This is a thread from a forum i post on. easier to just copy and paste the thread.

Most recent posts at the bottom.

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G'day,
This one might be worth doing some research on, apparently sitting on a massive gas reserve up here in north east NSW. From some reports it's substantial enough to power the entire state ! This is not completely confirmed as yet, but the birdy is chirping ;-)

Have a read back through its announcements.
The weekly chart looks pretty good too ! Volume is not spectacular, but certainly tradable, possibly a good one to sit on even?
We bought a few weeks ago @ 33c and are topping up on the dips. Grabbed a few more yesterday @ 36.5

Worth a look IMO.

Weekly chart attached:

Cheers,
Ian.



Disclaimer: The above mentioned information is my opinion only, and NOT to be taken as advice as i am NOT a licensed advisor. Caveat emptor.

My time frame is "as long as it takes"

Thank's for another heads up Ian,
It certainly looks inviting...may grab a few too.

PS: Vol could be better though.
.
Happy trading

Wolfgang

"TRADING IS ALL ABOUT PROBABILITIES"

and that goes for ALL time frames AND SYSTEMS :-)

Thanks for the heads-up, Ian;
I'm on as well.

Agree, Wolfgang: Volume could be better. Let's do something about that :-))
It does look to have bottomed out though, and the lower volume is probably due to sellers no longer in charge.
--------------------------------------------
Udo Stegen

I trade daily, but I am NOT a licensed adviser. Even if you find my opinion logical, your actions are solely YOUR responsibility.

Hi Ian,

Will keep an eye on it. They are burning cash at a fast rate. Will need to raise more before end of this year.

Might make a take over target for QGC who have just pulled out from an unfriendly battle for SGL.

Mike.

Ian,

My only concern is that during the last two weeks the largest daily volume has only been 129,000 shares which would make it difficult to get out of in a hurry at a reasonable price if something happened.
Eddie

I repeat: "The weekly chart looks pretty good too ! Volume is not spectacular, but certainly tradable, possibly a good one to sit on even?"

Today MEL came out with:

DRILLING REPORT
COAL MEASURES INTERSECTED AT MMMC-01
Metgasco (ASX:MEL) is pleased to advise that exploration well MMMC-01 has intercepted a
5 metre coal seam at a depth of 412 metres in the Walloon coal measures.
This seam appears to have the same character as the top of the Richmond seam which is
the focus of a pilot production program at south Casino by Metgasco. Wireline logging, to be
undertaken over the next week, is required to confirm this. Confirmation of the Richmond
seam at MMMC-01 will extend the south Casino gas field an additional 15 km to the south
west of the existing pilot project. Coal samples taken from the seam and placed in
desorption canisters show that the seam is gas bearing.
This exploration program is targeting seams in the top 230 metres of the Walloon coal
measures. Additional seams have been intersected at 425-427 metres and 492-494 metres.
Coal samples taken show that both of these seams are gas bearing.
This rig is currently drilling ahead at 498 metres. Drilling is planned to continue for another
100-150 metres to the base of the Walloon coal measures with wireline logging to follow.
Subject to equipment availability, further well testing may be undertaken.


Cheers,
Ian.



Disclaimer: The above mentioned information is my opinion only, and NOT to be taken as advice as i am NOT a licensed advisor. Caveat emptor.

My time frame is "as long as it takes"

It's been a long and bumpy ride, but MEL had some more news out today and may be worth looking into.
as aways, do your own research, but below is todays announcement.

