I have known this would be coming . If you don't want a company controlled by Purcell VOTE . He only needs another 22% to vote with him . If retail does not vote then that gets to be a much smaller % that they need . In spite of the dilution that MAY had acquiring the 28% of MEL their market cap is less than MEL,s. Purcell is well underwater on the deal so far . Let's keep it that way . Does anyone think that in the new reality of the oil market that Beehive will get drilled in the foreseeable future or the heavy oil in Cuba is likely to be brought into production profitably , without even considering the exploration risk ? Does anyone think that they will be able to even keep the Beehive permits given how far down the track any drilling is likely to be ?
Compare that with MEL's discovery of gas in the Cooper and MEL's investment in BYE and the possible significant upside of a Cervantes discovery after there has been some normalisation of the oil market .
VOTE or lament !!!
MEL Price at posting:
2.1¢ Sentiment: Hold Disclosure: Held
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