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MART RESOURCES INC - MMT:TSX-V


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#1 riggerbeautz

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Posted 12 February 2009 - 02:27 PM

MMT released the following yesterday "CALGARY, ALBERTA, Feb 11, 2009 (Marketwire via COMTEX News Network) --
Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") announces that it has received an unsolicited expression of interest from a third party with respect to a proposal for a corporate purchase transaction. In response thereto, the Board of Directors of the Company has appointed a special committee of the board of directors to review and evaluate this expression of interest as well as to evaluate all other possible strategic alternatives that may be available to the Company with the intent of maximizing shareholder value. In furtherance of the foregoing, Mart is also seeking to retain a financial advisor to assist in this strategic review process".

All updates on the company website http://www.martresources.com/

Been following these a little while and you can find some brief history and a few comments including my excitement yesterday rolleyes.gif on ADVFN here
http://www.advfn.com...hp3?id=14053250

Heres a link with the data and chat on Stockhouse
http://www.stockhous...F...&table=LIST

Obviously attracting attention more in Canada, it never went to far yesterday, so it may still represent a good value bid play?

Please feel free to comment either way.

Riggers
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#2 riggerbeautz

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Posted 08 January 2010 - 08:43 PM

BUMP and pop

Much has now changed since these were flagged up. Recovering from a resurgent oil price, the sub $40 oil price forced a now aborted takeover attempt by Westfield at circa C$0.14c forced on funding issues; finally seems to be working in Mart's favour. Despite selling off drilling rigs they owned, the company is looking to drill more fields next year.

Debt is down, cashflow improved and share price back up touching the takeout price at 52wk highs.

Been a long wait, but finally paying...well for now rolleyes.gif
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#3 riggerbeautz

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Posted 16 April 2010 - 08:16 AM

This was another big move week, maybe should have shouted louder on here, but conscience prevented my enthusiasm flagging it more - after all Nigerian oil play!



This chart shows point May 09 when market view indicated serious financial doubts and the progression following aborted Westfield takeout that never materialised. To more positive announcements turn of year on drill plans and now seemingly reflecting anticipated due around month end as per last announcement.

Been a great ride for me, averaging down(effectively doubling up on finance worries), took profits on first spike this year and near doubled up again just before this move. Timed it almost perfect. Seems only with a couple or so following on ADVFN thread so my enthusiasm largely ignored laugh.gif

Probably should take a bit off again, but low average and strong belief this could go a lot higher in future, curbing any caution for me unsure.gif .
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#4 littledavesab

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Posted 26 April 2010 - 01:37 PM

Just spent lunch reading through the AVDN - looks like a bit of a wild ride !

Re Nigerial - the Investors Chronicle lot have profiled BP vs Shell a couple of times and really dont like Shell, for reasons like - falling behind on replacing its oil reserves, has placed a big bet on alt energy ie canadian tar sands (cost per barrel possible issue if oil price drops) and due to its problems in Nigeria - they reckon is a fair chance that Shell might have to quit Nigeria re all the tribal/terrorist issues, which would be painful for Shell.

Inflation / Deflation ?? How about STAGFLATION everyone is right but everyone is wrong!
- (Update) Everyone wrong...... except Goldman Sachs apparently !!!!!!!

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#5 riggerbeautz

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Posted 29 April 2010 - 10:34 PM

QUOTE (littledavesab @ Apr 26 2010, 02:37 PM) <{POST_SNAPBACK}>
Just spent lunch reading through the AVDN - looks like a bit of a wild ride !

Re Nigerial - the Investors Chronicle lot have profiled BP vs Shell a couple of times and really dont like Shell, for reasons like - falling behind on replacing its oil reserves, has placed a big bet on alt energy ie canadian tar sands (cost per barrel possible issue if oil price drops) and due to its problems in Nigeria - they reckon is a fair chance that Shell might have to quit Nigeria re all the tribal/terrorist issues, which would be painful for Shell.


LDB you know the type of plays that get me excited, Zim,Ven,Kurd.... If you're going for risk, do it in style blink.gif laugh.gif

Seriously it should be clear who alerted me to it, through his connections with Wade and I thought it would be taken out as the fields were bargain cheap.