"Metgasco (ASX:MEL) is pleased to announce that it has entered into a farm-in agreement with CS Energy worth $11 million. The goal of the farm-in is to prove 540 petajoules (PJ) of 2P gas reserves to supply 18 PJ of gas per year to CS Energy which represents a gas sale value of over A$1 billion over the proposed 20 year term.
Through this farm-in agreement, Metgasco plans to increase its 2P gas reserves to 660 PJ over the next 15 months.
In addition, a new gas pipeline between NSW and Queensland will be built and owned by Metgasco to supply gas to the Swanbank Power Station in Queensland.
Under the farm-in agreement, CS Energy will spend $11 million in two stages to earn an initial 15% interest in the coal seam gas rights to three graticular blocks within PEL 16 near the northern NSW town of Casino. The farm-in area comprises approximately 27% of the surface area of PEL 16. The first stage will entail drilling 10 exploration wells in the farm-in area. The second stage will entail conducting a pilot appraisal program on a number of coal seams which have not been the focus of the Company’s activities to date. The goal of the appraisal stage of the farm-in is to establish 2P gas reserves of approximately 540 Petajoules.
Once these reserves are established, which is expected to take 15 months, CS Energy intends to invest a further $94.5 million to earn an additional 35% interest in the farm-in area by funding development of the field for the purposes of gas supply to Queensland. Metgasco 1
will continue to be the Operator of the field. Metgasco will immediately commence development work on the proposed gas pipeline to Queensland with a goal to deliver gas by 2010. Metgasco and CS Energy will finalise a gas sale agreement over the next 6 months.
David Johnson, Metgasco Managing Director, said: “We are extremely pleased to welcome CS Energy as our farm-in partner in the Clarence Moreton basin. CS Energy understands the coal seam gas business and has been at the forefront in contracting with coal seam gas companies in Queensland. It is a strong demonstration of CS Energy’s confidence in the coal seam gas industry and in the commercial opportunity offered by Metgasco.”
“The investment by CS Energy will double the exploration expenditure spent on our field to date and will dramatically fast-track the commercialisation of our Casino operations by underwriting both the development of our gas reserves and the construction of key gas transportation infrastructure,” Mr Johnson said.
Mr Johnson said: “Metgasco holds the largest certified gas reserves in NSW and this project will bring a significant percentage of our 3P gas reserves into the 2P category, which is required to enter into gas sale contracts. Currently we have established 22 PJ of certified 2P gas reserves. These reserves are for a single seam in a small area at South Casino. We are about to commence drilling at South Casino to expand our 2P reserves to 100 PJ which will establish sufficient reserves to supply the Richmond Valley Power Station. Our project with CS Energy is in the north of the tenement area and will significantly expand our gas reserves. Within 15 months the Company will have established over 660 PJ of 2P gas reserves. Metgasco will continue to focus on gas sale opportunities from additional gas resources in the Clarence Moreton basin, which contains up to 5,000 PJ of coal seam gas, in addition to conventional gas.”
Metgasco’s field has the largest independently certified gas reserves in NSW. This commitment will fast track the development of a major new source of gas supply for both Queensland and New South Wales. It will also contribute to regional development and employment in the Northern Rivers region in which Metgasco’s project is located. The project is the closest gas supplier to the coastal regions of South East Queensland and North East New South Wales which are the fastest growing energy markets in Australia.
Metgasco has secured Mitchells Rig No 107 to undertake this drilling program which is expected to commence in January 2007."

Cheers,
Ian



Disclaimer: The above mentioned information is my opinion only, and NOT to be taken as advice as i am NOT a licensed advisor. Caveat emptor.

Feel free to visit my non profit site where I post some of my ideas on charting, and try to pass on some of what i've learned over the years. www.bartrade.biz


My time frame is "as long as it takes"

This one has really taken off, the news was well received. Keep on watchlists to buy a dip.





Disclaimer: The above mentioned information is my opinion only, and NOT to be taken as advice as i am NOT a licensed advisor. Caveat emptor.

Feel free to visit my non profit site where I post some of my ideas on charting, and try to pass on some of what i've learned over the years. www.bartrade.biz


My time frame is "as long as it takes"

Ian
thanks for the alert back in 06.
reards Gazz

No worries Gazz, hope you made a few bucks on it aswell, its been a little ripper and its not done yet i believe.
Fundamentally its got a huge reserve and QLD are going to buy whatever they dont sell locally. It's a very realistic candidate for a takeover bid from one of the larger companys, such as AGL, ORG and the likes.
The boss of the company has been on the local radio up here in paradise a few times and is VERY upbeat about the companys prospects... but of course there is the argument that he'd be biased.
Chartwise it broke into blue sky again yesterday, so a retest of that breakout level might provide a good level to buy, or top up, whichever the case may be




Disclaimer: The above mentioned information is my opinion only, and NOT to be taken as advice as i am NOT a licensed advisor. Caveat emptor.

My time frame is "as long as it takes"

Bought again Tuesday at the low (86.5), got most order filled but had to amend last tiny bit up to 88 yesterday. Still ended up with an average below 87. Looking good for a run into the big blue.

Cheers,
Ian.



Disclaimer: The above mentioned information is my opinion only, and NOT to be taken as advice as i am NOT a licensed advisor. Caveat emptor.

