value1008
10 years ago
Mart Resources, Inc.: Oil Flow Commences Through Umugini Pipeline
NEWS RELEASE TRANSMITTED BY Marketwired
FOR: Mart Resources, Inc.
TSX SYMBOL: MMT
DECEMBER 3, 2014
Mart Resources, Inc.: Oil Flow Commences Through Umugini Pipeline
Oil flow has commenced through the 51-kilometer Umugini pipeline and into the Trans Forcados crude oil export pipeline system that connects to the Forcados oil export terminal
CALGARY, ALBERTA--(Marketwired - Dec. 3, 2014) - Mart Resources, Inc. (TSX:MMT) ("Mart" or the "Company") and its co-venturers, Midwestern
Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited are pleased to provide the following update on Umugini pipeline operations.
Oil flow has commenced through the 51-kilometer long Umugini pipeline and into the Trans Forcados crude oil export pipeline system that connects to the Forcados oil export terminal. The commencement of continuous oil injections from the 12-inch Umugini pipeline to the Trans Forcados export pipeline followed the completion of pipeline tie-in at the Eriemu flow station and other start-up activities including line fill. Mart holds an effective 15% interest in Umugini Asset Company Limited, which is the owner of the Umugini pipeline.
All agreements that are required to allow the shipment of crude oil to Forcados oil export terminal have been completed and signed by all necessary parties. Mart and its co-venturers plan to gradually increase the volume of oil delivery through the Umugini pipeline in order to regulate Umugini pipeline start-up operations and optimize production from the Umusadege field. The Umugini pipeline has an initial estimated gross export capacity of 45,000 barrels of oil per day. The Umusadege field has been allocated approximately 75% of Umugini pipeline capacity. The nomination, loading and sale of oil from the Umusadege field are expected to commence in the next 30 days.
The Umugini pipeline opens up a second export route for Umusadege field oil production and is expected to enable Mart and its co-venturers to significantly increase the Umusadege field's present production and to accommodate future production increases including from the recently drilled horizontal wells. The commencement of continuous oil injections through the Umugini pipeline also enables Mart and its co-venturers to balance the delivery of crude oil between the Forcados oil export terminal and the Agip Kwale export hub. The utilization of multiple delivery and export routes is expected to result in an improvement in export flexibility and a reduction in pipeline disruptions. Full transport capability of the Umugini pipeline is expected to be reached in the first quarter of 2015.
Wade Cherwayko, Chairman & CEO of Mart, commented: "The commencement
of oil flowing through the Umugini pipeline is a significant milestone for Mart and its co-venturers, Midwestern and SunTrust. The Umugini pipeline will provide additional export capacity and will enable Mart and its co-venturers to more fully optimize the current production potential of the Umusadege field. We are very pleased that the Umugini pipeline is now up and running, and look forward to having the capacity to increase production from the Umusadege field to significantly higher volumes in the near future."
Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
Except where expressly stated otherwise, all production figures set out in this press release, including bopd, reflect gross Umusadege field production rather than production attributable to Mart. Mart's share of total gross production before taxes and royalties from the Umusadege field fluctuates between 82.5% (before capital cost recovery) and 50% (after capital cost recovery).
Forward Looking Statements and Risks
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable
Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
In particular, there is no assurance regarding the gross transportation capacity of the Umugini pipeline or when optimized production through the Umugini pipeline will be achieved. There is no assurance that the transportation of oil through the Umugini pipeline will result in increases in future production from the Umusadege field. Any new export pipeline will face risks generally associated with pipeline operations in Nigeria including the risk of pipeline disruption and line losses.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should no place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Mart Resources, Inc. - London, England
Wade Cherwayko
+44 207 351 7937
Wade@martresources.com
or
Mart Resources, Inc. - London, England
Dmitri Tsvetkov
+44 207 351 7937
dmitri.tsvetkov@martresources.com
or
Mart Resources, Inc. - Canada
Sam Grier
403-270-1841
sam.grier@martresources.com
value1008
10 years ago
And yet according to the NY Times special report on Ebola, Nigeria has only seen 20 cases (8 died), a tiny fraction of the few thousand cases in Liberia (3.8k cases, 2,069 deaths), Sierra Leone (2.4k cases, 623 deaths), and Guinea (1.2k cases, 739 deaths)
And this: "The disease continues to spread in Guinea, Liberia and Sierra Leone. The C.D.C. said Tuesday that Nigeria appears to have contained its outbreak."
http://www.nytimes.com/interactive/2014/07/31/world/africa/ebola-virus-outbreak-qa.html?action=click&contentCollection=US%20Open®ion=Article&module=Promotron
Tim Lamb
10 years ago
MART AUGUST UPDATE
Note pipeline losses lower than initially reported but downtime days higher than anticipated.
