Yes, it's hard to be positive in the industry at the moment but as I have eluded too, in earlier posts, there is a distinct air of optimism in the Oil and Gas Industry since OPEC decided to take action on supply restrictions. This is evident in the latter paragraphs of todays announcement. I decided to look past the early disappointment re-West Africa and new build delay and focus on the commentary for Australia, Mid East and Asia. WA has always been a fickle market with corruption rampant in the major players , Nigeria and Angola, a major impediment. I think MRM are better off staying away from WA and focus on ME , Aust and Asia.
The rise in Oil price will take some time to flow through but I sense the optimism from MRM management that the outlook has a positive glow.
Finally, there was no commentary re-capital requirements so, I believe, MRM are moving further away from needing to raise funds via a Cap Raising.
MRM Price at posting:
34.0¢ Sentiment: Buy Disclosure: Held
