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  • 2 weeks later...

Highlights from todays quarterly the significant things i noticed....V1

During the Quarter Molopo announced that the first triple seam dual lateral trial well completed in Australia, Mungi 20a, had reached gas production rates of over 1 MMscf/d. A total of approximately 2800m of net coal was completed in six laterals involving three coal seams. Subsequent to quarter end, production from the well had increased to between 1.1 and 1.2 MMscf/d, with facilities pressure control limiting further production increases.

During the Quarter Molopo applied for additional acreage within the St Lawrence River adjacent to its Quebec City prospect area. At the time of writing this acreage had been granted within the area between the Isle d'Orleans and the south bank of the St Lawrence River (see red highlighted area below). The acreage represents an additional 39,000 acres and increases Molopo's total land position to approximately 2.2 million acres.

During the Quarter as part of its preparations for operations in Canada and to support Quebec drilling during 2009, Molopo opened an office in Calgary where two new staff have been employed.

China Liulin! Molopo has elected to undertake a small dilution of its equity interest by not funding its share of current activities. At the time of writing the dilution effect had reduced its net equity interest from 20% to 17%.
Anglo Coal, the named operator of MolopoÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Queensland acreage, commenced a commercial sale process of its 25.5% interest in the Molopo joint venture areas; ATP-564P, ATP-602, PL94 as well as its 50% interest in the adjacent mining lease gas producing areas where its partner is Mitsui. Molopo has preemptive rights on the Molopo joint venture areas only.

Molopo also announced an on-market share buy-back for up to 10% of its issued capital over a period of up to 12 months. To date, no shares have been purchased under the buy-back.

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I can't help asking (as no one else seems to be curious) why the hell you would set up an office in Calgary when your point of focus is in Quebec, kinda the equivalent of the opposite side of the Nullabor and then some. Is this indicative of another agenda. :dry:
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Pretty sharp for an old fella :-)

 

From Wikipedia:

 

"In Canada, British Columbia is estimated to have approximately 90 trillion cubic feet (2,500 km3) of coalbed gas. Alberta, to date the only province with commercial coalbed methane wells, is estimated to have approximately 170 trillion cubic feet (4,800 km3) of economically recoverable coalbed methane.[4] High natural gas prices are making CBM economically viable where it previously may not have been.

 

Currently considered a non-renewable resource, there is evidence by the Alberta Research Council, Alberta Geological Survey and others showing coalbed methane is a renewable resource, because the bacterial action that formed the methane is ongoing. The assertion of being renewable, however, has itself become one of debate since it has also been shown that the dewatering that accompanies CBM production destroys the conditions needed for the bacteria to produce methane.[5] In addition, the rate of formation of additional methane is undetermined. This debate is currently causing a right of ownership issue in the Canadian province of Alberta, as only non-renewable resources can legally be owned by the province.[6]"

 

h.

 

PS: I included the "renewable resource" comments because I hadn't seen that before.

 

 

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Thanks for that Handel. You have spelled out the other agenda the I was hinting at. Pretty soon we will be reading an announcement that MPO has acquired CBM exploration territory in Alberta - or I'm a monkey's uncle. After all, there is quite a few bob in the till and some know-how on the ground over there.

 

As to the renewal aspect, I am not planning to wait around for the microbes to do their thing, but it sounds good anyway.

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https://secure.wilsonhtm.com.au/rsearch/Res...MPO20090424.pdf

 

Recommendation

MPO reported steady progression of its key projects: Mungi CSG in

Queensland, unconventional gas in South Africa and shale gas in Quebec.

MPO has flagged its desire to assume operatorship of the Mungi project

(currently operated by Anglo) and its intention to proceed with full field

development. In South Africa the absence of decline in gas production

from old mining core holes points to possible future reserves upgrades,

and discussions continue with potential joint venture partners. Drilling is

expected in Quebec in the September quarter. We retain our Buy

recommendation; our price target is $A2.25/share (previously $A2.10).

 

Not quite sure where the previous target of $2.10 came from, as according to the previous report (March) the target was $1.80. They must have upgraded the target at the end of March as well.

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This from Fortune Oils report out just now

Strategy

As a result of the ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚£32 million fund-raising in 2008 Fortune Oil now has a net cash position in addition to strong positive cashflow from operations and we are seeking further acquisition opportunities. In 2009 China needs to source energy resources for the long term both domestically and internationally, this at a time when many Western energy companies are struggling financially. We expect that the coming year will present Fortune Oil with many opportunities not only to broaden the integrated gas business but also to forge strategic relationships in both the oil and gas sectors and to acquire energy assets at attractive prices.

 

http://www.londonstockexchange.com/LSECWS/...&source=RNS

 

Now will they be interested in relieving MPO of the their remaining share of Liulin??? V1

 

 

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  • 2 weeks later...

Here is the chart from earlier today. Data is delayed so volume today not really reflected as yet. Volume is now above the average for last seven days. Also price has just got a move on and we are up 7.48%

 

Looks like we are getting set for another run. The clear indicator of this will be a break through $1.15 to confirm the double bottom pattern. We just broke $1.15 ... so is confirmed.

 

ESG hit an all time high today, so the industry is still moving ahead. A lot of room between the current price and MPO's all time high of $2.09

 

 

http://i659.photobucket.com/albums/uu318/pukinhc/MPO-1.jpg

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