RE: New Presentation Clear, and also "muddy"
They have lots of oil, and they appear to be making progress on the lines that give it access to markets. Cash flows are getting better, and bank debt is gone. Yet the stock is languishing.
For me, I can see the positives clearly, but I have difficulty translating this into specific comfort relative to the stock, and the price suggests I am not alone. Unlike many small oil companies that provide production targets, I have not seen these for Mart, and effect of cost recovery accounting and high income taxes are difficult to understand. For example, cost recovery is probably a net contributor to cash flow and earnings, but at some point, their share of the barrel drops down.
This could be a very good company, and I am not saying anything negative about the company, only my ability to understand it. The presentation was very well written, as far as it went, but it would be helpful if it went a bit further.