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jerpy

MART RESOURCES INC - MMT:TSX-V

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The UPS and current DOWN of the Mart roller coaster continue. There was the spike on UMU 10 potential, UMU 11 coming along, then the production updates with more downtime, just a little bunkering , we still got another 5c dividend announcement and all along the 2nd pipeline expectations.....Nigerian time of course! <_<

 

Cheif cheer leader Chen says "Mart Resources Inc.'s pipeline is not a major issue to me. . .I said many times before, the best time to buy Mart shares in the past years has always been in time of pipeline 'crisis.' This morning, the company announced it is getting a $100M loan to accelerate the field development. I like the idea to have as much capacity as possible so when the new pipeline is built, the company will be able to get a huge production jump as well as cash flow jump. . .Mart has been one of the top three performers on my watch list in the past 2–3 years."

 

New kid on the block Amin adds

 

" Mart lost about 50 days of production in Q4/12 and about 40 days in this quarter. For any oil and gas company, not being able to produce from its single asset for such a long time is bad news. However, Mart has enough cash to pay dividends and complete its 2013 development program, which is going on full swing. It recently shared some news about its 10th well, UMU-10. It also plans to drill three or four wells during the rest of 2013 so that by the time the alternative pipeline is ready, there should be enough production to take advantage of the extra pipeline capacity. So far, things seem to be going well on the development front."

 

The future? "One is higher production from the current field. Second, there's the plan to drill an exploration well either on the eastern or the western flank of the current field. If it makes a discovery, that would be very encouraging. Third, with increased production, Mart would have a large cash position, which it can use to acquire new assets. We keep hearing about the next marginal field bid round in Nigeria. Mart would be in a good position to take advantage of a new bid round".

 

http://www.theenergyreport.com/pub/co/3448

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Another little bring the Mart story up to date post.

 

The loan despite much b.b conjecture elsewhere, did support the dividend, with the latest ex divi date just gone and payments should be hitting accounts. The pipeline didn't seem to have all the i's dotted and t's crossed, but proceeds in the usual Nigerian time (and not always as Wade would spin it. The drills continue at a slower pace than spun out of past presentations(see latest UMU 11 news), but despite all the interuptions the UMU fields keep giving up oil.

 

Still plenty of talk about new marginal fields and plenty of merger rumours, which Wade has flatly denied. to be the case. So the latest N.R on the central production faccility commissioned at Umusedge didn't really make the s.p blink.

 

Looks like the next full on catalyst is the pipeline completion and the oil flowing, one thing Mart is blessed with!

 

Shares bottomed around the low 1.40's and have regained a little ground into the high 1.50's - 1.60's the last few weeks. Maybe it is a traders stock short term?

 

Finally the website has been revamped http://www.martresources.com/

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Shares bottomed around the low 1.40's and have regained a little ground into the high 1.50's - 1.60's the last few weeks. Maybe it is a traders stock short term?

 

 

Oh no they didn't :( more disappointment with ever increasing oil theft/bunkering/call in what you want, add usual shenanigans of operating in a less than stable environment for all sorts of reasons, we saw a nose dive touch $1 yesterday :o

 

However, the fear or forced fund selling saw absolutely HUGE volumes last 2 days, some would say creating a massive upside opportunity on newsflow. :rolleyes:

 

So all my trading profit and divi's are back in and loaded up to the gunnels on this, after all what could go wrong :ph34r::lol:

 

Mart awaits more drilling news on UMU11, pipeline completion and who knows other fields? Interesting 6 months or so ahead!

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After another bout of volatility and news, worth posting this little update as to the current situatuion, dreams etc

 

 

Shares dropped as low as $1, rebounded to £1.40 shortly after this release and are now hovering round the $1.30 mark.

 

All good fun for traders.

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So far in january, another 5c divi paid BUT the big news was the 2nd pipeline timelines in the last N.R. Finally seems to be nearing.

 

Confirmed schedule on latest presentation.

 

http://www.martresources.com/wp-content/uploads/2014/01/Africa-Oil-and-Gas-Summit-Jan-28-29-2014-fin.pdf

 

Still hovering around the 1.20's after the last dividend.

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More upbeat vibe from MMT's latest production update last week saw shares hit the !40's before settling back to close the week at cn$1.34c

 

Production fairly constant, less than 4 days cumulative down time in jan, pipeline losses undisclosed pending naughty boys at AGIP clarifying the situation :ph34r::lol:

 

Pipeline MOU's lining up and construction/equimpment on track for mid year finish, as ever watch this space, but encouraging.

 

(see website for full N.R)

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Small update: 1st qtr divi confirmed unchanged, despite a few doubting Thomas's out there. Pipeline loses recently announced show we are likely to be back around 10%, praise be, a miracle!! funding doubts also dispelled with new war chest for Shell block stakes.... Maybe?

 

Shares edged up to mid $1.50c area pre divi. Looking far more rosier, but as ever nothing without a twist in Mart land? What will the next one be?

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Latest financials came out on the 10th April, pretty much as expected. The same day saw March production figures (still 105 AGIP line loss), so improvement continues. Seems this is the important part for now as finances back on even keel.

