“

I feel relatively confident that we have seen the bottom of the oil price. In such a scenario, high-beta (more volatile) plays like smaller oil explorers and service companies are the first to benefit, at these levels, they also become attractive M&A (takeover) targets as it may be cheaper for big companies to buy exploration firms than find new reserves. If oil prices gain, big players will become more confident, accumulate cash, cut capex and look for cheaper reserves.