NGE, biggest shareholder just dumped there 12.6% holding overnight 112M out of 850M.
They had cash of A$17.4M and a MCap of A$11.9M as of yesterday. They have potential further payments of upto A$28M + a royalty in there favour from the likes of Exxon & Santos plus own 50% of a drilling rig.
Only 743 holdings of over 100,000 shares (92% of shares in issue) top 20 own 57% of company.
Given the massive cash backing and the change of the largest shareholder overnight, this could now be in play, with very significant upside.
LOTM
Daytrading May 14 afternoon, page-41
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