My only concern with the NTA is the ongoing vessel sales program.
It is clear that we aren't going to get top dollar in the current market, so I would rather hold off sales if we could do so within our debt obligations - which is the real issue, I guess.
I am not critical of the Jaya buy, even though events have conspired against it. They bought when the AUD was at its peak, an asset that delivers geographical diversification.
That a tumbling oil price caned them was an unknown, and has burnt all oil related businesses.
Anyway, my average price is 42c, so I am much happier with the current share price than I was at the end of last year.
If this direction change for oil does open a few exploration purses it will be good news for MRM.
If I was an oil company I would be aiming to take advantage of the current rock bottom prices for doing some exploration.
MRM Price at posting:
37.5¢ Sentiment: Buy Disclosure: Held
