I sold out yesterday as well at 94 cents. It might run a little bit more over the next couple of days or there might be downward pressure caused by people's perceptions about the imminent sell-off on Friday. All of those shares will be in 100% profit and most people will sell for the quick money. After the bottom has been reached early next week I will be loading up and holding for the long term.
MEL - Metgasco Limited
- Thread starter pussycat2005
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Agreed, but....
Has anyone considered that we have not heard further info on KF well because they are saving it for when SPP allocations start trading.
I'm going to take the punt that we will see a really positive announcement to coincide with the first day of trading.
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I concur with you.
Looking through MEL's reports.
"Previously unknown mid-basin high has been identified by Metgasco.
Large number of leads & prospects identified with upside drilling potential of 5 TCF.
Now commencing consolidated Prospects & Leads program for PEL's 16, 13, 426
Convential gas complements CSG field economics"
----------------------
Orara E1 & Wyan E1 - no water after drilling
Kingfisher - no obvious water bearing sands. "Further gas zones are likely to be present at greater depth given evidence of gas at the base of the well."
Riflebird-E14 - "A gas water contact was not observed by RB14 indicating the potential for further gas below 1269 metres."
Corella - 70 bpd of water.
So Where's the water & what's further below........
Any oil & gas expert willing to interpret the above.
Looks very promising from the report & from my pretty ordinary opinion.
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I too was tempted to take the profits yesterday, but I'm sure as soon as I'd sell to wait for the SPP to hit the market, the announcement quantifying the find from last week would hit and I'd miss out on the next big jump.
So in my case I've decided to hold and wait it out, especially now that we are 8 days after the announcement that "The company will review the current resource estimate for the Kingfisher field in the coming week and expects that this will significantly increase"
So in my case I've decided to hold and wait it out, especially now that we are 8 days after the announcement that "The company will review the current resource estimate for the Kingfisher field in the coming week and expects that this will significantly increase"
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Many will today as a last chance buying opportunity. I wouldn't be suprised to see MEL holding up quite well today. There will be the fear in peoples minds that they have to beat the announcement.
I'm certain to be proved wrong now I have said this.
I'm certain to be proved wrong now I have said this.
Pivotonian
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Gutsy move, to buy in the day before the SPP shares come online ...
I still have a few MEL shares and therefore exposure to the upside (although not as much as I would like), so I'm thinking I might wait it out until Friday ...
Announcement is out... P90 and P50 (conservative and mid) estimates have just about doubled for KF and P10 (optimistic) estimates have quadrapled =D
P90 (12bcf) -> (24bcf)
P50 (37bcf) -> (77bcf)
P10 (70bcf) -> (284bcf)
I have no idea what the market previously factored in though.
P90 (12bcf) -> (24bcf)
P50 (37bcf) -> (77bcf)
P10 (70bcf) -> (284bcf)
I have no idea what the market previously factored in though.
Yes it's been oversubscribed 44%. The way I see it, it will be scaled back by:
Amount allocated = amount applied for /1.44
Pivotonian
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... yet the SP is down ~2.5%, along with the rest of the market.
No change to my position - sit tight in anticipation of some serious profit taking on Friday.
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Re: MEL SPP - got my shares alloted and available to trade about 12pm today on e-trade. Applied for 22,222 shares ($10k) but got 15,446 shares.
SP hasn't been hit hard given the allotment, currently down 4.5c to 73.5c.
SP hasn't been hit hard given the allotment, currently down 4.5c to 73.5c.
Pivotonian
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Hang on, they're not supposed to be available for trade until tomorrow. You can trade them today?
Can anyone else already trade their allotment?
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I always thought allotment was 10 Dec (today - this was stated in the last announcment), they appear as part of my portfolio, and although I haven't traded them, they are available for trade.
I am with Bell direct and my SPP shares showed up at about noonish as well. Quite surprising as I normally have to fill in a form to get SPP allocations changed from being issuer sponsored shares to broker sponsored ones. That might explain the increased sell pressure this afternoon.
Allocations got scaled back by 1/1.44 as mentioned before.
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F*** you ASI!
Australian Small-cap Investigator is the newsletter that recommended this back in September. They are associated with Diggers & Drillers and the Daily Reckoning.
They covered this stock for 12 weeks saying how great it was and then issued newsletter last week saying put a trailing stop on at 73c. Well guess what, today it got triggered.
So what do we do now? Hold on while it gets dumped tomorrow? Or just post every single newsletter of theirs on here (it is paid subscription) until my sub runs out?
Australian Small-cap Investigator is the newsletter that recommended this back in September. They are associated with Diggers & Drillers and the Daily Reckoning.
They covered this stock for 12 weeks saying how great it was and then issued newsletter last week saying put a trailing stop on at 73c. Well guess what, today it got triggered.
So what do we do now? Hold on while it gets dumped tomorrow? Or just post every single newsletter of theirs on here (it is paid subscription) until my sub runs out?
Pivotonian
really really good looking
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F*** you ASI!
Australian Small-cap Investigator is the newsletter that recommended this back in September. They are associated with Diggers & Drillers and the Daily Reckoning.
They covered this stock for 12 weeks saying how great it was and then issued newsletter last week saying put a trailing stop on at 73c. Well guess what, today it got triggered.
So what do we do now? Hold on while it gets dumped tomorrow? Or just post every single newsletter of theirs on here (it is paid subscription) until my sub runs out?
Yeah, I saw that too. Could be further downside for MEL tomorrow.
Do you think its strange that they'd set the trailing stop so high when there's a predictable and temporary reason for strong selling pressure?
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I think it strange that through Daily Reckoning, Port Phillip Publishing write bearish articles criticizing the ethics of the Bernancke, yet also publish ASI
Coming from the archbiships of morality hey...
Coming from the archbiships of morality hey...
