NSW coast - brace yourself Nellie !!
- Thread starter Dazz
- Start date
Tax free capital gains?
Just having a flick through the latest MEC presentation and struck this bit on page 3.
Would one of you more experienced share boffins care to explain how/why it exists and how the shareholders can use its benefits?
Just to add a little more detail:
Do you notify your accountant of the tax-free status or would they 'know'?
When does the Pooled Development Fund status finish? Does it have to be terminated once the company starts turning a profit or would the company sell off those revenue generating assets as they come online?
Gools
Just having a flick through the latest MEC presentation and struck this bit on page 3.
Would one of you more experienced share boffins care to explain how/why it exists and how the shareholders can use its benefits?
Just to add a little more detail:
Do you notify your accountant of the tax-free status or would they 'know'?
When does the Pooled Development Fund status finish? Does it have to be terminated once the company starts turning a profit or would the company sell off those revenue generating assets as they come online?
Gools
Gools, that wasn't the major reason why we jumped onboard, but it certainly didn't hinder our decision. Nice to have a free 100% win, rather than have a win and share the spoils with the ATO.
In terms of revenue down the track, this company is a speck on the butt of a fly when it comes to oilfield development. It's absolutely flat out and up to it's eyeballs just paying to dig one hole. Any revenue generation will be about a decade away and a few Billion capex.
It does not have the financial clout to do anything with a successful commercial discovery, other than hitch up its skirt and wait for a large suitor to come sniffing.....if you follow the analogy.....
Palm the whole thing off to someone like an Origin Energy, pocket the windfall and start chook scratching around in the never-never for the next one.
In terms of revenue down the track, this company is a speck on the butt of a fly when it comes to oilfield development. It's absolutely flat out and up to it's eyeballs just paying to dig one hole. Any revenue generation will be about a decade away and a few Billion capex.
It does not have the financial clout to do anything with a successful commercial discovery, other than hitch up its skirt and wait for a large suitor to come sniffing.....if you follow the analogy.....
Palm the whole thing off to someone like an Origin Energy, pocket the windfall and start chook scratching around in the never-never for the next one.
Things don't always happen that way Dazz. In the early oughties I had a punt on a gold explorer who, I'm sure, was planning this way. But no suitors came a sniffin'.
So they kept on working and proved their resource, did the BFS, built the plant, (on time, on budget, working at name plate capacity in 3 mths) kept drilling and finding more ore. They now produce half a million ounces and expect to be a million/y producer by 1015.
Couple of days ago the offer finally came: C$7.1 billion. That's a X20 gain for me and I think I'll keep my holdings in the merged company.
If you have good management the longer you can stay independent, the better.
BTW I'm no longer in MEC. Just an observer.
So they kept on working and proved their resource, did the BFS, built the plant, (on time, on budget, working at name plate capacity in 3 mths) kept drilling and finding more ore. They now produce half a million ounces and expect to be a million/y producer by 1015.
Couple of days ago the offer finally came: C$7.1 billion. That's a X20 gain for me and I think I'll keep my holdings in the merged company.
If you have good management the longer you can stay independent, the better.
BTW I'm no longer in MEC. Just an observer.
Just goes too show with stocks like these every time the top end asx 50 blue chips go back 4-12%- 21%,the starts up like this go the other way and still per $$$$ value i low volume trades,i'm till they hit the 2-4 milliion units per day then we will see ..imho..willair..solar wind salesperson..
As for that stock, it went up on the same news last year, plenty of speculative suckers out there.
Last paragraph in the below link is an interesting interpretation and analysis of worth.
http://www.smh.com.au/business/small-fry-try-to-hold-on-to-nsw-coast-gas-punt-20100909-1536j.html
Regards
Sheryn
http://www.smh.com.au/business/small-fry-try-to-hold-on-to-nsw-coast-gas-punt-20100909-1536j.html
Regards
Sheryn
From what Ive read in the express it will be 50 nautical miles to sea so will not
be seen from the coast.
Munmorah power station now has gas turbines for peak load but can only
run for 3 hours max before the gas pressure drops which comes from the
Sydney Central Coast pipeline.
Not sure the Central Coast people would object to much to a gas rig if it
means turning Vales/Munmorah from Coal to Gas fed turbines.
I think residents should be more concerned about the coal mine proposal
at North Wyong which is planned for the water catchment area.