But for whatever reason Westfield got cold feet or couldn't raise the cash, oil prices recovered to make the fields profitable and Wade's always a good spotter of opportunity, not just fields but deals and now backed it with his and chums cash.

Politics always the risk and I should take profits as lowest buys now 6 baggers, but hey i'm being greedy! rolleyes.gif

P.S NOW 36c (according to co website at min) B)
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#6 riggerbeautz

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Posted 21 May 2010 - 12:22 PM

QUOTE (riggerbeautz @ Apr 29 2010, 11:34 PM) <{POST_SNAPBACK}>
Politics always the risk and I should take profits as lowest buys now 6 baggers, but hey i'm being greedy! rolleyes.gif

P.S NOW 36c (according to co website at min) cool.gif


Oh to call it right and not follow one's advice sad.gif Now 22c, quite a retrace.

Memo to self, be more disciplined for maximum profit. Ah well still waiting for results, but wished i'd have switched more into my other favourite oiler at the minute ENEG, which i've been loading up on bigtime.

See what next few weeks bring for both. Maybe Mart will get going once the warrants expire and drill news approaches, as for ENEG there are enough making speculation on that so i'll leave it be.
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#7 riggerbeautz

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Posted 13 June 2010 - 09:25 PM

Bullish presentation on website http://www.martresou...res20100610.pdf

Despite drill delay (maybe good part of the reason for s.p lull), Wade indicated 30-45 days, plenty to come on stream, paying down debt rapidly and happy with Umu fields - still regards these as the best Mart had. Also strong hint of further awards 2010/11.
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#8 riggerbeautz

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Posted 26 August 2010 - 01:42 PM

Sedar released yesterday to show progress

QUOTE
KEY HIGHLIGHTS – SIX MONTHS ENDED JUNE 30, 2010
�� Net operating income for the six months ended June 30, 2010 of $12.5 million, with net
and comprehensive income after taxes of $2.5 million, compared to a loss of $2.2 million
for the six months ended June 30, 2009.
�� Cash flow from operations of $11.8 million for the six months ended June 30, 2010
compared to $2.9 million for the six months ended June 30, 2009.
�� Total revenues of $34.8 million for the six months ended June 30, 2010 compared to
$29.9 million for the six months ended June 30, 2009.
�� Total liabilities (including $7.3 million of bank debt) of $28.6 million at June 30, 2010,
compared to total liabilities of $38.0 million at December 31, 2009 and $57.1 million at
June 30, 2009.
�� Bank debt reduced to $7.3 million at June 30, 2009 compared to $13.3 million at
December 31, 2009 and $27.1 million at June 30, 2009.
�� Average Umusadege field oil production for second quarter ended June 30 2010
(“Q210”) of 3,682 barrels of oil per day (“bopd”) compared to 3,533 bopd for the second
quarter ended June 30, 2009 (“Q209”).

Drilling and Testing
Site preparation at the Umusadege field’s UMU-6 well drilling location has been completed. The
NRG drilling Rig 201 has been mobilized to the UMU-6 site and rig-up is currently nearing
completion. Drilling operations on the UMU-6 well are anticipated to commence during the
week of August 30th, 2010. At the UMU-6 location, a drilling pad has been constructed which
will allow for three wells to be drilled from the same surface location. Conductor pipes have
been pile driven to 300 feet and casing starter-heads have been installed for each of the UMU-
6, UMU-7 and UMU-8 wells, allowing for efficient rig moves following completion of each well.
The UMU-6 well is scheduled to be drilled as a vertical well to a depth of approximately 9,000
feet. It is anticipated that the UMU-6 well will be completed as a dual tubing string configuration
allowing for the potential of multiple zones to be produced from the same well bore. The UMU-6
well’s primary objectives are the XIII, XIV, XV and XVI sands which have not been produced or
production tested to date.
The UMU-6 well is adjacent to the UMU-5 and UMU-1 wells. It is currently anticipated that it will
take 30 days to drill the UMU-6 well once drilling operations commence.


Would be remiss not to mention some pipeline disruption, but it would seem the prospects over the next month or so can be described as exciting.

