Chart has short term potential, page-200

I'm not at all convinced that we are passed the worst. That's not to say that I am correct, only time will tell. My view is that there has been a step change in oil, so far as it's mix in the whole energy equation goes.

This has been coming for some time. A combination of fracking technologies, clear change in Saudi policy, climate change, Elon Musk and Tesla, a generational change in attitudes to energy use and so it goes.

Make no mistake, oil is here for the long time, but I think we are at one of the great tipping points in world history. I don't think we will ever see oil north of $100 again. That will only accelerate alternative technologies an hasten the demise of fossil fuels. The Saudis and others know this, thus cheap oil along with low interest rates are here for a long time.

I just think there are better investments out there than MMA Offshore. That's not to denigrate MMA in anyway. They seemed to me a well run company, although the purchase of Jaya was a disaster and could not have been timed any worse. There is simply too much stacked against them and beyond their control.

All the best to holders.