MEL Metgasco (gas)

[donnie]

Mel has gone from 20c in march to 80c now, looks like it should rise even more over the next year.

LARGEST CERTIFIED GAS RESERVES IN NSW – 1.080TCF

Metgasco Limited (ASX: MEL) advises that it has received an independent certification of
significant volumes of gas its South Casino coal seam gas field. Possible (3P) reserves
have now been established at 1,080 BCF and probable (2P) reserves at 21BCF.
This result means that Metgasco now holds the largest independently certified gas reserves
in New South Wales.
The South Casino field has now demonstrated its potential to make a major contribution to
gas supplies to the east coast energy markets. The project is located approximately 70
kilometres south of the Gold Coast in one of the fastest growing energy markets in Australia.
The project is well located to supply energy to the increasing population of northern NSW as
well as Queensland and New South Wales energy markets.

http://sa.iguana2.com/cache/9767f7773c3634b846d3942c2b303038/ASX-MEL-402728.pdf

[shasta]

Mel has gone from 20c in march to 80c now, looks like it should rise even more over the next year.

LARGEST CERTIFIED GAS RESERVES IN NSW – 1.080TCF

Metgasco Limited (ASX: MEL) advises that it has received an independent certification of
significant volumes of gas its South Casino coal seam gas field. Possible (3P) reserves
have now been established at 1,080 BCF and probable (2P) reserves at 21BCF.
This result means that Metgasco now holds the largest independently certified gas reserves
in New South Wales.
The South Casino field has now demonstrated its potential to make a major contribution to
gas supplies to the east coast energy markets. The project is located approximately 70
kilometres south of the Gold Coast in one of the fastest growing energy markets in Australia.
The project is well located to supply energy to the increasing population of northern NSW as
well as Queensland and New South Wales energy markets.

http://sa.iguana2.com/cache/9767f7773c3634b846d3942c2b303038/ASX-MEL-402728.pdf

In light of the current CSG situation, MEL is another CSG company im keeping tabs on.

Has run from 85c to 99c already this month (current SP 96c)

Like ESG has NSW assets, but has QLD assets too...

Will post some more details later...

[Financially dependant]

I have put this one on my watch list, large 2P gas reserve with low share price compared to those areas that do have access to Gladstone LNG plant.
The announcement by QGC to build a pipeline may open up such areas to world prices?

Oil & gas weekly keep highlighting this stock.

Any thoughts?

[foodee]

Enjoying the run from 80cents
Another 'quiet' achiever.:cool:
I know no more than what is in the website.

cheers

[Footsie]

i've added this stock

[mark100]

These guys appear to be a bit overlooked when benchmarked against their reserves.

3P reserves of almost 1200PJ and a current market cap of $186m. Thats $0.16/GJ. They also reckon they're targeting 600PJ of 2P by 30 June.

The main disadvantage is they are NSW based

[Footsie]

Its northern NSW

they are actually closer to the gold coast and brisbane than most of the other CSG players

[mark100]

Yeah but Gladstone is where LNG is going to be exported from - not Brisbane.

Anywhere that isn't near Gladstone is simply a play on domestic gas prices rising to international parity, which they will probably do in time

[Huang Chung]

Hmmmm, why not build a pipeline to the Wallumbilla hub, and on to Gladstone from there via the existing pipeline. I seem to recall they are already building a pipeline to the Swanbank powerstation near Ipswich just SW of Brisbane.

http://www.pipeliner.com.au/map/map.html

[mark100]

I bought a few of these on open today. A bit late to the party considering I've watched them for sometime and they then pulled back as the day went on. But with the amount of 3P reserves they have they could be a multi-bagger if they can convert a high portion to 2P

[mark100]

See article below - Santos may consider an LNG plant in Newcastle or pipe the gas from NSW to Gladstone. I thought piping that far might be too expensive but maybe it isn't.