NEWS RELEASE
MART RESOURCES, INC.
September 11, 2014
OPERATIONS AND PRODUCTION UPDATE
• Umusadege field production averaged 7,847 barrels of oil per day (“bopd”) during August 2014
based on calendar days; average field production based on production days was 12,816 bopd
during August 2014.
• Umusadege field net deliveries into the export pipeline were approximately 243,143 barrels
of oil (“bbls”) in August 2014 before pipeline losses and approximately 191,102 bbls after
deducting pipeline and export facility losses estimated by Mart for August 2014 based upon the
12-month rolling average rate of actual pipeline and export facility losses.
• Pipeline and export facility losses reported and allocated to Mart and its co-venturers for
July 2014 were 31,324 bbls, or 14.9% of total crude oil deliveries into the export pipeline.
• Aggregate downtime during August 2014 totalled approximately 12.0 days.
• Umugini pipeline tie-in and start-up activities continue, but were delayed by heavy rains and
local community complications, which have now been resolved.
• Drilling of the UMU-4 side-track horizontal well has been completed, and the well is flowing
approximately 4,700 barrels of oil per day (“bopd”). The rig was skidded and operations commenced
on the UMU-12 well for a horizontal well design, targeting a completion in the VIII sand.
Calgary, Alberta – Mart Resources, Inc. (TSX: MMT) (“Mart” or the “Company”) and its co-
venturers, Midwestern Oil and Gas Company Limited (“Midwestern”, Operator of the Umusadege
field) and SunTrust Oil Company Limited are providing the following updates on Umusadege field
production for August 2014 and other operations.
August 2014 Production Update
Umusadege field production during August 2014 averaged 7,847 bopd. Aggregate Umusadege field
downtime during August 2014 was approximately 12.0 days due to shutdowns of the Nigerian Agip
Oil Company Limited (“NAOC”) export pipeline resulting from operational interruptions due to
general pipeline repairs and maintenance. There were eight full down days during the month. The
average field production based on producing days was 12,816 bopd in August 2014.
Total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for
August 2014 were approximately 243,143 bbls before pipeline losses. Based upon the 12- month
rolling average rate of pipeline and export facility losses from August 2013 to July 2014 of
21.44%, Mart estimates pipeline and export facility losses for August 2014 will be approximately
52,131 bbls. Using this estimated pipeline and export facility loss volume, Mart estimates that the
total net crude deliveries into the NAOC export pipeline from the Umusadege
field for August 2014 less estimated pipeline losses will be 191,012 bbls.
Pipeline and export facility losses reported by NAOC and allocated to Mart and its co-venturers
for July 2014 were 31,324 bbls, or 14.9% of total crude oil deliveries into the export pipeline for
that month. Pipeline and export facility losses allocated to Mart and its co-venturers from
January to July 2014 have averaged 17.5% of total crude oil deliveries into the export pipeline for
2014.
As previously announced, total net crude oil deliveries into the export pipeline from the Umusadege
field for July 2014 were approximately 210,566 bbls. Accordingly, after deducting the actual
pipeline and export facility losses allocated for July 2014, the total net crude oil deliveries
less losses for July 2014 were 179,242 bbls. Mart previously estimated pipeline and export facility
losses for July 2014 to be approximately 47,052 bbls, based upon the 12-month rolling average rate
of pipeline and export facility losses of 22.35% between July 2013 and June 2014. August 2014
pipeline and export facility losses have not yet been reported by NAOC.
Umugini Pipeline Update
The pipeline tie-in and start-up activities continue, but were delayed by heavy rains and local
community complications, which have now been resolved. The pre-commissioning activities are
continuing and metering facilities (LACT unit) to measure volume and quality of hydrocarbons
injected into the export pipeline are being tied-in. Midwestern, the company operating the
pipeline, now targets a start-up during September 2014.
