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MMR - MEC Resources

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Hi Lycon,

I reckon Agent makes a good point. Any capital raising at this time will put a clamp on BPH until at least the end of the month. Once that lifts, then it is a matter of whether they can attract punters. While many shall already be set in MMR, I'm sure that a cheap entry could get BPH moving in Sept.

Remember that MMR is a Pooled Development Fund. As such, profits are tax-free for many investors (so I am told) and this makes MMR very attractive as well.

BUY might also be another stock that runs a little later on (especially if BPH starts to move) but I'm not so sure that it is as loved as MMR. BPH might be a stronger candidate here.

From a psychological perspective, currently MMR is within 15% or so of its annual high on PEP 11 news to date. BPH is only 50% to its previous peaks. BPH can get very good leverege on smaller gains (ie. 8c SP compared to mid 60cs for MMR). Clearly punters have been prepared to pay near 16c before on PEP 11 news, so this is still a chance (or even higher) providing that BPH can start to gain momentum in early-mid September. Ultimately, that is the question.


I can see why, at 8c range, AgentM would see BPH as a worthwhile punt. All the very best with your investments.


Disc: Holding MMR at 38c.
Not holding BPH (as present). Not holding BUY.
 
ann out today, re location confirmed for first well to be drilled at PEP11

to be called the New Seaclem 1 well (TD @ 826m)

and targeting the already discussed Great White and Marlin prospects

late Oct still intended drilling date
 
G'day MMRers.

I'm totally out early this week.

Given the uncertainty (at present) over the Federal Gov't, the remaining risk of small protests, the wait for final drilling approval, I can't see the reason to stay in MMR at present.
The SP has hovered between the mid-50s and mid-60s for 2-3 weeks now. Until drilling approval is announced and the rig moves on to site, I suspect that the SP will remain within this range.

The article below is an example of some concerns in the public arena.

http://news.smh.com.au/breaking-news-national/ban-nsw-offshore-gas-drilling-greens-20100830-1451b.html

Ban NSW offshore gas drilling: Greens

August 30, 2010 - 2:34PM .AAP


Greens Senate candidate Lee Rhiannon has called on the federal government to reject an application for exploratory gas drilling off the NSW coast, insisting it will endanger the marine environment.

Perth-based Advent Energy has announced to the Australian Stock Exchange that in October it will begin exploratory drilling in waters 55 kilometres east of Newcastle.

Advent has begun towing an oil rig from Victoria to help unlock the massive Sydney basin gas reserves, which the company says have the potential to match the Bass Strait fields.

The gas explorer has yet to gain federal approval for the exploratory drill - but says it is confident it will get the all clear when it has lodged its final application in coming weeks.

Ms Rhiannon, who is expected to win the final NSW Senate spot when counting is completed, has called on federal Environment Minister Peter Garrett to block any application by Advent.

"Protecting tourism and the natural marine environment should be the priority of the Federal Minister for the Environment Peter Garrett, not lining the pockets of mining companies," she said in a statement.

There is plentiful evidence on the table already about the impact of drilling on whale migration, marine life and the potential pollution of our ocean and beaches."

The Advent project has provoked widespread opposition in the Hunter and central coast areas, and became a political football locally during the recent federal election campaign.

A spokesman for Mr Garrett confirmed Advent Energy had no environmental approval for the drilling, and said the company had recently withdrawn its application.

Advent executive director David Breeze said the company was "not aware of any issue with the application process", and would lodge its final application in "due course".

"Advent has been in regular consultation with the relevant government bodies concerning its intent to drill offshore, is pleased with progress of the formal application process, and intends fulfilling any additional information and requirements in due course as it prepares for the arrival of the rig and completes its final preparation for drilling later in the year," he said in a statement.

"It fully intends lodging its final and completed application ahead of drilling activity. It does not envisage any delays or constraints in completing this application process."

As many investors can receive tax free profits from MMR (so I am told as MMR is a Pooled Develop Fund), I shall wait until the final approval and rig move in. If I miss 10c in the rush, so be it. Profits are tax free so that is a bonus. If MMR is delayed, then my cash is safe.

Happy to watch and wait (although some funds have been put into SUR on dips).