Holding Pattern
Looks like this ones in a holding pattern now until the result of the dice roll comes in - floating around $0.60 for a couple of weeks.
Man I hate waiting.
Looks like this ones in a holding pattern now until the result of the dice roll comes in - floating around $0.60 for a couple of weeks.
Man I hate waiting.
Interesting article on the Sydney gas basin.
If there's any truth to it then brace yourself Nellie!!
Indian Interest in Advent Energy
Gools
If there's any truth to it then brace yourself Nellie!!
Indian Interest in Advent Energy
Gools
I can't see anythign when I click on the link (?)
Thanks for the link,but i have a few below 12 cents spec gas -0il Australian start up miners that the Indians have bought up the vast number of shares in those companies,and it can work both ways and not always the way you want..imho..willair..
It works for me but just in case, here's a shorter version of the link.
Article Link
Failing that jsut go to Google News and search for MEC Resources sorted by date.
Gools
Wife and I went to the AGM last week for MEC Resources.
CEO, CFO and five shareholders around a small table. It was real cosy, all 7 of us in the one room.
Bit surreal having the authority as a shareholder to start quizzing your ex-boss about stuff. He took it well. Big tip - money trumps rank in the workplace every time !!!
Obviously he didn't divulge anything at the meeting that wasn't already announced to the ASX, but it was good for the wife to hear exactly what is likely to occur, and gain an insight into the geological gas traps they are targeting.
It was good to hear about the spurious ways the media can twist and contort the truth to mean something the complete opposite. I definitely wouldn't want to be a CEO of a listed company. Apparently a petition was presented to him from a green-do-nothing mob. 30 signatures out a 6 million population base isn't too bad.
Environmental and drilling applications have been submitted to the NSW State authorities. Approvals are pending late November.
Esso shall be finished with the Ocean Patriot semi-sub drilling rig in early Dec, and the two AHTS will then tow it up the coast to it's final position over the New Seaclem-1 location, to target the Great White and Marlin prospects. (Wonder why they never call it the tiddler or minnow prospects)...
P50 gas reserve estimate is 4.1 TcF. North Rankin has about 6.5 TcF as a comparison.
If this thing goes off like I think it will, we might even be able to eliminate some of our property debts. Now that'll make for an interesting meeting one day with my Bankers.
CEO, CFO and five shareholders around a small table. It was real cosy, all 7 of us in the one room.
Bit surreal having the authority as a shareholder to start quizzing your ex-boss about stuff. He took it well. Big tip - money trumps rank in the workplace every time !!!
Obviously he didn't divulge anything at the meeting that wasn't already announced to the ASX, but it was good for the wife to hear exactly what is likely to occur, and gain an insight into the geological gas traps they are targeting.
It was good to hear about the spurious ways the media can twist and contort the truth to mean something the complete opposite. I definitely wouldn't want to be a CEO of a listed company. Apparently a petition was presented to him from a green-do-nothing mob. 30 signatures out a 6 million population base isn't too bad.
Environmental and drilling applications have been submitted to the NSW State authorities. Approvals are pending late November.
Esso shall be finished with the Ocean Patriot semi-sub drilling rig in early Dec, and the two AHTS will then tow it up the coast to it's final position over the New Seaclem-1 location, to target the Great White and Marlin prospects. (Wonder why they never call it the tiddler or minnow prospects)...
P50 gas reserve estimate is 4.1 TcF. North Rankin has about 6.5 TcF as a comparison.
If this thing goes off like I think it will, we might even be able to eliminate some of our property debts. Now that'll make for an interesting meeting one day with my Bankers.
Rather than paying of their loans might be worthwhile looking into becoming the landlord of their Headquarter building. Would be an interesting experience during rent reviews/lease renewal meetings.
Cheers,
Oracle.
Well they responded to the query which caused the trading halt
"MEC Resources Limited (ASX : MMR) advises that commentary in the media in India on formal
discussions between Advent Energy Ltd (Advent) and a consortium of Indian state-run energy
firms, regarding talks to acquire a 25% stake in Advent for $1 billion, are incorrect."
"MEC Resources Limited (ASX : MMR) advises that commentary in the media in India on formal
discussions between Advent Energy Ltd (Advent) and a consortium of Indian state-run energy
firms, regarding talks to acquire a 25% stake in Advent for $1 billion, are incorrect."