any opinions on this stock?

Does anyone have an opinion on this new Listing?

Their Financial Report suggests they are worth $1 so don't quite understand how they expect to make any sort of entry into the market.

I had to call my stock broker today because I thought I'd through down $500 @ $0.10 to get it started however the online system kept rejecting my bid because their was no entry point for a benchmark to make a trade against.

Long story short they made an XT trade for me at $0.05 and I ended up with 10000 shares. I probably could have gone in at $0.01 and had it accepted without to much trouble.

I figure if the de-merger from Moby Oil has gone ahead as outlined and that some assets and tenements had been granted to Enegex in the deal, then surely the would have some market value.

So then assuming this to be true their latest financial report would reflect this and there would have been some volume in the first and second day of trading besides mine.

Or is it a case of at the time of the report their was no legal transfer of assets from Moby there for nothing to report; meaning the market was unable to calculate a market value to set an opening price.

In saying all of this and maybe struggling to make a point, is it a gold mine just waiting to happen because of an over sight from the market makers and investors struggling to make heads or tails of it.

Assuming the opening value is determined by a computer that divides the total Equity by the Amount of market shares available, then with the market value reporting as $1 this is going to be a very small fraction that is less than the minimum share price for the ASX.

Any way I figured $500 is not going to be a big loss.
It only needs to hit $0.20 after their next report which can't get any worse than the last and I will have made a nice little profit!

I look forward to the days and weeks to come to see how this pans out.

AJW