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/9767f777...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/9767f777...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.
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

[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