Ok now for a bit of a MEL ramp - Current 2P reserves are around 250PJ, 3P are around 1200PJ. Company is aiming to increase 2P to around 600PJ by 30 June (so they said in a BRR interview a few weeks back).

If you only apply a value of $0.50/GJ to 3P reserves you get a potential share price of $4.50 vs $1.30 currently. Or if you apply only $1/GJ to 500PJ of 2P reserves you get a potential share price of $3.75. And that doesn't include any value for conventional gas prospects. Large margin of safety in my view assuming the market contines to love this sector.


Santos in NSW coal seam methane gas find
Matt Chambers | June 04, 2008

OIL and gas producer Santos has announced potential coal-seam methane resources in NSW to rival Australia's biggest offshore find and says it is considering exporting them as liquefied natural gas.

Santos, whose shares have been running hot after it secured an unexpectedly high price last week for Queensland CSM reserves from Malaysia's Petronas, said yesterday it had 40 trillion cubic feet of potential resources at its Gunnedah Basin, near the town of the same name.

The announcement comes as global majors scramble for CSM resources to supply LNG plants slated for Gladstone. There are so far five planned plants, with gas giants Shell, BG Group and Petronas all involved in one each.

While the Gunnedah estimate has been developed to a very low level of confidence, the potential resource quoted is the same amount as at Chevron's Greater Gorgon gas fields off Western Australia.

Those are seen as the country's biggest gas resource and slated to support long-term LNG supply of more than 15 million tonnes a year, with a development cost that analysts say could be as high as $30 billion.

Speaking at a four-hour investor briefing, Santos acting chief executive David Knox said it was too early to say whether an LNG plant in a port such as Newcastle was being considered, or whether it would be better to pipe the gas to Gladstone or supply the NSW domestic market.

"It's a bit too early for us to start pushing one option," Mr Knox said, adding that in a year or so there would be more of an idea of how much could be shored up as "contingent resources".

"Here in NSW there's a power business that's going to be very strong, so while LNG might be one option", supplying the domestic market was also an option, he said.

Santos expects eastern Australian gas demand to double in the next 10 years as LNG plants start in Gladstone and as carbon trading results in more gas-fired power stations being built.

Analysts said the Gunnedah resources were at a very early stage, with exploration drilling yet to take place, and that not much stock should yet be placed in the huge resource number.

Santos expects to drill 20 core holes over the next 18 months to shore up contingent resources.

Shares in Santos, which have risen about 80 per cent in the past three months, were unchanged yesterday, equalling the previous day's record close of $21.77.

Santos also flagged developing its Bonaparte Basin assets in the Timor Sea using a floating LNG plant to produce 1 million to 2 million tonnes of LNG a year, though it says this is not the preferred option.

Santos had hoped to use the fields, which include Caldita and Barossa, to justify a second LNG plant in Darwin, but it is now talking of joining with other finds.

"There is a real possibility there may be a real combination of assets playing out in this region," said Santos's vice-president of strategic projects, John Anderson.

"We're certainly prepared to entertain such a scenario."

[Footsie]

whilst CSG might have bit of a pull back now.....

iTs am emerging theme....

Mark dont worry about the party.
The party is still in full swing IMHO - I think someone is just changing the music

Its about to heat up as the DJ come on!!

rememeber you dont have to be first to the party, you just have to be at the party

[mark100]

I understand a broker has put out a report on MEL this week. Any ideas who? And does anyone have a copy they could email me?

[foodee]

I understand a broker has put out a report on MEL this week. Any ideas who? And does anyone have a copy they could email me?

No idea but I would be interested in it.
I have thoughts of averaging up on any weakness.

cheers

[The Big Ease]

I understand a broker has put out a report on MEL this week. Any ideas who? And does anyone have a copy they could email me?
bell potter.

