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CNX - Carbon Energy

Discussion in 'Stocks 0-H' started by Joe Blow, Jul 16, 2008.

sentifi.com

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  1. Joe Blow

    Joe Blow Administrator Staff Member

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  2. Calliope

    Calliope

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    There have been no postings on this thread since the change of name. What is going on,has everyone lost interest In Carbon Energy? I found the quarterly report out today to be very encouraging The stock has been going backwards lately but there has been no bad news. I am in for the long haul here as well as LNC and CXY.
     
  3. Red Fatboy

    Red Fatboy

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    I have been wondering exactly the same thing .I hold cnx and cxy and have been amazed at the total lack of interest shown in both these stocks of late.Does anyone out there have any ideas why?
     
  4. unit

    unit

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    quietly confident :)

    I topped up today, hopefully we'll get another leg up soon. No bad news with CNX, and LNC is travelling well so no complaints from me.
     
  5. springhill

    springhill Make the drill work for YOU

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    62 - 66 10:10:42 am 40 71,000 0.5 $28,400 5
    60 - 61 10:10:36 am 40.5 3,000 0.5 $1,215 2
    59 10:10:28 am 41 20,000 1.5 $8,200 1
    58 10:10:03 am 42.5 10,000 0.5 $4,250 1
    54 - 57 10:09:56 am 43 45,700 1 $19,651 4
    51 - 53 10:09:48 am 44 12,000 1 $5,280 3
    50 10:09:36 am 43 10,694 2 $4,598 1
    48 - 49 10:09:36 am 45 9,500 1 $4,275 2
    45 - 47 10:09:35 am 44 20,000 1 $8,800 3
    38 - 44 10:09:17 am 45 25,422 1 $11,440 7
    35 - 37 10:08:18 am 46 9,384 1 $4,317 3
    32 - 34 10:07:33 am 47 12,000 1 $5,640 3
    30 - 31 10:07:31 am 48 3,100 2 $1,488 2
    27 - 29 10:07:08 am 50 72,100 0.5 $36,050 3

    Ummmm obviously my eyes arent decieving me here, who in their right mind would dump CNX shares down to 40 cents? 14 cents below the opening price?
     
  6. bluedylan

    bluedylan

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    I assume you all saw the article in the Australian today, but for those who havn't read it here it is:

    edit: as of 12pm CNX is down close to 30%...not good.


    State lets off steam in coal gasification plans


    Lenore Taylor, national correspondent | August 07, 2008

    THE Queensland Government appears to be putting the brakes on its emerging coal gasification industry as it considers environmental concerns and whether the industry can co-exist with plans for a $20 billion LNG export industry.

    Queensland's coal fields have attracted an investment bonanza in recent years as companies including Santos and Queensland Gas Company plan to use coal seam methane to develop a massive new LNG export industry, and other firms such as Linc Energy continue long-standing efforts to commercialise the entirely different coal gasification technology, which burns coal deep underground to extract a gas that can be liquefied into diesel and aviation fuel.

    Federal Resources Minister Martin Ferguson has hailed both CSM and coal gasification as crucial to Australia's future energy security.

    But the Queensland Government has realised that in several cases it has issued rights over the same tenements to companies pursuing each of the technologies -- even though most say they are incompatible because the coal gasification process burns the methane that the CSM producers are seeking to extract. And the Government now believes that in the long run the market will support the full-scale development of only one of the technologies, with cost and greenhouse emission levels from the production process the deciding factors.

    "I expect both will develop until the market works out which one is most cost effective, but at the end of the day only one of these technologies will emerge as the winner on cost and greenhouse grounds," Queensland Climate Change Minister Andrew McNamara told The Australian.

    In the meantime, as it seeks to sort out the problem of overlapping coal gasification licences issued under the Minerals Resources Act and CSM licences issued under the Petroleum and Natural Gas Act, the Queensland Department of Mines has sought advice from the Queensland Conservation Council and has heard deep concerns about the environmental impact of the coal gasification process, including its carbon emissions and claims that it could contaminate ground water.

    The QCC told The Australian that it considered coal gasification a "more environmentally questionable resource" than CSM and had recommended to the Government that no UCG project should receive approval to commercialise in Queensland.

    A spokeswoman for Queensland Mines and Energy Minister Geoff Wilson said the Government "has no intention of granting production tenures for underground coal gasification for at least three years".

    "Underground coal gasification is a new technology, untried in Australian conditions, and it poses some potential problems, especially with groundwater systems," she said.

    "We will only do what is best for Queensland. In this case, we don't believe it's in the best interests of Queensland to grant production tenures for technology that is untried."