Full details will no doubt appear on the website.
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#9 riggerbeautz

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Posted 07 September 2010 - 07:14 PM

QUOTE (riggerbeautz @ Apr 29 2010, 11:34 PM) <{POST_SNAPBACK}>
NOW 36c (according to co website at min) cool.gif


Fast forward 4 months or so and fallback to 22c (April's initial highs) has been tested and the march to conquer 36c is back on with drill news patiently awaited. ( Reasonable markets permitted - without drill news I reserve the right to admit this may not be conquered and trend sideways-ish until it happens)
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#10 riggerbeautz

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Posted 19 October 2010 - 10:32 PM

Oct 19, 2010 08:31 ET UMU-6 Well Drilling Update

QUOTE
....The UMU-6 well, which commenced drilling operations on September 13, 2010, is currently drilling ahead in the 12 1/4 inch final hole section. The well is currently at a depth of approximately 4,450 feet and drilling is progressing to the estimated total depth of 9,000 feet.


Drilling included casing, slight delays on upper sands etc but everything gearing up for "the potential of multiple zones being produced from the same well bore".

Dreaming on plans include UMU 7 and 8's swift drill following a mere skid along rolleyes.gif

After touching 37c shares settled back at 35.5c on a healthy (for MMT) 2.5milion traded

http://www.marketwir...MMT-1337230.htm
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#11 riggerbeautz

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Posted 30 October 2010 - 04:51 AM

QUOTE (riggerbeautz @ Apr 16 2010, 09:16 AM) <{POST_SNAPBACK}>
Spot the difference - next peak being formed?




Many peaks and troughs last 2 years have broadly been around newsflow and UMU 6 news is due anyday. Given there has been quite some volume of late, someone is happy to take the chance on it being good news.

Me i'm just sitting back smiling - would have been nice to have company here, but my lowest buy 10 BAGGED this week cool.gif
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#12 riggerbeautz

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Posted 10 November 2010 - 08:25 AM

Fancy that, the peak developed a rather crooked ledge around the 6th dry.gif

UMU 6 T.D NEWS was out out yesterday

QUOTE
The UMU-6 well reached a final total drilling depth of 8,750 feet on November 6, 2010. Open hole wire line logs have been run with preliminary results indicating a total of 18 hydrocarbon-bearing sands. The logs also indicate a cumulative gross pay of approximately 420 feet in the UMU-6 well from all sands.
All of the UMU-6 well's primary objectives, including the XIII, XIV, XV and XVI sands were hydrocarbon bearing with preliminary results indicating gross oil pay of 40 feet, 24 feet, 6 feet and 18 feet from these sands respectively. A deeper XVII sand was also encountered with initial results indicating 8 feet of gross oil pay. The XIII, XIV, XV, XVI and XVII sands were not assigned reserves in the Company's most recent NI 51-101 reserve report.
The UMU-6 well also encountered hydrocarbons in the XI and XIIc sands with preliminary results indicating gross oil pay of 14 feet and 18 feet respectively. The previous Umusadege wells did not contain material hydrocarbons in these sands.
Pressure data and fluid samples are currently being obtained which will be followed by the running of 9 5/8 inch production casing. It is expected that the UMU-6 well will be completed as a dual tubing string configuration allowing for multiple zone testing and future production from multi zones.
The current UMU-6 site includes a three well drilling pad which will facilitate two more wells being drilled from this location. It is anticipated that the next well, UMU-7, will commence drilling operations after the completion and production testing of the UMU-6 well.


So oil's there in UMU 6, bonus of deeper zones regardless of flow rates, which will be out soon; then next up is UMU 7.

Shares moved up on heavy trade ( like Friday's nicely timed smash and grab rolleyes.gif ) to close +10c (18.18%) at 0.65c

So forgive my joy, since i've got just a few of these
laugh.gif laugh.gif
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#13 riggerbeautz

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Posted 18 December 2010 - 12:14 AM

So tempted to post another chart snap shot, but i'll settle for 0.75c up .05c(7.14%) on 7,827,778 vol !!!!!!

QUOTE
Mart Resources Inc.: UMU-6 Well Tests at a Combined Rate of 14,319 Barrels Oil Per Day.