[mark100]

Cheers TBE. I've managed to get a copy although there's no earth shattering news in it

[mark100]

Hope you don't mind underDOG but I copied your post into this thread. I think MEL is very undervalued when rated against other csg plays. A reserves upgrade is due for MEL in the next couple of months


Its all good, I have just come back from a contract in Northern NSW and saw Metagasco everywhere drilling and locals say the word is v good results and shows coming up.


work is still being done even as the market takes a breather, these cos are not letting up with their drilling

VERY exciting times

load up on the dips people


and please, please check HGO, now at a CRAZY 33.5c with fully diluted holding in CSG worth much more than own market cap

wake up market

wake up.

[foodee]

of course,
I was in a place called Casino (about 30km west of Lismore), saw 3 rigs in the local area. The boys at Boral said it was all MEL and word is they are doing well (pun intended)

Ill see if I can get a little more info next week.

uD
That would be great.
All ready to pick some more up next week if the 'window' is there.

cheers

[foodee]

Hi uD

Just back from Wellington today.
Did not have a chance.
Tomorrow I will be watching as the window could be wide open!

cheers

[foodee]

Luckily put my topup order in early.
Market went opposite to what I thought.
Still I am happy with my holding for now
Will now watch with interest.:)

cheers

[boxing_beaver]

interesting stock this one, yet another that might be rising on the CSG train...

just had a quick look through the last couple ASX releases.... 2P & 3P reserves seem fairly sizable. So whats holding back this stock?

- Not in the "hot" Queensland (i.e. Bowen/Surat) region?
- doubt over achievable commercial flow rates?

[mark100]

I took a punt last year at prices over $1 when CSG was hot but had to evacuate when markets crumbled. Have recently bought again at prices in low 40's. Will sell if it breaks below 40.

While the 2P and 3P reserves are large I also think it being held back by NSW location and low flow rates to date.

That said, at least MEL have got to the point of testing flow rates. Many of the CSG juniors are pushing reserves numbers before they have even drilled a hole, certified reserves and tested flow rates! And some of these companies have higher market caps than MEL.

The NSW based ESG keeps getting touted as a takeover target. I personally think MEL might be the overlooked play here. A bigger player might think they can come in and use their expereience to try some different drilling techniques etc and boost the flows.

For less than $100m MEL gives a lot of acreage and a lot of 2P and 3P (around 1500PJ of 3P and 240PJ of 2P from memory)

[Footsie]

Stock is in a nice uptrend.

Picked some up the other week at 42c.
and also landed some extra ones at 40c via the SPP.

Looking for 60c as a short term target.


I did own them briefly at 1.30 last year.... that seems like eons ago.

MGMT seem to be doing the right things and i'd heard the reason they fell so much in the first place was due to a hedge fund that blew up and had to dump stock back in October

CSG consolidation also working in their favour.

[Footsie]

im really liking this stock at the current price

very low risk technical entry as stock right on support.

Could buy at 44 with a stop 10% lower at 40

[shasta]

im really liking this stock at the current price

very low risk technical entry as stock right on support.

Could buy at 44 with a stop 10% lower at 40

This presentation should see it lift off its support levels...

http://www.stocknessmonster.com/news-item?S=MEL&E=ASX&N=546821

Even though MEL is in NSW, still has all the promise of it's Qld peers

[Footsie]

anyone else join me on this trade...

Looking good at present.
Talk y'day in AFR of a tie up with BP

up on good volume today

[foodee]

Footsie

:)

Cheers

[Footsie]

Setting up for a textbook rising wedge/triangle - bullish pattern

notice how the up days are combined with big volume....

a break upwards would need to occur in the next 4-6 weeks above 60c on big vol.

From a fundamental perspective this is one of the cheapest CSG stock on the market

How cheap is MEL?

Below is the message from ORG.

Origin to acquire a further 1,150 PJ (3P) of CSG reserves straddling the Undulla Nose CSG sweet spot Origin has entered into a conditional agreement to acquire a 100 per cent interest in exploration permit ATP 788P which contains the southerly extension of the highly prospective Undulla Nose coal seam gas (CSG) province in Queensland.

