Interestingly, MAY hasn't found any commercial oil but their share price went up significantly in the past 12 months. VEN and MEL have been consistently ticking boxes but VEN's share price is down and MEL's share price moved up a bit in the past 12 months.
Why MAY is selling is an interesting question. They like MEL's assets otherwise they would have made a takeover offer. MAY had plenty of cash last quarter and they can easily raise more money considering their market cap is much higher. The amount of money they got from selling this week is only around $700k. Either way, good buying opportunity for both MEL and VEN IMO
MEL Price at posting:
2.4¢ Sentiment: Buy Disclosure: Held
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