    And Mr McNamara said his department had asked Linc Energy -- the most advanced of the coal gasification companies -- to perform new demonstration trials so that the Environmental Protection Agency could monitor emissions and groundwater quality. "Linc has been asked to do another more rigorous trial of its technology; it is critical we make sure we don't contaminate our groundwater," he said.

    Linc CEO Peter Bond, whose company has a market capitalisation of $1.45 billion and has seen its share price rise from just 20c to $3.50 over the past two years, rejects the notion that his technology is incompatible with CSM performing stringent environmental assessments entirely of its own volition.

    "All we are looking for is a fair go. These technologies can work side by side and that would surely be what was best for the state ... it's just that Queensland Gas appears to want the Government to give it all the ground for itself," Mr Bond said.

    "As for the environmental assessments, we haven't been asked to do anything; we're setting our own standards at the highest possible levels because we have to be seen to be the best."

    The Queensland situation is being monitored with concern by the peak national body for the oil and gas exploration sector, the Australian Petroleum Production & Exploration Association.

    APPEA chief executive Belinda Robinson said: "These technologies are fundamentally incompatible activities. These are issues that need to be urgently resolved.

    "We will work with the Queensland Government to do that," Ms Robinson said.

    The Queensland Government is also monitoring the impact of the CSM producers on groundwater, particularly proposals to reuse the water in agriculture.

    Linc says its proposed underground production processes create only about 8 per cent more carbon dioxide than the process to create regular diesel, but that its fuel is much cleaner.

    In a speech to a coal-to-liquids (CTL) and gas-to-liquids conference in Brisbane in February, Mr Ferguson said he regarded the technologies as "the key" to Australia's future energy security.

    "CTL will soon be real right here in Queensland at Chinchilla. Linc Energy is about to open a pilot plant that will produce 5 barrels a day of ultra-clean diesel using gas feed from its underground coal gasification project," Mr Ferguson said.

    "This is a very exciting development at the cutting edge of energy science and technology, and I wish the company every success in scaling up to commercial volumes."

    Mr Ferguson's department is developing an "action agenda" for the emerging industry. But conservationists argue that the Government should not support any technology that makes the climate change problem worse.

    "It beggars belief that in the face of climate change and the urgent need to reduce emissions, anyone could seriously promote liquefying coal to make a fuel that will damage the atmosphere more than conventional fuels, even if only 8 per cent more," Greens senator Christine Milne has said.
     
  7. Stykes

    Stykes

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    No not good. Doesn't get much worse than 30% in a day.

    But I am taking at least a mid-range view to this stock (i.e until sucessful completion of trial burn), and am betting this will all be water under the bridge by then.

    Why?

    Well, frankly, the story is highly sus.

    I urge everyone to consider the following:

    - In April this year, the Queensland Government introduced the Clean Energy Bill , which ammends the Mineral Resources Act 1989 and the Petroleun and Gas (Production and Safety) Act 2004 and clarifies the tenure and safety arrangements for UCG. The Bill sets out appropriate mining and petroleum tenures and the relevant safety and health requirements that apply to the various stages of exploration, testing and production of UCG.

    - Changing this leglislation to introduction a 3-year moratorium on UCG would nessecarily be a highly public exercise. It is not something that can be achieved by way of an unattributed statement in a newspaper. Linc also release a statement today dimissing this as a lie.

    - In reality, the only circumstance in which a approval would not be granted is if the company failed to comply with its environmental and safety requirements.

    - Concerns that UCG may potentially contaminate groundwater is well documented and not new. But having read Dr Mallet's reports on CNX's technology, I believe that CNX has adressed these issues. After all, CNX bought its own unique variation of UCG from the CSIRO which was developed with a specific view to addressing such environmental problems. CNX seem very confident that they have the answer.

    - The Queensland Government would leave itself open to serious legal action if it did anything to prejudice the progress of companies such as LNC or CNX, who have full approval for their trials. It won't.

    - So what is the Government's deal? These are new technologies that straddle both mining and petroleum legislation. It has f*ucked up and granted overlapping tenaments to companies which it's not sure fall under this act or that act. Which is why it brought them all together under the Clean Energy Bill 2008. It has also created an intergovernmental working group to find a way for all parties, Government, CSM and UCG to work together. It seems to me that the Government is doing everything it can to find a mutally agreeable solution to the situation.

    My guess is this is a (seriously damaging) lobby piece driven by someone close to the CSM industry. Underneath the inaccuracies and spin in the story, I note that the Climate Change Minister states he expects both technologies to progress with market forces (rather than government) to decide which survives. Except, rather than the neutral statement that it is, the journalist presents it as an indictment of UCG! I also note that the story acknowledges the CSM's unproven environmental credentials, but buries the fact towards the end. To me, this suggests a biased piece.

