Firstly that is the number one reason i invested in MEL. I compared current reserves along with previous sales/takeovers in AUS (QGC, PES, SUN etc) and Metgasco is extremely undervalued.
The main competitor that MEL is compared to is ESG. ESG reserves are valued considerably more than MEL. ESG has a larger acreage and solely in NSW. Sure ESG is next door to Santos and alike but NSW lacks the infrastructure and focus that QLD has had with CSG. MEL will follow soon, and expect more of a price correction now there is positive sentiment within global markets.
I initially thought the price difference this was due to cash flow difficulties which are now out of the way with the recent capital raising. I suspect the institutional investors were privy to some information that we have yet to discover, with that i assume some decent announcements are coming.
why is this so cheap, page-2
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Last
0.5¢ |
Change
-0.001(16.7%) |
Mkt cap ! $6.988M | |||
| Open | High | Low | Value | Volume |
| 0.6¢ | 0.6¢ | 0.5¢ | $14.96K | 2.992M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 12 | 13713050 | 0.4¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 0.5¢ | 51000 | 1 |
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| Last trade - 15.48pm 26/06/2024 (20 minute delay) ? |
| MEL (ASX) Chart |