I wonder if MAY will now extend the TO end date past Dec 4 ? At this rate the BYE distribution may take place before the decision on a Beehive FO and then the TO should fall over .
One thing that could happen is MAY drop all their defeating conditions and receive the 20% of the BYE shares in the distribution for the MEL shares that have accepted the offer . I guess it just depends on what AP wants to own ( Although the MAY BOD are saying different , lol ) Might help keep MAY afloat if the FO eventually falls over if Santos walks away . I think there is a good possibility that may occur as the delay costs Santos nothing .
Total thought the prospect good enough to pay half of an expensive 3D but not good enough to drill once the 3D better defined the prospect with all the direct indicators that now can be nuanced by complex 3D analysis .
We wait developments with interest .
MEL Price at posting:
4.4¢ Sentiment: Hold Disclosure: Held
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