Fancy having a chairman who is intent on undermining the board for a few selfish shekels, the company ,and shareholders he works for, this guy is the kiss of death and should be sacked, giving this amateur 17 million shares was a big mistake, as a result, this will go right back to where it came from--7c
GLX - Gulf X
- Thread starter yogi-in-oz
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Hi redback - been reading your passionate posts for a little while now - I'm impressed by your relentless pursuit of what you perceive to be anti-shareholder activity by dodgy directors!!
Let me know if you are intending on going to the next agm - hell ANY agm, I'll be front row center just to watch the fireworks!!
7c would be fine - means opportunity - although for the bottom drawer. With this ugly, ugly market who knows what is going to happen?
Keep up the pressure redback and maybe you should get in touch with ACA or 2day2nite and offer yourself as a shareholder advocate reporter, I'd watch!
And I reckon GLX is a goer - not for a while though...
I'll let you into a little secret, ASIC are currently investigating the course of sales and the identity behind that repeat 4 million 16c bidder (who never bought a single share), you have any guesses as to who was responsible?
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No doom and gloom Pimping.
just some down ramping to allow someone to pick up scared sellers cheap shares. Unfortunately it worked.
Just becareful of ramping either way guys.
Stick to facts and bounce ideas off others but be careful of overly confident ramps one way or the other. If you have the attention to get stuck into the business side of teh project to identify value, I would recomend it and even follow up questions to Merrill and GLX'ers peers to understand where the market for these products is headed.
For an easy comparison. Understand what Linc Energy (LNC) have done and try and make comparisons. Even check the LNC chart and understand the topsy turvey belw 50c and then $1 to 50c drop it underwent before it ran.
Similarly, check out Altona Resources and their market cap relative to tehir resource and project status.
Then try and understand the comitment of management which is the hardest part by far but with a bit of research and question time, you can make a better than average judgement.
That's all you can do.
just some down ramping to allow someone to pick up scared sellers cheap shares. Unfortunately it worked.
Just becareful of ramping either way guys.
Stick to facts and bounce ideas off others but be careful of overly confident ramps one way or the other. If you have the attention to get stuck into the business side of teh project to identify value, I would recomend it and even follow up questions to Merrill and GLX'ers peers to understand where the market for these products is headed.
For an easy comparison. Understand what Linc Energy (LNC) have done and try and make comparisons. Even check the LNC chart and understand the topsy turvey belw 50c and then $1 to 50c drop it underwent before it ran.
Similarly, check out Altona Resources and their market cap relative to tehir resource and project status.
Then try and understand the comitment of management which is the hardest part by far but with a bit of research and question time, you can make a better than average judgement.
That's all you can do.
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Good update on progress out. Looks like calorific value is 10% higher than historical results indicate (= more diesel produced from each tonne). The bit I liked best was the fact there's enough cash to get to PFS(2008) and into the BFS(2009) before we have to worry about nasty capital raisings. Although if it's through an SPP might be a good opportunity!
11.5c now up 18% on yesterday.
Holding for the long term (relatively speaking...)
11.5c now up 18% on yesterday.
Holding for the long term (relatively speaking...)
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Not many sellers left on the stack also. Just like Mantle Mining.
Both these stock will run like mad when people realise the financials are still buring them. Could start today or Monday.
Both these stock will run like mad when people realise the financials are still buring them. Could start today or Monday.
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Not sure if you guys have noticed the interest in GLX after the last announcement, but todays ann. together with LNC's prooves great things for GLX.
Some of you may be waiting for oil to jump back up which may be soon or not. Who knows, but as most of these plays are targeting full blown operations in 2-3 years or more, fluctuations in oil are already taken into account. In fact I think GLX and LNC have worked calculations on about $60 per barrel.
Some of you may be waiting for oil to jump back up which may be soon or not. Who knows, but as most of these plays are targeting full blown operations in 2-3 years or more, fluctuations in oil are already taken into account. In fact I think GLX and LNC have worked calculations on about $60 per barrel.
