The BYE shares to be distributed to MEL shareholders is only 20...

The BYE shares to be distributed to MEL shareholders is only 20 million or about 2% of BYE shares on issue.
Most MEL shareholders would have a reasonable understanding of the potential of BYE so I don't see the shares they would be likely to sell having any great affect on BYE's SP.
BYE has always had good liquidity.
The starting of immunisations against CV is putting more confidence into the oil price in spite of the renewals in lockdowns.
Things should look a lot better in a few months and that should be reflected in BYE SP as it gathers its financial strength for its next drill.