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Strong cash flow from Umusadege field used as a foundation for:
Funding development, appraisal & exploration drilling on Umusadege field
Potential future share buy-back
Potential future dividend
Fund new “proven undeveloped” field acquisitions and development
Fund participation in assets being divested by major oil and gas companies
Significant growth potential from internally generated cash flow with good ability to raise debt for new assets
Posted 06 December 2011 - 12:50 PM
third quarter profits spiked as it sold more than triple the petroleum it sold a year ago.
For the three months ended September 30, the Africa-focused oil and gas producer posted net income of $20.96 million, or $0.062 per share, up from $1.23 million, or $0.004 per share, a year ago.
Mart earns revenues solely from its Umusadege oil field, located in southern Nigeria. Total petroleum sales rose to $51.31 million, from $14.97 million in the same period a year ago, as production, net to Mart more than doubled to 446,981 barrels of oil. Average realized prices also rose, hiking over 51 percent to $114.79 per barrel.
Excluding royalties and community development costs, petroleum sales rose to $46.78 million, from $13.83 million in the same period last year.
During the quarter, the field was shut-in for about eleven days, due to injection restrictions, pipeline space constraints, export pipeline vandalism, and other operational issues.
As a result, Mart said it has entered negotiations with Agip, the operator of the export pipeline, to increase export capacity for the Umusadege field. The company said it is also evaluating other export pipeline options, in order to provide an alternative for future production capacities.
Once a deal is reached, the company said the pipeline's capacity will be sufficient enough to accommodate production from the existing UMU-1, UMU-5, UMU-6, and UMU-7 wells. It should also accommodate production from the UMU-8 well, which was completed and tested during the third quarter, at a total combined rate of 7,661 barrels of oil per day.
It will also be able to support future production from the UMU-9 well, which, since the start of drilling earlier this month, has been cast to a depth of about 4,000 feet. The UMU-9 well is intending to appraise the extension of the shallow reservoirs discovered by the other UMU wells.
Mart Resources' CEO Wade Cherwayko said: "We are very pleased to report another period of record financial and operating results for the third quarter of 2011.
"This continues to demonstrate the significance of the Umusadege field's production capacity.
"Negotiations to increase export pipeline deliveries are nearing completion. Once an agreement is reached, management anticipates the Umusadege field will have increases in production and cash flow."
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