power plant (estimated capital cost of A$87 million) is anticipated to generate an EBIT of $28 million per year.

2. An upgrade to a 9 UCG module array providing syngas to a 130Mw power plant (estimated capital cost of approximately A$210 million) is anticipated to generate an EBIT of $62 million per year.

3. An upgrade to a 39 UCG module array providing syngas as a feedstock for a CTL (coal to liquids) plant producing 8,000 barrels of diesel and liquids per day (estimated capital cost of approximately A$658 million) is anticipated to generate an EBIT of $288 million per year.

Utilization of UCG for coal gasification is expected to result in significant reductions in capital costs and operating costs in comparison to the emerging surface gasification projects that are currently being evaluated in Australia and elsewhere in the world, in addition to being able to efficiently extract the carbon dioxide (CO2) from the syngas stream for CO2 sequestration purposes, thereby aiding in the reduction of greenhouse emissions by over 40% compared to conventional coal fired power plants.

CEPL and its shareholders are presently progressing financing and development options for fast tracking of the initial UCG Trial.


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## bigdog (18 September 2007)

The market liked todays announcement up 48% this morning

 MEE   	$0.185  	   	  +$0.06   	  +48.00%   	high of $0.20  	  	 12,891,493  shares	 $2,375,580  	@ 18-Sep 10:47:56


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## BMTT88 (18 September 2007)

Would this qualify as an outstanding breakout?

Consolidating at the moment should see it break intra day high around lunch time.


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## Lachlan6 (18 September 2007)

Looking nice after todays big rise so far. I would not be chasing this one though in my opinion, as it has struggled at $0.19 today, around the 50% level from the June highs earlier this year. It may struggle around this zone for a while but nice little ascending triangle breakout with HUGE volume. Will be a bit different if it can close near its highs of the day.


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## Dink (25 September 2007)

Announcement out today and further good news. Might explain the increase in volume yesterday. 

"Carbon Energy Pty Ltd (CEPL), a 50/50 Joint Venture between Metex Resources Ltd and the CSIRO, is pleased to report that its current drilling program at Bloodwood Creek has extended the coal resource potential by at least 2 km to the south of the JORC (2004) compliant Inferred Coal Resource of 45 million tonnes of high quality coal delineated in March 2007. The thickness of the coal seam has continued to average approximately 9m. The extent of this coal bed remains open down dip of the current drilling coverage (Figure 1)."


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## Dink (17 October 2007)

MMB good announcement today. Considering MEEs stake in MMB thought it may have had a bit of a run also but hasn't budged at all... nonetheless still good news for the long term.


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## moneymajix (17 October 2007)

Metex holds 10 million shares in Magma, which represents approximately 13% of the total issued capital of Magma.

Share price hardly moved. MMB up 50% or so!


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## juw177 (18 October 2007)

Uptrend continuing steadily for MEE. The sell side was looking thick yesterday but it this is changing. Surprised to see 300000 sell at 22c just got chomped in one bite.


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## Djayness (25 October 2007)

MEE went up 12 percent today, i might jump on the bandwagon for a while and see where this goes. What is happening with the high court order? and does anyone see this as a viable risk share?


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## juw177 (26 October 2007)

Up to 32c now, but not sure how significant the ann was. Kicking myself for selling at 25c because I got scared of the jittery markets.


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## Djayness (26 October 2007)

Yeah its been up 27% in the last two days, the announcements have been well received and we will just see how it levels out next week. I think I'll be holding on long term as the market especially in the resource sector becomes much less volatile.


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## james99 (28 October 2007)

I agree and am also a long term holder; the company has good fundamentals : see my earlier posts. It can only be assisted with the increasing climate concerns.


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## Djayness (29 October 2007)

MEE broke out today, 20% mark after going up 12% in the last two days. 


heres the graph.


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## james99 (30 October 2007)

Yes; and a strong performance yesterday and today, especially given the profit taking in international stocks - .385 with a high of .41. It still seems relatively undervalued given its (now even better) fundamentals (see my brief summary of earlier this year).


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## Dink (31 October 2007)

Glad you are still holding James. I must admit that I have taken a bit of profit during the last run. More for personal reasons than any other. I imagine we will see a softening in the shareprice until Jan unless there is more good news in the meantime.


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## james99 (1 November 2007)

Hi Dink, likewise, although I also took out half at .40 to .405 last week, to invest in MPO (I have posted separately), which is in a not dissimilar position to that which Mee was in in April 07 (albeit with a different resource). 

I still have one half of the Mee (I had a reasonable chunk) and intend to repurchase if there is a significant drop and then hold the Mee till it reaches that level signalled back in April, with a timespan of 1-2 years. Happy to share thoughts re shares / MPO if you wish.


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## james99 (7 November 2007)

Ann today:

Metex Resources Limited (ASX: Code MEE) is pleased to announce that it has reached an agreement with its Joint Venture partner CSIRO for the acquisition of their combined 50% shareholding in Carbon Energy Pty Ltd (“CEPL”) for a consideration of $2.5 million in cash and 100 million Metex shares. This transaction is subject to shareholder approval and completion of legal documentation.


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## Djayness (7 November 2007)

Would anyone have any idea as to why the SP is going down even after the good news? It was up 15% earlier today and now its down 5% from open, whats going on?


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## farout (8 November 2007)

There are quite a few profit-takers... gotta remember there are a lot of people who have just made 250-300% profit. Not bad for a couple of weeks. I will however be holding for the longer term.


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## james99 (8 November 2007)

No need to be too worried IMO. The carbon energy purchase at about 47 mil equ. for 50% gives Mee an asset of 94 mil. Its 850,000 approx ounces of gold resources are of substantial value (850 mil less the no doubt expensive mining, processing and development costs, but lets say perhaps with a value of 85 mil (10%). It then still has the uranium play. My guess is that it may sell or farm out some of those if its is to focus on UGC. Lets say a total NTA for those three resource sets of 180 mil. (94 + 85 and the balance uranium).

Against that, the cap is still only 88 mil. Plenty of room left to run. We just have short term profit takers coupled with a very volatile and sub-prime loss scared international market. However, ultimately smaller energy resource companies such as Mee (and Molopo, Cougar, Stuart, Cooper and Carnavon to name only a few of many etc) have much to gain over the next 3 - 18 months.


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## Dink (20 November 2007)

Trading halt now. Not expecting any news but interesting all the same. Not much volume and only moderate share price increase over the last few days. Change in I. Walkers holding but it appears that he is only really moving money around rather than making any great changes to his holding. I wait impatiently. Any ideas as to what the announcement might be?


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## Djayness (14 December 2007)

Announcement today - 

Metex Resources Limited (ASX: Code MEE) is pleased to advise that a recent reconnaissance aircore
drilling program completed at its 100% owned Nyang Project in Western Australia’s Carnarvon Basin
has returned high grade results of up to 8m @ 0.13% U3O8 (3.1 lbs/ton) from drillholes designed to test
for roll-front uranium mineralization. The mineralization has been delineated over a strike length
exceeding 3km, and currently remains open along strike to the north, south and west (Figure 1).

Im a complete idiot when it comes to analyzing drilling results. Is this news great? I'm just wondering because SP response has been negative but that may be due to the entire ASX dropping again.


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## farout (1 April 2008)

Just a heads up for those interested...

You may have noted, Linc Energy (a similar stock to Metex) has just sky rocketed.

In terms of development, Metex is not far behind Linc... Metex just hasn't received as much media coverage. 

I am tipping Metex to be the next big thing  Australia needs new energy sources, and underground coal gasification is one for the near-future.

I am expecting this to head upward at a great rate, but obviously do your own research. Great buying at present.


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## Djayness (2 April 2008)

farout said:


> Just a heads up for those interested...
> 
> You may have noted, Linc Energy (a similar stock to Metex) has just sky rocketed.
> 
> ...




Unfortunately MEE has gone down in the last two days, no announcements though. What does the rest of the market know that i dont? (besides everything).


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## farout (2 April 2008)

Djayness,

3,000,000 employee options have just been issued... these employees (often with little share trading experience) have just cashed their shares in for some quick $$.

Future prospects are still great... just makes buying Metex at present even better value.

Approx 1.8 million shares were traded today (nice volume) so that should flog off a lot of those 3 million shares issued to employees.

Talked to Max today, the finance man at Metex, he's sounding very confident with progress.


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## farout (7 April 2008)

Should be an announcement in the next few days about them raising funds for their new big development... keep your eyes open.


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## farout (8 April 2008)

" Metex Resources Limited is pleased to announce that Carbon Energy Pty Ltd has now received all necessary approvals from the Minister of Mines and Energy and the Environmental Protection Agency in Queensland to progress with its demonstration trial of a standard 1 petajoule per year Underground Coal Gasification (UCG) syngas module at Bloodwood Creek in the Surat Basin, located 55km west of Dalby in the southeast Queensland.

CEPL will now proceed with the construction of the surface and underground components of what will be the world's first commercial scale, oxygen injected UCG demonstration trial. "


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## Djayness (8 April 2008)

Solid 7.5% gain today, looking forward to the market response about the gasification trials and the merger/acquisition of CEPL. I for one don't see too many negatives as it looks like metex will finally be producing.

I'm interested to see how others on this forum view the announcement.


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## grace (13 April 2008)

I see MEE on opes hit list with a 13.187% holding for anz.  Anyone able to comment on where those shares are at?


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## james99 (14 April 2008)

Hi. Put simply, as a result of the Opes fiasco, ANZ is left with substantial shareholdings in many companies (over 40). It decided to liquidate all of them (completely according to one report), regardless of company and merits. It has now reduced Mee to 10.139% currently. 

The net result is a temporary deflation in the market price of the share of the (many) affected companies. If you (like me) are bullish about Mee or any other potential stock, it represents a short term buying opportunity. The stock has seen surprisingly little price change given the potential volumes, but then its fundamentals are good.


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## farout (14 April 2008)

I think she understood that much James...  I believe she was more wanting to know if there was still a big sell-off coming? 

They've cartainly slowed down their MEE selling that's for sure. I've tried calling the ANZ media contact for the last week but the guy just doesn't answer his phone. Guess he gets 500 people a day trying to call him because of Opes. Like you James, at present I consider MEE a great buy.


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## james99 (15 April 2008)

farout said:


> I think she understood that much James...  I believe she was more wanting to know if there was still a big sell-off coming?
> 
> They've cartainly slowed down their MEE selling that's for sure. I've tried calling the ANZ media contact for the last week but the guy just doesn't answer his phone. Guess he gets 500 people a day trying to call him because of Opes. Like you James, at present I consider MEE a great buy.




Hi Grace. Farout has suggested you already knew what I posted. Sorry if I misunderstood. Anyway, first, the current ANZ holding is I think 8.3% today and, secondly, I know of no reason for any big sell (aside from ANZ's general sell off of all Opes related stock).


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## Djayness (24 April 2008)

Huge rise today, 10%!!!


I think the stock has recovered from the worst of the opes trash and is going to recover. Almost a 17% rise in the last 3 days, does anyone have technical info to explain the rise today?


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## farout (24 April 2008)

Hey Djay,

I think you will find it's due to a few factors...

- people are finally realising MEE is a very undervalued stock.

- Linc Energy (also UCG) had a rise today due to overseas investors.

