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"Bounty is now in joint venture with unlisted Advent Energy, which is controlled by listed pooled development fund MEC Resources (MMR). Now the quest for (mainly) gas but also some oil off this part of the NSW coastline is getting serious. And Queensland coal multi-millionaire Ken Talbot, through his private investment company, has taken a 10 per slice of Advent." (from The Australian article http://www.theaustralian.news.com.au/busin...4-18261,00.html )



BUY(15%) marcap $42 million

MMR(85%) marcap $37 million

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Up over 100% yesterday, holding almost all those gains today despite market being down ..... good sign there is some sophisticated investment going on here . Almost nil trader chat suggests to me most have moved on also .

Spud date some time should see the shareprice at multiples of the current imo .



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Great point Bello about the MC of both MMR & BUY.


Great day yesterday and as you say, holding up OK today given the market.

Once we have a rig confirmed and finance all settled, this will go off again if the action of the past 2 days is any guide. The context of an elephant sized drilling target in the vicinity of the Sydney Basin will get the media and punters' attention IMHO.


As I said earlier on this thread, this one has all the hallmarks of a classic BESBS play and plenty of potential rewards for those who hold through the drill.


Disc. Holding MMR at 10c ave

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Have been waiting a long time for things to happen with MMR and this really is nothing yet though I couldn't help but sell into the rally today & got a third of my outlay back so maybe buy them back tomorrow if there's a pull back; this one needs constant news to keep to these high levels, the next news to come I imagine will be the rig tenders; that should push it closer to a dollar except knowing my luck that'll be out before I get my original holdings back!!!

MMR has technically compared PEP11 to Marlim offshore Brazil, untechnically I compare it with The North sea offshore from Newcastle (UK) same thing, same city name even!! Newcastle UK is/was the centre for coal mining and offshore for gas & oil too.

Excuse my ignorance Garryg, but what is BESBS? I'm wracking my brains on that!!

One more question; I believe that you can get an sms sent to you when a co. makes an announcement; anyone have any more info?



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Loosely related to MMR (MMr have excellent Chinese connections); just found on news.com.au =


AUSTRALIA has secured its biggest ever resources deal by signing a $50 billion agreement to supply liquefied natural gas to China. The gas will come from the Gorgon development off the West Australian coast and comes a week after a $25bn deal to supply gas to India, also from Gorgon.


The $50bn Gorgon LNG project will be the biggest single investment ever made in Australia, breaking the record set only a few years ago by the $12bn Pluto LNG project now under construction in Western Australia.


Minister for Resources and Energy Martin Ferguson said the unprecedented export deal confirmed Australia's importance as a global energy superpower.


"The $50bn Gorgon LNG project will be the biggest single investment ever made in Australia, breaking the record set only a few years ago by the $12 billion Pluto LNG project now under construction in Western Australia,'' Mr Ferguson said in Beijing.


"We are a country built on foreign investment and we continue to welcome investments that develop our resources for the benefit of all Australians,'' he said.

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Hi Rikki,


Buy Early Sell Before Spudding (BESBS).


MMR have been a classic play it should have the following Share price kicks along the journey:

- intention to drill/seek finance/put out tender for rig (done - went to 13c)

- finance now taking shape & rig tenders coming in (just done - spiked to 30c+)


now we wait for the following:


- finance finalised

- rig booked


- then the build up to drilling when the day traders will flood in.


This is when you sell according to the BESBS plan as you guarantee a big return without any risk of a dry/water well. Of course, if you hang on and hit the jackpot, its $$$$$$$$ galore but usually wildcats are around a 1 in 10 chance. Many (like myself) will sell a significant portion to lock in big profits and still leave some on the table to ride down the drill.


Hope this helps.




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Thanks for that; seems so obvious now~!!~

BESBS is definitely the way to go; A good way to get free carried too so that you have nothing to lose and still get the gains (IMHO).

We can be reasonably sure that there is gas down there but certainly no guarantee it's commercial. This has become a serious play; I was doubting anything was going to happen last year, but still a few hurdles to get past.

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