Bought MMR at 38c, sold at 62c ave. 60% profit :)
 
Hi
I've held MMR for over a year now. So when I sell do they send me
some paper work stating that I don't have to pay any taxes on the
profits?
Or how does that work regarding with the A.T.O.
Thanks guys.
 
nevieboy said:
I've held MMR for over a year now. So when I sell do they send me some paper work stating that I don't have to pay any taxes on the profits? Or how does that work regarding with the A.T.O.
Thanks guys.
Click to expand...

Your accountant will take care of that I imagine nevieboy. 12 months is immaterial as pdf applies to gains, period, not necessarily the normal 12 months as far as I understand.

As for earlier concerns about approvals and hysterical politicians, ffffft, just noise as most people will support, espec federal and state govts.

I would focus on when Ocean Patriot becomes available. MMR are still saying mid Oct, so let's say late Oct/early Nov we should have news about that.

This stock could run again early Oct and I would not sell in the meantime DYOR. Media reporting will become more meaningful (read as sensibe, +ve) leading up to Ocean Patriot being towed into place.

Hold on to your hats and your shares IMO.
 
Hi All,

It looks like MMR has been out of favour recently with more share diluting and concerns by local protests, as we speak, it has retreated back to the low 50c. IT would be interesting to see how far it retreats, as i am considering reentering into MMR in the near future. Interesting times are ahead....
 
wtang89 said:
Hi All,

It looks like MMR has been out of favour recently with more share diluting and concerns by local protests, as we speak, it has retreated back to the low 50c. IT would be interesting to see how far it retreats, as i am considering reentering into MMR in the near future. Interesting times are ahead....
Click to expand...

Back up to 57c close today wtang89- recent +ve media coverage lately more than compensating for impatient sellers. Newcastle is coming on board and good to see recent presos from BUY and MMR this week saying December drill.

Expect more approvals, noise and media coverage leading up to Ocean Patriot being towed into place in December. Smooth sailing.

MMR - emerging east coast, offshore superstar :)
 
story in the economic times (indian newspaper) that ONGC is in formal discussions for a 25% stake in advent for $1B has been dismissed as incorrect
 
happytown said:
story in the economic times (indian newspaper) that ONGC is in formal discussions for a 25% stake in advent for $1B has been dismissed as incorrect
Click to expand...

True, $1B at this stage would be nice but always unlikely. Spoke with company today about it and when quizzed as to any truth at all in the story, response was guarded which is fair enough.

Manager was more forthright on EPBC clock is ticking and upbeat on that approval coming through soon. Also confident about Ocean Patriot coming up to PEP 11 in December.

Cannot expect the SP to hang around these levels for much longer IMO.

MMR - emerging east coast, offshore Superstar :)
 
back in a trading halt again, this time in relation to an article from dow jones

this from the business spectator, http://www.businessspectator.com.au...India-media-report-AU76K?opendocument&src=rss

the last 3 paragraphs:

...

Indian gas firm GAIL (India) is in talks with Advent to buy a stake in the company, its head said.

"The talks are at a premature stage," BC Tripathi told reporters.

He declined to comment on whether the company was looking to buy stake in Advent as part of the consortium of Indian energy firms.
Click to expand...
 
the indian interest in advent appears to be playing out as follows:

the economic times of india reported that a consortium of indian co's led by Oil and Natural Gas Corp (ONGC) and incl Oil India and Gail India is in talks to buy a 25 percent stake in advent for about $1B - see for eg "ONGC consortium eyes 25 pct stake in Advent for $1 bln - paper", Reuters, 03/11/10; an unnamed executive in the consortium is reported as saying, "We are looking at acquiring a minority stake in E&P (expl and prod) company Advent Energy.", see for eg "Indian oil group adds Australia to target list", Reuters, 03/11/10

MMR, BPH and GBA put out asx anns stating that the indian media reports of formal discussions was incorrect - see for eg "Advent Energy co-owners deny India media report", Reuters, 03/11/10

further reports indicated that Gail (India), descibed as an Indian state gas firm is in early stage talks to acquire a stake in Advent, although whether as part of the afore-mentioned consortium is not known, see for eg "GAIL in talks to buy Advent - exec", Reuters, 03/11/10

