-The Company sponsored and attended the APPEA Oil and Gas Conference in Perth, Australia, in mid-June 2021. A number of business development opportunities were identified at and subsequent to this conference, several of which the Company are considering closely.
So, they are potentially liquidating for an investment opportunioty, although their cash position looks healthy overall.
-The Company also holds listed securities in other ASX-listed oil and gas companies valued at $1.8 million as at the close of business on 26 July 2021
$1.8m @2.4cps is approximately 75m shares. Change of substantial holder notice had them holding ~98m as of Thursday, which implies that they were responsible for circa 23m of trades since then. My gut feel is that there has been a typo - as circa 23m was traded on both Friday and Monday. There is a chance that they were responsible for both Friday and Monday trades and will only have ~53m remaining as of this morning, and potentially 45m now. That's all assuming a typo in the quarterly in relation to the date, and MAY being responsible for all selling.
MEL Price at posting:
2.2¢ Sentiment: Buy Disclosure: Held
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