- ANZ's selling of Opes Prime has stopped for now. ANZ doesn't like all the bad publicity it is getting and is possibly looking at doing a deal with the 1200 odd 'sophisticated investors' and probably won't just sell their shares. Bit of a story here: http://business.smh.com.au/opes-deal...eed/-285o.html


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## Dink (30 April 2008)

Huge volume today... any ideas why? A couple of very big trades and not much left on the sell side of things.


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## Djayness (30 April 2008)

No idea why, but im very pleased as to where the share price is going.

This stock is definently the bright light at the end of the tunnel for my stock portfolio...


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## Dink (30 April 2008)

Well the last time there was volume anywhere near this big there was a very nice run up over 40c... I like where this is heading and would love to know who is buying...


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## Stykes (30 April 2008)

IMO these guys have been a bargain for quite some time. I like their prospects.

I noticed that the 7:30 Report last night had a story (ostensibly on LNG) in which the Federal Minister for Resources, Martin Ferguson, argued that UCG/CTL was the answer to Australia's fuel security. I've heard him say this before, but on this occasion he mentioned the Aus Gvmt was in "discussions with several companies."

Not sure what this means exactly, but I wonder if this reference included MEE, given the company's links to CSIRO?


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## farout (1 May 2008)

Finally, 'Trading Halt' now regarding financing. Was expectig this a couple of weeks ago but doing it now should be better for the share price anyway.


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## Djayness (1 May 2008)

farout said:


> Finally, 'Trading Halt' now regarding financing. Was expectig this a couple of weeks ago but doing it now should be better for the share price anyway.




Can you explain in further detail about the financing? or exactly why there is currently a trading halt.


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## Djayness (2 May 2008)

Sorry to double post, but what does the ANZ announcement exactly mean for the share price when MEE comes out of the trading halt. 

Just want confirmation


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## farout (2 May 2008)

I'm not exactly sure what you mean, but MEE is not in a trading halt because of ANZ becoming a substantial holder (through Opes). ANZ has been a substantial holder for a long time, they only just got around to stating this on paper, leaving quite a few people annoyed for not divulging this earlier.

I think you will find there will be an announcement (Monday morning before trading) regarding MEE allocating more shares to the market.


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## farout (5 May 2008)

Some nice news this morning after trading halt.

Incitec has given Metex 11 million to help fund their big project, and a new Heads of Agreement with Mitchell Drilling to complete 3 million dollars worth of drilling.

All things looking very positive.


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## Djayness (5 May 2008)

Yeah saw that, it was up 12% at one stage, long day ahead though, it could very well jump past that. Currently consolidating at around 9%

Very positive news!


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## eric35 (5 May 2008)

Mee up a nice 16% now. I see first restance at 34 cents, then at 38 cents. 52 week high was at 47 cents. Announcement looked very positive, involvement with IPL sounds good. I expect it to reach the 52 week high again.
I bought at 32 cents


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## farout (5 May 2008)

Yeah, moving very nicely Eric. I expect it will break through its previous highs with not too much effort. We shall soon see.


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## james99 (5 May 2008)

Hmm, I am not so sure. The capital raising comes at a high price:

1. the issue of an extra 55 mil shares. There are currently about 276 mil shares, so that will increase to 331 mil, a 17% dilution effect on current holdings.

2. and at a price of .20, a very substantial discount to the current price (of about 40% on todays price) . A discount of 10-15% would be more usual.

3. the granting of exclusive rights to IPL in relation to ammonia.

I think that it is excellent to have a credible jv and cornerstone investor, but do not think that, objectively, such a surge in share price is warranted. IPL has been typically smart in striking the bargain.

Further, the Blackwood venture with Constellation involes a further 15 mil shares for .20, taking the total subscription to 346 mil, a combined dilution effect on current holdings of 20%.

At .33 cents, Mee with 346 mil shares would have a market cap of $114 mil; it is simply not, in my view, a $114 mil company, especially compared to other listed small caps.

Those concerns are particularly so when:

1. the dilution impact of employee incentive schemes are also considered;

2. the early stage trial nature of the project is considered.

I am (as you will see from previous posts) an enthusiast of Mee, but think that shareholders are being premature.

I would have been much more impressed by Mee if its capital raising in this matter included existing shareholders and less dilution and discount.


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## farout (5 May 2008)

That's right James, however I believe the dilution of shares doesn't impact MEE as much as you are making out. I don't expect to see IPL selling their chunk of shares any time soon, resulting in market dilution on paper but close to the same amount of freely traded shares for the time being.


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## Djayness (6 May 2008)

Looks like the release of those shares has somewhat slowed down the SP atm, -1.5% and some major sells in the last 10mins from what I can see. 

Once it gets over this though, I full expect it to power on.

DYOR


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## farout (6 May 2008)

Major sells? Are you looking at MEE or '.com' stocks? It's still moving nicely, people just had to work out if it would keep going positive after yesterday's big gains, and yes it is!


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## eric35 (6 May 2008)

MEE seems to power along nicely. I fully expect it to hit the higher resistance levels. Let us hope so anyway.


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## Djayness (6 May 2008)

farout said:


> Major sells? Are you looking at MEE or '.com' stocks? It's still moving nicely, people just had to work out if it would keep going positive after yesterday's big gains, and yes it is!




Haha I was talking about the sells this morning early on in the market. The term "Major" was used because thats more money i'll ever see in my life.


As for the SP now, its looking really good. To continue on after yesterdays huge gains, its very impressive.


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## farout (6 May 2008)

If you keep investing in quality stocks like Metex I think you'll be a major player sooner than you think. When I sell off my chunk of MEE you'll be saying 'what just happened then'  Won't be selling for a while though, very happy with progress.


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## Dink (6 May 2008)

Not only is the share price encouraging the volume is aswell. People are starting to take more interest in what this company has to offer. Over the last 6 months it has been a rare occurrence when more than 2 million shares traded each day. For the last few days there has been well over 10 million. The last time we saw such volumes the share price hit highs above 40c. The progress that has occurred since then combined with the new found interest new highs will be tested in the next few weeks albeit with some taking profits in the meantime.


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## Djayness (7 May 2008)

The last few buys and sells are averaging around 50k so im guessing these arent your average mum and dad investors. Share price dipped today but as yesterday, I expect it to rise as the price currently represents somewhat of a bargain. 

From what i can tell with the trading, its not exactly being snapped up in large volumes but hey, its only 11:35am. Long day ahead. Market cap is still listed as 101 million but is that old information already? I thought the capital raising had already started?


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## Dink (7 May 2008)

Profit takers will predominate over the next few days I would expect. There has been great volume and one would hope that most of the new buyers will hang around for a while. It would be tempting for some to get out as great profits would have been made by some. I am up +200% at the moment. Am I tempted to get out? No way... there is too much potential in this little gem.


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## eric35 (7 May 2008)

Dink, 200% is a great profit. congratulations. I only got in lately, but am staying in for the ride.


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## LittleMak (7 May 2008)

Hi guys, I am a new investor in MEE (bought in today).

You guys are right, this is a little gem waiting to flourish into a great company in the near future. Great to be aboard.

Yes, the share price will be up and down for a while with the traders hoping on and off but for us....Long term....is the way to go.

Do you guys know much about Linc Energy also?


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## Jimminy (7 May 2008)

LittleMak said:


> Do you guys know much about Linc Energy also?




Linc is undertaking UCG (coal gasification) and GTL (gas to liquid).

The Russians are the UCG experts, and the South Africans are the GTL experts.

By combinining the two technologies this co. will produce Diesel. Hence the name "Linc" energy.

The project near Chinchilla, Qld (practically next to Kogan Power Station) "Capowie" on Kummerows Road is a demonstration project that will be commissioned in the next month.

The commercialisation of the project will occur over the next few years once the demonstration project proves successful. Which it will. 

Linc also has an interest in South Australia with Sapex. I will let you look in to that.

Peter Bond the MD is a 60+% share holder hence the co. will be impossible to takeover unless he sells. Very unlikely.

Denis Kruger is the site manager and worked previously at Wilkie Creek coal mine.

The sp has risen many fold in the last twelve months and for good reason.

Full commercialisation at Chinchilla will achieve in excess of 20,000 barrels/day (160L barrel = 1 bbl). The demonstration project will only do 10 bbl a day. There is over 400m tons of coal for this project.

Based on 20,000 bbl/day = 7m barrels/yr. And based on the 400m ton of coal there is capacity for over 655m bbl.

Current Australian Diesel production was only circa 85m bbl in 2006, hence LNC could produce nearly 10% of Australian diesel production per year. I think diesel is now over US$60/bbl....You do the maths.

These figures are only on Capowie. As I said check out Sapex coal tenements and what coal they have and you begin to see how much clean diesel this co. will be producing in ten years time.

To become a very valuable co.

Recommendation: Buy lots.

PS - I also own MEE but Linc has the wood on it.


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## Djayness (8 May 2008)

Jimminy said:


> Linc is undertaking UCG (coal gasification) and GTL (gas to liquid).
> 
> The Russians are the UCG experts, and the South Africans are the GTL experts.
> 
> ...





You seem to know your stuff, but I thought that LNC only had 300million tonnes of coal in its 14 tenements. Feel free to correct me if im wrong. The SP in my opinion is good value at the moment for LNC. Unfortunately i'm out of capital!

As for MEE, I am expecting it to go up today purely because it went down yesterday. Once the profit takers offload a bit then we can see some further positive growth.


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## Jimminy (8 May 2008)

we're a little off topic now with Linc. Did not intend to be but thought I would answer the question you asked.

See my response in Linc thread.


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## farout (8 May 2008)

I bought Linc at 22c, sold recently and put it all into Metex at around 18c so am a happy chappy. Have got all my eggs in one basket to to speak with Metex, but I'm not worried. I live in Chinchilla so get to hear the goss nice and early.

ANZ is no longer a substantial holder of Metex. From my calculations, ANZ only has a measly 8 million odd shares left in Metex. The Opes Prime overhang has pretty much lifted.


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## farout (8 May 2008)

MEE closed up 14% today, back to $0.375... this should make for a very interesting Friday.


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## Djayness (8 May 2008)

farout said:


> MEE closed up 14% today, back to $0.375... this should make for a very interesting Friday.




Yeah I was thinking the same thing, i'll be hitting refresh on friday more often than not (kinda sad hey  )


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## farout (9 May 2008)

Looks like ANZ is screwing with the MEE market again, half a million to sell at 0.37c

ANZ is now classified as a noxious weed and needs to be pulled out/sprayed wherever possible. 
ie. Do not bank with ANZ, don't buy ANZ shares, complete ANZ boycott! 

Who is with me?


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## LittleMak (9 May 2008)

Yeah im with you farout, count me in!!!

There is also 530,658 to sell at $0.395 (could be ANZ as well?)


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## Dink (9 May 2008)

The important thing is that people (or organisations) are snapping them up... If I had any money to play with I'd be buying some too.


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## farout (9 May 2008)

Yeah, totally agree Dink... I'm just imagining where the MEE price would currently be if Opes didn't go bankrupt.

Should now break through the 38c resistance on the smallest of company news. I'm expecting the biggest gains in a month's time however, when Linc demonstrates the 'power' of UCG.


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## springhill (9 May 2008)

farout said:


> Looks like ANZ is screwing with the MEE market again, half a million to sell at 0.37c
> 
> ANZ is now classified as a noxious weed and needs to be pulled out/sprayed wherever possible.
> ie. Do not bank with ANZ, don't buy ANZ shares, complete ANZ boycott!
> ...