Umusadege Drilling Update
The drilling, completion, clean up and preliminary testing of the UMU-4STH well is complete. The
well was side-tracked into the VII sand, landing a 900-foot lateral drain hole in clean, high
quality sand with an average oil column of 27 feet at 9,000 feet measured depth. The well was
flowed back for clean up and testing on various choke sizes for 41 hours, yielding a final test
averaging 4,702 bopd on a 40/64 choke at a surface flowing pressure of 180 psi over a three hour
period. The oil API gravity is 24.1 degrees, no sand with 0.1% bottom sediment and water (BS&W).
The complete test of the UMU-4 well, including bottom hole pressures, will be performed after
drilling of the UMU-12 well is completed. The rig has been skidded eight feet, and operations have
commenced on the UMU-12 well. This is a new well targeting a horizontal completion in the sand
VIII.
Mart Presenting at FirstEnergy Capital Global Energy Conference in London, England
Wade Cherwayko, Chairman & CEO of Mart, will be a presenter at the Global Energy Conference in
London, England at 11:25 a.m. BST on September 16, 2014. Links containing the locations and details
of the conferences are available on Mart’s website under Shareholder Centre / Events Calendar –
www.martresources.com.
For more information, please contact Wade Cherwayko or Dmitri Tsvetkov at Mart’s London, England
office at # +44 207 351 7937 or by e-mail: Wade@martresources.com or
dmitri.tsvetkov@martresources.com; or in Canada contact Sam Grier at 403-270-1841 or e- mail:
sam.grier@martresources.com. Additional information regarding Mart is available on the Company’s
website at www.martresources.com and under the Company’s profile on SEDAR at www.sedar.com.
Except where expressly stated otherwise, all production figures set out in this press release,
including bopd, reflect gross Umusadege field production rather than production attributable to
Mart. Mart’s share of total gross production before taxes and royalties from t e Umusadege field
fluctuates between 82.5% (before capital cost recovery) and
50% (after capital cost recovery).
Tim Lamb
10 years ago
MART RESOURCES, INC.
June 17, 2014
OPERATIONS AND PRODUCTION UPDATE
• Umusadege field production averaged 10,237 barrels of oil per day (“bopd”) during May 2014 based on calendar days; average field production based on production days was 12,654 bopd during May 2014.
• Umusadege field net deliveries into the export pipeline were approximately 322,086 barrels of oil (“bbls”) in May 2014 before pipeline losses and approximately 248,115 bbls after deducting pipeline and export facility losses estimated by Mart for May 2014 based upon the 12-month rolling average rate of actual pipeline and export facility losses.
• Pipeline and export facility losses reported and allocated to Mart and its co-venturers for April 2014 were 71,643 bbls, or 28.8% of total crude oil deliveries into the export pipeline.
• Aggregate downtime during May 2014 totaled approximately 6.0 days, with no full down days during the month.
• Construction of the Umugini pipeline is substantially complete; hydro-testing is under way.
• Water disposal well drilled and completed in early June. The rig has been moved and directional drilling operations for the UMU-3 well commenced.
• Mart is one of the member companies of a consortium that has been confirmed as the preferred bidder to acquire an interest in a producing Nigerian Oil Mining Lease.
• Mart defers common share dividend.
• The 2014 Annual General and Special Meeting will be held on Friday, June 20, 2014 in Calgary, Alberta.
Calgary, Alberta – Mart Resources, Inc. (TSX: MMT) (“Mart” or the “Company”) and its co- venturers, Midwestern Oil and Gas Company Plc. (“Midwestern”, Operator of the Umusadege field) and SunTrust Oil Company Limited are providing the following updates on Umusadege field production for May 2014 and other operations.
May 2014 Production Update
Umusadege field production during May 2014 averaged 10,237 bopd. Aggregate Umusadege field downtime during May 2014 was approximately 6.0 days due mainly to a shutdown of the Nigerian Agip Oil Company Limited ("NAOC") export pipeline resulting from a lack of storage capacity at the Brass River export terminal due to export shipment delays, combined with other minor operational interruptions. There were no full down days during the month. The average
field production based on producing days was 12,654 bopd in April 2014.
Total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for May 2014 were approximately 322,086 bbls before pipeline losses. Based upon the 12-month rolling average rate of pipeline and export facility losses from May 2013 to April 2014 of 22.97%, Mart estimates pipeline and export facility losses for May 2014 to be approximately 73,971 bbls. Using this estimated pipeline and export facility loss volume, the total net crude deliveries into the NAOC export pipeline from the Umusadege field for May 2014 less estimated pipeline losses is 248,115 bbls.
