MEL - Metgasco Limited

[Dangerous]

So hence why I have a truckload and am not fussed about movements here or there but rather waiting for the takeover

Looking good isn't it....

Like i said yesterday, we want to get past 70c.

I am enjoying sitting on a stock that doesn't worry me

 

[kingbrown]

Have been chasing this critter since last thursday and she's hit turbo today
Guess its all the hoo haa! about SANTOS noticed ESG did well also

Ahh well waiting for a re-trace tomorrow ??

I did get in on the re-trace yesty Dukey
he he !

Must have been asleep to miss this one before hand

Go the METGAS EXPRESS !!

Note: ESG also touched 96 today

 

[bonkerrs]

My first post of a chart and first draw of a triangle.

Just at the very start of my learning curve. Any comments or advice on better chart skills would be appreciated.

 

[kingbrown]

BG GROUP is on the cusp of signing up the first customer for LNG from coal-seam gas, in a sign that demand for the fuel is weathering the oil-price slump.


The British company yesterday revealed an agreement that would allow China National Oil Corporation to buy half the gas from BG's Gladstone project and take equity in it.

Under the offtake agreement - which has yet to be finalised - the Chinese Government-owned company would buy 3.6 million tonnes a year of LNG for 20 years. It would also take a 10 per cent stake in the LNG processing units and buy 5 per cent of BG's gas interests in the area.

BG would not say how much the Chinese company was willing to pay, but a spokesman said the deal would represent a "meaningful premium" to the upstream acquisition costs in its takeover of Queensland Gas.

BG paid $5.5 billion for Queensland Gas last year and $1 billion for Pure Energy this year.

BG's chief executive, Frank Chapman, said the agreement was an "important milestone" for the company's plans to export 7.4 million tonnes of the gas from Gladstone from 2014.

The deal has not yet gained regulatory approval, but it is not expected to face the hurdles that have dogged other Chinese-Government investment plans.

Analysts said the agreement was good news for the three other LNG projects in the region involving Origin Energy, Santos and Arrow Energy and their overseas partners.

After a 70 per cent slump in oil prices, analysts had warned of delays to the projects because buyers would be driving a hard bargain in sales negotiations.

Sceptics have also argued the $20 billion takeover frenzy in coal-seam gas in recent years was a bubble waiting to burst.

An analyst at Wilson HTM, John Young, said the strong demand and the buyers's willingness to take an equity position in LNG projects were positive for the rival projects.

"It's just another sign that this industry's going to develop," Mr Young said.

http://business.smh.com.au/business/bg-deal-fuels-hopes-for-gas-project-20090513-b3d5.html

I also noted usa energy guru Pickens saying oil $70 befire $50
$75 to $80 a barrell by xmas
All good for our little gasers imo

 

[Sean K]

There's some Hot Cockerish expressions creaping in here. Please be calm, reasonable, and try not to toot toot. Thanks!


Anyone think that this sector is bubblish? I'm taking advantage of it, but cautious.


Chart wise, nice break up, but the overall market looks toppish. Nothing likely to be saved on the next leg down if it is swift. Be prepared to trade, or watch paper disappear...

 

[Mc Gusto]

Well i like the look of these MEL's! So i hopped on today at 62cents. Thank you all for your comments and analysis. This has been quite a useful thread.

Thanks

Gusto

 

[YOUNG_TRADER]

There's some Hot Cockerish expressions creaping in here. Please be calm, reasonable, and try not to toot toot. Thanks!


Anyone think that this sector is bubblish? I'm taking advantage of it, but cautious.


Chart wise, nice break up, but the overall market looks toppish. Nothing likely to be saved on the next leg down if it is swift. Be prepared to trade, or watch paper disappear...

Hey Kennas, cockerish hey? lol

Agree completely if the mkt tanks everything will also get hurt, but some less than others and some will just present an excellent buying opportunity, for exampl take a look at PES Pure Energy's chart during the height of the GFC Crash, didn't stop BG paying over $8's for it and thats the key as far as I'm concerned, bubble or not there has been too many acquisitons in this sector for it to just go stone cold and MEL is the cheapest takeover play out there on an EV basis, its an anomoly that has to be fixed by either every other CSG stock coming way down and the companies who have been taking others over saying whoops we've been paying far too much or by MEL rising, I obviously hope for the latter

ps toot toot :

 

[Sean K]

Hey Kennas, cockerish hey? lol

....

ps toot toot :

LOL, LN,

Yes, I agree the sector is looking good and this is undervalued on peer to peer as has been discussed. Thus, I have my granny's heart stones on it.

