Madagascar Oil (MOIL) duly reported its 31st December 2014 figures. Normally, I regard exploration and evaluation assets – here c. £130m – as pure phooey until the resource starts paying. MOIL is in fact capitalised at about £30m and enjoys net assets of £150m. This is a measure of the opportunity. At 10p MOIL is a raging buy.
I am short EUR/JPY at 136.50. The target price is 130 by COB Friday.
I have been forwarded a summary of the Greek propensity to default on its debts. They have defaulted six times in the last two hundred years. It is in their blood. Of course, since this study of history is available to all including the ECB’s officials, one does wonder why the advances this time around were ever made.