Mmt Comp. Share Discussion Threads

[thegreatgeraldo] 25/7/2014 14:07

Wonder if they'll publish the local tax rate for the new pipeline? ;-#))

[dukedosh] 25/7/2014 13:54

Even more oil behind pipe ready for the new pipe line.

The ducks are starting to align.

[thegreatgeraldo] 25/7/2014 13:41

Eyecatching headline on the flow test for the horiz....

[riggerbeautz] 16/7/2014 20:39

Late July early august apparently, maybe, kind of ;)

Ah well more drill news and production steady, along with cough, losses on AGIP line (roll eyes)

[dukedosh] 02/7/2014 21:58

A hugely frustrating hold over the last year but that "one day" isn't far off.

[riggerbeautz] 02/7/2014 14:52

Here we go again, next dip down on bob all volume.

Ho hum, one day Rodney.

[dukedosh] 21/6/2014 14:28

I just watched and listened to the AGM webcast. Must say, it's well worth the 1½ hours, and I liked what I heard. Looking forward to these game changers, namely the new pipeline operation end of July, 3 horizontals expected to flow at 4-6k bopd each, and the new acquisition over the next few weeks, followed by the London listing. A divi announcement by the end of the month was mentioned but it seems this will be reduced until CF improves over the next couple of quarters. We could be in for a re-rating once it starts to come together.

[riggerbeautz] 21/6/2014 11:07

Too far for me, but the noises seem pretty encouraging. Reduced divi no problem in preference for OML 18 and reserves upgrade from more drilling.

2nd pipeline used to pay down debt, bring it on. Fingers x'd next few weeks/ months bring good news and this starts playing out.

Whingers on divi sounds like johnny come lately sore grapes! But each to their own.

[dukedosh] 20/6/2014 21:24

Any one here attend the AGM today? If so, any feedback would be appreciated..

[riggerbeautz] 18/6/2014 21:26

Bottom line were whilst the dividend suspension was a bit of a kick in the nuts, given the d.r.i.p announcement, but when has anyone invested in a Nigerian oiler with the primary intention of dividend over growth?

Think all long term bulls know what matters most, drill news and cash flow trumps it for me.

1.47c close almsot back to normal then!cBack to the world cup.

[dukedosh] 18/6/2014 17:49

Industrial Alliance Securities: MART Deferred Dividend Should Not Deter Investors

EVENT

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.

[riggerbeautz] 18/6/2014 09:41

Having slept on yesterdays wild ride, you could be forgiven for thinking this was a massive p&d to milk greed, but maybe someone thought the share price was ahead of itself pending a London list fund raise at an already agreed price?

Aside from the divi everything else was fairly positive, albeit Nigerian timescales are cloudy and maybe another reason to be sure to have money in the bank.

The AGM sure will be interesting.

[riggerbeautz] 17/6/2014 21:06

Think we had another Corporal Jones, don't panic moment, which hammered the margin players. Convinced Wade wanted this out before AGM to talk up the future.

[dukedosh] 17/6/2014 20:57

Of course, I am concerned at today's movements and trading volatility. However, I keep reminding myself of the bigger picture. Once the new pipeline is operational the share price will at least twice anything we've seen here today. A new OML, London listing; divi resuming will just add to that value. Holding a Nigerian play isn't an easy ride, that's for sure.

[riggerbeautz] 17/6/2014 20:56

Well yes TGG. Suspect some were given a snippet of news, but not the divi bit and got all excited.

What it proves yet again is how fast it can move and the appetite for this stock. Plenty know in many ways it's an artificial price on the current status quo, but as we all seem to agree, end goals are nearer.

This looks like get the last bit of bad news out a couple of days before AGM, then Wade will sweet talk the situation going forward.

[thegreatgeraldo] 17/6/2014 20:46

Looks to be heading back to 150, which was where the fun started......

[riggerbeautz] 17/6/2014 20:45

Don't think we've done that before. Was it what 1.80 to 1.19/1.20 to settle somewhere in between. Some going to be pretty miffed, some smug. Welcome to Nigerian oil plays.

[dukedosh] 17/6/2014 20:44

Funny thing TGG, I actually considered selling the traders but didn't. Hindsight is a wonderful thing.

[thegreatgeraldo] 17/6/2014 20:43

The ducks are heading south early this year! Taken the gloss off the AGM for some...

[dukedosh] 17/6/2014 20:41

As I said, we've been here before and we will get there, as the ducks are indeed starting to align.

[thegreatgeraldo] 17/6/2014 20:40

I was tempted to have a cash trade at 170 earlier..... but it would have meant selling something else... decided against it. Bet a few decided to "join the party" earlier....

[riggerbeautz] 17/6/2014 20:37

Flush out time again, you gotta laugh really. Party well and truly on hold.

As for margin trading, always a mugs game, even more so on oilers and spec stocks.

[dukedosh] 17/6/2014 20:33

OMG! It's off the cliff. C$1.20 !! Ho Hum indeed.

[thegreatgeraldo] 17/6/2014 20:30

Some traders on margin getting hammered?

[dukedosh] 17/6/2014 20:29

Quite so TGG but still, even the est. 55,153 bbls loss is more than a valve gland leak, more like a stealth tanker visit!