Hi hopefullyguy, Since MEL's November 2022 capital raise (135,125,402 shares @ 2 cents), close to 135,160,000 shares have changed hands at around 2 cents. In my view, whoever is selling at these prices is not making much profit, if any, since MEL is essentially trading at near 52 week lows. Over the last 12 months, 1.04 billion MEL shares have changed hands at around 2.6 cents.
MEL management are surely busy accessing other business opportunities that will provide traction/interest in the market, apart from Patriot-type deals. Focus on screening new low to medium-risk gas projects, be they-new onshore basin entries and/or production, otherwise the MEL team become surplus to the business since VEN are doing most of the heavy lifting at Vali and Odin.
Kind regards OldGeo
MEL Price at posting:
2.0¢ Sentiment: Hold Disclosure: Held
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