I didn't buy into MRM just because I have a hunch that oil will...

I didn't buy into MRM just because I have a hunch that oil will one day rise again.

Don't know man, maybe it's foolhardy but a company that had invested some $1B+ in its assets a few years ago; had since only sold off some of that asset to repay its debt while with a few keyboard strokes "wrote down" and impair half a billions worth.. .and even after that, still sells at some 12cents on a NTA dollar.

That's enough value for me.

-----------

As to MRM cannibalizing its future earnings by selling the Australian bases... While the bases do provide some advantage, selling it off is better than going broke or having bankers breathing down your neck; better for shareholders having its ownership diluted at such a low price.

That and the bases being a JV... MRM can't just layup or set up its operations on them for free. They still pay to the JV at, maybe a mate's rate, but still pay proper.

Yes, they get it back in the JV profit but exchange that for still using the base as before, pay at the same price, just don't get half the profit back.

Not much of a big deal if you ask me. Not when they could exchange it for some $52M, repay the bankers and still provide that strategic, one-stop-shop business model. Sure, at an ultimately higher cost without the JV share. But you can't have everything when work is slow and the bankers are knocking at your doors.