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From Intersuisse Morning Notes:
GulfX Limited GLX Thursday, 31 July 2008
Early drill results encouraging for coal gasification project
Recommendation Speculative Buy
Overview
GLX is currently progressing a pre-feasibility study on its Syngas Project which aims to use commercially proven coal gasification and associated technologies to produce 30,000 barrels per day of low-sulphur high quality automotive diesel, as well as 120,000 tonnes per annum of sulphur for sale in the industrial marketplace and 250 MW of power for supply into the national grid.
The company holds two granted tenements covering a total of
421 sq km within an approximate 140 km radius of Adelaide. The focus of current activity is on E3896 that covers 288 sq km and is located north of Port Wakefield and about 140 km north west of Adelaide.
E3896 contains known lignite deposits within the Northern St Vincent Basin. These deposits are Tertiary in age and were drilled in the 1970s during the time of the oil crisis.
GLX is currently conducting a PQ diamond drilling program of up to 37 holes on three separate areas: Clinton, Beaufort and Whitwarta. Previous drilling, consisting of 96 drill holes, had outlined measured, indicated and inferred resources (non JORC) totalling 1.4 billion tonnes for these three areas. The aim of the current program is to provide JORC compliant resource estimates and to determine coal properties and suitability for the coal gasification process.
Early drilling at the Clinton area encountered coal at depths of approximately 60 metres through to the coal seam base depths of approximately 90 metres from surface. Two main seams had been encountered, ranging from between 3 metres and 10 metres each, separated by sandstone, siltstone and mudstone.
Initial coal quality results completed by the company’s analytical services provider, HRL Technology, showed the coal from Clinton to have a calorific value (MJ/kg) of 10.4 which is approximately ten percent higher than reported from past work. In addition the samples showed significantly lower ash content (5%) and sulphur content (1.2%) than previously reported in South Australian government publications.
Coal gasification has been in commercial use globally for over 60 years with operating plants located in South Africa, Asia, Europe and North America. In 2005 a total of 390 plants were operational or at various stages of planning. Over five percent of these (20)are fed or will be fed lignite. Under the gasification process lignite is fed into a high pressure, high temperature reactor containing steam and a limited supply of oxygen where
partial not full combustion occurs. The resulting syngas is then cleaned of particulates,trace elements and sulphur. This process produces a premium diesel product, contributing to a reduction in carbon dioxide emissions.
GLX envisages that 95% of the project revenue would accrue from the production of premium diesel. Production costs of between US$35 to US$45 per barrel are expected compared to the long term USGS crude oil price of US$54 per barrel. In addition premium diesel receives a US$5 to US$10 higher price per barrel than crude oil.
The project area is well served by sealed roads, rail and ports. Early scoping work together with the recognition of recent material and labour costs escalations indicates a capital cost for the Syngas Project in the order of A$1.5 to A$2 billion dollars.
Prior to the end of 2008 the company is seeking to have conditional offtake agreements in place for premium diesel, sulphur and power. The pre-feasibility study includes plant scale and technology, more detailed financial analysis, preliminary designs, carbon dioxide
management options and water and energy balances.
GLX’s other Syngas tenement covers 143 sq km and is located south east of Adelaide within the Murray Basin. It covers the Moorlands coal deposit where previous drilling has outlined a potential 32 million tonnes. The company also holds rights to earn interests in four gas projects in the Gulf of Mexico.
GulfX Limited GLX Thursday, 31 July 2008
Early drill results encouraging for coal gasification project
Recommendation Speculative Buy
Overview
GLX is currently progressing a pre-feasibility study on its Syngas Project which aims to use commercially proven coal gasification and associated technologies to produce 30,000 barrels per day of low-sulphur high quality automotive diesel, as well as 120,000 tonnes per annum of sulphur for sale in the industrial marketplace and 250 MW of power for supply into the national grid.
The company holds two granted tenements covering a total of
421 sq km within an approximate 140 km radius of Adelaide. The focus of current activity is on E3896 that covers 288 sq km and is located north of Port Wakefield and about 140 km north west of Adelaide.
E3896 contains known lignite deposits within the Northern St Vincent Basin. These deposits are Tertiary in age and were drilled in the 1970s during the time of the oil crisis.
