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MMT Mart Resources

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Share Name Share Symbol Market Type
Mart Resources TSXV:MMT TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Mart Resources, Inc.: Operations and Production Update

13/05/2014 1:30pm

Marketwired Canada


--  Umusadege field production averaged 8,593 barrels of oil per day
    ("bopd") during April 2014 based on calendar days; average field
    production based on production days was 12,539 bopd during April 2014. 
    
--  Umusadege field net deliveries into the export pipeline were
    approximately 249,056 barrels of oil ("bbls") in April 2014 before
    pipeline losses and approximately 193,903 bbls after deducting pipeline
    and export facility losses estimated by Mart for April 2014. 
    
--  Pipeline and export facility losses reported and allocated to Mart and
    its co-venturers for March 2014 were 45,959 bbls, or 13.1% of total
    crude oil deliveries into the export pipeline. 
    
--  Aggregate downtime during April 2014 totaled approximately 9.5 days,
    including two full down days during the month. 
    
--  Construction activities on the Umugini pipeline are progressing, and
    pipeline construction is expected to be completed in the first half of
    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 providing the following updates on Umusadege
field production for April 2014 and other operations.


April 2014 Production Update

Umusadege field production during April 2014 averaged 8,593 bopd. Aggregate
Umusadege field downtime during April 2014 was approximately 9.5 days due to
repairs and maintenance to the Nigerian Agip Oil Company Limited ("NAOC") export
pipeline and other operational interruptions, with two full down days during the
month. The average field production based on producing days was 12,539 bopd in
April 2014.


Total net crude oil deliveries into the NAOC export pipeline from the Umusadege
field for April 2014 were approximately 249,056 bbls before pipeline losses.
Based upon the 12-month rolling average rate of pipeline and export facility
losses of 22.14%, Mart estimates pipeline and export facility losses for April
2014 to be approximately 55,153 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 April 2014 less estimated pipeline losses
is 193,903 bbls.


Pipeline and export facility losses reported by NAOC and allocated to Mart and
its co-venturers for March 2014 were 45,959 bbls, or 13.1% of total crude oil
deliveries into the export pipeline for that month. As previously announced,
total net crude oil deliveries into the export pipeline from the Umusadege field
for March 2014 were approximately 350,750 bbls, so after deducting the actual
pipeline and export facility losses allocated for March 2014, the total net
crude oil deliveries less losses for March 2014 were 304,791 bbls. April 2014
pipeline and export facility losses have not yet been reported by NAOC.


Umugini Pipeline Update

Surveying and clearing of the right of way for the Umugini pipeline has been
completed and pipeline construction is ongoing. The first 35 kilometres ("km")
of the pipeline have been completed and backfilled. Stringing of approximately
another 16 km of pipe has been completed, and welding, coating, radiograph
testing has been completed on 14 km of this 16 km section. Trenching and
lowering is currently being finished on approximately 8 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. The group managing construction of the Umugini pipeline continues to
estimate that pipeline construction will be completed by the end of the first
half of 2014. Pipeline commissioning will occur following completion of pipeline
construction and installation of pipeline pumping, monitoring and control
facilities.


2014 Annual General and Special Meeting of Shareholders

Mart is pleased to announce that its 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. Full details of the Meeting and the
webcast will be provided in advance of date of the Meeting.


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 that there will not be future disruptions
of the NAOC pipeline or Brass River export terminal. Any future disruptions will
materially and adversely affect the ability of the Company to transport, deliver
and sell its crude oil production from the Umusadege field. Statements (express
or implied) concerning the allocation of export and pipeline capacity to the
Umusadege field from their third party pipeline owners, should also be viewed as
forward looking statements. Pipeline and export facilities losses are expected
to continue in the future and such losses could be material. There is no
assurance that there will not be adjustments to previously reported pipeline
losses. There is no assurance that the estimates of current month pipeline
losses will reflect actual pipeline losses once reported to the Company by NAOC.
There is no assurance regarding that the completion of the Umugini pipeline will
be completed in the first half of 2014 or that all equipment, agreements or
approvals required to commission, operate or transport oil through the Umugini
pipeline will be received in a timely fashion or at all. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mart Resources, Inc. - London, England office
Wade Cherwayko
+44 207 351 7937
Wade@martresources.com


Mart Resources, Inc. - London, England office
Dmitri Tsvetkov
+44 207 351 7937
dmitri.tsvetkov@martresources.com


Mart Resources, Inc. - Canada
Sam Grier
403-270-1841
sam.grier@martresources.com
www.martresources.com

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