The UMU-6 well flowed at a stabilized combined cumulative rate of 14,319 barrels of oil per day ("bopd") from the four sands tested on choke sizes ranging between 22/64 to 32/64 inches. The API gravity ranged from 40 to 42.5 degrees with flowing tubing pressures between 410 and 610 PSI. Water production ranged between 0.1% to 1.3% and the gas/oil ratio ranged from 51 to 122 standard cubic feet per barrel.

These four sands tested have not previously been assigned reserves in the Company's most recent NI 51-101 reserve report. The Company's independent engineers have commenced updating the Umusadege reserves estimates. Their report will incorporate the results from the four sands tested and will also include review of the preliminary findings on the XIV and XV sands which were also identified as hydrocarbon bearing in the UMU-6 well.

Chairman's Comment:

Wade Cherwayko, Chairman of Mart Resources Inc, said "The success of the UMU-6 well tests in four new zones is a significant event for Mart, Midwestern and Suntrust. The substantial stabilized flow rates encountered from these sands confirm the existence of additional reserves in the Umusadege field. An update to the Company's reserve report is underway by our independent engineers and we look forward to announcing their findings once the new reserve report is completed."



The dip following the quarterly bulletin was probably about pipeline security issues and subsequent lower production, but as ever d.y.o.r applies and form your own opinion - either way the AGIP pipeline should be shown temporary in the next report end of Feb(approx).

Between then, fresh reserves upgrade and move onto UMU-7 to look forward to, maybe an anal-yst upgrade rolleyes.gif


OH I SAY 15 Baggers r us laugh.gif
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#14 littledavesab

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Posted 01 February 2011 - 05:37 PM

Well done. Happened to pay a visit to the ADVFN thread the other day. Despite having a natural dislike of "hot" regions I can see the attraction.
Inflation / Deflation ?? How about STAGFLATION everyone is right but everyone is wrong!
- (Update) Everyone wrong...... except Goldman Sachs apparently !!!!!!!

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#15 riggerbeautz

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Posted 02 February 2011 - 09:36 PM

QUOTE (littledavesab @ Feb 1 2011, 05:37 PM) <{POST_SNAPBACK}>
Well done. Happened to pay a visit to the ADVFN thread the other day. Despite having a natural dislike of "hot" regions I can see the attraction.


ohmy.gif Careful LDB laugh.gif

Being serious, the latest news has had a minor unsettling effect, the agip pipeline trauma spooked newer holders and the comingling issue left a few raised eyebrow's. The fact is the oil is behind the pipeline, now short term it needs a resource update, further drilling and perhaps another piece to the play?

Just using lull to have fun with a trading batch(around 10% of stake), keeps lowering the average.
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#16 riggerbeautz

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Posted 14 February 2011 - 11:06 PM

Feb 14, 2011 09:28 ETMart Resources, Inc.: Umusadege Field Production Increases To All-Time High of 8,533 Bopd

So UMU 6 added to 1 and 5 now sees record highs from 3 wells and the company on track with UMU-7 well..

Also note Mart and partners in addition to negotiations to increase the export allocation on the Umusadege field for up to "9,000 and 10,000 bopd" well production; they "are currently evaluating new pipeline and export options to provide increased future production capacity and to provide another independent export route. Upgrading of the permanent central production facility located at the Umusadege field to process up to 30,000 bopd is currently ongoing".....

"The UMU-7 well is being drilled from the same three-slot drilling pad as the recently drilled and completed UMU-6 well. The third slot on the pad will be used to drill the UMU-8 well".

Chairman's comment:

Wade Cherwayko, Chairman and CEO of Mart Resources Inc, said "The UMU-6 well represents a significant milestone, having more than doubled Umusadege production from the 2010 average of 3,938 bopd to 8,533 bopd. With drilling activity continuing on UMU-7 well and future development drilling, we also look forward to further increases in production in the near term."


Shares closed at 0.67c, up 5c(8%)


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#17 riggerbeautz

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Posted 05 March 2011 - 07:42 AM

MMT no doubt buoyed by the strong oil price and this article made another upswing on their little roller coaster, thought I would wait for market to be closed before pinning it.

