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MEL - Metgasco Limited

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bahhh they got the ann wrong!!! ...

The reference in the announcement earlier today to free gas flows of 30,000 mcf/day recorded without pumping in respect of Corella-E17 should read “30,000 scf/day”
 
gaps said:
bahhh they got the ann wrong!!! ...

The reference in the announcement earlier today to free gas flows of 30,000 mcf/day recorded without pumping in respect of Corella-E17 should read “30,000 scf/day”
Click to expand...

And here's me sitting with 300,000 extra units. Doh.

Ok, maybe not. But its a pretty poor show really getting a price sensitive announcement so wrong.

30,000 scf/day. Not too impressive really. Hope it improves 10 fold with dewatering.
 
Market thinks its a poor showing too.... what a hammering.

I've been v bad with my CSG picks instead of looking at reserves maybe should have focued on other things (location, infrastructure, management, ease of extraction etc.) as out of MEL, WCL, ESG and BOW guess which two I picked... who would know the ones with the biggest upside would be languishing whilst ESG and BOW power on.

Still who knows whats ahead in the medium-long term. The gas is still in the ground...
 
Planned Forward Work Program Next Quarter

• Drilling of Kingfisher-E1 conventional well;
"Conventional exploration program commenced with Metgasco’s first deep conventional well – Kingfisher-E1 is to be drilled next quarter. Original gas in place (OGIP) in the Kingfisher field is interpreted to be 82 Bcf (PMean) and 831 Bcf (P10)."

82-831 BCF at 66c/BCF = $55m-$550m = 30c to $3 a share MEL

So its clear to see that MEL's first deep conventional well could be a company changer!


•Preparation for the drilling of the new generation coal seam gas pilot wells;

•Preparation for reserve development drilling to further expand the Company’s reserve base; and

•Continued progress on approvals for Lions Way Pipeline and Richmond Valley Power Station.
This is what I believe will put us on the takeover radar for Qld LNG operators
 
Anyone still on board with this one? Some rather large sells today. In fact it seems all of the CSG companies have taken a bit of a drop. Any thoughts on why?
 
My guess is that the slow flow of information of late has led to a slow fall in SP. This has taken the SP below a technical level of about 0.445 (no chart, from memory).

This most likely triggered a good few stops and caused the blip down to 0.41.

Just my take on today's price action.
 
MEL and WCL have received nothing favourable from this market rally. Just hope it holds when/if the correction begins...
 
MEL on the move today with larger volume and good price increase

v large buyer came on at 46.5c.



been waiting patiently for the break for a month
 
Cloud9 said:
MEL on the move today with larger volume and good price increase

v large buyer came on at 46.5c.

been waiting patiently for the break for a month
Click to expand...
Yes, interesting move. Nice change of direction, for the very short term. Lets hope she can follow through.
 

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kennas said:
Yes, interesting move. Nice change of direction, for the very short term. Lets hope she can follow through.
Click to expand...

Kennas does the large-ish volume of yesterday and today add credibility to the change of direction from the downtrend? Without a few more days of large-ish volume would it be premature to call a trend reversal? It was a substantial rise yesterday of nearly 14%. Today seems to be holding well and again has comparatively substantial volume. I'm a nooob at charts so any help much appreciated

Cheers
ps. nice photos from Mexico, was there last December, loved it ! Haha did you have a night out at the blue parrot? Brings back memories of a funny night out there for me!
 
Yes, large volume should accompany a breakout. No follow through yesterday but not too bad. MEL has had the tendancy to spike and back off rather quickly as is clear on the chart. Just want to see some higher lows and highs now confirm a change of direction.
 
Volume spike (highest daily volume on record already, 4.6m units traded today so far) and approx 30% sp lift. No announcement other than Kingfisher update and Fin report today whi9ch didn't expand on anything already known.

Any ideas? Happy to be holding.
 

Was just about to ask the same question. The spike 3/4 days ago was the leak, and now it's spreading.

With price moves like this it has to be takeover or some huge find...
 
I sold out at 12pm to finance another trade. Bugger. Not a happy Capn I can tell ya. Oh well, well done to the rest of ya.
 
apparently features in this mornings ASCI ( Australian Small Cap Investigator) newsletter.

They featured VMG recently and it surged for the day, then fell back, but has since climbed over the one day surge.

I believe this newsletter has many subscribers and a good hit rate
( no affiliation, not a subscriber)

I hold MEL and VMG, so lets just say I am pleased
 
CapnBirdseye said:
I sold out at 12pm to finance another trade. Bugger. Not a happy Capn I can tell ya. Oh well, well done to the rest of ya.
Click to expand...

That would suk big time. But **** happens. I almost hit sell yesterday. I will probably sell half by this afternoon and wait for a retracement.
 

The Bull.com is a very popular website amongst traders and they have talked it up pretty well. It could be the article mentioned previously by awg but displayed on the Bull. Definately has to be the reason for the spike.
 
been a long time coming

almost lost faith in it, well not lost faith just was getting bored

glad I stuck around

volume frenzy surely is due to more than just some newsletter?
 
The buyers just keep taking out the ask, even when a spread opens, so someone wants them...............
 
Yep, in todays release of ASCI and definitely would be related directly to that IMO after VMG pattern. See also CTP which was rated a HIGHLY spec buy.
 
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