ATP 788P lies immediately to the south of the Kenya CSG field, and approximately 20 kilometres from the Talinga, Argyle and Berwyndale South fields.

Origin is acquiring the interest in ATP 788P from the Pangaea group of companies for a total consideration of $660 million to be funded from existing cash reserves. Origin expects to book Proved, Probable and Possible (3P) reserves of CSG of around 1,150 PJ in respect of this area at 30 June 2009, together with further contingent resources of approximately 500 PJ.

The acquisition metrics equate to approximately 57 cents per GJ of 3P reserves, reflecting the high quality of this acreage.

So MEL currently have 3P reserves of 1,538 PJ with a current market cap of 73 million. Dirt cheap just because they are in NSW? I have a feeling that after the rights issue is settled MEL could really take off.

[mark100]

Yeah agree Footsie. The TA and FA both stack up for MEL right now. I am holding for the moment

[Corporate]

Setting up for a textbook rising wedge/triangle - bullish pattern

notice how the up days are combined with big volume....

a break upwards would need to occur in the next 4-6 weeks above 60c on big vol.

From a fundamental perspective this is one of the cheapest CSG stock on the market

How cheap is MEL?

Below is the message from ORG.

Origin to acquire a further 1,150 PJ (3P) of CSG reserves straddling the Undulla Nose CSG sweet spot Origin has entered into a conditional agreement to acquire a 100 per cent interest in exploration permit ATP 788P which contains the southerly extension of the highly prospective Undulla Nose coal seam gas (CSG) province in Queensland.

ATP 788P lies immediately to the south of the Kenya CSG field, and approximately 20 kilometres from the Talinga, Argyle and Berwyndale South fields.

Origin is acquiring the interest in ATP 788P from the Pangaea group of companies for a total consideration of $660 million to be funded from existing cash reserves. Origin expects to book Proved, Probable and Possible (3P) reserves of CSG of around 1,150 PJ in respect of this area at 30 June 2009, together with further contingent resources of approximately 500 PJ.

The acquisition metrics equate to approximately 57 cents per GJ of 3P reserves, reflecting the high quality of this acreage.

So MEL currently have 3P reserves of 1,538 PJ with a current market cap of 73 million. Dirt cheap just because they are in NSW? I have a feeling that after the rights issue is settled MEL could really take off.


Nice summary Footsie. Can you explain how MEL intend to make a return for shareholders? Are they proving gas for sale? Or are they proving reserves to try and attract a takeover?

[Footsie]

Corp

have a listen to the latest preso on BRR.com.au or their website.
worth viewing the website anyway. One of the best and most comprehensive

"supplying gas customers in SE Queensland where we have MOUs in place to supply approximately 150 Petajoules of gas over the next 20 years. We are developing pipeline infrastructure to deliver this gas to customers."


They are selling conventional and proving up CSG.

ultimately MEL will get taken out. But the mgmt appear quite sharp and in the meantime they have a plan to sell gas.


They already have a contract with BP if reserves reach 360 2p. i'd say that BP might just gobble them up.

[Footsie]

to add to this....

In my opinion..... assuming the "dash for gas" continues

its just a matter of time before a) the price goes up to $1.00
or b) someone does a PES and pays the true value for MEL i.e $5.00+

[Footsie]

here are the numbers to back up what im saying

ignore EPG as they are based in Europe.....

shows the compelling value

[mark100]

There was some speculation in the AFR a couple of weeks ago that a 'deal' with BP was being worked on. But no updates since

[Huang Chung]

BP have an oil refinery at Bulwer Island on the Brisbane River. CSG is already piped to the refinery. Maybe BP might want to use their own gas in future, or at least supplement existing sources.

http://www.originenergy.com.au/news/article/asxmedia-releases/13

I wonder if BP have room to set up and LNG train or two?

