MEL - Metgasco Limited
- Thread starter pussycat2005
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And here's me sitting with 300,000 extra units. Doh.
Ok, maybe not. But its a pretty poor show really getting a price sensitive announcement so wrong.
30,000 scf/day. Not too impressive really. Hope it improves 10 fold with dewatering.
johannlo
wintermute000
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Market thinks its a poor showing too.... what a hammering.
I've been v bad with my CSG picks instead of looking at reserves maybe should have focued on other things (location, infrastructure, management, ease of extraction etc.) as out of MEL, WCL, ESG and BOW guess which two I picked... who would know the ones with the biggest upside would be languishing whilst ESG and BOW power on.
Still who knows whats ahead in the medium-long term. The gas is still in the ground...
I've been v bad with my CSG picks instead of looking at reserves maybe should have focued on other things (location, infrastructure, management, ease of extraction etc.) as out of MEL, WCL, ESG and BOW guess which two I picked... who would know the ones with the biggest upside would be languishing whilst ESG and BOW power on.
Still who knows whats ahead in the medium-long term. The gas is still in the ground...
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Planned Forward Work Program Next Quarter
• Drilling of Kingfisher-E1 conventional well;
"Conventional exploration program commenced with Metgasco’s first deep conventional well – Kingfisher-E1 is to be drilled next quarter. Original gas in place (OGIP) in the Kingfisher field is interpreted to be 82 Bcf (PMean) and 831 Bcf (P10)."
82-831 BCF at 66c/BCF = $55m-$550m = 30c to $3 a share MEL
So its clear to see that MEL's first deep conventional well could be a company changer!
•Preparation for the drilling of the new generation coal seam gas pilot wells;
•Preparation for reserve development drilling to further expand the Company’s reserve base; and
•Continued progress on approvals for Lions Way Pipeline and Richmond Valley Power Station.
This is what I believe will put us on the takeover radar for Qld LNG operators
• Drilling of Kingfisher-E1 conventional well;
"Conventional exploration program commenced with Metgasco’s first deep conventional well – Kingfisher-E1 is to be drilled next quarter. Original gas in place (OGIP) in the Kingfisher field is interpreted to be 82 Bcf (PMean) and 831 Bcf (P10)."
82-831 BCF at 66c/BCF = $55m-$550m = 30c to $3 a share MEL
So its clear to see that MEL's first deep conventional well could be a company changer!
•Preparation for the drilling of the new generation coal seam gas pilot wells;
•Preparation for reserve development drilling to further expand the Company’s reserve base; and
•Continued progress on approvals for Lions Way Pipeline and Richmond Valley Power Station.
This is what I believe will put us on the takeover radar for Qld LNG operators
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My guess is that the slow flow of information of late has led to a slow fall in SP. This has taken the SP below a technical level of about 0.445 (no chart, from memory).
This most likely triggered a good few stops and caused the blip down to 0.41.
Just my take on today's price action.
This most likely triggered a good few stops and caused the blip down to 0.41.
Just my take on today's price action.
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MEL and WCL have received nothing favourable from this market rally. Just hope it holds when/if the correction begins...
Sean K
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Yes, interesting move. Nice change of direction, for the very short term. Lets hope she can follow through.
Attachments
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Kennas does the large-ish volume of yesterday and today add credibility to the change of direction from the downtrend? Without a few more days of large-ish volume would it be premature to call a trend reversal? It was a substantial rise yesterday of nearly 14%. Today seems to be holding well and again has comparatively substantial volume. I'm a nooob at charts so any help much appreciated
Cheers
ps. nice photos from Mexico, was there last December, loved it ! Haha did you have a night out at the blue parrot? Brings back memories of a funny night out there for me!
Sean K
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Yes, large volume should accompany a breakout. No follow through yesterday but not too bad. MEL has had the tendancy to spike and back off rather quickly as is clear on the chart. Just want to see some higher lows and highs now confirm a change of direction.
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Volume spike (highest daily volume on record already, 4.6m units traded today so far) and approx 30% sp lift. No announcement other than Kingfisher update and Fin report today whi9ch didn't expand on anything already known.
Any ideas? Happy to be holding.
Any ideas? Happy to be holding.
skc
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Was just about to ask the same question. The spike 3/4 days ago was the leak, and now it's spreading.
With price moves like this it has to be takeover or some huge find...
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I sold out at 12pm to finance another trade. Bugger. Not a happy Capn I can tell ya. Oh well, well done to the rest of ya.
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apparently features in this mornings ASCI ( Australian Small Cap Investigator) newsletter.
They featured VMG recently and it surged for the day, then fell back, but has since climbed over the one day surge.
I believe this newsletter has many subscribers and a good hit rate
( no affiliation, not a subscriber)
I hold MEL and VMG, so lets just say I am pleased
They featured VMG recently and it surged for the day, then fell back, but has since climbed over the one day surge.
I believe this newsletter has many subscribers and a good hit rate
( no affiliation, not a subscriber)
I hold MEL and VMG, so lets just say I am pleased
skc
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That would suk big time. But **** happens. I almost hit sell yesterday. I will probably sell half by this afternoon and wait for a retracement.
The Bull.com is a very popular website amongst traders and they have talked it up pretty well. It could be the article mentioned previously by awg but displayed on the Bull. Definately has to be the reason for the spike.
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been a long time coming
almost lost faith in it, well not lost faith just was getting bored
glad I stuck around
volume frenzy surely is due to more than just some newsletter?
almost lost faith in it, well not lost faith just was getting bored
glad I stuck around
volume frenzy surely is due to more than just some newsletter?
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The buyers just keep taking out the ask, even when a spread opens, so someone wants them...............
