Ann: MEL: Shareholder Update Regarding MAY's Beehive Announcement, page-2

" 5 November 2019 METGASCO SHAREHOLDER UPDATE: MELBANA BEEHIVE ANNOUNCEMENT  Metgasco notes Melbana’s announcement today advising that TOTAL has withdrawn from the Beehive project  Santos (the exercising party) has given notice to exercise its option to acquire a 40% interest in the project
 The significant risks associated with the Beehive prospect, as outlined in Metgasco’s target statement, remain and are arguably highlighted by a global E&P major such as TOTAL electing to withdraw from the project, despite having funded seismic acquisition and interpretation
 This development appears to defer any certainty on whether there is any commercial pathway forward for Beehive to December 4th, or potentially significantly longer
 Should the exercising party not take up its new 80% option and the farm-out process re-start, the timeframe and likelihood of progress surrounding Beehive is unknown
 Metgasco’s board continues to unanimously recommend that shareholders reject Melbana’s wholly inadequate offer REJECT THE MELBANA OFFER Melbana’s conditional offer significantly undervalues your shares "

I cant argue with that. Can anyone put a good spin on for MAY?
MEL seems to be aware of the situation