Funny that farout, im a horticulturalist and i have many herbicides i can recommend for that ANZ weed! Im lucky enough to be averaging 9.5 cents on MEE, i bought in at the time they bought the Northern Italian U3O8 mine, which thankfully since then the company has changed focus! This is definately the gem in my little portfolio, hoping one day this one will pay my house off  beats working for it!


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## farout (10 May 2008)

Excellent, as a professional weed killer we are relying on you to eradicate ANZ. Hope the pressure isn't too much for you.

Interestingly, I'm also relying on MEE to contribute largely to another residential investment. Capital gains is the killer.


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## LittleMak (10 May 2008)

_Should now break through the 38c resistance on the smallest of company news. I'm expecting the biggest gains in a month's time however, when Linc demonstrates the 'power' of UCG._

Absolutely, sounds great. Hopefully in 5years time we will have our own SASOL producing in Australia (between Linc and Carbon Energy)with SASOL's share price - hovering @ $62-$63.


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## Dink (12 May 2008)

Can't help but think something is brewing. Quite possibly UCG is simply getting more recognition. Both LNC and MEE doing very well today on good volume. I think the ANZ holding has been snapped up by buyers and the sell side of things looking very slim at the moment. I know this is a good stock but didn't think it would keep going like this. Slow and steady was my inclination but not complaining with the fast and somewhat erratic.


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## farout (12 May 2008)

farout said:


> Just a heads up for those interested...
> 
> You may have noted, Linc Energy (a similar stock to Metex) has just sky rocketed.
> 
> ...




At the start of April when it was 18c I was tipping that it would perform like this, "heading upward at a great rate".... if only more people listened!!


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## LittleMak (12 May 2008)

Does METEX (soon to be Carbon Energy) have the same experienced personel and resources available as LINC? Are MEE too diversified which may negativetly affect their share price? 

I'm currently a share holder in both (MEE & LNC) and am thinking of purchasing more shares in MEE as i'm thinking the same, once MEE gets more media attention its going to go off like linc (even though some of you have already made awesome gains in MEE) Congratulations!!!


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## farout (12 May 2008)

Yeah, they have a very experienced board, possibly even more-so than Linc. 

In terms of diversified assets, they plan on slowly selling off everything but the UCG component, hence the name 'Carbon Energy', not resources. A smart move from my point of view.


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## Jimminy (12 May 2008)

LittleMak said:


> Does METEX (soon to be Carbon Energy) have the same experienced personel and resources available as LINC? Are MEE too diversified which may negativetly affect their share price?




No, MEE does not have the same experienced staff or technology.

Linc have a very special team of South Africans upstairs in the office at Capowie. They have the russians and they have the south africans and what a super Linc it will prove to be.

The South African engineers have basically designed the plant and told Linc site management what contractors and equipment they need to construct it. 

But I love Metex too.  Wall st bankers have jumped on board Linc ever since the Linc roadshow over there last month - MEE will have it's turn too.

Just hold both is all I need to say - 99.9% of the population haven't even heard of UCG GTL.


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## farout (12 May 2008)

I think you are a little wrong with your assumptions Jimminy...
Yes, Linc is moving well and they have more Russians/South Africans than they can count. But they've been struggling to get their UCG to work for the last 6-12 months, and they keep telling everyone things are just dandy.     Why, because they are using old processes! Sure, I expect it to work eventually but it's 60yr old Russian technology! 

Metex have newly developed CSIRO technology, so to say that MEE doesn't have the technology is ludicrous. You must live on a different planet to me.


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## LittleMak (12 May 2008)

So I think we all agree that we should hold both MEE and LNC! 

So what do you guys think about this recent article on OIL prices?

http://www.sharecafe.com.au/fnarena_news.asp?a=AV&ai=8548

What sp effects do you think might happen to MEE and LNC if oil does drop 20-25%? It is suggested that oil is in a massive bubble now and could crash tonight or never? 
Maybe we might see a correction (time to jump in again) or maybe todays prices might look cheap next week????


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## unit (12 May 2008)

I grabbed some earlier in the process at around 40 cents but as the share price slid I was tempted to sell but instead bought some more around 20cents on the back of how good LNC was going (I was trading LNC and made a small profit when I sold them at $1.29). I was surprised to see how well LNC was going so I bought some more MEE today in the hope they will follow suit. 
I have noticed MEE has more shares than LNC, is that a hangover from pre-UCG days for capital raising and is any capital raising expected in the short term to get the pilot plant ready around August? 
Also LNC is looking to develop sites overseas. 
Are than any plans for MEE to develop sites overseas?


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## farout (12 May 2008)

There is a small amount of capital raising expected down the track, I don't think it will be for a while though. Share price should have gone up nicely before that happens.


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## LittleMak (12 May 2008)

unit said:


> I have noticed MEE has more shares than LNC, is that a hangover from pre-UCG days for capital raising and is any capital raising expected in the short term to get the pilot plant ready around August?
> Also LNC is looking to develop sites overseas.
> Are than any plans for MEE to develop sites overseas?




Where did you find the info about the number of shares available?

I think MEE, once they prove their pilot plant works with their new technology they will go global for sure (especially with Incitec pivot on board).


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## springhill (12 May 2008)

LittleMak said:


> Where did you find the info about the number of shares available?
> 
> I think MEE, once they prove their pilot plant works with their new technology they will go global for sure (especially with Incitec pivot on board).




That info is freely available on their website LittleMak.... www.metex.com.au 
Off the top of my head its in the realm of 220-260 million, dont quote me on that. Cheers


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## unit (12 May 2008)

LittleMak said:


> Where did you find the info about the number of shares available?
> 
> I think MEE, once they prove their pilot plant works with their new technology they will go global for sure (especially with Incitec pivot on board).




You can divide the market cap by the SP to get the number of shares (Im not sure if this includes company options), but luckily my charting prg has it as approx. 276million so I can look it up on that.
LNC approx 179million

I found this site on the net, (a bit dated now) a presentation which may have been posted before so I apologise if it has. Good outline of project and goals.
http://carbonenergy.com.au/cecd/player.html
It seems to be running on track.


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## mexican (13 May 2008)

Can't find this information anywhere, probably not looking in the right spot.
So what is the benefit of MEE's new UCG tech compared to others?, ie: is it more cost effective, produce more gas or better green house footprint.


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## springhill (13 May 2008)

unit said:


> You can divide the market cap by the SP to get the number of shares (Im not sure if this includes company options), but luckily my charting prg has it as approx. 276million so I can look it up on that.
> LNC approx 179million
> 
> I found this site on the net, (a bit dated now) a presentation which may have been posted before so I apologise if it has. Good outline of project and goals.
> ...




Spot on unit, this is a direct quote off the Metex website.....
"As of 31/03/2008, listed on the Australian Stock Exchange are 276,785,383 fully paid shares."
I believe once all available company options are exercised this takes them over the 300 million mark


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## james99 (13 May 2008)

springhill said:


> Spot on unit, this is a direct quote off the Metex website.....
> "As of 31/03/2008, listed on the Australian Stock Exchange are 276,785,383 fully paid shares."
> I believe once all available company options are exercised this takes them over the 300 million mark





The sector will have significant interest following Price Waterhouse's report, available on the Linc Energy site. It is overwhelmingly positive about the UCG sector, and mentions Mee and CXY (only, aside from Linc who commissioned it).

http://www.lincenergy.com.au/pdf/ucgreport-01.pdf

It seems almost inevitable that Mee and CXY will surge, as that report becomes known. I suspect in the short term CXY will rise a far greater percentage, it still is only a $AU50 mil cap company, but of course both should benefit greatly.

(Usual disclosure and disclaimer - see earlier posts).


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## farout (13 May 2008)

You've changed your tune a little James 

MEE has just broken it's all time highs.

Up up and away


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## springhill (13 May 2008)

farout said:


> You've changed your tune a little James
> 
> MEE has just broken it's all time highs.
> 
> Up up and away




Not so sure on that farout, i recall james99 mentioning a figure of $1.00-$1.20 more than once on this thread
If it cracks the psychological 50 cent barrier, i agree we may have to call superman to pull it back to earth


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## farout (13 May 2008)

farout said:


> Yeah, moving very nicely Eric. I expect it will break through its previous highs with not too much effort. We shall soon see.




This is what I am referring to springhill...



james99 said:


> Hmm, I am not so sure. The capital raising comes at a high price:
> 
> 1. the issue of an extra 55 mil shares. There are currently about 276 mil shares, so that will increase to 331 mil, a 17% dilution effect on current holdings.
> 
> ...





But I'm not getting into a debate, I am right... I am always right!


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## Dink (13 May 2008)

James99 has been supporting this stock for quite some time now. He raised valid concerns. He probably (like myself) did not expect the market recognition that UCG appears to be getting now. If it wasn't getting it his concerns might have been more relevant.


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## james99 (13 May 2008)

Thanks Dink and Springhill. Farout, I must say I am surprsed both by your intial comment about me changing my views and that you would then quote me in full to further comment. I feel compelled to respond:

1. my comment refers to whether a surge is objectively warranted, a separate matter from subjective market sentiment, which I cannot predict. See my comment _"I think that it is excellent to have a credible jv and cornerstone investor, but do not think that, objectively, such a surge in share price is warranted."_
2. it was thus directed at fundamentals, timing and dilution;
3. it is consistent with my policy of trying to be objective when posting; 
4. I first posted on Mee quite early last year and have done so frequently, trying to provide an objective viewpoint. As it happens, I have been and am very supportive of it;
5. I think I have consistently viewed Mee as being worth, in the short to medium term (and obviously depending on progress), a 5-6 times multiple from the .12 and .13c that I (repeatedly and to a substantial degree) bought into it at, and possibly in the $1.20 range (Bigdog, Springhill and Dink, amongst others, were also, from recollection, supportive of Mee from last year and I think Bigdog started the thread);
6. I provided (very brief compared to my research) summary reasons for that view; 
7. I have always maintained a re-rating was due, but that the timing of re-rating is difficult (if not impossible) to predict.
8. the share price increase clearly is of benefit, but that does not mean that it would be appropriate to post a mere ramping comment, when there are legitimate issues.

As it happens, I think that CXY is a better buy at today's prices, for reasons related to its team, cap (including taking account of option, for CXY, and share issue, for Mee, dilution), international profile (including its most recent UK sponsership), and the very high likelihood of funding and marketing progress in the near term. It is, in essence, where Mee was about 3 months ago.

That is not to say that CXY is necessary a better company (Mee is further advanced in terms of funding for the pilot project at present; but of course the CXY team was involved in a successful trial burn in 1999), but focuses on potential SP % increases in the short term, and I am still very supportive of both CXY and MEE.

Finally, I doubt mis-interpreting or making personal comments etc will benefit anyone on this site. In short why, having conducted research, a sector comparative analysis, spoken to the management of relevant companies, searched the licence applications in each state, obtained details of State and indigenous policy and issues, spoken with various brokers to assess support, should I, or others, share my views if that is the result, rather than healthy debate directed at the company not the person posting.


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## farout (13 May 2008)

You must feel better getting that off your chest. I feel privileged that you would spend so long responding to my passing comment! I'm glad you have released that stress, as a doctor I should warn that bottling this up can lead to heart/psychological problems.

As already stated I am not going to get into a debate over nonsense, all I will say is that Metex was ripe for the picking, and there were many indicators showing this. 

At the start of April I was promoting Metex, just before it flourished.

If you have a look at the thread 'the next stock group to boom' you will see that I was also promoting CXY at the start of May, just before it flourished.

