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MEE - Metex Resources

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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?
 
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.
 
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.
 

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).
 
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.
 
Should be an announcement in the next few days about them raising funds for their new big development... keep your eyes open.
 
" 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. "
 
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.
 
I see MEE on opes hit list with a 13.187% holding for anz. Anyone able to comment on where those shares are at?
 
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.
 
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).
 
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?
 
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
 
Huge volume today... any ideas why? A couple of very big trades and not much left on the sell side of things.
 
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...
 
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...
 
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?
 
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.
 
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.
Click to expand...

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