[Huang Chung]

BP have an oil refinery at Bulwer Island on the Brisbane River. CSG is already piped to the refinery. Maybe BP might want to use their own gas in future, or at least supplement existing sources.

http://www.originenergy.com.au/news/article/asxmedia-releases/13

I wonder if BP have room to set up and LNG train or two?

Ferreting around a bit more this morning. Didn't realise my thoughts of Metgasco pumping Clarence Moreton gas to Bulwer Island were 2 years too late :confused:

http://news.smh.com.au/business/metgasco-signs-gas-supply-deal-with-bp-20071203-1ehx.html

[Corporate]

here are the numbers to back up what im saying

ignore EPG as they are based in Europe.....

shows the compelling value

Footsie - thanks you for the informative posts. I will take a closer look.

I assume the lower valuation compared to it's pairs is due to the location of there permits? NSW instead of QLD?

[Financially dependant]

Footsie - thanks you for the informative posts. I will take a closer look.

I assume the lower valuation compared to it's pairs is due to the location of there permits? NSW instead of QLD?

MEL has been on my watch list for some time also....There fundimentals are excellent and SP is now looking good BUT the prize is LNG, domestic gas prices have been low for years and as more gets proven up the longer the prices stay low. A gas field needs access to a LNG export facility (or possible facility) before the gas has any real value.

MEL will stay on my watch list but IMHO AOE might be a better bet.

[Footsie]

Phaedrus

Would appreciate your analysis.
The rising wedge seems to be taking an eternity and it broke last week (down) only to rally back into the wedge the following day.

I've built a very large position in this stock and would like an impartial view.
(i'm following the Charlie Munger strategy for a while.... ie bet big when you have the odds and small when you are 100% sure on the trade)

Thanks

[Phaedrus]

I can't really add much value to your chart at the top of this page, Footsie. I can do the volume bars in colour for you - this more clearly illustrates your statement "notice how the up days are combined with big volume...." This is of course Bullish. In Ascending Triangles, the volume is supposed to be heavier at the start of the formation than near the end.
I added a few other indicators. Cut from MetaStock :- "Qstick provides a way to quantify candlesticks. The distance between the open and close prices lies at the heart of candlestick charting. For those unfamiliar with candlestick charting, the body of a candlestick is black if today's close is less than the open; it is white if today's close is greater than the open. A majority of white candlesticks over a specified range is considered bullish. Whereas a majority of black candlesticks over a specified range is considered bearish. The Qstick indicator is simply a moving average of the difference between open and close prices." The rule is "Buy when the Qstick indicator is at an extremely low level and turning up."
See how Momentum began to rise and triggered a Buy signal well ahead of the trendline break.
See how the Trendline break buy signal was simultaneously confirmed by the clearest OBV buy signal that you could ever hope for.
Notice the "Double Top". This stock has many good examples of this Bearish formation.
Footsie, it seems to me that you need a lecture on patience, rather than TA! It would be a bit hypocritical of me to deliver it though because it's not really one of my virtues.
The FA and the TA both look good. What more could you ask for? Unlax!

http://h1.ripway.com/78963/MEL57.gif

[mark100]

Thanks Phaedrus, another helpful post.

[Footsie]

thanks Phaedrus

Yes yes, relax you are right.

BOth FA and TA are good on this one.
Guess im just a little frustrated by the timescale. ( i keep climbing the wall of worry in this bull run, thinking its going to end anytime so have to make hay while the sun shines)

I suppose the triangle has taken 6 months to form so I shuold be surprised that the breakout from the triangle taking time. Perhaps its just building like pressure cooker :)

PS i'll keep buying more then.... averaging up :)

[foodee]

Ta Phaedrus for your comments.

[Footsie]

BREAKOUT
http://www.youtube.com/watch?v=BCxS0XE56nM

1st target mid 70s
2nd stretch target mid 90's

[Corporate]

BREAKOUT
http://www.youtube.com/watch?v=BCxS0XE56nM

1st target mid 70s
2nd stretch target mid 90's

Yup. I put my order in at 5.55 NZ time and not sure if I picked some up or not!

