It certainly does seem cheap sle & I can understand why very few would sell for a loss at these levels.
However CMT is off approx. 50% from last year along with the oil & gas price.
FAR with their considerable oil find offshore Senegal is, at 8 cents, arguably half where it should be.
Same for CVN after their success with Apache in W.A.
The African explorers SWE & PCL are suffering badly as both rely on Tullow to drill their prospects, yet Tullow is busy reducing costs & expenditure along with most other oil producers in the world right now.
Santos - off almost 50% and closer to home - KPL will soon be off 50% from a year ago (42 cents then & 25 cents now).
CMT share price is perhaps right where it should be at the moment, given the uncertainty over the whole hydrocarbon industry worldwide?
BDM Price at posting:
5.5¢ Sentiment: None Disclosure: Not Held
