Rob
The initial announcement attracted a lot of interest mainly day - weekly traders etc.
With the lack of follow up announcements those traders got out for a profit and some at a loss i would venture.
Some shareholders who held prior to the announcement are now taking some profits and others are holding on. I am of the latter and will continue to hold and have also taken up the SP plan.
Try and show some patience here Rob or just get out. You don't identify a massive resource and start producing it overnight. They need to continue drilling etc and with Christmas in the mix no one is going to be doing much of anything unless you would prefer they just keep announcing every resource increase no matter how small?
Be patient and you will be rewarded imo.
He thinks that MEL is quite undervalued considering its current reserves and potential. He had the company looked at by a pro adviser.
I Bought back in today at bargain lol.
Hi all,
I have not looked at the announcments closely, but am I right in saying it is odd that there were no announcment that Kingfisher testing had begun - only announcment when it was finished?
Anyway, announcment looks good but if this is conventional this is as strong as it will flow. Still, only 20% of hole perforated perhaps they can get a 6MMSCFd flow accross all the sands. That would be great and indicate a pretty big field.
My concern is land access on this one. I have been to fields in QLD, SA and NT and none of the fields coexist with good grazing land such as that on MEL tenements (drove down and looked at their fields last year). Conversely, that is why a 6TJd well would be better than the CSG average of 1TJd.
Clearly on the $/2P metric MEL are undervalued. The mkt is aware of them given recent activity and places a significant discount on their reserves because they see commercialisation risks.
I am re-evaluating my outlook on this stock from a long term holder to short term profit taker. I've held for 2 years only to see the day traders jump all over each time and rape the s.hit out of it time and time again.
I would say we will see a retrace back to mid 60's and then I will jump back in.
Wait for the next jump and sell out a % again.
I just saw the top headline in the australian:
"THE Australian sharemarket continued its sell-off from last Friday, falling 1 per cent amid fresh concerns about the Chinese economy and nervousness over the coming profit-reporting season"
and why do they sell-off?
f...king speculators. Making money on shares going down.
You know how I know?
because the chinese economy is actualy EXCELLENT. Beautiful and healthy. The lending curbs (aka banking reguslations have not effected manufacturing).
How do I know? because the Chinese manufacturing sector actualy rose in january.
So the moral of the story is: we are at the mercy of f...king speculators making money from shares going down.
These predatory speculators are destroying the markets. It's not only happening in Australia but in all major markets. They are driving perfectly good companies to extreme lows and making money in the process.
For example the MEL announcemnet today was great, but the New York specualtors have damaged global markets so much that as far as the stock markets are concerned these companies are becoming worthless.
Specualtors should be banned and the media in particualar should stop dramatising every little event/incident which occurs overseas. The problem is that the main speculators control most of the global media so they have a good relationship. For example: They published artticles about the financial problems of Greece 50 times. They will keep publishing it until the whole world starts shaking with fear and then the specualtors step in and go for the kill!
Metgasco and other like companies are very good companies and are unfortuantely the victims of these disgusting predators, that are riding the system which wasn't dsesigned to be abused in this way.
http://www.asx.com.au/data/shortsell.txt
This is the daily short report published by the asx. MEL is not a shortable stock and there are NO shares held short in MEL.
I didn't say MEL was being sold short. I said speculators in the markets dragging the entire markets down by short selling. Read the artcle I attached carefully, and that's what it says.
And outback, why the sarcasm??? World leaders are currently in negotations abaout regulating and reforming the markets. Why? because they have concluded that there are fundamental flaws there.
And trust me when I say, if you buy 100k shares and then and sell it again and again at slightly higher value, then you tend to drag shares down - you keep flooding market with cheap shares rather than holding on. Would you call that investing?
Oh so you never sell? Its supply and demand... If you buy 100k shares it'll send the prices a tiny bit higher. If you then sell your 100k then you'll send it a bit lower in an equilibrium. How can you sell it again and again?
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