[dartMonkey]

Corporate,
I hope you got those shares. It took me 3 goes yesterday morning for some strange reason. Never happened before.

[dartMonkey]

Hasn't MEL slowly but surely wound itself into a tighter and tighter coil?
Drill bit at 400m already with 300m to go. It's going to explode or implode this coming week, assuming they're able to get the data out.
Typical. The only 2 days I can't be at the screen in the last 3 weeks are this Wednesday and Thursday.

[STRAT]

Is this one of those inverse cup and handle thingys:confused:

[dartMonkey]

You're a legend Strat ... :D
Incredible art with an incredible chart.:cool:
Let's see what the week brings. I'll be setting my stop loss Tuesday night.

[dartMonkey]

Looking like a dud.

[STRAT]

Looking like a dud.The announcement or the stock?

[dartMonkey]

The well the subject of the ann.
Gas is still flowing though and horizontal drills could get it to commercial rates.
The PEL 16 area was always a better prospect and they are to drill that soon.
The pattern hasn't broken down yet and my stops haven't been hit so I'm staying put, just.
The sp has not reacted positively at all. Not a positive sign.

[STRAT]

The well the subject of the ann.
Gas is still flowing though and horizontal drills could get it to commercial rates.
The PEL 16 area was always a better prospect and they are to drill that soon.
The pattern hasn't broken down yet and my stops haven't been hit so I'm staying put, just.
The sp has not reacted positively at all. Not a positive sign.Im with ya now
If it closes up today which is very likely that would make yesterdays close a nice bounce off and confirming the trend line.
I would be staying put for now too if I was holding.
Same applies to OBV

[dartMonkey]

They moved that rig pretty quick. Riflebird started today ...
That gives us the analysis from Wyan and the results from Riflebird as 2 anns that have the potential to drive the breakout in the next 2 weeks.
I note that HC had a reference to what I presume is a Sunday Aussie paper carrying a story yesterday about MEL being undervalued in comparison to other CSG plays.
Early trading seems to like it.

[Footsie]

The only thing that concerns me is a lot of punters are into this for technical reasons, due to its almost perfect uptrending wedge.

I'd like to see more buying for fundamental reasons.

[dartMonkey]

A few monkeys got shaken out of the tree on Wednesday. Me included. Sp went right down to my stop and then went straight back up.:eek:
A little bit upsetting but as I sit and watch I don't think I'd've had the discipline to sell even though my mental stops have been hit. I'm too confident that the fundamentals are sound - although the coming ann should firm up the position one way or the other.
With the recent sell off one has to wonder whether the Riflebird drill result/flow rate (even though only for a short time) was not as expected. Either that or the people who exercised the options early June were told to sell because the results were spectacular and they couldn't afford to be seen to be trading on inside information. The latter should perhaps be in a Tui ad, "Yeah, right".

[The Big Ease]

QUARTER ENDED 30 JUNE 2008
2P 298 PJ
3P 1,538 PJ

Fourth Quarter Activities Report 2009
2P 298 PJ
3P 1,538 PJ


Haven't looked too much into MEL, but noticed this from a couple of reports 1year apart. No increase in 12 months?

Still looks very cheap at these prices.
Anybody have any thoughts on the recent price weakness and why the stock hasn't followed the other CSG plays on the rebound?

[Footsie]

I used to hold but sold out

Too many negatives about managment floating around.

Assets are hundreds of kms away from infastructure. all the other csg assets are close to pipelines.

Pilot Well's have shown poor flow rates vs the likes of PES and lots of water in the well.

needs at least 300m to bid a pipeline to queensland and then like i say flow rates are poor.

market has probably go this one right.

[The Big Ease]

so what does/did Phil Matthews see in it?

[Footsie]

TBE I wouldnt hold too much with that guy.... surprised he is still around.

