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ESG - Eastern Star Gas

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As the 'dust' settles from STO's buying activity ESG drifts lower again after the initial enthusiasm which never got near the $1 implied by STO's buying. So unless there are other moves we holders will wait and watch the steady progress of drill bit,pipelines, reserves and markets. On my usual boring fundamental note the latest bi-monthly drilling report noted free water flows from the latest pilot 3-4 times higher than the flows reported from the previous lateral pilot programme, they did not state whether the drill string was still down for these flows as with the earlier pilot. The bottom line is STO thinks it is worth getting a piece of
 
Well, if it gets sold down when the market tanks, I'll buy some more. Reserves upgrade this half should put a better base on the share price. We are not allowed to put targets on the sp here, but as STO were willing to pay $1 equivalent on old reserves, new reserves should be worth more to someone you would think....
 
193 buyers for 3,146,831 units 203 sellers for 6,907,230 units - Commsec 10th July 2009.

I'm at a loss as to why so many units are for sale !! It has been this way for months and months -- more units for sale than to buy ???

If people would just hold onto their stock - the price has to rise doesnt it ?

 

Monday will be very interesting on ASX with DJ finished still lower on Friday and oil price having broken the psychological barrier of $60.
ESG is going to behave differently then
 
202 buyers for 2,947,772 units 217 sellers for 7,107,873 units

But the price went up as high as 89Cents !!! Strange - you seemed to know this ? Like Oil going down and the DJ going down somehow made ESg go higher ? :S

 
4.3 mil shares changed hands which is almost a mil above the 3 monthly average. Still looks like some good demand there for this company, hopefully most of the weaker hands have been taken out. Was a positive day for esg when the rest of the market going down and the price of oil dropping below $60.
 
I know nothing about the funnymentals of this stock, but the chart looks as if its in a trading range between approx .75 and .96.

It may be worth selling at .95 or therabouts and buying at .75. shoulld it persist in this range.

There are many support and resistance lines at .75 and .95.in the past.

gg
 

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Valid T.A. observations GG. I still remember buying and selling Mount Gibson Iron twice very sucessfully but after a little drop after the second sale it took off without me aboard. I dont know what the future price action of ESG will be, but there are several 'funny metal' things that could happen to cause the resistance line mentioned to be broken and consigned to history. If this happens its a question of are you aboard and at what price. We hold some ESG and I hope it is a success story, there are enough reasons to think it will be, but it would be nice to see it materialise.
 
As at the time of writing this buyers now outnumber sellers, although volume to sell is still higher than buying volume, the difference however is narrowing. Todays bimonthly drilling report was generally positive as work progresses toward reserve increases.
 

198 buyers for 3,044,254 units 168 sellers for 4,697,583 units

Yes you are correct. This snapshot is taken at the close of market More buyers but less units to buy than for sale...

Close gap ! CLOSE ! -- One has to wonder who on earth would be selling their shares at this exciting time for ESG -- maybe Day Traders with a short term focus ???
 
One other thing to muse over while hopefully watching ESG's price rise. STO's agreement with HGO requires extra payments if a takeover occurrs in the next 18months for ESG. So if you were STO is there a major incentive not to act for 18months or if the price of ESG is rising and you have a clearer idea of the project do you act earlier before the price gets too high. This is assuming that STO does want the other 52% anyway. Who knows.........not me
 

Look mate...

Not trying to be rude here but I've seen you post the buy/sell numbers a few times and I thought you should know...these numbers are somewhat irrelative in the main picture. People can buy on market...can sell on market...an insto could make or sell massive chunks...it really doesn't mean much.

You can also have prop bids...I could put in a bid for 1 million ESG shares at 5 cents lower then the current price to prop the buy side...as soon as it looks close to hitting my bid I just yank it...same with selling...(people refer to this as capping)...just whack up 1 million on the sell side to deter potential buyers.

Also

People buy and shares all the time for a variety of reasons. The picture of a company can be painted and repainted everyday...perhaps some things have changed for the company and people have decided to sell. Don't always assume it is Day Traders and never fall in love with a stock...if you've gotta sell you've gotta sell...
 

Hmm interesting, thanks heaps for that information - especially the "prop bid" strategy... I notice a few references on some of these threads to the buys and sells, in light of your post these might also be inconsequential..

Thanks again.

 
ESG HITS $1.00 !!!

Woo hoo -- FINALLY

Where is the ESG $1 party being held ? Has SANTOS increased it's stake ? It is at 19.99% At over 20% doesn't it need to declare its intentions ?
 
Hi Growing, yes another psychological barrier passed if nothing else, but as has been said "The smart money is on the close". I think STO's change of substantial holder was already factored into its announcements of buying out HGO and Gastars holdings. There is a footnote in that announcement referring to the consideration including the conversion of these options.
 
Jimminy has popped one - Jimminy is very proud of ESG and has been on this little beauty patiently for the past 3 years....:alcohol:
 
Yes, I AGREE !! I'm a firm believer in holding onto intrinsically (not sure if that is spelt right) valuable stocks for the medium term - say 1 - 2 years, waiting for them to pop and/or catch up to their up and coming projects / potential -- they usually get bought out and/or rise considerably enough to justify selling ... I think it is less risky than doing day trades and/or trying to predict what people will do in the shorter term
 
Kudos to you guys.
I went the other way, and put some money into HGO.
WRONG!!!

Nice gain there in the last week or so for anyone in ESG.
Boy, the market really does seem to have a lack of faith in Hillgrove Management.

If only the Rudd and Bligh Governments could pull their collective non-committal fingers out, and get behind a gas-fired power industry, then CSG would be a fantastic investment, IMO.
 

Kudos to me folks
It is because when I sell market goes up.
This time too - I sold ESG yesterday and market gone up for ESG today
 


ESG having bought heaps in the mid to high 80's I sold 2/3rds -3/4ths at 99c-$1 to lock in profits, will bottom draw balance, was a no brainer really

I think ESG has really good potential and fundamentals but it was always just going to be a trade for me, hopefully ESGs re-rate will rub off on MEL but I doubt it
 
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