GLX is currently conducting a PQ diamond drilling program of up to 37 holes on three separate areas: Clinton, Beaufort and Whitwarta. Previous drilling, consisting of 96 drill holes, had outlined measured, indicated and inferred resources (non JORC) totalling 1.4 billion tonnes for these three areas. The aim of the current program is to provide JORC compliant resource estimates and to determine coal properties and suitability for the coal gasification process.
Early drilling at the Clinton area encountered coal at depths of approximately 60 metres through to the coal seam base depths of approximately 90 metres from surface. Two main seams had been encountered, ranging from between 3 metres and 10 metres each, separated by sandstone, siltstone and mudstone.
Initial coal quality results completed by the company’s analytical services provider, HRL Technology, showed the coal from Clinton to have a calorific value (MJ/kg) of 10.4 which is approximately ten percent higher than reported from past work. In addition the samples showed significantly lower ash content (5%) and sulphur content (1.2%) than previously reported in South Australian government publications.
Coal gasification has been in commercial use globally for over 60 years with operating plants located in South Africa, Asia, Europe and North America. In 2005 a total of 390 plants were operational or at various stages of planning. Over five percent of these (20)are fed or will be fed lignite. Under the gasification process lignite is fed into a high pressure, high temperature reactor containing steam and a limited supply of oxygen where
partial not full combustion occurs. The resulting syngas is then cleaned of particulates,trace elements and sulphur. This process produces a premium diesel product, contributing to a reduction in carbon dioxide emissions.
GLX envisages that 95% of the project revenue would accrue from the production of premium diesel. Production costs of between US$35 to US$45 per barrel are expected compared to the long term USGS crude oil price of US$54 per barrel. In addition premium diesel receives a US$5 to US$10 higher price per barrel than crude oil.
The project area is well served by sealed roads, rail and ports. Early scoping work together with the recognition of recent material and labour costs escalations indicates a capital cost for the Syngas Project in the order of A$1.5 to A$2 billion dollars.
Prior to the end of 2008 the company is seeking to have conditional offtake agreements in place for premium diesel, sulphur and power. The pre-feasibility study includes plant scale and technology, more detailed financial analysis, preliminary designs, carbon dioxide
management options and water and energy balances.
GLX’s other Syngas tenement covers 143 sq km and is located south east of Adelaide within the Murray Basin. It covers the Moorlands coal deposit where previous drilling has outlined a potential 32 million tonnes. The company also holds rights to earn interests in four gas projects in the Gulf of Mexico.
I guess I am holding for the long term now Trying to think optimistically in this world of doom.
With GLX close distance to Roxby Downs and BHP huge expansion plans there, it may look like a nice little investment for BHP to get involved with.
Then when the smoke clears in a couple of years, BHP/ GLX have a nice little business going for one another.
Anyone interested in discussing this?
With GLX close distance to Roxby Downs and BHP huge expansion plans there, it may look like a nice little investment for BHP to get involved with.
Then when the smoke clears in a couple of years, BHP/ GLX have a nice little business going for one another.
Anyone interested in discussing this?
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Trying to think optimistically in this world of doom.
With GLX close distance to Roxby Downs and BHP huge expansion plans there, it may look like a nice little investment for BHP to get involved with.
Then when the smoke clears in a couple of years, BHP/ GLX have a nice little business going for one another.
Anyone interested in discussing this?
Hi Gspot - I reckon GLX should have a nice little business going no matter what - with oil back down to US$58 a barrel it looks a bit less attratactive, but we don't expect it to stay there do we? the business case was developed on a long term figure of about $50 a barrel so still worthwhile.
If GLX can tie up Roxby Downs for diesel and power that's all for the good. I'm looking at the options as a potential money spinner - 13 months to run, PFS and BFS both due within that time frame...
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Anymore discussion on this after it changed name to SYS? I havent seen one .... but thought it's worthwhile to discuss more about this share!
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Gulf X (GLX) is now known as Syngas Limited (SYS).
For further discussion of this company please visit the SYS thread: https://www.aussiestockforums.com/forums/showthread.php?t=13563
This thread has now been closed.
For further discussion of this company please visit the SYS thread: https://www.aussiestockforums.com/forums/showthread.php?t=13563
This thread has now been closed.
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