His fund was heavily leveraged i thought he had imploded.

That guy was single handly responsible for some of the massive decline in aussie oil and gas stocks such as STO, MEL, MPO AOE

when he got the squeeeeeze last october he had to dump.... notice thats why the oil and gas stocks alll bottomed in oct/nov not march

Matthews was out.

In fact i personally profited massively when i found out he was dumping MPO and was nearly complete got them at at steal of around 40c from memory. flipped a few weeks later for 80c or something.

[COLIN]

When the MEL sp suddenly took off a few days ago I was beginning to think I made the wrong decision when I sold, back in August, for 43.5c. Maybe I did, but the pullback of the last three days would have been worrying for those who bought in, on the rise. I would have expected some comment here, but presumably there are no ST members at present holding, or tempted to hold.

[Footsie]

what do people think of hte latest ann..

overall its +ve for MEL and for the sector......... gas stocks havent really ridden this rally.. got left behind last august... so maybe now an ann like this is enough to give the sector some "gas"

I broke my phaedrus buyin freeze and bought back in

[drillfix]

what do people think of hte latest ann..

overall its +ve for MEL and for the sector......... gas stocks havent really ridden this rally.. got left behind last august... so maybe now an ann like this is enough to give the sector some "gas"

I broke my phaedrus buyin freeze and bought back in


Haaahaa Footsie, love it the P buy freeze..LOL (me too and with ARM) (Edit: I am now Out at $1.10 on open).


Did you get in before the rally?

Chart wise this stock is funny, it will do a run and then it gets sold off bit by bit, or as you say, there is no ass Kick going on with the sector so it fades back.

Not a FA type of guy, so the ann?? Hmmm, the ann sounds good but look at the markets, your answer will be in what the markets do and how the stock holds up or if it gets sold off, that will tell you about the Ann in the short term so depending, on gaurd and protect the dosh if you have, IMO.

ps: TA, MA crossover good, volume good, RSI good, MACD good all equals ride it untill that changes.

[COLIN]

Haaahaa Footsie, love it the P buy freeze..LOL (me too and with ARM) (Edit: I am now Out at $1.10 on open).


Did you get in before the rally?

Chart wise this stock is funny, it will do a run and then it gets sold off bit by bit, or as you say, there is no ass Kick going on with the sector so it fades back.

Not a FA type of guy, so the ann?? Hmmm, the ann sounds good but look at the markets, your answer will be in what the markets do and how the stock holds up or if it gets sold off, that will tell you about the Ann in the short term so depending, on gaurd and protect the dosh if you have, IMO.

ps: TA, MA crossover good, volume good, RSI good, MACD good all equals ride it untill that changes.

Not so fast, boys! Not so fast!
Those who poke fun at Phaedrus remind me of the story of "The Three Little Pigs" - remember what happened to the ones who built their houses of straw and of sticks, and laughed at their "silly" brother who was building his of bricks!
Just a note of caution!

[Footsie]

Colin
I have been very dsiciplined. I really want to do some buying today but I DO respect the red crayon.

bought MEL, as its a game changer .didnt buy so many that it would kill me if i got it wrong.

[drillfix]

Not so fast, boys! Not so fast!
Those who poke fun at Phaedrus remind me of the story of "The Three Little Pigs"

Colin, I think you have lost me here mate, poke the fun at Phaedrus?

Never thought my post in was directed towards making any fun at him as I have a great deal of respect for the man.

[COLIN]

Colin, I think you have lost me here mate, poke the fun at Phaedrus?

Never thought my post in was directed towards making any fun at him as I have a great deal of respect for the man.

Drillfix (and Footsie): Sorry if I appear to have misread the situation. My apologies. I guess what I was trying to do was caution against any tendency to thumb noses at Phaedrus' charts. Good to receive your acknowledgment of respect for him, Drillfix. I guess it is more the likes of Tricha and Ratkin who should be summonsed to the Headmaster's Room! I believe that most of the posters on this forum respect Phaedrus' learned input. For myself, I don't always slavishly base my buy/sell decisions on the interpretations of his charts, but it would be an enormous miss if he were to exit the scene.