I also agree, the next leg down will present a good buying opportunity in those stocks oversold in oversold sectors. Cripes! Look at the entire junior resource sector the past 4 months. 100-500% gains. If we fall over a cliff again, then we may well see that opportunity again. Toot toot! lol

 

[Largesse]

someone needs to step in and keep this from closing under 60 today.
need the weekly to close above 60c

 

[johannlo]

I wouldn't be too worried about it in the v short term. Look at the market depth. Tonnes of buyers just under 60 and ---- all sellers so it should push back up to low-mid 60s over next few trading days.

Buyers
Number Quantity Price
3 111,465 59
5 113,257 58
3 105,000 57.5
3 15,252 57
2 63,270 56
1 30,000 55.5
8 132,968 55
1 25,000 53
2 13,846 52
1 50,000 51.5
3 76,000 51
3 47,737 50.5
5 52,893 50
1 7,500 49
4 62,500 48
1 10,000 47
3 25,500 46
3 20,600 45
1 16,000 44
1 9,000 43


Sellers

Price Quantity Number
59.5 7,294 1
60 30,000 1
61 22,875 2
62 85,000 5
63.5 5,000 1
64 5,000 1
64.5 19,985 1
65 33,900 3
65.5 8,300 1
66 35,660 3
67 37,938 2
67.5 28,965 2
68 24,646 2
68.5 52,730 3
69 40,212 4
69.5 139,860 4
70 85,652 4
70.5 30,000 1
71.5 27,000 1
73 12,800 2

 

[YOUNG_TRADER]

Like I said I'm not really paying too close attention to the movement, just waiting for eventual takeover but this looked like a treeshaking exercise to me

The way that the big sell in the morning which was done to break support

 

[johannlo]

Sorry youngtrader what do you mean by the sell was done to break support?

As in someone sold to intentionally bring the price down? So they're doing this to benefit the takeover (ie so it can be done at a lower SP?)

 

[YOUNG_TRADER]

Sorry youngtrader what do you mean by the sell was done to break support?

As in someone sold to intentionally bring the price down? So they're doing this to benefit the takeover (ie so it can be done at a lower SP?)

Draw your own conclusions, but its just like someone wanted to bring the SP down hence the big whack instead of drip feeding it into the depth, had they not whacked it 60c would have easily held today as it did yesterday, maybe I'm just being paranoid

Draw what conclusions you will

Reserves are there, Cheapest CSG play on the ASX and with the spate of takeovers and deals being done its only a matter of time imo

 

[studmuffin]

Whipsaws are quite common around s/r lines often intentionaly to flush out weak hands. My stops got hit on this one but due to the fact it went back above 60 so quick I figured it was juts a gap fill and got got back in.

 

[Mactavish]

I got out at 0.64 on open, looking to get back in soon. hopefully low 50's, c'mon retrace!!!, not bad profit for holding 2/3 weeks, got in at 0.465

 

[Datsun Disguise]

I got out at 0.64 on open, looking to get back in soon. hopefully low 50's, c'mon retrace!!!, not bad profit for holding 2/3 weeks, got in at 0.465

you can take your retrace hopes and file them in missed opportunities basket - perhaps I'll sell my parcel back to you at 97c after you realise you've missed the boat............

(I hold - faithfully)

 

[CapnBirdseye]

you can take your retrace hopes and file them in missed opportunities basket - perhaps I'll sell my parcel back to you at 97c after you realise you've missed the boat............

(I hold - faithfully)

Hmmm, got stopped out on Friday on the little spike down. Hoping for a re-entry chance, maybe if the overall market takes a battering for a day or 2 next week there could be an opportunity. Only time will tell if my stop was a good thing or not. Anythig could happen short term, but I do believe MEL is a good opportunity in the longer term. Still made +30% so a profit is a profit.

 

[Nero64]

you can take your retrace hopes and file them in missed opportunities basket - perhaps I'll sell my parcel back to you at 97c after you realise you've missed the boat...........

I like your optimism, but the price of oil fell $2 or so on Friday which may put some pressure on the Oil and Gas sector at large.

 

[Datsun Disguise]

Nothing like optimism to get you into all sorts of strife. Do I really know what is going to happen re MEL? No. I am hoping for a steady appreciation, with a few bounces of the 60c support line to turn what was the resistance into support. My view on the chart is that it has got breakout written all over it. Anyway, as the capn' says if the market tanks then anything could happen and I'll have to eat my words - again. I'm not concerned about the poo - short term fluctuations shouldn't impact too much, a drop of $10over time might be a problem, but I think that oil is going to start heading back up over the next qtr - and god help us when global growth starts to appear again.... The story with MEL is not about energy prices but more about an undervaluing of it's assets which should be corrected in time. (Before next Wednesday would be good).

 

[Sean K]

I'm still a big believer in strong fundamentals, backed by chart support.

Why buy a stock heading completely and absolutely south that is crap?

Buy a stock with good funnies, that is not going down, maybe bottomed, possibly heading up, and kazam!!!

It's not that hard, really....

Add a stop.