ONGC has just been named Asia's top O&G expl and prod co, beating China's CNOOC to the no 1 position - see for eg "ONGC becomes Asia'a No 1 oil and gas exploration and production firm", Indian Express, 03/11/10

trading halts currently all round for MMR, BPH and GBA
 
ann out at 7.26 pm last night, confirms that GAIL (India) are indeed in early discussions with advent to take an equity stake in advent

if the figures being discussed (25% for $1B) are legit, it values advent at $4B

current holdings in advent are MMR (51.14%), BPH (19.06%), GBA (8.75%)

based on the figures being mentioned in the media, the value of the current holdings would be MMR ($2.045B), BPH ($762M), GBA ($350M)

current fully diluted mc's of MMR (approx $138M), BPH (approx $36M)
 
bph, gba and mmr all moving up

talk of indian interest in equity stakes at values of 25% of advent at $1B

ann out on 09/11 indicating that rig should have completed its duties down south by nov 29

still awaiting stautory approvals
 
happytown said:
and regulatory approval from nsw dept industry and investment for drilling at pep11 granted for the seaclem1 well
Click to expand...

We've got lift off!

EPBC approval imminent, followed by Ocean Patriot to be towed 55 kms off Newcastle early December with the media attention this will draw. This puppy is going off and then we have Advent j/v news to follow.

Stock is fairly tight and in the past few weeks has reminded LT holders how it might perform when above news is announced. Still time to get a piece before the spud, take enough profits to free carry and hope the December drill is at least promising.

MMR - offshore east coast superstar whose time looks to have finally come.

Best of luck all holders :)
 
Bammers said:
Eagerly watching this one.... shot up 20% pretty much today... happy days :)
Click to expand...

And still consolidating around that level of $1.09 at the close today. Staggered at the little interest on this forum.

Anyway, spoke with MMR management today and David Breeze did visit Canberra last week to chase up the one remaining environment approval being EPBC from Federal Environment. They expect to receive this week, which shouldn't surprise as they have the more rigorous NSW govt approval, but dare say it will and the media will go to town. Love it :)

This may also trigger anno on the book build process which apparently is conditional upon EPBC approval. Again MMR managment expect this will be released soon, as per their recent anns. The Ocean Patriot drill rig is expected to be towed from Bass Strait 8th December and the tug from Singapore is patiently alongside. Spud in mid December.

Anyone's guess what these events and accompanying media attention will do to this reasonably well held stock. Take your pick on when to sell some, likely north of $1.50 and possibly up to $2.00 during drill depending on finance news. This has been my standout stock for a while and hope there are a few of you on board.

MMR - emerging east coast offshore superstar with potential gas reserves to exceed Bass Strait :) :)
 
Donga said:
And still consolidating around that level of $1.09 at the close today. Staggered at the little interest on this forum.

Anyway, spoke with MMR management today and David Breeze did visit Canberra last week to chase up the one remaining environment approval being EPBC from Federal Environment. They expect to receive this week, which shouldn't surprise as they have the more rigorous NSW govt approval, but dare say it will and the media will go to town. Love it :)

This may also trigger anno on the book build process which apparently is conditional upon EPBC approval. Again MMR managment expect this will be released soon, as per their recent anns. The Ocean Patriot drill rig is expected to be towed from Bass Strait 8th December and the tug from Singapore is patiently alongside. Spud in mid December.

Anyone's guess what these events and accompanying media attention will do to this reasonably well held stock. Take your pick on when to sell some, likely north of $1.50 and possibly up to $2.00 during drill depending on finance news. This has been my standout stock for a while and hope there are a few of you on board.

MMR - emerging east coast offshore superstar with potential gas reserves to exceed Bass Strait :) :)
Click to expand...

The final approval will hoepfully give MMR a boost. I've been following MMR for the past year and half and posted valuations on MMR back in August 09 on this thread. The parameters have change so I might update it once I find some time.

Bought this as a BESB play. Currently free carried and looking to de-risk a bit more before spud.
 
sleeper88 said:
The final approval will hoepfully give MMR a boost. I've been following MMR for the past year and half and posted valuations on MMR back in August 09 on this thread. The parameters have change so I might update it once I find some time.

Bought this as a BESB play. Currently free carried and looking to de-risk a bit more before spud.
Click to expand...

Am in much the same position and still confident there's a lot of head room yet between now and Christmas for this wild child to run hard. Apart from making money, love the project for what it represents.
 
Down close to 17% and has a bit of weight behind it.

any thoughts on why? profit taking maybe , but this is a little drastic.
 
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