Pipeline and export facility losses reported by NAOC and allocated to Mart and its co-venturers for April 2014 were 71,643 bbls, or 28.8% of total crude oil deliveries into the export pipeline for that month. Pipeline and export facility losses allocated to Mart and its co-venturers from January to April 2014 have averaged 14.8% of total crude oil deliveries into the export pipeline for 2014.
As previously announced, total net crude oil deliveries into the export pipeline from the Umusadege field for April 2014 were approximately 249,056 bbls, so after deducting the actual pipeline and export facility losses allocated for April 2014, the total net crude oil deliveries less losses for April 2014 were 177,413 bbls. Mart previously estimated pipeline and export facility losses for April 2014 to be approximately 55,153 bbls, based upon the 12-month rolling average rate of pipeline and export facility losses of 22.14% between April 2013 and March 2014. May 2014 pipeline and export facility losses have not yet been reported by NAOC.
Umugini Pipeline Update
The Umugini pipeline construction is nearing completion. The first 49 kilometres (“km”) of the pipeline have been completed and backfilled. Stringing of another 2 km of pipe has been completed and welding, coating, radiograph testing has been completed on approximately 1 km of this 2 km section. The installation of a fiber optic cable that is part of the leak detection system has been completed on 50 km of pipeline. A 23 km section of the pipeline has been fully hydro-tested and preparation for hydro-testing on the remaining section is in progress.
Procurement of materials and equipment required to complete the pipeline pumping, monitoring and control facilities has been completed in preparation for hook-up and commissioning of the pipeline. Midwestern, which is managing construction of the Umugini pipeline, continues to estimate that pipeline construction will be completed by the end of June 2014. Pipeline commissioning will occur following completion of pipeline construction and installation of pipeline pumping, monitoring and control facilities.
Umusadege Drilling Update
The water disposal well was completed during early June, was drilled to a depth of 6400 feet and was completed in the I sand. The final test injection rate was over 5000 barrels of water per day at a surface injection pressure of 650 psi. The good injection rates into the sand will enable improved produced water management for the Umusadege field. Following completion of the water disposal well, the rig was skidded to the existing UMU-3 well location. Directional drilling operations were commenced on June 15, 2014. The UMU-3 well will be side-tracked into the VI sand with a 700 foot horizontal wellbore at a total vertical depth of approximately 7151 feet and a total measured depth of about 8549 feet. Completion of directional drilling operations on the UMU-3 well is anticipated in July 2014. After completing the UMU-3 well operations, the rig is scheduled to be moved to the UMU-4 location for a horizontal side-track into the VII sand.
Mart Participates in Consortium for Nigerian Oil Mining Lease
Mart is a member of a consortium (the “Consortium) that has been confirmed as the preferred bidder to acquire a participating interest in an oil mining lease (the “Property”) being divested by certain multi-national oil companies currently operating in Nigeria. The Consortium is currently negotiating the terms and conditions of the acquisition of a participating interest in the Property and has paid a deposit that will be applied against the acquisition cost of the Property should
the acquisition be completed. Although the Consortium is the preferred bidder, there is no
assurance that the Consortium will successfully conclude its negotiations to acquire a participating interest in the Property. The acquisition of a participating interest in the Property by the Consortium is subject to numerous terms and conditions including Nigerian government approval.
Mart Defers Common Share Dividend
Pursuant to the Company’s dividend policy, the declaration of dividends is determined quarterly based upon Mart’s cash flows, liquidity, capital expenditure budgets, earnings, financial condition and other factors as the Board of Directors may consider appropriate from time to time. In view of Mart’s ongoing drilling program on the Umusadege field, additional capital required for the possible acquisition of the Property and uncertainty regarding timing of first oil through the Umugini Pipeline, Mart’s Board of Directors have deferred the decision to declare a quarterly dividend until the Board is able to fully assess the capital needs for the Company’s ongoing business and growth opportunities.
2014 Annual General and Special Meeting of Shareholders
As previously announced, Mart’s Annual General and Special Meeting (the “Meeting”) of Shareholders will be held at 3:00pm on Friday, June 20, 2014 at the Calgary Petroleum Club. The Meeting will be webcast for shareholders and others unable to attend the Meeting in person. To listen to the Meeting and view the meeting presentation materials, please visit the company’s website at www.martresources.com and connect using the link under AGM June 2014 in the Investor Centre section of the webpage or connect and register directly using the following link https://webcasts.welcome2theshow.com/martresources2014.com. The webcast will also be available on the company’s website for a period of time following the Meeting.
