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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 23/2/2015 14:40 by sg31 What a stupid set of idiots. If they had said that in the first place many investors would have been saved a lot of heartache.I find it difficult to believe that people who are supposed to be experienced board members can earn so much and be clueless. |
Posted at 18/6/2014 17:49 by dukedosh Industrial Alliance Securities: MART Deferred Dividend Should Not Deter InvestorsEVENT Mart announced a number of important operational and financial updates in a news release yesterday. We have been anticipating these positive developments for some time. Mart announced its successful bidding as part of a consortium for a petroleum license in Nigeria divested by an oil-major. The Company also made major progresses toward significant production growth in the later half of 2014. In order to preserve cash for these expensive but highly lucrative initiatives, Mart announced deferral of its $0.05 quarterly dividend. HIGHLIGHTS Mart announced maintaining field production level during May (12,654 bpd) but an escalation in the pipeline loss figures (29%). The Company announced the substantial completion of the construction of the Umugini pipeline, slightly ahead of the mid-year target. This is a significant development in light of the chronic pipeline losses and large production capacity behind the pipe. Mart announced its successful bidding, as part of a consortium, for participatory interest in an Oil Mining Lease (OML) in Nigeria. This OML became available as part of the asset divestment process of an oil major. If successful, this asset could give Mart a significant boost in production and reserves growth. BOTTOM LINE The deferral of the dividend payment may seem disappointing, especially for income-dependent investors. However, we strongly believe that with two very large growth projects on track, preserving every bit of cash prepares the Company for much higher return on capital. Through the acquisition of interest in another petroleum license, Mart also achieves a much needed diversification, which reduces its overall risk. A number of ongoing organic growth projects initiated in past years are also expected to culminate in 2014. These include a material increase in Umusadege field production with the availability of new wells and a new pipeline. Mart management has always stated their strong commitment toward dividend payment. We believe that a temporary deferral of dividend only strengthens the Company's future position. VALUATION We maintain our Buy rating on Mart Resources and our 12-month target price of C$2.00 Our target implies a P/CFPS ratio of 5.9x for 2014E and 3.1x for 2015E. However, these multiples are applied to the Company's current production and cashflow profile. With the acquisition of a sizeable new asset, this profile may change significantly, and we shall revise our estimates and target accordingly when more information is available. |
Posted at 08/5/2014 01:01 by riggerbeautz Given this is near to as stable as we have been the last year, with progress just around the corner, as an aside for a U.K investor there is some merit considering the exchange rate. So what chance the pound v loonie surely swinging back at some point? |
Posted at 02/5/2014 15:58 by riggerbeautz LOL thinking the same, big boys not yet been alerted looking at the trades it's all P.I driven so far.Good chance to get a jump traders or investors, looks very much like the official sources are lagging behind the news here. Feeling very positive about this now. |
Posted at 08/5/2013 14:21 by dukedosh . Mart Resources, Inc.: April 2013 Production Update - Umusadege field production averaged 4,148 barrels of oil per day ("bopd") during April 2013 based on calendar days; average field production based on production days was 10,864 bopd during April 2013. - Umusadege field net deliveries into the export pipeline were approximately 150,500 barrels of oil ("bbls") in April 2013 before pipeline losses. CALGARY, ALBERTA, May 08, 2013 (Marketwired via COMTEX) -- Mart Resources, Inc. CA:MMT -1.36% ("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 update on Umusadege field production for April 2013. April 2013 Production Update Umusadege field production during April 2013 averaged 4,148 bopd. Umusadege field downtime during April 2013 was 18.5 days due mainly to maintenance and repairs on the export pipeline performed by the pipeline operator. The average field production based on producing days was 10,864 bopd in April 2013. Total crude oil deliveries into the export pipeline from the Umusadege field for April 2013 were approximately 150,500 bbls before pipeline losses, of which 124,500 bbls were from new production from the Umusadege field with the additional amount being deliveries from storage tanks injected into the export pipeline when pipeline operations resumed. There were no pipeline and export facility losses for March 2013, as the pipeline was shut down for all of March 2013. April pipeline and export facility losses have not yet been reported by the pipeline operator. Additional information regarding Mart is available on the Company's website at www.martresources.co 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 AGIP pipeline or that future repairs will not be required. 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. 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 VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE. Contacts: Mart Resources, Inc. Wade Cherwayko / Dmitri Tsvetkov England office # +44 207 351 7937 Wade@martresources.c Mart Resources, Inc. Investor Relations Toll Free 1-888-875-7485 www.martresources.co SOURCE: Mart Resources, Inc. mailto:Wade@martreso mailto:dmitri.tsvetk (C) 2013 Marketwire L.P. All rights reserved. |
Posted at 24/12/2012 19:18 by dukedosh * Wonderful christmas present that burns the bears!Mart Resources, Inc.: Pipeline Disruptions Resolved and Production from Umusadege Field Resumes Date : 24/12/2012 @ 16:58 Source : MarketWire Canada Stock : Mart Resources (MMT) Quote : 1.47 -0.01 (-0.68%) @ 18:00 Mart Resources, Inc.: Pipeline Disruptions Resolved and Production from Umusadege Field Resumes Mart Resources, Inc. (TSX VENTURE: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 update on Umusadege field production operations. Umusadege Production Resumes Due to an ongoing shutdown of the export pipeline that started on October 30, 2012, there had been no production from the Umusadege field in November 2012 through December 20, 2012. Nigerian Agip Oil Company ("AGIP"), the pipeline operator, has advised that repairs to the export pipeline have been completed, and production from the Umusadege field and other fields in the area (collectively the "Cluster") began on a test basis early on December 21, 2012. Production and deliveries into the export pipeline from the Cluster are expected to be increased to normal levels over the next several days. AGIP has