    Last but not least, this article is about Linc Energy, not Carbon Energy. To the best of my knowledge, there is no problem with overlapping tenaments in relation to CNX's site at Bloodwood Creek. But while LNC (and other UCG players dropped) around 10-12%, Carbon Energy dropped over 30% WTF?!?! Surely this suggests a correction in our favour soon? I hope so!!
     
  8. ColB

    ColB

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    Originally Posted by Stykes
    'The Journalist' just happens to be Lenore Taylor.

    Lenore Taylors background, no matter how well decorated as a journalist also includes being a former Australian Greens candidate for Moggill.

    Her resume as follows:

    Now there is nothing wrong with having concerns about the environment but just maybe the journalist has been having a bit of a pow wow with fellow Greens member, Senator Christine Milne who had this to say.....

    Disclosure: I do not hold CNX but do hold LNC
     
  9. loopy_louie

    loopy_louie

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    This is an absolute discrace..... That article wasnt any solid evidence about the qld government disliking the csg....

    CNX SP price has dropped over 45% in the last 2 days as apposed to linc's SP down 3% in the 2 days.... The article was specifically talking about linc, so if anything linc should have dropped more than CNX... :mad:

    Can someone please EXPLAIN>>>>> :mad:

    Thats a bloody joke.... Carbon Energy's management should step in and do something about this mess......

    No info has been given to their loyal shareholders....

    Iam sad to say but i disclose HOLDINGS.... :mad:
     
  10. grace

    grace

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    Has been hit badly over the whole debacle. Picked up my first parcel today as they have been on my shopping list for some time.:)

    Seems to be stabilizing today though.
     
  11. springhill

    springhill Make the drill work for YOU

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    I agree with grace, ive seen it as a buying opportunity. Waaaaaaaay oversold IMO didnt think id see this one down at this level again. Thanks to the tree hugging, hippie, greenie, one eyed, sh!t for brained author of that article uv done me a great favour :D
     
  12. bluedylan

    bluedylan

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    Thats what i am thinking springhill. However with the market in its current climate i am very hesitant to buy into anything at the moment. But hey, maybe it is my young and inexperienced mind talking. :)

    It seems to have stabilized for the moment. Hopefully some good announcements will propel the sp upward in the coming weeks and months.
     
  13. springhill

    springhill Make the drill work for YOU

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    If my memory serves me correctly bluedylan CNX are due to release announcements in each of the next 3 months in regards to further coal resource increases and the impending trial burn in October. Of course in light of the article released in the Australian yesterday alot will depend on the environmental assesments that will follow from the burn. Im a strong believer in this one but DYOR
     
  14. woltage

    woltage

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    I would tend to agree, largest volume in 3 months went through today, over a range of 6c. Indicates to me that there is now a large number of fresh buyers around the 37c mark. In the absence of more bad news i'd expect it to hold

    Disclosure: I dont hold any CNX, but wish I did (just wacked all my spare cash into EGO :)
     
  15. unit

    unit

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    Yep, I stocked up,
    recycled garbage from the article is in the Weekend Australian today.
    I didn't think it would go this low again and am not expecting it to stay there much longer.
     
  16. springhill

    springhill Make the drill work for YOU

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    Short term CNX is really starting to concern me, this is in danger of falling back sub 30 cents. Ludicrous considering the other 2 UGC players in Queensland ( LNC and CXY ) have held their ground comparitively well. Cant understand why this one has had the big stick taken to it. Unlike LNC, CNX has no tenemant conflict, and it is miles ahead of CXY in terms of development. Doesnt seem to be able to gain any traction for a share price rebound. Long term the future for this one is bright IMO. James id like to hear your opinion
     
  17. grace

    grace

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    Must be the dive in this causing IPL to dive today too.:confused: Just kidding there. What is the next resistance point anyone?
     
  18. bluedylan

    bluedylan

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    i am also quite concerned. it seems as though the market has taken a strong dislike to CNX over the past week. SP under .30 at the time of this post.
     
  19. springhill

    springhill Make the drill work for YOU

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    Hi grace have to go back to the MEE chart to find resistance, looks to be around 19 cents.... God Forbid!!!! Hoping this s a capitulation low today, fingers crossed :eek:
     

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  20. Evangeline

    Evangeline

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    nice bounce this afternoon..will leave a long wick to form a hammer...buyers now finally outnumbering sellers too
     
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