The Meeting will also be broadcast by teleconference and to access please dial 403-451-9838 (Local) or 1-888-231-8191 (North American Toll Free) and accessing conference ID 57624639.
diggg
10 years ago
Africa's Richest Man Bids For Shell Nigerian Asset:
(Looks like a few of us here may own Wade...drink or two - more;)) Love reading that our group out bid the richest man in Africa (24 billion)& to think Mart was almost bankrupt a few years back! Wade must have some serious Mojo in Nigeria & big balls too:))
http://www.forbes.com/sites/mfonobongnsehe/2014/03/26/africas-richest-man-bids-for-shell-nigerian-asset/
Africa’s richest man, Aliko Dangote, is planning to acquire a stake in a Nigerian gas field owned by Anglo-Dutch multinational energy giant Shell.
According to a report by Africa Intelligence, Dangote Industries submitted the highest bid for Shell’s stake in Oil Mining Lease (OML) 18 at an auction organized last year in the Niger Delta region. The financial details of the bid and the exact stake Dangote is looking to acquire are undisclosed.
Shell is currently the operator of the Alakiri Creek plant on the OML 18 field. The Alakiri Creek plant processes 80 million standard cubic feet per day (MMpc/d), but has the potential to rise to 120 million square feet per day (mmsf/d). The OML 18 field is said to have reserves of close to 1.5 billion barrel of oil equivalent (BOE) of gas.
This is not the first time Dangote would make an attempt to acquire an asset owned by the Dutch oil major. In 2010 Dangote put in a bid for Shell’s 45% stake on OML 30, but lost his bid to Conoil Producing, an exploration company owned by billionaire Mike Adenuga. The Nigerian Petroleum Development Company (NPDC), the exploration and production subsidiary of the Nigerian government-owned oil company would later cancel the sale of the stake to Adenuga and sell it to London-listed Heritage Oil PLC. Shell has recently been divesting from some of its key Nigerian assets in the wake of crude oil theft and weak refining margins.
Dangote, who made his $24 billion fortune trading cement, sugar and flour, has recently ramped up his efforts to boost his investments in Nigeria’s booming oil sector. While his largest and most publicized investment in the energy sector is a planned $9 billion private oil refinery in Nigeria, Dangote also owns minority stakes in a handful of oil exploration concerns, including a 9% stake in block 1 in the Joint Development Zone between Nigeria and Sao Tome, where Chevron is the operator. He also owns a 10% stake of block 3 in the JDZ.
JustForFun7
10 years ago
Mart Resources, Inc.: Appointment of Investor Relations Firm
CALGARY, ALBERTA--(Marketwire - June 28, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") is pleased to announce that the Company has retained FronTier Consulting Ltd. ("FronTier") as its investor relations and corporate communications service provider. FronTier has been retained for a period of six months, and will be responsible for the dissemination of corporate data packages, broker presentations and communications, analyst communications and handling of shareholder enquiries regarding the Company. FronTier will receive CDN $7,000 (plus G.S.T) per month in remuneration and be reimbursed for all approved expenses. Following the initial term, the agreement with FronTier may be extended on a month-to-month basis with the consent of both parties. The agreement is subject to TSX Venture Exchange approval.
About FronTier
FronTier is a full service investor relations firm based in Toronto, Ontario and Calgary, Alberta and headed by Ari Tood and Sam Grier. FronTier is offers investor relations services to an international portfolio of client companies operating in a broad range of industries including oil & gas, mining and special situations. FronTier provides comprehensive investor relations representation to a wide and diverse North American audience.
diggg
10 years ago
Color on OML 18 assets...
http://newtelegraphonline.com/oil-firms-position-for-shells-3bn-oml-18-nembe-creek-pipeline/
Oil firms position for Shell’s $3bn OML 18, Nembe Creek pipeline
(assets for sale)
Local and International oil companies have stepped up race to purchase the Shell’s stakes in Oil Mining Lease (OML) 18 and the troubled Nembe Creek Pipeline, New Telegraph investigation showed at the weekend.
