"16 January 2020 Vali-1 ST1 Gas Discovery May holds 20% share in...

"16 January 2020 Vali-1 ST1 Gas Discovery
May holds 20% share in MEL worth about 5% of the Vali-1 ST1 Gas Discovery in real terms

Over 35 metres of interpreted conventional net pay in the Patchawarra formation
Gas also recovered from sands within the Nappamerri Group
Gas shows and potential pay within the Toolachee formation
Oil shows in Birkhead and Westbourne formations
Well to be cased and suspended for future testing, stimulation and production
Metgasco free carried to case and suspend of Vali-1 ST1 with a 25% interest. MAY owns 20% of the share in MEL
The strong results from Vali-1 reinforce Metgasco’s confidence in the prospectivity of ATP2021

This goes well for MAY and builds on the prospects for the year, should see the share price move up substantially over the next few months."

You state MAY own 20% of MEL but that 20% (22% actually) ownership is contingent on MAY getting > 50% of MEL in the current takeover bid.
If MAY don't get > 50% by the time the offer for MEL shares closes, then the current 22% acceptances do not go ahead.