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MART RESOURCES INC - MMT:TSX-V

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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: on ADVFN here

http://www.advfn.com/cmn/fbb/thread.php3?id=14053250

 

Heres a link with the data and chat on Stockhouse

http://www.stockhouse.com/tools/?page=%2FF...%26table%3DLIST

 

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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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:

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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!

 

mmt.png

 

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 :lol:

 

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: .

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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.

 

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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::lol:

 

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:

 

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

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

 

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

 

Oh to call it right and not follow one's advice :( 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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Bullish presentation on website http://www.martresources.com/cmocms/Invest...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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Sedar released yesterday to show progress

 

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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NOW 36c (according to co website at min) B)

 

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

 

....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:

 

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

 

http://www.marketwire.com/press-release/Ma...MMT-1337230.htm

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Spot the difference - next peak being formed?

 

mmt.png

mmt-1.png

 

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 B)

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Fancy that, the peak developed a rather crooked ledge around the 6th <_<

 

UMU 6 T.D NEWS was out out yesterday

 

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: ) to close +10c (18.18%) at 0.65c

 

So forgive my joy, since i've got just a few of these

countingmoney.gif:lol::lol:

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

 

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:

 

 

OH I SAY 15 Baggers r us :lol:

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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.

 

:o Careful LDB :lol:

 

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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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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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:

 

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.theenergyreport.com/pub/na/8799

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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.vantagewire.com/news/mart-announces-2010-financial-and-operating-results-48-million-funds-flow-production-operations

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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.martresources.com/wp-content/uploads/2010/06/28/corporate-presentations/updated_corporate_Wade_Angela-v3-1.pdf

 

 

Resisting temptation to hex it counting my dollars :lol:

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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.proactiveinvestors.com/companies/news/21773/mart-resources-q3-profits-spike-on-tripled-petroleum-sales-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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Marketwire - Dec. 20, 2011

UMU-9 Identifies 260 Feet of Cumulative OilPay

 

From 11 hydrocarbon bearing sands encounteredto date. Still to drill deep untested targets. On door step of UMU8. Even for Nigerian play this is becoming good.

 

CHAIRMAN'S COMMENT: Wade Cherwayko, Chairman & CEO of Mart Resources, Inc., said "We are veryencouraged with the initial open hole well log results in the UMU-9 well. Theseinitial results indicate the potential extension of numerous shallow reservoirsdiscovered in previously drilled Umusadege wells and demonstrate the upside ofthe Umusadege field."

 

(full detail on company website)

 

Ok forgive my exuberance as the stock price hits a new high 87c! But....

 

http://www.youtube.com/watch?v=C-V8EzyNtk0

 

Who said buy and hold is dead :D

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Tis the season to be jolly :D

 

From yesterday's N.R Mart Resources, Inc.: Increase to Export Production Capacity for Umusadege Field

 

An agreement has been reached with Nigerian Agip Oil Company ("NAOC"), the Nigerian operator of the export pipeline, to increase the combined export capacity for the Umusadege field and other fields in the area (collectively, the "Cluster") by 10,000 barrels of oil per day ("bopd"), bringing the total export capacity for the Cluster from its current level of 11,000 bopd to 21,000 bopd......

 

....Once the additional export capacity is fully implemented, Mart and its co-venturers anticipate that the Umusadege field will continue to be allocated a majority of the total export capacity available to the Cluster

 

Intraday high touched 94c, may get a bit of profit taking, but pipeline deal here, more drills to come besides UMU9 deeps, Shell deal being "worked" on, without speculation on dividend payments or other avenues.

 

Wade has delivered a nice present.

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Intraday high touched 94c, may get a bit of profit taking......

 

Wade has delivered a nice present.

 

Well there was for a couple of sessions..... then Peter Imhof of Sprott wished Mart holders a Happy New year :lol:

 

Featured top pick on BNN 29-12-2011Reasons stated include some mentioned on thread, but what he found interesting was the last quarter earnings, which our new friend notes based on recent Q3 report provided 6c in earnings; so even if use that forward p.e of 3.5, it would mean 24c in earnings next 12 months. He also picked up on the expected production increase/ramp up due to the pipeline expansion.

 

"Extremely cheap, no one knows the story :rolleyes: , no analysts follow it" :lol: ....

 

"Expect TSX listing in new year, Special dividend maybe, regular dividends starting next year...one caveat it is in Nigeria" ...... NO $hit, whoda thunk that would be holding it back just a bit!!!!

 

http://watch.bnn.ca/#clip592795

 

Well thanks to his mate at Cormark, explains a lot of their buying interest of late.

 

Roll on 2012 for Mart holders

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Roll on 2012 for Mart holders

 

Hmm IF only I knew. Have to admit was less enthused about the Jan 31 N.R that contained this little gem

 

2011 Pipeline Losses

The owners of the export pipeline have notified Mart and its co-venturers that export pipeline owner’s estimate of the Umusadege field’s share of crude oil lost or taken from the export pipeline during the 2011 calendar year is approximately 213,000 barrels of oil :o . Mart’s share of the crude oil lost or taken will be calculated based upon its average share of production in 2011. The final export pipeline losses to be allocated to the Umusadege field for 2011 are expected to be reconciled with the export pipeline owner by the end of Q1 2012.

 

Don't take a genius to work out how you lose it, but 213,000 for .......!!!!!

 

News did higlight 430 feet total cumulative gross oil pay in the 19 sands of the well. Which was hugely positive, Mart seems blessed at finding oil.

 

However the overall tone was interpreted as negative and have to confess only for tax reasons did I not sell out. The shares briefly hit the upper 70c range and largely consolidated on lower volumes in the 80's, as the likes of Cormark and clients switched off.

 

Move on a couple of weeks to Feb 16th and RPS are confirmed to be preparing a reserves upgrade encompassing the deeper sands of UMU 9, whilst an expected UMU 10 spud in Q1 was also confirmed. The additional installation of storage tanks to increase capacity to 30,000 from the current 20,000 at the Umusadge early production faccility ought to provide a few clues as to what is to come ;) Add confirmation Mart is in discussion with Shell over an extra pipeline as an alternative route to existing and future production, it halted the slide.

 

Shares popped on higher volumes of 1m plus most days recently, along with another bullish newsletter interview from Chen Lin.

 

Current price is 96c(having tested above the $1mark before general market wobbles).

 

 

Eagerly awaiting the next twist on the MMT roller coaster :D

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Eagerly awaiting the next twist on the MMT roller coaster :D

 

And the next installment is "UMU-9 Well Update- Initial Flow Test Results

- 4,240 barrels of oil per day ("bopd") stabilized flow rate achieved from the XIV sand - Four more zones perforated and completed in UMU-9 still to be tested".

 

Slightly more encouraged production not so bad either, no mention of missing barrels or too much downtime, which ought to reassure.

 

http://finance.yahoo.com/news/mart-resources-inc-umu-9-131527072.html

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