An interesting day, with BYE also approving the issue of options and convertible notes to MEL. Will be interesting to see what move, if any, Purcell makes now that the distribution has been approved. I saw it as a play for control in order to ensure Xanadu was funded for drilling, which would then provide ongoing funding for Cuba from oil sales. They are decent prospects, but glad that the board hasn't gone down that path due to the longer time frame there. If the board want shorter term plays it is really a case of assessing options in Queensland, Cooper basin and Perth basin. I personally see COI in the Galilee as the likely option, but would like to see MEL get a piece of the Mahalo project in the Bowen (unlikely due to the JV partners).
MEL Price at posting:
6.2¢ Sentiment: None Disclosure: Held
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