 

 

Umugini Pipeline Update

Surveying and clearing of the right of way for 50 kilometres ("km") of the Umugini pipeline has been completed and pipeline construction is ongoing. The first 24 km of the pipeline have been completed and backfilled. Stringing of approximately another 21 km of pipe has been completed, and welding, coating, radiograph testing has been completed on 16 km of this 21 km section. Trenching and lowering is currently being finished on approximately 10 km of this length, and the installation of fiber optic cable that is part of the leak detection system has been completed on the first 3 km. Procurement of materials and equipment required to complete the pipeline pumping, monitoring and control facilities is ongoing. Surveying and clearing of the right of way for the final section of the Umugini pipeline is ongoing, as negotiations with local communities and the Nigerian Petroleum Development Company along the final section of the Umugini pipeline are progressing and nearing completion. The group managing construction of the Umugini pipeline continues to estimate that pipeline construction will be completed in the first half of 2014. Pipeline commissioning will occur following completion of pipeline construction and installation of pipeline pumping, monitoring and control facilities

 

See website for full details. Shares closed friday at Cn$1.46

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The bag of cat out??

 

May 2, 2014 There is now a clear line of sight to completion of the Umugini Pipeline, the evacuation route for four Nigerian marginal field producers in the western Niger Delta. The 51km pipeline “will be commissioned in May 2014”, according to Emeka Obi, Chief Executive of Oilserv, the contractor handling the project.......

 

Oilserv says that the project’s challenges are not only community issues. It had “a window of 4months of clement weather for full construction activities to take place without deploying specialized equipment to mitigate under water challenges that are peculiar with the Right of Way”, the company explains. “We however evolved appropriate strategy to overcome this challenge and are close to meeting the project objectives and delivery of the pipeline. Umugini pipeline will be commissioned in May 2014”

 

http://africaoilgasreport.com/2014/05/in-the-news/umugini-will-be-commissioned-in-may-2014/

 

Fair volume going through now on this "leak"

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FINALLY,FINALLY at long last, balls in a vice adding on recent down spikes in oil, something to smile about :)

 

 

NEWS
RELEASE
MART RESOURCES INC.
December 3, 2014

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 – 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.”

 

Been so flipping painful of late! :(

 

Now bring on more Umu drill news, Q1 15 production and smile some more. Price of oil recovery would be great. Clarity and no doubt eventual London list on OML funding could also steady, rocket or even disappoint... but you can't underestimate this one is a cash cow coming soon!

 

I want to :wub: this share again :rolleyes:

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Well I've stayed quiet on the shenanigans of MMT for a good few months, but it all boils down to this now.

 

 

MART ANNOUNCES FILING OF MEETING MATERIALS FOR ANNUAL AND SPECIAL MEETING OF SECURITYHOLDERS AND UPDATE TO MIDWESTERN FINANCING

Mart Resources Inc., further to its March 16, 2015, news release, has commenced the mailing process, and filed an information circular dated May 12, 2015, forms of proxy and letter of transmittal on SEDAR, in respect of the upcoming annual and special meeting of Mart's shareholders and optionholders.

At the meeting, securityholders will be asked to vote in respect of a proposed plan of arrangement, pursuant to which a wholly owned subsidiary of Midwestern Oil & Gas Company Ltd. will, subject to certain conditions, acquire all of the issued and outstanding common shares of Mart for 80 cents per common share in cash in accordance with the terms of an arrangement agreement dated March 15, 2015, between Mart and Midwestern. Pursuant to the arrangement agreement, all options with an exercise price less than 80 cents will be surrendered in exchange for a cash payment equal the amount by which 80 cents exceed the exercise price thereof, and all options with an exercise price equal to or greater than 80 cents will be surrendered for no consideration.

The meeting will be held at the Calgary Petroleum Club, 319 Fifth Ave. SW, Calgary, Alta., Canada, on June 15, 2015, at 3 p.m. (Calgary time). The record date for voting at the meeting has been set at May 11, 2015.

As disclosed in the meeting materials, Midwestern's ability to complete the arrangement is subject to it completing a private placement financing to finance its obligations under the arrangement. Midwestern has now provided Mart with a framework agreement that provides an indicative financing commitment from a significant industry participant. The indicative financing commitment contains conditions for a financing transaction that must be satisfied prior to the proposed financing being completed. There is no certainty that the conditions to the proposed financing will be satisfied or that the proposed financing will be completed.

Mart anticipates that the arrangement will close on or about June 16, 2015, in the event that all conditions in the arrangement agreement are satisfied or waived on or before such date.

http://www.martresources.com/wp-content/uploads/2015/05/MMT-PR-Filing-of-Materials-May-15-2015.pdfhttp://www.martresources.com/wp-content/uploads/2015/05/MMT-PR-Filing-of-Materials-May-15-2015.pdf

 

IF(WHEN) it all goes through, i'll post my thoughts, but for now June 16th is d-day.

 

So you either believe it goes through or not, currently priced at 64c, dropped on 3 months operating results issued earlier Friday to 54c, :ph34r:

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