[Financially dependant]

Since ERM Power declared a holding MEL has really bucked the market trend, I have been in and out a few times just recently but looking for a re-entry when the market settles down....

3636

[Pumice]

Didnt realise there was a MEL thread, would have posted here yesterday.
These guys look like a certain takeover target to me.
Note 3P reserves/EV is only about $0.05 while the market ave is about $0.50

[drillfix]

Since ERM Power declared a holding MEL has really bucked the market trend, I have been in and out a few times just recently but looking for a re-entry when the market settles down....

3636

Yes indeed FD, I am partially kicking myself for not buying at 21c whilst holding my finger on the buy button and not following through.

Good to see a PRT chart being posted with clear support being at 33c and intermediate support at 39c.

Perhaps maybe time for a breather should it fail to break above 45c where intermediate resistance resides?

MEL Daily and Intraday charts > http://www.imageurlhost.com/images/pbumlcjs4eaxmh5i5we0.png

Add
Sorry for the wrong chart last night folks, oopsss~!

[drillfix]

MEL Daily and Intraday charts > http://www.imageurlhost.com/images/pbumlcjs4eaxmh5i5we0.png

Add
Sorry for the wrong chart last night folks, oopsss~!

Wow, what a breakout on MEL today hey.

Another chart added showing daily and intraday and as posted above, sorry for the wrong HZN chart that was in the link previously.

[Pumice]

Up 24% today, not bad for a days work.
Cant see any reason why it wont keep going up either.

[Financially dependant]

Up 24% today, not bad for a days work.
Cant see any reason why it wont keep going up either.

I think there is still accumulation going on....but not pushing the price to hard...

3646

[bermuda]

FD,
Probably one of the best CSG stocks you can get your hands on. See you Saturday I hope.

[Financially dependant]

FD,
Probably one of the best CSG stocks you can get your hands on. See you Saturday I hope.

Hi B,

I bought into MEL for it's resource in these volatile times....and playing around with the chart.

I will be working at the Home show Saturday but hope to pop in on the way home to catch up...

[Financially dependant]

MEL continues to climb even on the down days, broken out of recent trading range to the upside on a day like today....

3689

[Financially dependant]

MEL is still on my watch list and I noticed selling pressure had reduced so jumped back in on gas sales agreement ann.

[Pumice]

I also saw this today. Good news has been a bit thin with MEL of late.
I wonder if the farmers see the irony in taking the cheap CSG from MEL.
The locals (famers) are very anti CSG.

I have been accumulating since July. They still seem hugely undervalued IMO.

[Financially dependant]

I also saw this today. Good news has been a bit thin with MEL of late.
I wonder if the farmers see the irony in taking the cheap CSG from MEL.
The locals (famers) are very anti CSG.

Yes it almost looks like a clever political move to keep the farmers and poly's happy...


I have been accumulating since July. They still seem hugely undervalued IMO.

agreed there large resource never seems to get reflected in the SP

[Pumice]

MEL in a trading halt pending an anouncement today or tomorrow.

Hopefully good news following the NSW O'Farrell Government yesterday renewing 21 CSG exploration licences.

Could be one to watch...

[soulman]

MEL in a trading halt pending an anouncement today or tomorrow.

Hopefully good news following the NSW O'Farrell Government yesterday renewing 21 CSG exploration licences.

Could be one to watch...

Capital raising there pumice.

[Pumice]

Capital raising there pumice.

Bugger.
Not the news I was after.

[boysy]

Well MEL had a good day with a gas find at the Vali-1 well - SP up 18% (MC $21M) should run a fair bit harder should the well flow well ...

https://www.asx.com.au/asxpdf/20200116/pdf/44d9s5tm43k3j3.pdf