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| Share Name | Share Symbol | Market | Stock Type |
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| Mmt Comp. | MMT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | - |
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Posted at 09/10/2015 14:54 by dukedosh Mart Resources Inc. has been halted at 6:21 a.m. PT on Oct. 9, 2015, pending news.MW back in again perhaps? |
Posted at 29/8/2015 03:37 by dukedosh This piece summarises the Mart conference call on Friday morning.(Courtesy of Carswell at IV) Mart Resources Inc. (MMT) added three cents to 21 cents on 2.04 million shares, more than regaining the two cents it lost yesterday after its 80-cent-a-share takeover offer from Midwestern Oil, a joint venturer in Nigeria, was officially cancelled. The fact that the stock was in the 20-cent range even before the cancellation shows that shareholders did not believe that the takeover would happen anyway. They seemed reassured by this morning's conference call, hosted by Dmitri Tsvetkov. He has been the CFO for three years and became interim CEO earlier this year after the previous holder of that job, Wade Cherwayko, came under an internal investigation that ultimately found multiple violations of Mart's code of conduct and insider trading policy. Mr. Cherwayko was kept on as a consultant while the talks with Midwestern were going on, but was fully cut loose yesterday once the talks ended. (As for where he is supposed to go next, newspapers in the United Kingdom say jail. As discussed in yesterday's Energy Summary, Mr. Cherwayko received a 21-month jail sentence from a London judge this week for failure to comply with court orders in his five-million-pound divorce case.) Mr. Tsvetkov was full of reassurances during this morning's conference call. He said the relationship between Mart and Midwestern, which work together at the Umusadege and OML 18 oil fields in Nigeria, is still strong. Midwestern even made noises yesterday about a "potential alternative transaction ... in the future." Mart is certainly open to that, said Mr. Tsvetkov, but it is also looking into other options, including mergers, asset sales or simply continuing with current operations. That led to Mr. Tsvetkov's next set of reassurances: that Mart is actually able to continue operations. He talked up Mart's low costs, its increasing production and its plans to keep the increases coming. Specifically, production at Umusadege is expected to reach 25,000 to 30,000 gross barrels of oil a day by year-end, up from around 18,500 in July. Another near-term bit of excitement at Umusadege could come from the results of an exploration well in the western part of the field. At OML 18, which was producing 14,000 gross barrels a day upon its acquisition in March, production exceeded 30,000 barrels a day on some days in August. A reserve report on OML 18 is expected in six months. Moving from operations to finances, Mr. Tsvetkov acknowledged that Mart's $200-million (U.S.) debt is high, but: (1) principal repayments are deferred until March, 2016; and (2) Mart's capital spending at Umusadege is fully financed and OML 18 will ideally be self-financing (though that is not certain yet because the owners are still "carefully assessing the work program"). All in all, his remarks seemed to soothe investors, who need a lot of soothing after their year of watching the stock plummet to 21 cents from nearly $1.50. |
Posted at 25/8/2015 21:52 by here and there blimey, I had not seen the share price when I posted.if you had some millions and some patience, you could make a fortune buying and mothballing mmt until the OP comes back to sensible levels though i had screwed up when i sold up here a few months ago, seems i was lucky |
Posted at 18/8/2015 18:07 by dukedosh * Not a good news release here just before the open. Down another 25%, the shafting continues....CALGARY, Alberta – Mart Resources, Inc. (TSX: MMT) (“Mart” or the “Company” For more information, please contact Dmitri Tsvetkov, interim CEO and CFO at Mart’s London, England office at # +44 207 351 7937 or by e-mail: dmitri.tsvetkov@mart |
Posted at 20/3/2015 10:11 by scrambled eggmann So is there life in the old dog? If MMT get their pro-rata share of production revenue and pay the due amount do we even need to sell any more?If the payments are made for the debt then I am inclined to vote no. |
Posted at 02/3/2015 20:11 by dukedosh That hits the nail on the head SG31.With POO at $100+ bbl, production 30k+ bopd, OML18 development plan in the diary, CPR priced in, the share price would be the C$3-4 range. That's what i was holding on for, riding out this oil price storm. 12-24 months would have seen us smiling again, just like 2008, but no we are being robbed in broad daylight of our upside. No one else is likely mad enough to bid against MWO+G, the Umusadege field operator. No hostile competitor could work with that! IMO the only way a 3rd party could enter this ring is to take over both MMT and MWO+G, possible but not probable IMO. |
Posted at 25/2/2015 17:01 by scrambled eggmann Added a large number to my SIPP as well. Get ripped off buying via HL but I think MMT must be going for above 85c if not $1 as otherwise the board would not even consider it.I think the brown trousers from all holders over the weekends caused the Monday/Tuesday selling, but if both pipelines are flowing then no reason to be down here at all. |
Posted at 23/2/2015 15:52 by scrambled eggmann TBH I doubt if MMT gets sold. Could be a repeat of the 2008 deal situation when the offer was 14c vs a price of 10/11c. That allowed MMT to recover and so this deal with a 30% premium from say 65c (prior to the "mystery buyer" may give a 90c offer.They should use it as a backstop and get OML18 and the bank loan fixed and we can look forward to dividend restatement in the next year or so. |
Posted at 20/2/2015 06:57 by scrambled eggmann Rigger - I did change the chart a little yesterday! We need a new thread too. I still got more to buy but will not chase it.I will have a look at SEP but not on my monitor, however I think MMT with the increased production and restated dividend (hopefully later in 2015) should be OK, hence buying back 60% of my old shares after almost three years. |
Posted at 20/2/2015 01:11 by dukedosh Yes TGG, more good news for friends and family to sell into!I will sleep well the weekend knowing we have a decent monthly update coming our way. Hopefully one or more of: TF and AGIP still running, losses confirmed at <10%, production ramped up to C.30k bopd, OML18 deal closed (doubtful before elections), MMT buying DSG's shares in MWO&G perhaps (tongue in cheek), dividend re-instated (now I'm dreaming!)...... Should we start a new thread with a new chart, header, et al? |
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