The Royal Dutch Shell, as exclusively reported by this newspaper last Thursday, secretly placed these assets in Nigeria worth N480 billion ($3 billion) for sale.”
Check however, revealed that Glencore and six other members of consortium are to submit final bids for the assets. “The race is becoming hot now and I can tell you that Shell is now receiving final bids on the assets,” a source close to the deal told this newspaper.
The assets include the stakes in Oil Mining Lease (OML) 18 where Shell’s subsidiary in Nigeria, Shell Petroleum Development Company (SPDC) operates the gas plant at Alakiri Creek as well as the troubled 97-kilometre Nembe Creek oil pipeline.
“The oil giant is selling its 30 per cent stake in four oil blocs, owned jointly with France’s Total and Italy’s Agip,” according to a source familiar with the deal. Shell spokesperson, Precious Okolobo, confirmed the process but declined to give details of the divestment plan. “The process for any potential divestment is fair and transparent and doesn’t confer preferential status on any party.
We do not wish to go into details as divestment processes are ongoing and confidential,” he said. The s ource, however, said that Shell has already shortlisted Glencore and six other members of consortium to submit final bids for its assets worth around $3 billion. The OML 18 asset, where Shell operates the gas plant at Alakiri Creek, produces 80 mmscf/da. The gas production is slated to increase to 120 mmscf/d, and Nembe Creek pipeline which transports 150,000 oil barrels per day.
Nigeria, Africa’s biggest crude exporter, had lost about $76 million to the eight days’ shutdown of Nembe Creek pipeline by Shell. Shell, which said it spent $1.1billion in 2010 to replace the 95,000 barrels per day capacity facility, announced its shutdown penultimate Sunday.
Shell Petroleum Development Company (SPDC), a Nigerian subsidiary for the Anglo- Dutch firm, confirmed the shutdown of NCTL. Okolobo, however, disclosed to this newspaper at the weekend that the facility is yet to be restored.
Although he declined to comment on the stage of completion of the repair work, Okolobo maintained that his company was still working on removal of crude theft points on the facility. “What I can tell you is that
diggg
10 years ago
Stock Pickers refreshes Mart Resources buy
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aMMT-2155645&symbol=MMT®ion=C
2014-03-14 21:14 ET - In the News
*Interesting late Friday Stockwatch release*
Stock Pickers Digest, in the March, 2014, issue, refreshes its buy of Mart Resources Inc., recently $1.34. Stock Pickers said buy five times from May, 2010, to October, 2013, at prices ranging from 35 cents to $1.50. A $1,000 investment for each buy is now worth $10,029. Mart has an effective 50-per-cent interest in the Umusadege field in Nigeria's Niger Delta. In the quarter ended Sept. 30, 2013, its share of production was 4,291 barrels of oil equivalent a day, down from 6,692 barrels a day in the same period last year. This cut cash flow to $24-million (seven cents a share) from $45-million (13 cents a share). Mart had to shut down Umusadege for 46 days during the latest quarter to handle various disruptions and repairs. Now that those issues have been resolved and the field is back near full production, Mart and Stock Pickers expect better times ahead. The newsletter particularly likes the company's five-cent quarterly dividend, which yields 14.9 per cent. Offsetting the high yield and cash flow is Mart's country risk. The military is very active in the Niger Delta, where criminals and militants regularly take hostages, wage ethnic battles and attack oil infrastructure. Buy Mart if highly aggressive.
Southern Gal
10 years ago
January 20, 2014
NEWS RELEASE
MART RESOURCES, INC.
OPERATIONS AND PRODUCTION UPDATE
• Umusadege field production averaged 5,049 barrels of oil per day (“bopd”) during December 2013 based on calendar days; average field production based on production days was 12,185 bopd during December 2013.
• Umusadege field net deliveries into the export pipeline were approximately 145,800 barrels of oil (“bbls”) in December 2013 before pipeline losses.
• Maintenance performed on the export pipeline from December 6, 2013 until December 24, 2013 caused a temporary shut down of Umusadege field production and downtime during December 2013 totaled approximately 18 days.
• Construction of the Umugini pipeline restarted in December 2013. It is expected that pipeline construction will be completed in the first half of 2014.
• Initial flow testing of the XIX sand for the UMU-10 well has resulted in a flow rate of 2,760 barrels of oil per day (bopd”) of 48.6 API oil.
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buccaneer1961
10 years ago
gsfl
10 years ago
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