Perhaps you may struggle with determining the timing of a 're-rating' however that doesn't mean it is difficult, or impossible as you state, for others.

Trading stocks isn't hard, a few good indicators and some common sense is all it takes.


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## LittleMak (13 May 2008)

Geez..... all this hype about UCG and GTL about to happen(well it has already started) and now it seems every company wants in on the action!

LNC, MEE and CXY (how many more?) I also read that Chevron and SASOL are working on projects in WA. Do you guys think all this action will affect share prices or should I say company profits? Will this be a flash in the pan like Uranium was last year?

Has MEE previously proven their technology on any scale? Is their technology really any better than LNC or CXY? Who do you see as really surging ahead long term?

P.S. Ohh do you guys have any other new UCG-GTL additions ready to boom that nobody has discovered yet?


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## LittleMak (14 May 2008)

Wow it seem shard to pick who is really going to take off and be successful here (maybe they all will be)

We have Linc who has the 'so far' realized largest coal deposits for it demonstration plant and production in AUS and seems to be the best at advertising this technology to the market.

We have MEE who has teamed up with the CSIRO and supposedly has newer and better technology than linc but a much smaller realized coal deposit (possibly more to come)

And Cougar who has teamed up with the Canada's Syntroleum the world leaders in certain technology with UCG and GTL.

So if you guys had $15-$20k to invest, who would you go for? 
Maybe a dive into all them? 
Who do you see as being the best value, the possibility to out shine the most?
Basically who seems to be the top company and why?


*(disclaimer:any info is not taken a s a recommendation to buy or sell)


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## doctorj (14 May 2008)

We've just deleted half a dozen or more posts from this thread.  Please keep the thread on topic.  If you want to hold off topic discussions, we have the general chat forum and the private messaging feature.


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## LittleMak (14 May 2008)

Whats the go with the trading halt?

Pending an announcement by the company regarding equity financing???

That doesn't sound good!!!


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## Jimminy (14 May 2008)

LittleMak said:


> So if you guys had $15-$20k to invest, who would you go for?
> Maybe a dive into all them?




All are like a chameleon and will change colour as time goes by.

But to answer you, I think you answered yourself.  Take bet on all of them - lower risk. 

Linc with their russian and south african technology has a distinct advantage imo though.

You should be buying for the technology and the expertise each co. has. . Imho, the media will start talking about Peter Bond as they do Twiggy in the next few years. His wealth is set to grow exponentially, as should ours.:chimney


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## springhill (15 May 2008)

LittleMak said:


> Whats the go with the trading halt?
> 
> Pending an announcement by the company regarding equity financing???
> 
> That doesn't sound good!!!




According to the West Australian this morning they ar looking at raising up to $20 million to fund a trial program.... Guess who gets the chance to snap up these shares? Not the grass roots people.... the @*%$ing Instos ( cos theyre not wealthy enough ) and the price i hear you ask? 20 @*%$ing cents!!! What a joke, i hope they are punished heavily when they resume trading.... :chainsaw:
Brett is angry today.....


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## farout (15 May 2008)

Doesn't seem the most intelligent thought process does it. I'm just happy I sold off a portion an hour before the trading halt. 20c is pretty pathetic, surely current investors would have snapped them up at a discounted price of 30 to 35c.


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## unit (15 May 2008)

farout said:


> Doesn't seem the most intelligent thought process does it. I'm just happy I sold off a portion an hour before the trading halt. 20c is pretty pathetic, surely current investors would have snapped them up at a discounted price of 30 to 35c.




There may well be  a chance to do that. Sellers starting to line up below 50cents
At the moment I'm running on the theory it will form a cup and handle
from Nov 07 to present (cup)
and dip a bit before coming back (handle)
closer to pilot plant prod'n.
Should break through 50 then, if all goes to plan.


*not investmant advice, yadda yadda yadda


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## james99 (15 May 2008)

springhill said:


> According to the West Australian this morning they ar looking at raising up to $20 million to fund a trial program.... Guess who gets the chance to snap up these shares? Not the grass roots people.... the @*%$ing Instos ( cos theyre not wealthy enough ) and the price i hear you ask? 20 @*%$ing cents!!! What a joke, i hope they are punished heavily when they resume trading.... :chainsaw:
> Brett is angry today.....




Springhill: See my post of 5 May 2008 re dilution and .20 issue price.  Of course, a discounted sp issue offer only to a cornerstone or sophisticated investor(s) does not mean the company is a dog. It is not, IMO, for reasons previously expressed.

PS: I am not sure whether you are aware, but various companies offer discounted issues to sophisticated investors and providing you meet the criteria you can express an interest directly or through the organising broker.


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## springhill (15 May 2008)

james99 said:


> Springhill: See my post of 5 May 2008 re dilution and .20 issue price.  Of course, a discounted sp issue offer only to a cornerstone or sophisticated investor(s) does not mean the company is a dog. It is not, IMO, for reasons previously expressed.
> 
> PS: I am not sure whether you are aware, but various companies offer discounted issues to sophisticated investors and providing you meet the criteria you can express an interest directly or through the organising broker.




That was not my intimation that the company is a dog james99, moreso that i would gleefully snapped up my quota of shares at 20 cents
I appreciate the information re sophisticated investors, but i drink beer out of a brown bottle and Wild Turkey.... maybe thats not sophisticated enough haha


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## LittleMak (15 May 2008)

So is this the funding coming from Incitec Pivot that was mentioned a couple of weeks ago? 11 million shares @ .20c.

I agree that it sucks for the people who recently got in @ .47c, but this will/should be short term. Once this pilot plant is near completion towards the end of the year, watch out baby.......sp - up,up and away. (hopefully?)

Does anyone know when they will be officially changing their name to Carbon Energy?  and is it confirmed that they will be selling off their gold and uranium assests/projects to concentrate on UCG-GTL?


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## james99 (15 May 2008)

Springhill: I agree; the company clearly thinks that having an important co. stakeholder and / or sophisticated investors best for the company and overall project and price development (arguably it is). Will be interesting to see the announcement.

Enjoy your beer. I too drink out of a bottle (but I'm from NZ so it is green with Steinlager on it).


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## farout (16 May 2008)

Another day of no trading - Voluntary suspension... We shall hear Monday.

This has been stated however;
"The deals with both Incitec Pivot and (Mitchell Drilling) will effectively take care of a large portion of the $20 million funding requirements for the Bloodwood Creek UCG trial," Metex managing director Ian Walker said.


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## Stykes (16 May 2008)

If, as I expect, this announcement leads to the completion of capital-raising for Bloodwood, it will be a highly-significant project milestone. The project's fundamentals continue to improve. 

And given that 20c are the terms upon which Incitech and Mitchell became involved as key partners, most sophisticated investors courted at this offering would expect a similar discount. 

We should not forget that it was only a few weeks ago that many new investors got in on Metex when it was sorely undervalued around 20c.

James99 is correct - luring the high-end investor now is better for company in the long-run. 

If I brought similar financial clout to this project I too could be so lucky!


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## Dink (16 May 2008)

Your logic is spot on Stykes (IMO). The share price may drop initially as I am sure some investors will not be pleased and may not see the upside. But for the long term this, if it is in fact the case, could be a significant positive.


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## unit (19 May 2008)

Trading resumes this morning.

from this mornings announcement:

"Metex Resources Ltd (ASX Code: MEE) has received advice from Sydney-based stockbroking group, Southern Cross Equities, that they have received verbal acceptances for the placement of 55 million Metex shares to institutional clients, sophisticated and professional investors at a price of $0.40 per share to raise $22 million in gross funds. The placing was heavily over subscribed.
This fund raising results in a total of $36 million having been raised over the past 2 weeks inclusive of the $11 million placement to Incitec Pivot Ltd (IPL) and the $3 million commitment from Constellation Energy Pty Ltd (Mitchell Drilling) pursuant to the Company’s announcement of 5 May’08."

40cents is a nice surprise, thought it might have been as low as 20cents.


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## farout (19 May 2008)

Yeah, I couldn't see how they would go down to as low as 20c, 35c maybe, but 40 is a smart move. Nice work directors, you did good.


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## farout (19 May 2008)

No more funding to be sought in the short term, no more Opes Prime, Linc Energy adding final instrumentation to their demo plant, Carbon Energy name change pending. Interesting times ahead for MEE.


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## Dink (19 May 2008)

Stykes was spot on. Significant milestone reached and this capital raising puts Metex in a very good position. Securing "all funding required to complete a $20M commercial scale oxygen-injected UCG trial" is a big milestone.  "Heavily oversubscribed" at 40c is very encouraging. Is anyone complaining?


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## Djayness (19 May 2008)

To be honest, Trading halts give me the heebie jeebies. 

Good to know it was all positive news, I wonder what will happen after the trials though?

CXY is doing around about the same thing but they havent really moved at all today. If only the market would act rationally :


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## farout (19 May 2008)

Metex is holding quite strong at 51c. Interesting to see that SXP is also sitting on 51c. Previously I had thought that MEE would catch SXP and then overtake it quite easily, but SXP's less diluted tightly held share offering means the price moves much more erratically. I hold both


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## Jimminy (19 May 2008)

farout said:


> Metex is holding quite strong at 51c. Interesting to see that SXP is also sitting on 51c. Previously I had thought that MEE would catch SXP and then overtake it quite easily, but SXP's less diluted tightly held share offering means the price moves much more erratically. I hold both




why do you believe that the market cap of Metex should increase significantly more on a percentage basis than Sapex?


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## farout (19 May 2008)

Well for starters, I believe Sapex is 18-24 months from producing anything. Massive gigantic resource yes, but no energy for yonks. It will continue to get pulled along for now and that is why I have invested in it. 

Metex increasing more %'age wise than Sapex, previously I thought yes, but now I'm not so sure. I think both will do rather well in the short term.


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## Stykes (19 May 2008)

Saw an interesting question from another MEE holder on another forum... given hightened interest in UGC of late, one could be forgiven for forgetting about the gold and uranium business... can anyone shed some light?

"_I am a holder of Mee and have been watching it for 12 months before buying in recently.. I have done very well but in my research into this company I note they are also into Uranium and Gold yet I see nothing on this site of late on this...isnt this a very significant value add to this company??? Isnt this even yet another reason to buy??In worst case could they not sell off these assetts to finance further development of core business.?? Can someone tell me where I may be wrong??
Don_"


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## farout (19 May 2008)

Yes Stykes, they plan a slow and steady sell-off of their other assets to focus on the UCG                    .


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## james99 (19 May 2008)

In short Sykes:
1. over 16 uranium licences, with some promising roll front topography;
2. 850,000 ounce gold resources;
3. intending to split those from UCG at some stage;
4. they played a significant role in the company moving from 25 - 60 mil cap, and UCG then took over;
5. but likely sale price could be signficantly less, or split could be to separately listed co.
6. there are lower cap cos with substantially greater gold resources and in or near production; and uranium co's that are closer to production than Mee (subject to political and policy licence issues). Uranium was a market driven decision rather than long term interest.
7 so, IMO, they add some value but perhaps not as much (without further exploration) as first appears.
8. more detailed posts earlier in 2007.
Regards.


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## LittleMak (19 May 2008)

I'm just hoping with this funding that MEE are able to indicate/find a larger coal resource than 100 million tonnes already inferred (estimated). 