MMT finished at $0.69c on strong volume (over 2.7million traded), the writer like myself clearly has bias, but it spells out the cheap nature of the shares. IF only for country risk rolleyes.gif

QUOTE
TER: What company is your favorite play in energy?

CL: My largest position in energy is Mart Resources Inc. (TSX.V:MMT). It's an exploration play, and they have already discovered oil. All they need to do is to pump the oil, and enjoy incredible cash flow. If you calculate cash flow using their recent drilling success, once they bring the next two wells into production, they'll still be trading at less than their current cash flow. They will easily do $300 million of cash flow, but their market cap is only about $200 million now. Their recent drilling results tested at over 14,000 barrels per day (bpd) over four zones. Right now they only produce from two zones. They are going to produce two more wells on the same pad; therefore, using their historical production data, they will be easily over 20,000 bpd. Next, they are going to do a pipeline, so they will have a 30,000 bpd capacity followed by another production increase.

So, just from the production and cash flow point of view, it's going to be very hard to find an energy stock trading at less than one times cash flow. There's an enormous amount of oil there, and it will come out in a few months when they drill the next two wells. When they get a new reserve report, the cat will be out of the bag. So, for right now, because it hasn't shown up in the financial or reserve reports yet, the stock hasn't really moved. That's why I like the stock; that's why I'm holding a lot of shares in my personal account.

Secondly, you can see from the company's existing wells how much of a decline they have had. Mart has had wells in production for two years, and there's no decline. This is very rare. If you drill in the Bakken in Canada, in three months it will dry up by more than half, right? In a year, it drops 80%–90%. But two years have passed, and Mart's well production is almost constant. In fact, recently production went up.............

The funny thing is that both of these companies—VAALCO and Mart—are financially independent, and they don't need to raise money from the market because they have so much cash flow. For Mart Resources, it is even more so. You're talking about cash flow that's more than the market cap. So, they don't need to raise money from the market, and they don't need to go to a Canadian broker to raise money. That's why there's very little analyst coverage on these companies. Brokers usually cover the companies for which they raise money



http://www.theenergy...com/pub/na/8799
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#18 riggerbeautz

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Posted 20 May 2011 - 08:51 PM

Time for an update with annual results out.

Reserves up 55%, hiccup with our Italian friends overcome and paid for, going forward debt free and drilling operations on UMU 8 about to commence.

Meanwhile it seems this Nigerian story has not whet the markets appetite as the shares remain entrenched in the low 60's/ upper 50's on low volume.

http://www.vantagewi...tion-operations
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#19 riggerbeautz

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Posted 31 May 2011 - 10:07 PM

WOW! No wonder this started rocking the last 2 days, new investor presentation out. Bit more volume followed today with a close at 71c and no wonder, could just go on with the financial improvements, debt, cashflow, profits prospects etc :)

Just to focus on the drill stuff though:

UMU 8 about to spud, Umu-9 planed for drilling by September 2011 with production late Q4 2011

Average daily production now moved up in excess of 12,000 BOPD

Oh and as per page 27 creeping a few financials in

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


P28 highlights include "UMU-9: Targeting another structure similar to main Umusadege producing structure. Its potential could significantly improve our proved, probable and possible reserve estimates. Drilling is anticipated to commence by early Q4 2011 and production is anticipated to commence by year end 2011 AND UMU-10: Drilling anticipated to commence drilling in Q1 2012.


http://www.martresou...Angela-v3-1.pdf


Resisting temptation to hex it counting my dollars :lol:
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#20 riggerbeautz

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Posted 06 December 2011 - 12:50 PM

Update on the last post, as MMT is starting to threaten the 70c range AGAIN B) or should that be <_<

Plenty come to fruition on the drill side, much to plan, record 3rd qtr results...still need that pipeline deal to be signed, is it coming soon?

Proactive article from the 29th Nov offers a good recent summary in brief

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."


http://www.proactive...ales-21773.html

The frustrating KEY driver is highlighted, most of the year it has been in a wide trading range, despite the good drill news. Yesterday saw a spike up in volumes and rise of +7% odd.

Watching this space and still resisting urge to count the money :lol:
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