GLX - Gulf X

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

Agree unit, should be seeing some nice gains shortly.

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

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

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

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

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


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

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

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

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

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

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

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

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

Congratulations FAROUT!

What an amazing day:-

LNC - Hit an all time high of $4.17

MEE - Hit an all time high of .93c

CXY - Hit an all time high of .245c

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

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

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

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

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

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

springhill said:

Took up a position in GLX today

Click to expand...

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

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

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

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

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

i'm running out of money lol

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

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

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

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

Redback and Pimping,

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

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

thanks

prawn

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

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

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

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

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

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

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