The most valuable assests these companies could have is actual indicated coal resources, technology and company expertise, which across all 3 they have. Imagine they all merged? What a company


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## unit (20 May 2008)

LittleMak, the inferred resources doesn't cover all the prospect in Bloodwood Creek site, so there is a really good chance of finding more, a lot more.
this presentation shows the site they will be using for the pilot plant and where they hope to expand to. http://carbonenergy.com.au/cecd/player.html

It would be nice to see a candle above 50cents today, opened at 51cents. 
so far so good


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## unit (20 May 2008)

Sold off a package after it dipped below 50cents.
Putting the lion's share in the bottom drawer for now.
Look forward to great things in the future from MEE


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## farout (20 May 2008)

You have crossed over to the darkside unit. I did the same thing the other day, but am happy to have a slightly diversified portfolio now.


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## farout (20 May 2008)

Some very nice movement today, once again breaking all-time-highs. Currently sitting at 0.555, glad it's not the devils' number 666.


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## desolator (20 May 2008)

christ, how far can this thing go? i would be expecting some consolidation happening or something =o 60c anyone?


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## farout (20 May 2008)

No time for consolidation with this little gem, it's too busy wriggling it's way up the chart. I wouldn't be surprised to see it at 70c in the very near future.


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## LittleMak (20 May 2008)

There apparently still seems to be a few hurdles for MEE, LNC and CXY to jump regarding the enviromental issues of UCG. It seems a fine line between UCG contaminating the underground water table. Has anyone heard of any previous enviromental studies like the successful trial burn back in 1999-2002 with Dr Len Walker and team?


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## james99 (20 May 2008)

LittleMak said:


> There apparently still seems to be a few hurdles for MEE, LNC and CXY to jump regarding the enviromental issues of UCG. It seems a fine line between UCG contaminating the underground water table. Has anyone heard of any previous enviromental studies like the successful trial burn back in 1999-2002 with Dr Len Walker and team?




Littlemak: No studies with the latest Mee technology, but I would hope it is at least the equal if not better than other technologies.

Cxy is teaming with Exgo, which is experienced and has reduced envionmental impact. A link is below and you can research from there.

http://www.ergoexergy.com/eucg.htm


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## Jimminy (20 May 2008)

good business article in the Courier Mail (Qld) today - full page article with Dennis Kruger (Linc site manager at Capowie). Article focused on Syngas.

Article also included a number of paragraphs on MEE and Cougar. It is not on the website, you will need to access the paper it self unless one of the Qlder's want to scan it??

J.


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## farout (20 May 2008)

With regards to environmental impact...

An underground coal seam has been on-fire for over 5,000 years in Australia at Burning Mountain in NSW. This is what happens when an oxygen supply reaching a coal seam face is unregulated.

Fortunately, UCG studies have demonstrated that they can regulate the oxygen supply in such a manner that they can turn the burning coal on or off.


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## LittleMak (20 May 2008)

Todays Linc coverage:

http://www.lincenergy.com.au/pdf/coverage-63.pdf


Thanks for the ergo link james99.


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## Jimminy (20 May 2008)

Jimminy said:


> good business article in the Courier Mail (Qld) today - full page article with Dennis Kruger (Linc site manager at Capowie). Article focused on Syngas.
> 
> Article also included a number of paragraphs on MEE and Cougar. It is not on the website, you will need to access the paper it self unless one of the Qlder's want to scan it??
> 
> J.





no need, Linc have uploaded it on their website already - good on ya Deb!!
http://www.lincenergy.com.au/pdf/coverage-63.pdf


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## LittleMak (20 May 2008)

Thanks for the info farout. I just checked it out on google. Very interesting.
I might have to make a trip out to visit the mountain and historic sites with the family. It says it moves about a metre each year and has moved 150m since 1828. 
So the Aboriginals were way ahead of us and the first to use UCG for cooking and heating some 5500 years ago:


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## farout (20 May 2008)

*farout*

I thought it was interesting that, although largely a Linc article, they promoted Metex extremely well. If I was a layman looking at that article with no prior UCG knowledge, I would be buying Metex from what they said. The graph showing Metex with the smaller gains since January just topped it off.


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## Djayness (21 May 2008)

Looks like MEE is slowing a bit, once the market gets use to new highs, maybe stay around the .575 mark for a while before shooting up to 60.

CXY and LNC have been pretty limp lately, I cant help but feel that a constant stream of good news and progress would help them immensely. There are alot who are just waiting for UCG to become commercially viable and once these companies do that (MEE, LNC and CXY) then we can really see the share price move.


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## farout (21 May 2008)

Yeah the general market is very slow today, I think MEE has done pretty well considering. I just sold another small parcel at 57.5c. Like unit, I'm now putting the remainder in the bottom drawer for 12 months. 

But right now... I'm off to buy a Honda S2000. Weeeeeee! 
Gotta occasionally have some fun with your profits.


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## LittleMak (21 May 2008)

With the new share placements about to start next week, does anyone see MEE pulling back a bit from share dilution? I'm keen to buy again but hoping for a pull back next week.


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## springhill (21 May 2008)

LittleMak said:


> With the new share placements about to start next week, does anyone see MEE pulling back a bit from share dilution? I'm keen to buy again but hoping for a pull back next week.




Personally i dont see this happening LittleMak, not one of these shares made available in the share placement will be sold on the market.... so basically it will still be the same number of shares in actual circulation. Those placement shares will be put away for some time to come. As for a pullback i am uncertain on that one MEE performed strongly on a weak day today, UGC seems to be in vogue ATM, IMO unlikely to see MEE shares sub 50 cents. I stand to be corrected, thoughts anyone?


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## sharemunger (21 May 2008)

To be honest I cant believe how little interest this stock has generated on the forums... What's more interesting is the tiny number of sellers before open this morning... ie very few day traders... yet this stock is rising at a steady rate... I think people are accumulating and holding on to this puppy... And probably for good reasons...


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## farout (21 May 2008)

Yeah, I totally agree sharemunger. I've certainly done my fair share of promoting the stock here. It should show up on peoples' radar when the stock has broken the magical $1 down the track. That is when everyone will be saying, 'if only I got in earlier'. I'm forever hearing these stories about QGC & Linc... Metex will be next.


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## Jimminy (22 May 2008)

springhill said:


> Personally i dont see this happening LittleMak, not one of these shares made available in the share placement will be sold on the market....
> 
> I stand to be corrected, thoughts anyone?




Well my thought is that that is a very loose thought. 

C'mon - you do not know who bought in the recent placement. There is every chance some have already been offloaded for a tidy profit.

Incitec won't sell there lot obviously - but the recent placement, unlikely that there won't be some sellers.

As people begin to talk about a pullback it will be self-fulfilling.

In saying that I will be like Incitec.


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## farout (22 May 2008)

Well said Jimminy, I think you are quite correct in your thinking. In the scheme of things however it should only be a small blip in the radar.


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## Dink (22 May 2008)

Fascinating watching the trading of this stock this stock this morning. Sellers drying up very quickly and buyers lining up. Anything on offer is snapped up quickly... and no news to speak of...


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## unit (22 May 2008)

lots of MEE tooism, the share price is taking the elevator up.
that Incitec MOU has really turned a lot of attention to MEE and with prospects of Incitec becoming larger it's no wonder. 

Incitec announcement just out:
Incitec Pivot Limited (ASX: IPL) welcomes the announcement made today by Dyno NobelLimited (ASX: DXL) confirming that Dyno Nobel Shareholders and Dyno Nobel Optionholders approved the schemes of arrangement in connection with Incitec Pivot’s acquisition of Dyno Nobel (Schemes).
Details of the voting at each meeting are set out in Dyno Nobel’s announcements released on ASX earlier today.
A court hearing before the Supreme Court of Victoria for the approval of the Schemes is expected to be held on Friday, 30 May 2008.
If the Court approves the Schemes, it is anticipated that the Implementation Date for the Schemes will be Monday, 16 June 2008.


----------



## Djayness (22 May 2008)

Bit slow to start off today, but soon enough the buyers were just lining up, it was like an online version of krispy kreme. On the technical side, I'm wondering how far the sp will keep accelerating upwards, at some point theres consolidation right? 

Im obviously looking for another oppertunity to buy more but with every day that i put it off, the sp is just rocketing ahead so fast. 

Even without good news, the volume was tiny ( a mere 6 million) but the lack of sellers really pushed the price right up.


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## Evangeline (22 May 2008)

mee seems to have set off in hot pursuit of lnc....when they start their trial in september there will be no stopping it imho....also when lnc produces their first barrel of synthetic diesel in a few weeks it will generate publicity which will flow on to mee and cxy...

i have been accummulating since the ipl ann...

has anyone here been looking at glx as well...flying under the radar atm...but also working on a syngas project....hit 10.5 cents today and oppies look good.  any thoughts?

cheers


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## unit (22 May 2008)

My list of ucg companies at the moment is:
LNC, MEE, SXP, CXY, ICN, GLX and BLK
with GLX closing above 10cents at 10.5cents it is sure to come on to people's radars in the following days.

About the only thing that looks able to slow the oil price at the moment is a few ucg projects coming online. Wondering why we weren't doing this gas to liquid business earlier!


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## Spineli (22 May 2008)

Can't beleive the return on this stock from April 22 (one month ago)...I think its about 237% or so...congrats to all you holders! Unfortunately no one picked it for the tipping comp!


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## Djayness (22 May 2008)

Spineli said:


> Can't beleive the return on this stock from April 22 (one month ago)...I think its about 237% or so...congrats to all you holders! Unfortunately no one picked it for the tipping comp!




I did actually, just didnt have enough posts to enter....


Sigh. . . . . . . . . ..................


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## farout (23 May 2008)

I beat you to it Djay, I entered a few days before you 

In the thread 'May Stock Competition Entries' 3rd May I stated this...

"I wasn't added to the comp either, but I think I am just under the 0.3 posts. Only really started posting in the last month or so. Arrr well, I am still going to pronounce myself the winner when MEE goes up 100%. "

Guess it even outperformed my May expectations.


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## farout (23 May 2008)

Evangeline,
Yeah, I've been watching GLX for a while and finally got around to putting some money into it this morning. They are looking at UCG as well as the gas to liquids component. Let's hope it starts to do a MEE. Very nice volume starting to happen


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## hsv2001 (23 May 2008)

237% that's awesome, what potential does this share have left ? or will it flatten out from here. The capital raising ann proved very positive, so i'm just wondering what might be next for MEE?

Thanks for any opinions

Marc


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## Djayness (23 May 2008)

Ah so you did 

Goodluck for the tipping comp farout.



Nice gains again today, Kind of makes me want to miss the weekend and go straight to monday. It wasnt too far back, i think last page when we said it would soon break through the 70 cents barrier. This stock exceeds expectations and then just keeps going!


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## Jimminy (23 May 2008)

given this week's efforts I fully expect we will be testing out the low 60s during next week and possibly dip back in to the 50s for a while until begin to progress.

Possibility of lack of news for a while now.... and no, I haven't sold.

Of course if what I say above proves wrong them we're all laughing.


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## Djayness (23 May 2008)

Jimminy said:


> given this week's efforts I fully expect we will be testing out the low 60s during next week and possibly dip back in to the 50s for a while until begin to progress.
> 
> Possibility of lack of news for a while now.... and no, I haven't sold.
> 
> Of course if what I say above proves wrong them we're all laughing.




I think just purely on the volumes, current share price, direction of the company, potential and considering current external factors (like the focus on the energy industry at this current point in time). I would say it is highly unlikely you will see the share price do anything but go up at this stage.