also lifted its previous declaration of force majeure on loadings at the Brass River Export Terminal. The most recent shipment of crude oil produced from the Umusadege field occurred at the beginning of November 2012, with a shipment of crude oil produced in October 2012 of 320,000 barrels of oil. Additional information regarding Mart is available on the Company's website at www.martresources.co INVESTOR RELATIONS: Investors are also welcome to contact one of the following investor relations specialists for all corporate updates and investor inquiries: FronTier Consulting Ltd. Mart toll free # 1-888-875-7485 Attn: Sam Grier or Timea Carlsen Email: inquiries@martresour Note: Except where expressly stated otherwise, all production figures set out in this press release, including barrels of oil per day ("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, past production levels and crude oil deliveries are not necessarily indicative of future production levels and crude oil deliveries. In addition, statements (express or implied) concerning the allocation of export and pipeline capacity to the Umusadege field from the third party pipeline owners, should be viewed as forward looking statements. 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 not place undue reliance on forward-looking statements contained in this news release. This cautionary statement expressly qualifies the forward-looking statements contained herein. 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. FOR FURTHER INFORMATION PLEASE CONTACT: Mart Resources, Inc. - London, England Wade Cherwayko/Dmitri Tsvetkov +44 207 351 7937 Wade@martresources.c dmitri.tsvetkov@mart Mart Resources, Inc. Investor Relations 1-888-875-7485 www.martresources.co Mart Resources (TSXV:MMT) Historical Stock Chart 1 Year : From Dec 2011 to Dec 2012 Mart Resources (TSXV:MMT) Intraday Stock Chart Today : Monday 24 December 2012 |
Posted at 29/11/2012 12:17 by dukedosh Mart Resources nearing agreement crude handling agreement with Shell NigeriaMart Resources nearing agreement crude handling agreement with Shell Nigeria Thursday, November 29, 2012 Wade Cherwayko, chairman of Mart Resources, talks to Proactive Investors at the Oil Council World Assembly. He reveals the group is close to agreeing a crude handling agreement with Shell Nigeria that should help boost exports. Link to video: |
Posted at 27/4/2012 09:52 by riggerbeautz Oullins message on S.H"I also forgot a big one: The company plans to list on the TSX as a .TO and will file for a london exchange listing at the same time. Not AIM but a full .L. This should be done by the end of the year. This is not a cheap exercise but a lot of London investors are much more confortable with Africa than US and Canada investors". Oh no....there will go the peace and quiet lol Edit oullins summary from presentation, mouth watering! |
Posted at 01/12/2011 22:39 by riggerbeautz Chen Lin uber bullish as ever."TER: In June you mentioned that your biggest holding, at that point was Mart Resources Inc. (MMT:TSX.V). Is that still the case? What's been going on with the company since then? CL: That's still the case. I'm holding a lot of Mart Resources. During the summer when the market turned south, I was still holding the stock because I really believe in this project. I heard the company was making presentations at conferences where it was talking about the potential for very large dividend payouts, starting next year. Right now it's trading about one times after-tax cash flow, according to the management. So, it can basically pay out any dividend it wants. It will probably start low-maybe $0.05 or $0.10. A $0.10 dividend is almost a 20% yield at the current share price. Then it will start going higher because it is going to accumulate so much cash from its oil drilling program. Every well in this year's drilling program is a successful well-every well! I think two are around 10,000 bpd. One is 6,0007,000 bpd. In North America, if you have 600 or 700 barrels, it's a very good well. These are much bigger. So, Mart is just waiting to reach a deal with the pipeline company so it can start pumping more oil out. It's supposed to be very soon. Once it reaches that stage, it will be cash-flowing at one times market cap. That will be a huge catalyst. Plus, the dividend payout will be another big catalyst. I'm looking for a much higher stock price. TER: This is Umusadege Field in Nigeria you're talking about, is that right? CL: Right. Mart just found an amazing amount of oil. Its well production in the past 22 ½ years has shown no decline. In North America, after a month or two it could drop in half, like in the Bakken. The steady production means the company is sitting on a much larger pool than people can imagine. The next catalyst will be its reserve calculation. With all the production it's had and all the successful drilling, this year's reserve will be much higher than last year's. With last year's reserve, if I remember correctly, the 3P net asset value (NAV) of 2010 is way over $1.00 per share. This year it could easily double that, maybe even more. Meanwhile the stock is still at $0.64. That tells you how much upside it has just from the NAV. Then you can look at it from cash-flow side and the dividend side and you can see that the stock is very, very undervalued. TER: So, what's the market cap for the company at this point? CL: I think it's about $200 million (M) and they will probably cash-flow more than $200M. TER: Boy, that is a real bargain, isn't it? CL: I've been holding this as my largest position because I feel so compelled. It's been undervalued for a long time. Partly it's because the market was very bad this year. Nobody really paid attention. In the meantime, the company has had one drilling success after another. Not just successful but very successful. The market has shown no response to that. But the company can immediately sell the oil and get into cash-flow. So, if the market doesn't respond now, it will respond later. That's why I was holding it as my largest position throughout the turmoil this year. TER: Do you think is the project's location in Nigeria might make some investors wary? CL: That could be the case. The Nigeria situation is a little bit volatile. But, again, this is an OPEC nation and Mart exports through its standard pipeline. It has some interruptions from time to time, but management has already factored that into its cash-flow calculations. TER: What do you think the chances are that the company will get bought out by a major with this kind of production? CL: It could be. There was another Nigerian company that was bought out by a Chinese company for $7 billion (B) last year. Mart will likely be producing at that level in a year or so. Right now it only has a $200M market cap. So, you can see the upside is huge. Furthermore, the company does not need to come to the market to raise money. That's why it's in an ideal situation and why I like it." |
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