Well if you were long POO and short PMO and PMO
outperformed Brent you would lose.
Which I think is likely to happen IMO.
Debt will continue to be paid down and I think the market will eventually recognise it
I'm sure if you did a collation calc on PMO/Brent you would find them highly correlated with a slight gearing in favour of PMO. So if you expect Brent to rise shorting oil and long PMO would be a better strategy.
Of course the opposite is true is Brent falls.