Even without the announcements and profit takers, the sp is oversubscribed and buyers are still lining up. If anything, a bad day for the share price would be a 1-2% increase instead of the gains we have currently seen.


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## LittleMak (23 May 2008)

Djayness said:


> I think just purely on the volumes, current share price, direction of the company, potential and considering current external factors (like the focus on the energy industry at this current point in time). I would say it is highly unlikely you will see the share price do anything but go up at this stage.
> 
> Even without the announcements and profit takers, the sp is oversubscribed and buyers are still lining up. If anything, a bad day for the share price would be a 1-2% increase instead of the gains we have currently seen.




I hope your right Djayness.

If anyone of these companies release any positive news they will/should all keep going up, especially with the view and concerns about current oil prices.


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## Jimminy (23 May 2008)

Djayness said:


> I think just purely on the volumes, current share price, direction of the company, potential and considering current external factors (like the focus on the energy industry at this current point in time). I would say it is highly unlikely you will see the share price do anything but go up at this stage.




At 80c/share today the market cap was very close to Linc Energy if you take into account the shares issued with the recent placement.  

Linc Energy will need to move if we are to go any higher. The market is crazy if they think Metex is worth more than Linc at this point in time.

I'm not downramping just stating some facts to support my argument. Unless someone can point out specifically why Metex should be worth more than Linc of course:.


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## farout (23 May 2008)

Decided to remove my comment - was a little harsh. Go MEE


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## Dink (23 May 2008)

Regardless of the personal circumstances of LNCs management the big upside of Metex is the technology. It is not old technology lumped together with old technology which has just become viable because of recent challenges in the energy sector. It is its new technology that could be a big money earner for this company.


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## DavidB1 (23 May 2008)

mee is all so into gold  
info on the mee web page
http://www.metex.com.au/?page=projects&section=62


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## unit (24 May 2008)

DavidB1 said:


> mee is all so into gold
> info on the mee web page
> http://www.metex.com.au/?page=projects&section=62




and also owns 10million shares in MMB
http://www.metex.com.au/?page=projects&section=34
With respect to the Company’s Corporate performance the Company retains a strategic investment of 10 million shares in ASX listed Magma Metals Ltd (ASX:MMB). Magma is actively evaluating a significant new platinum/palladium discovery in Ontario, Canada. The value of this shareholding is approximately $4.5 million at current prices. Over recent years in excess of A$7.5 million has been realised from the sale of listed investments in companies in which Metex has successfully assisted from start-up to public listing.

might be looking at selling off gold assets:
http://www.metex.com.au/?page=projects&section=62
2008 Gold Development Budget and Program
As a result of the acquisition of the interests in Carbon Energy that it did not already own and the continuing focus on coal gasification in Queensland the Company is currently reviewing its options on how best to maximise the value of its gold interests.


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## Jimminy (25 May 2008)

farout said:


> Decided to remove my comment - was a little harsh. Go MEE




I'm all for it - let's hear it. I presume you are going to explain why Metex should be valued significantly more p/s at this point in time.


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## desolator (25 May 2008)

call me stupid, i dont understand much about the tech and how they can use it as their asset.. but lets say their plant is the best success when comparing LNC and MEE.. how easy and profitable would it be for them to i guess lease? their intellectual property to other coal plays that would be looking at this method and assistance to tap their resources???.. i may be looking at this completely the wrong way.. doesnt hurt to ask questions..


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## unit (25 May 2008)

desolator said:


> call me stupid, i dont understand much about the tech and how they can use it as their asset.. but lets say their plant is the best success when comparing LNC and MEE.. how easy and profitable would it be for them to i guess lease? their intellectual property to other coal plays that would be looking at this method and assistance to tap their resources???.. i may be looking at this completely the wrong way.. doesnt hurt to ask questions..




I have thought the same thing Desolator, it does sound like the cleanest technology amont the ucg companies and one of the reasons I bought in. It would have to be an advantage in a carbon trading scheme but I'm not sure how willing and how economical for other companies it would be to implement the tech if they have to pay Metex for doing so. 

P.S. I dont really understand what they do to make it cleaner either.


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## Jimminy (25 May 2008)

unit said:


> P.S. I dont really understand what they do to make it cleaner either.




Refining: the liquid hydrocarbon is filtered and refined to produce the end product fuels: LPG, Naphtha, A1 jetfuel and Diesel.

These end products are essentially free of sulphur, olefins, metals, alcohols and aromatics. GTL liquid fuels are superior to conventional refinery fuels.

Carbon Dioxide?

In regards to Linc, they have formed a Joint Venture (JV) with BioCleanCoal to develop a bioreactor which will convert CO2 into oxygen and solid biomass through a photosynthesis process. The aim is to permanently and safely remove CO2 from Linc Energy’s coal-to-liquids processes thereby preventing it from entering the atmosphere.

BioCleanCoal is a Queensland based biotechnology company that is specialising in the breeding and propagation of useful algae and plant species for the conversion of CO2 to oxygen and biomass. Their sister companies Bio Adapt International and BioFuelGenomics have already established a track record in this field.


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## desolator (25 May 2008)

well my impression is that all the small time explorers are out looking for coal, and sometimes the tenements they find arnt "economical"  for conventional retrival which means some small companys backs might be to the wall and have to turn to companys like MEE and LNC in the future as the UCG process is ment to be an effective means of getting to these resources simply coz it doesnt have to be dug up. whether that means small partnerships or what not.. better then turning your back on something that could be made viable..soo i guess for some companys it would be either.. 
1. turn ur back on the deposit 
2. develop your own ucg program costing millions(which may not be possible for some.
3. take a lifesaver by taking on the expertise of a company that has already spent the money, done the research, and "hopefully" in the future proven their technology..

once again.. what do i know.. just my thoughts.. if my theory is flawed some1  please fill me in


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## Jimminy (25 May 2008)

desolator said:


> well my impression is that all the small time explorers are out looking for coal, and sometimes the tenements they find arnt "economical"  for conventional retrival which means some small companys backs might be to the wall and have to turn to companys like MEE and LNC in the future




For UCG, scientific modelling suggests that subsidence is not at issue for depths of 200m or more. However most UCG start ups will target depths greater than this to reduce risk of this as it is seen as a major project risk.

In simple terms, because you are burning up the coal underground, there will be a collapse of sorts underground as the coal burns up. But at depths of 200m or more reduces the risk of surface subsidence.

Hence any small explorers for example, would need to have large reserves at depths exceeding 200m to be of interest for UCG. Greater the depth the better the pressure also.


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## unit (25 May 2008)

Thanks for all that info Jiminy,
can lignite miners hoping to do CTL clean up their emissions before the end product the same as UCG?


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## Djayness (26 May 2008)

Mee got a good hammering this morning, at one point had lost a little over 11 percent. 

bounced back nicely, obviously alot of profit takers but there seems to be an equal amount of interest from traders pouncing on the opportunity to get in.

It has been argued that MEE cannot be possibly worth more than lnc at this point, i guess we will have to see what the market will do. If it does move higher than LNC in worth, that will probably serve to make the share price a little more volatile than it already is IMO.


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## Jimminy (26 May 2008)

Djayness said:


> It has been argued that MEE cannot be possibly worth more than lnc at this point, i guess we will have to see what the market will do. If it does move higher than LNC in worth, that will probably serve to make the share price a little more volatile than it already is IMO.




I'd like to know the metrics of how MEE who plan a 10,000 bbl plant can be valued more than Linc who plan a 20,000 bbl plant and have the assets to sell to fund it.


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## njc.corp (26 May 2008)

Jimminy said:


> I'd like to know the metrics of how MEE who plan a 10,000 bbl plant can be valued more than Linc who plan a 20,000 bbl plant and have the assets to sell to fund it.




Jimminy could it be that people look at who is behind mee- like ipl which has  a bit going for them at the moment-(just having a guess really)

http://www.metex.com.au/documents/ASX260508.pdf

Thanks

Nick--


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## Djayness (26 May 2008)

Jimminy said:


> I'd like to know the metrics of how MEE who plan a 10,000 bbl plant can be valued more than Linc who plan a 20,000 bbl plant and have the assets to sell to fund it.




Its interesting, because even though mee has confirmed a focus on ucg development, it still holds alot of its other assets currently. Im interested to see what comes out of the AGM as im still a bit adrift of the specifics of the ucg plans metex or carbon energy has for the future.


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## Djayness (28 May 2008)

The share price has been rather discouraging lately. Profit takers yes, but also the sp may have reached a holding point.


Some good news would certainly help the share price along.


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## Jimminy (28 May 2008)

Plenty of time Djayness,

No use in these stocks getting ahead of themselves. The market will determine what value they should have and for now 80c is the ceiling and I suspect for some time. 

But you just never know - I can' actually work out what value the co. should have and hence I'll just stick my stake in the bottom draw and watch it for the next few years as I fully appreciate that there will be other announcements along the way to add additional value including JVs to tap into the CSIRO technology.

But I'm reasonably confident that it is only worth half the value of Lnc at best as it currently stands.

cheers.


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## DoneDeal (28 May 2008)

MEE actually have better technology than Linc Energy, and there is no better partner than IPL. IPL are a cornerstone investor and strategic partner to MEE.

They also have heads of agreement with Constellation Energy. Constellation and Metex will form a strategic alliance for ongoing commercial development of UCG projects in Australia. The recent fall in sp is a small retrace, MEE will be over a $1 soon. 1 - 1.20 looks reasonable till the trial starts in August, who knows after that.


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## Jimminy (29 May 2008)

DoneDeal said:


> The recent fall in sp is a small retrace, MEE will be over a $1 soon. 1 - 1.20 looks reasonable till the trial starts in August, who knows after that.




But that still puts us at half the market cap of Linc when we will only be producing half of what Linc can and have less assets (i.e. Sapex JV, Emerald coking coal assets, China JV).

If Linc can breakout towards $4.00 then I will begin to move my target towards $1.00. But if sentiment towards UCG wanes in the s-t then, we may head back to 50c.

I don't think we will see a dollar this year, but I hope I am wrong.


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## Djayness (29 May 2008)

Jumped out today with 253% profit, Im going to be watching from the sidelines for a bit and just tread it out, see what happens. Im not sure what will happen till the trial burn in august, its going to be very interesting after that point.


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## LittleMak (29 May 2008)

Djayness said:


> Jumped out today with 253% profit, Im going to be watching from the sidelines for a bit and just tread it out, see what happens. Im not sure what will happen till the trial burn in august, its going to be very interesting after that point.





Is there going to be a trial burn in august, or will the start of the pilot plant construction begin in August when all moneys and shares are exchanged? In that case we wont see a trial burn until some 10-12 weeks later?

Ps. congrats on your current profit taking.


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## DoneDeal (30 May 2008)

Massive big hammer today from 56c - 50% retrace on 80c.

MEE will go ballistic tomorrow, 8Oc will be gone. Guaranteed.


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## farout (30 May 2008)

DoneDeal said:


> Massive big hammer today from 56c - 50% retrace on 80c.
> 
> MEE will go ballistic tomorrow, 8Oc will be gone. Guaranteed.




I'd like to think you are right, but unless there is some exceptional news I can't see this happening      .


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## Evangeline (30 May 2008)

yeah...pretty much like watching paint dry so far....i think that when lnc generates some more interest for the sector with it's upcoming demo mee will get some more interest....cxy, glx and mee have all benefitted from lnc's recent rise


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## Jimminy (2 June 2008)

some big volume been going through this afternoon on this stock.