My time frame is "as long as it takes"

Ian
still holding and have made a $so thats good.
RSI sittn on trend line interesting to see what happens
regards Gazz

Placement @ 78c, i'm outa there.
Sold on open @ 86c, half cent loss this time round. Will look to get back on around the placement price.
The might or might not retrac from here, dont know, but from my experience price almost always dips back to the issue price, as those fortunate enough to aquire shares in the placement take a quick profit. On the very rare occasion price doesnt retrace at all, but thats a rareity, i'd prefer to just protect my capital for now, and re-enter when the market decides how to take the placement.


Cheers,
Ian.


Disclaimer: The above mentioned information is my opinion only, and NOT to be taken as advice as i am NOT a licensed advisor. Caveat emptor.

My time frame is "as long as it takes"

Phew !
After selling yesterday on the announcement of a placement, buyers remained rock solid. A few hours later and MEL announces a drilling update - that explained the consistant buying strength.
I bought back in higher than i sold, ended up paying 89c to get back on, but am very pleased i did now !



Cheers,
Ian.


Disclaimer: The above mentioned information is my opinion only, and NOT to be taken as advice as i am NOT a licensed advisor. Caveat emptor.

My time frame is "as long as it takes"

You had better still be in them Ian.Otherwise you will be ready to cut your throat.

Mike.

Sure am Mike .... but as usual, i wish i had more !


So, instead of trying to pick a high to sell at, what i plan to do is continue to hold my existing position, and just buy more on any dips.

Cheers,
Ian.


Disclaimer: The above mentioned information is my opinion only, and NOT to be taken as advice as i am NOT a licensed advisor. Caveat emptor.

My time frame is "as long as it takes"

Good thinking. They are drilling into the Walloon coal measures, which are essentially the same as QGC. So it proves that from northern NSW to Southern Queensland that area is highly prospective for CSG. The characteristics of the wells seem to be very simular.

Mike.

Another slight dip, another buying opportunity, still trending beautifully.



Cheers,
Ian.


Disclaimer: The above mentioned information is my opinion only, and NOT to be taken as advice as i am NOT a licensed advisor. Caveat emptor.

My time frame is "as long as it takes"

Hi All
buying oppertunity comming up ?
regards Gazz

Hi Gazz,

you must be specialising in these retracement/ reversals. Promising find, thanks.

It's got an Accumulation signal, a gapped-down hammer candle, and some increasing volume.

In my book, it's still only a maybe, while the MACD is still running away from the Bearish Divergence. But a gap-up North of 85c with still better volume could tempt me to enter early - say on the rise towards 90c? Definitely worth keeping an eye on.
--------------------------------------------
Udo Stegen

I trade daily, but I am NOT a licensed adviser. For details of my approach to trading, click on the link above. But whether you find my opinion logical or not, your actions are solely YOUR responsibility.

Udo you forgot to tell him to go short, it fell through the little blue dash on me sars indicator on 23rd April 07 and its dropped below the 55 day moving average line for the first time since 3rd of October 2006
could end up back at 200 day moving avg or trend lines

Good night Udo off to bed

Blue skies Smiling on me
Nothing but blue skies Do I see
Blue birds Singing a song
Nothing but blue skies From now on.

I never saw the sun shining so bright
Never Saw things going so right.
Watching all the days Hurrying by
When you're in love, My how they fly

Those blue days, all of them gone
Nothing but bluE skies from now on.

Blue skies Smiling on me
Nothing but blue skies Do I see
Blue birds Singing a song
Nothing but blue skies From now on.

I never saw the sun shining so bright
Never Saw things going so right
Watching all the days Hurrying by
When you're in love, My how they fly

Those blue days, all of them gone
Nothing but blue skies, Nothing but blue skies
Nothing but blue skies, from now on.







Disclaimer: The above mentioned information is my opinion only, and NOT to be taken as advice as i am NOT a licensed advisor. Caveat emptor.

My time frame is "as long as it takes"

Another great buying oportunity on Friday on retest of the blue sky break.
I was fortunate enough to have my (top up)order in the market at $1.03 coz there was a gap in the depth there, and got most the order filled.
Price now looks to have confirmed the blue sky break, and is now setting sail on its next journey into the blue, and beyond (hopefully).
I really hope its not just me enjoying this ride.
Cheers,
Ian.