Monday, 1 December 2014

Metgasco considering leaving New South Wales for good?

Metgasco Limited Chairman Leonard Gill at the coal seam and tight gas exploration and wannabee production company’s 2014 annual general meeting, according to the Ballina Shire Advocate on 29 November 2014:

"The government's announcement has again given the green light in principle, but provided another set of traffic lights in practice," Mr Gil said.
He also suggested many gas companies in NSW would be contemplating the government's offer to buy back petroleum exploration licences.
"Given the continuing changing rules and ongoing delays in NSW, it would not surprise if all exploration licence holders - even the largest ones - gave some thought, at least in private, to this option."……
Mr Gil said the company will "continue to pursue opportunities to diversify outside NSW" as the best way to provide value to shareholders.
"Given ongoing delay in the Northern Rivers, the lack of investor confidence in NSW and the outlook for continuing sovereign risk, diversification remains a priority in order to set the company on a growth path," Mr Gil told the meeting.

The Australian Stock Exchange chart of Metgasco ordinary share daily price performance over the last twelve months:

At close of trade on Friday the company's ordinary share price stood at 4.7 cents.

Metgasco monthly ordinary share price charted over last ten years:

Current shareholder sentiment has been described as "depressed" by one AGM observer.

A state of affairs some shareholder comments on the HotCopper forum this month tend to support:

When do you think MEL lost community support and squandered their opportunity?

who says mel management cannot be matched for the ability to destroy shareholder value while holding a great assett?

Cast your mind back several years Henderson and tell me you weren't prepared to walk away then!
Or was that a silly, ill conceived bluff, that may have come back to bite. Still not happy!

Tweed MP Geoff Provest was quoted calling on companies with exploration licences on the North Coast to give them up.
My local MP sucks - does he mean without any compensation (how un-Australian)
Seem to remember you getting out at about 41c danebell when ERM bought in - smarter than me mate. The end may be nearer than we think - best to all Sean.

Wonder what ERM Power are thinking, our largest shareholder with 58,000.000 shares having paid up to 0.60 cents a share in 2011 like the rest of us longtermers, who have been stuck unable to sell our shares because the NSW govt, The Greens and Lock the Gate have ruined MEL's promising future and ours as well.

What 4-traders thinks of Metgasco's immediate future:

Metgasco : East Australia's future gas projects shrink

11/29/2014 | 07:01am US/Eastern

There were three upstream gas projects in east Australia culled during the past 12 months from the list of potential projects complied by the Australian government's commodity forecaster, the Bureau of Resource and Energy Economics (Bree).
The Casino coal-bed methane (CBM) gas Casino project operated by Australian independent Metgasco was taken off the list of potential gas, oil and LNG projects that could be sanctioned in the medium term. Also struck off were the two trains of the Fisherman's Landing LNG project, which was listed as two projects, operated by Australian independent LNG Limited (LNGL).....
Another Bree report this week showed that the 2012-13 fiscal year to 30 June was the first year in more than six years that a new gas-fired power station did not come on line. This was in contrast to 5,135MW of similar capacity coming on line between 2006-07 and 2011-12.
There still remains 7,928MW of planned gas-fired power capacity in Australia, or about 7pc of Australia's installed power generation capacity. But most of these projects are unlikely to be approved during the next two or three years given the current oversupply in the Australian electricity market that has depressed wholesale electricity prices.

1 comment:

Allen Rooke said...

Investing in Metgasco or any other company poses risks. I would suggest you be more careful when parting with your money. If Metgasco plans to leave NSW GOOD RIDANCE....