This is running with Linc for sure.

Be interesting to see where this ends in another month. Good luck to all holders


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## Jimminy (2 June 2008)

Jimminy said:


> I can't actually work out what value the co. should have




Well this recent report from BBY on Linc Energy sure helps.

http://www.lincenergy.com.au/pdf/analyst-13.pdf

The DCF valuation on page 3 of this report is very eye opening.

They have assumed a long term bbl price of US$65 as a conservative price to reach a 12mth target of 3.54. However the DCF chart assumes other variable  i.e. higher bbl prices, lower WACC as risk decreases.

I'm not going to make any predictions on Metex but suffice to say I think holders might be doing plenty of this in the short, medium and long term.....:alcohol:

cheers.


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## cranny (3 June 2008)

if the Petronas/ STO deal values $3.93 per gig - does anyone know what this would mean to MEE reserves?


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## LittleMak (3 June 2008)

cranny said:


> if the Petronas/ STO deal values $3.93 per gig - does anyone know what this would mean to MEE reserves?




This may give you some idea. (page 14)

http://www.carbonenergy.com.au/uplo...Government LINK Forum (Brisbane May 2008).pdf


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## cranny (4 June 2008)

Thanks LM - need to take it with a grain of salt - but appears Big story to evole. I understand MEE had a technology agreement in India - does anyone have info on this?


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## farout (4 June 2008)

Metex has just broken the 80c barrier, with an underworld kingpin just snapping up 700,000 at 80c. Good work buddy. 

Not certain it was a drug lord , but for those that haven't seen the story already here is the link;

http://www.news.com.au/heraldsun/story/0,21985,23785992-661,00.html


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## springhill (4 June 2008)

james99 said:


> Ahh Dink. 20c? Far too modest. For reasons expressed much earlier in this link, I still view the stock as being in the $1.20 to $1.50 range when its fundamentals including gold (over 800,000 ounces) and uranium licences and market cap are compared to others. Time will tell. Cougar energy for example commands a market cap of 35 mil approx based on its UGC, but Mee has the other two strings and still only has a cap of 45 mil approx.




Kudos to you james99 never thought i would see MEE approach this kind of level for a year or so, but at 90 cents ATM this is an astonishing rise in the last 2 month period


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## unit (4 June 2008)

wrong thread farout

http://www.news.com.au/heraldsun/story/0,21985,23785992-661,00.html

'The shares were in mining and resources company Linc Energy, which describes itself as "Australia's leader in clean coal technology".' 

nice run by MEE today.


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## farout (4 June 2008)

I'm well aware that it was LNC, I posted because LNC/MEE are in the same field, and someone bought a 'drug-lord amount' of MEE. 

Beers for everyone after today's performance - There is going to be a lot of money circulating in South-East Queensland in the next couple of years. Bring on inflation!


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## Wilson! (4 June 2008)

You guys think it will continue upwards from here? 
The more I read the more I like the story. Be interested to hear what the old timers on MEE think for the benefit of new or prospective holders

Cheers,
Wilson


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## LittleMak (4 June 2008)

Wilson! said:


> You guys think it will continue upwards from here?
> The more I read the more I like the story. Be interested to hear what the old timers on MEE think for the benefit of new or prospective holders
> 
> Cheers,
> Wilson




Hi Wilson, I'm not a long timer yet but am a happy holder.

In my opinion there is still huge potential for this stock. After the shareholder meeting which is due end of this month, Metex will be changing their name to carbon energy. Along with a string of other activities they will be using some of the funds to drill and futher their current JORC resources. If they find a substancial JORC compliance then this stock will be massively re-rated (based on findings of course).

This whole sector has just begun to be noticed by the masses, and has a few great companies with sooo much potential. OHHHH if i only had more available money to invest!!!


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## unit (5 June 2008)

farout said:


> I'm well aware that it was LNC, I posted because LNC/MEE are in the same field, and someone bought a 'drug-lord amount' of MEE.
> 
> Beers for everyone after today's performance - There is going to be a lot of money circulating in South-East Queensland in the next couple of years. Bring on inflation!




lol, I was a bit slow to get it but now I got ya.
Hopefully a few orders like that will be going through today.


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## springhill (9 June 2008)

Dont know how familiar u guys are with what happens over here in the west. But an explosion at Varoness Island has knocked out 30% of WAs gas supply late last week. 30 PERCENT FROM A SINGLE INCIDENT. Expected to take months to rebuild the situation, and our joke of a Premier is pleading with households and industry to reduce our use of gas. Kinda makes to think how much one incident can affect have big ramifications on our lives. Maybe things like this will get people thinking outside the square about where we get our energy supplies from. Bodes well for alternate future gas suppliers like MEE amongst others, and for those with enough foresight to have got in2 this gem at a good price


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## Stykes (10 June 2008)

So Linc Energy is in a trading halt now. Could this be the announcement - diesel - that demonstrates the power of UCG-CTL?

In the current political environment, one could reasonably expect the whole UCG sector to start attracting significant interest from mainstream sources upon this announcment.

Should this happen, it is not inconcievable that when MEE proves it's technology people will not be talking about a dollar, but in what multiple...


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## farout (11 June 2008)

It's to do with merger talks with Sapex.

I expect Linc won't have any diesel for at least another month. Their UCG will likely start burning on the last day (give or take) of this month. GTL will be after that however.

And yes, I expect MEE in the multiple dollars, not far away now


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## DoneDeal (11 June 2008)

farout said:


> It's to do with merger talks with Sapex.
> 
> I expect Linc won't have any diesel for at least another month. Their UCG will likely start burning on the last day (give or take) of this month. GTL will be after that however.
> 
> And yes, I expect MEE in the multiple dollars, not far away now




Two red days, and a lower open and close than the previous day, albeit on lower volume. All when LNC is in a trading halt. 69c looks like a good support line. Depending which way LNC goes tomorrow, this will lead the direction of MEE. If the sp can gather some upward momentum tomorrow and Friday, then maybe next week MEE will test multiple dollars.


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## springhill (13 June 2008)

Heard on the local news yesterday federal labor govt does not support the use of "clean coal" technology. Wonder if this has something to do with the pull back of MEE amongst others. How long will they continue to leave their heads shoved up their asses? With oil fields drying up, and no realistic chance of finding something that will continue to source our huge fuel needs, how long can they deny using other technologies to provide fuel and gas? Along with their about face on the solar rebate just goes to show they have no real vision for the future and are happy to let the status quo remain, at the expense of the public. Shame, shame, shame as Derryn Hinch would say!


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## rsteven (13 June 2008)

Do you have a link for that?  I searched recent news articles but I could not find anything ....


....


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## blehgg (13 June 2008)

springhill said:


> Heard on the local news yesterday federal labor govt does not support the use of "clean coal" technology. Wonder if this has something to do with the pull back of MEE amongst others. How long will they continue to leave their heads shoved up their asses? With oil fields drying up, and no realistic chance of finding something that will continue to source our huge fuel needs, how long can they deny using other technologies to provide fuel and gas? Along with their about face on the solar rebate just goes to show they have no real vision for the future and are happy to let the status quo remain, at the expense of the public. Shame, shame, shame as Derryn Hinch would say!




I think you heard wrong springhill.....

http://www.alp.org.au/media/0508/msrese200.php

The Australian Government is also establishing a $500 million National Clean Coal Fund to support the National Clean Coal Initiative aimed at deployment of low emission technologies out to 2030. Coal producers are contributing more than $1 billion in funding through Coal21. This concentrated funding will provide an enormous opportunity for breakthroughs in clean coal technologies, including carbon capture and storage. Australia already has a number of demonstration projects under way or well advanced, including the deep geological storage project in the Otway Basin in Victoria and an oxy-firing project at Callide in Queensland.

The National Clean Coal Fund also includes $75 million – including $25 million for CSIRO – to be invested in clean coal research.

Was released back in May.... does this encompass Metex technology???

Unless labour has done a flip in the past months.. =="


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## springhill (13 June 2008)

blehgg said:


> I think you heard wrong springhill.....
> 
> http://www.alp.org.au/media/0508/msrese200.php
> 
> ...




blehgg thanks for your reply, but that was what i heard reported on the radio yesterday... tho i havent cleaned my ears in a while  Labor do a backflip..... surely not. Hope i am wrong!


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## DavidB1 (13 June 2008)

Hey 
This may be a bit out there but would mee be looking to take over anyone?

To keep up with Linc Energy and Sapex 

And who would it be?


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## Stykes (14 June 2008)

Federal Minister for Resources and Energy, the Hon Martin Ferguson MP remains on record as a big enthusiast of UGC technology.

It seems that the market got hammered this week and so did MEE. 

It sucks, but it happens.


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## DoneDeal (14 June 2008)

Always next week Sykes.  MEE soon to be renamed Carbon Energy.

*The price is currently at a discount of 10.3% to the 1-month volume weighted average price of 68.04c, which may appeal as a value proposition.*

From the 13th May up to the 4th June, MEE has been up 11 times and down only 3. The last 6 days the sp has been down, but the total volume has only been at 24,117,968. Compare that to the 5 days prior, days when the sp was up, the volume was at 33,9772,39.  I would expect a rise up to the 64 - 66c level on Monday, and some consolidation for the next leg up, leading up to the pilot burn, as well the EGM on the 23rd June, by then they will have tied up:



Funding construction payments for the undergroundcoal gasification(UCG) demonstration trial at Bloodwood Creek;


Funding for the cash component of the consideration for the Carbon Energy Acquisition;


Exploration drilling to increase the coal resource at Bloodwood Creek and exploration drilling on Carbon Energy’s other coal tenements;

In summary, it is anticipated that the funds raised will be broadly applied in the following areas: 


 Bloodwood Creek UCG trial 50%

Carbon Energy Acquisition payments        10%

Exploration 20%

Administration 10%

Working Capital 10%

Then there is having an $8billion company on your side:

*Metex Resources Ltd (ASX: MEE) is pleased to advise that Incitec Pivot Ltd (ASX: IPL) has confirmed that IPL is satisfied with the results of their due diligence investigation. 

Metex looks forward to welcoming IPL as a substantial shareholder subject to resolution of the acquisition of the remaining shares in Carbon Energy Pty Ltd and the various share issues pursuant to the Shareholders’ meeting called for 23 June 2008, after which IPL will hold approximately 10.7% of the equity in Metex. *

Carbon Energy has received all necessary approvals from the Minister of Mines and Energy and the Environmental Protection Agency in Queensland to progress with its demonstration trial of a standard 1 petajoule (PJ) per year UCG syngas module at Bloodwood Creek in the Surat Basin, located 55km west of Dalby in southeast Queensland. The trial site is strategically located at the hub of energy infrastructure in southeast Queensland.

Carbon Energy has identified a suitable site within its coal resource of over 100 million tonnes of high quality coal at Bloodwood Creek. Using conventional estimation techniques, and an average bulk density of 1.5 the resource meets the requirements of a JORC (2004) compliant Inferred Coal Resource. It remains open along strike and down dip and is expected to increase significantly with further drilling. This resource is estimated to contain approximately 2,000 PJ of energy, with some 1,000 PJ being potentially recoverable utilizing CEPL’s extraction technology. The current lack of drilling is the only constraint on significantly increasing this resource, together with the energy contained within it.

