My experience with MRM, page-13

Austinhealey - concur with your thoughts ! WOR is arguably a little cheaper than MRM, but its diversification in hard rock mining is perhaps holding it back (relative to mrm).......it has abt 2bn in "goodwill" .........debt/ebitda is abt 2.5 to 3.0 ....

imho - oil has bottomed .....and we will see how "peaky" the shale production is in the usa (one can get some data from Texas railroad commission website.....). How the geopolitical game plays out in M.E. remains to be see. ......lets hope the carnage ends soon.

Eight - WPL finally admitted that Browse is best done via FLNG ....ie shell will have to be operator (last capex no's were >> $50bn .....ie it will be difficult to get off the ground ........also the last woodmac report suggests no additional "gaps" for new project till about 2018 - 2020 ....) .......and the legal issues for Sunrise means its (still) a dead duck.......

wpl also made a large acquisition........what we haven't heard anything abt is the drilling / securing of additional feedstock for any extenstions of NWS contracts ......

arguably wpl is "ex growth"......and it has been a market darling for 15 years !

rgds
V_H