The footprint of UCG is small compared with coal seam gas (CSG):

Table1. Energy (PJ) potentially recoverable from 12km² section of the Surat Basin utilizing UCG technology

Total Area 12km², Total In situ Energy (PJ), Recoverable Energy (PJ)
Coal Resource (Underground) 	120 M Tonnes, 2400, 800
Coal Resource (UCG) 	120 M Tonnes, 2400+22.8*, 1257+22.8*
CSG (CH4m3) 	2.175x106, 82.6, 59.5

* CH4 contained within the coal resource. 

Based on a 20 year production life these range from approximately 1280PJ’s recoverable by UCG, 800 PJ by underground mining to less than 60PJ from CSG. At A$3 per gigajoule (GJ) this translates as an in situ recoverable value of energy of A$176 million for CSG, A$2.4 billion for underground mineable coal, and *A$3.84 billion for UCG.*

Carbon Energy are currently proceeding with the construction of the surface and underground components of what will be the *world’s first commercial scale, oxygen-injected UCG demonstration trial.* 

Commissioning of the facility expected in July - Sept. UCG syngas production will follow shortly thereafter as part of a 100 day production test.

*The difference between Carbon Energy,Linc Energy and Cougar Energy is Carbon Energy use unique technology and intellectual property developed within CSIRO for UCG, and incorporates aspects of the successful trial in the United States at the Rocky Mountain 1 site near Hanna, Wyoming. * Note the word successful.

The Bloodwood Creek demonstration will verify the quality and production of gas in the specific conditions of the coal resource identified within tenement MDL374. *The technical director of the Rocky Mountain 1 trial, Mr Burl Davis, is assisting MEE with this development. *

The successful demonstration of this syngas producing module will confirm Carbon Energy capability as the world’s first company with the capability for commercial scale, oxygen-injected UCG syngas production suitable for existing, proven, gas to liquids and gas to chemicals technologies. Modules can be combined to meet the gas supply requirements for any power station or chemical plant.

MEE also have their other assets:



Uranium: 18 granted tenements that have a total area of 5,413 km² in Western Australia, South Australia, Queensland and the Northern Territory.

Gold: 852,350 ounces attributable to Metex.

10 million shares in ASX listed Magma Metals Ltd (ASX:MMB).

If you were to add up all their assets and consider that the test pilot burn will commence in July -  Aug and compare that to Linc Energy, who are in a similar position to Carbon Energy, 'they are close to completion on the commissioning of their facility,' Carbon Energy are 3 - 6 months behind. Linc Energy is currently valued at 1.5 billion mkt cap, versus MEE 1.7 million.  Makes you think doesn't it, will MEE/Carbon Energy (CSIRO/CEPL) be much higher than today's price in the next few months? Are we looking at the next Linc Energy and if you had 100,000k to invest, which one would bring the greater return? Linc Energy has the potential to run to $6 - $10 on success of their commissioning plant, Carbon Energy..60c to ....?


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## Stykes (14 June 2008)

All sounds very promising, which is exactly why I have invested heavily in MEE.

I've read all about the succsessful progress made at Wyoming (particularly with respect to improved environmental performance) and Dr Mallet from CSIRO is a genius so I'm extremely optimistic that the pilot burn will prove that MEE is _the_ leader in UCG.

Appealingly, after a successful demonstration, international markets beckon... India in particular could deliver more for this company than the relatively small Australian market ever could.

But in terms of Linc v MEE - doesn't MEE still need to locate a GTL technology provider? 

The thing that drew me to this concept initially was the fact that although GTL technology is prevalent world-wide, it's never really taken off due to the prohibitive price of gas. But with UGC seemingly presenting a ready source of gas, extremely cheaply, the figures on GTL start to look very attractive indeed. 

To their credit Linc have always been very focussed on UGC-GTL, but MEE less so - they seem willing (at the moment anyway) to investigate other potential applications for syngas i.e fertailizer. 

I don't doubt that these other options present a strong commercial case, but in the current climate the word on everyone's lips is *OIL.*

But having said that, I still think MEE is in a very strong position to make a run at this - Linc's background with UGC has not been without issue, and if, as I expect, MEE's pilot burn can demonstrate its technology is superior, GTL collaborators will not be hard to find. Cracking the UGC nut is the hardest part - the GTL bit is easy with the right people involved. I also like the fact that the Bloodwood Creek site can be scaled-up relatively quickly after the trial; post-trial commerical quantities on syngas can virtually be good to go.

LNC has done very, very well, and will continue to grow. But MEE seems a better value proposition - it's yet to boom. It won't happen tommorow, but within the next 12 months I expect MEE capex will have made up some good ground on LNC capex. Waiting for a few key events.


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## DoneDeal (15 June 2008)

Once the technology is proven following a successful trial, I think the sp will rise significantly like Linc Energy. Clearly Carbon Energy is the 2nd major player in UCG technology, but if their newer technology proves superior than they every chance to dominate this market, not just in Australia but globally as well. The potential is huge as they will have the worlds first commercial scale oxygen-injected UCG plant. 

They can practically then take their technology anywhere in the world, particularly in countries like India and China.

What a deal they secured with Incitec Pivot. Their takeover of Dyno Nobel will mean that the UCG technology provided by Carbon Energy will be a feedstock for both the fertiliser and explosive industries. Incitec hold a minimum 10.5 per cent in Carbon Energy. I note minimum, because I believe this stake may of gone up since the initial announcement on 5 th May. 

When Incitec acquired Dyno, they held a stake of 13.2 per cent in Dyno from Aug '07 in less than a year, they offered $2.80 per share (at an Incitec share price of $149.36). I wonder if Incitec will eventually acquire Carbon Energy altogether? They will have full rights on the feedstock of fertilizer, but Carbon Energy maintain the rights for coal-to-liquids, power generation and other high-value petrochemicals. It is possible that a similar JV will be done on their CTL generation, with another blue chip.

The climate change impetus, sustained high energy, threat of peak oil and fuel prices and current economic uncertainty have created a far more receptive market awareness of coal’s broader potential as a cleaner energy contributor. Thermal coal prices are now exceeding US$100 per tonne and oil has found a home lately around an unprecedented US$128 per barrel.
The impact of these price pressures is being immediately and alarmingly felt across the cost of transport, production, farming, basic food necessities and household budgets. This is hastening government and industry attention on energy options and delivering new value to Carbon Energy's significant Surat Basin coal assets 

SP looks good value, and I'm confident that Carbon Energy will be trading in dollars rather then cents, in the not so distant future.  BUY!


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## mexican (16 June 2008)

Can anyone inform me, what is the benefit of MEE's new UCG technology compared with other UCG companies?



Thanks


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## DoneDeal (16 June 2008)

Carbon Energy UCG plant will use oxygen instead of air, the BTU of the resultant gas is generally higher. Oxygen is preferred for deeper wells. In shallower coals (<1,000ft.), both the injection and production wells are vertical and drilled in a grid. For deeper coals, directional wells with CRIP technology are preferred. CRIP refers to “controlled retractable injection point” and is a key innovation developed through US research.  It allows for multiple ignition points along the path of a horizontal wellbore. AIR is used in shallower coals, but overseas trials have show that UCG can pose a potentially significant risk to groundwater when the trial is at shallow depth, this will not be the case for Oxygen blown - deeper wells, the risk is much lower.


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## springhill (28 June 2008)

Trade No. Time Price Volume Value Conditions 
1 182 4:10:34 pm 75.5 3,346 $2,526   
2 181 4:10:34 pm 75.5 10,000 $7,550   
3 180 4:10:34 pm 75.5 15,000 $11,325   
4 179 4:10:34 pm 75.5 1,654 $1,249   
5 178 4:10:34 pm 75.5 15,000 $11,325   
6 177 4:10:34 pm 75.5 3,346 $2,526   
7 176 4:10:34 pm 75.5 11,120 $8,396   
8 175 4:10:34 pm 75.5 9,880 $7,459   
9 174 4:10:34 pm 75.5 4,000 $3,020   
10 173 4:10:34 pm 75.5 5,000 $3,775   

can someone plz explain this to me? especially the times of the trades
nice run by metex late in the day, shame the market closed


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## George3564 (29 June 2008)

A newbie to the forum so be gentle!

Timing of trades is a bit strange, as is the reason behing the late run? I'm with S/hill _ has anyone got a crystal ball on this?

Also does anyone know:
1. How Metex timelines are travelling for the trial burn?
2. Are LincEnergy on track for the next few weeks, ie their trial burn;and 
3. WTF are Gulfx up to, no recent news?

G


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## Dukey (30 June 2008)

DoneDeal said:


> Carbon Energy UCG plant will use oxygen instead of air, the BTU of the resultant gas is generally higher. Oxygen is preferred for deeper wells. In shallower coals (<1,000ft.), both the injection and production wells are vertical and drilled in a grid. For deeper coals, directional wells with CRIP technology are preferred. CRIP refers to “controlled retractable injection point” and is a key innovation developed through US research.  It allows for multiple ignition points along the path of a horizontal wellbore. *AIR is used in shallower coals, but overseas trials have show that UCG can pose a potentially significant risk to groundwater when the trial is at shallow depth, this will not be the case for Oxygen blown - deeper wells, the risk is much lower.*




DD - technical question regarding the groundwater issue which may become important in this industry 
- do you know - is the groundwater contamination (?) risk lower because they are using deeper wells (ie - below the local GW table), or because of the altered chemistry due to using O2 for the burn.
Any lincs to this kind of stuff would be great - from what I remember they seem to have been pretty coy about providing details of the technology & its advantages on the website - and understandably so if it unique....
but maybe I've not seen the right presentations/announcements.


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## Dink (30 June 2008)

Great investment report on their website at the moment. If anyone wanted a good summary of where the company is at the moment and what to expect in the future this document will answer a lot of questions. But the crux of it is that it all depends on the trial and a possible resource upgrade which will not be surprising to those who have been following this stock. Nonetheless it is always reassuring to get some research backing what you have thought all along.


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## agro (1 July 2008)

southern cross released a presentation - on the metex website

http://www.metex.com.au/documents/ASX300608_2.pdf

they value them at $1+?

edit - soon as i posted this it dropped the price to 76? can you attribute it to me? or maybe the all ords continued to go down?


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## loopy_louie (1 July 2008)

Hi Agro and all metex holders,

With all the positive movements and news surrounding MEE, i dont understand why the stock fell 6%???? 

Southern Cross Equities report issued this week, rated this stock as over $1+ was a promising sign, The merger with Carbon Energy and the name change to be done soon and now with a couple of big intitutions which have became substatial holders should see the SP climb to close to $1 in the near future....

Promising times for UCG, CSG and Metex 

I disclose Holdings


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## agro (2 July 2008)

loopy_louie said:


> Hi Agro and all metex holders,
> 
> With all the positive movements and news surrounding MEE, i dont understand why the stock fell 6%????
> 
> ...




IPL became substantial holder on 30/6 

ann just made though i think its old news ...........$10m mou


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## LittleMak (9 July 2008)

Seen this on the news tonight

Got to be great for Metex too (Soon to be Carbon Energy)

http://www.csiro.au/news/CarbonDioxideCapture.html


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## blind204 (10 July 2008)

Anyone have any idea whats happening with MEE?? the price has dropped alot and continues to fall.... anyone have any comment?


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## Joe Blow (16 July 2008)

Metex Resources (MEE) is now known as Carbon Energy Limited (CNX).

For continued discussion of this company please refer to the CNX thread: https://www.aussiestockforums.com/forums/showthread.php?t=11732

This thread has now been closed.


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