Mart hits the jackpot
Mart Resources Inc.: UMU-6 Well Tests at a Combined Rate of 14,319 Barrels Oil Per Day
CALGARY, ALBERTA--(Marketwire - Dec. 17, 2010) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "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 report final test results from the four production tests completed on the UMU-6 well located in the Umusadege field in Nigeria.The UMU-6 well flowed at a stabilized combined cumulative rate of 14,319 barrels of oil per day ("bopd") from the four sands tested on choke sizes ranging between 22/64 to 32/64 inches. The API gravity ranged from 40 to 42.5 degrees with flowing tubing pressures between 410 and 610 PSI. Water production ranged between 0.1% to 1.3% and the gas/oil ratio ranged from 51 to 122 standard cubic feet per barrel.The first and second tests flowed at stabilized rates of 3,102 bopd (from the XVII sand) and 3,433 bopd (from the XVI (b) sand) as previously announced.The third test was conducted on the XIII (b) sand, a 23 foot oil zone, which flowed at stabilized rates of 4,179 bopd of 41.0 API gravity oil through 3 1/2 inch tubing on a 32/64 inch choke at a flowing tubing pressure of 542 PSI. Water production averaged 1.3% and the gas/oil ratio was approximately 122 standard cubic feet per barrel.The fourth test was conducted on the XIII (a) sand, an 18 foot oil zone, which flowed at stabilized rates of 3,605 bopd of 40.0 API gravity oil through 2 7/8 inch tubing on a 32/64 inch choke at a flowing tubing pressure of 410 PSI. Water production averaged 0.1% and the gas/oil ratio was approximately 105 standard cubic feet per barrel.These four sands tested have not previously been assigned reserves in the Company's most recent NI 51-101 reserve report. The Company's independent engineers have commenced updating the Umusadege reserves estimates. Their report will incorporate the results from the four sands tested (the XVII, XVI (b), XIII (b) and XIII (a) sands) and will also include review of the preliminary findings on the XIV and XV sands which were also identified as hydrocarbon bearing in the UMU-6 well.
CALGARY, ALBERTA--(Marketwire - Nov. 9, 2010) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "Mart" or the "Company") and its co-venturers, Midwestern Oil and Gas Company Plc. (operator of the Umusadege field) and Suntrust Oil Ltd are pleased to provide an operations update on the UMU-6 well located in the Umusadege field.
BeantwoordenVerwijderenThe UMU-6 well reached a final total drilling depth of 8,750 feet on November 6, 2010.
Open hole wire line logs have been run with preliminary results indicating a total of 18 hydrocarbon-bearing sands. The logs also indicate a cumulative gross pay of approximately 420 feet in the UMU-6 well from all sands.
All of the UMU-6 well's primary objectives, including the XIII, XIV, XV and XVI sands were hydrocarbon bearing with preliminary results indicating gross oil pay of 40 feet, 24 feet, 6 feet and 18 feet from these sands respectively. A deeper XVII sand was also encountered with initial results indicating 8 feet of gross oil pay. The XIII, XIV, XV, XVI and XVII sands were not assigned reserves in the Company's most recent NI 51-101 reserve report.
The UMU-6 well also encountered hydrocarbons in the XI and XIIc sands with preliminary results indicating gross oil pay of 14 feet and 18 feet respectively. The previous Umusadege wells did not contain material hydrocarbons in these sands.
Pressure data and fluid samples are currently being obtained which will be followed by the running of 9 5/8 inch production casing. It is expected that the UMU-6 well will be completed as a dual tubing string configuration allowing for multiple zone testing and future production from multi zones.
The current UMU-6 site includes a three well drilling pad which will facilitate two more wells being drilled from this location. It is anticipated that the next well, UMU-7, will commence drilling operations after the completion and production testing of the UMU-6 well.
Uit bovenstaande berichten blijkt dat men maar liefst 18 oliehoudende lagen heeft gevonden in UMU-6. Slechts 4 lagen leveren dus een productie op van ca 14.000 BOPD.
BeantwoordenVerwijderenEn Mart heeft al een flinke productie uit andere bronnen!
Mart heeft nog slechts een market cap van ca 250 M CAD bij een koers van ca 74 cent.
I recalculated the cashflow because I found an error in my previous calculations. I did not normalize the cost recovery of the 3 wells across a all year so that number ended up way too high. The new cashflow per share is a lower than the previous estimate but still much higher than the one from Warren.
BeantwoordenVerwijderenI calculated CF with 6500 BOPD for UMU6 and 6,000 for UMU7. Please remember that the flow numbers given in the last PR are peak numbers, they are not average flow rate or steady flow rate. It means that an average rate of 6,000 to 6,500 BOPD is reasonable when the best zones out of the 4 are flowing but not much more.
I also calculated CF with the 3,000 gross per well used by Warren. I think he took the numbers out of the June presentation and we all know that is was a conservative estimate for UMU6 and UMU7.
I emailed Warren with my calculations for comments but no response from him.
Estimated date Q3 2010 1/1/2011 6/1/2011 1/1/2011 6/1/2011
Umusadege JV UMU-1 & UMU-5 UMU-1 & UMU-5
Umusadege JV UMU-1 & UMU-5 UMU-1 & UMU-5 UMU-1,5,6 UMU-1 & UMU-5 UMU-1,5,6
Full Field Current Production Plus UMU-6 at 6525 BOPD Plus UMU-7 at 6,000 BOPD Plus UMU-6 at 3000 BOPD Plus UMU-7 at 3000 BOPD
Gross BOPD 3600 10125 16125 6600 9600
Sales Price US$/bbl $74 $90 $90 $90 $90
Oil Revenue US$mm $7,459,200 $25,515,000 $40,635,000 $16,632,000 $24,192,000
Royalty US$mm $380,419 $2,347,380 $5,688,900 $1,164,240 $2,225,664
OPEX US$mm $671,328 $1,658,475 $2,641,275 $1,081,080 $1,572,480
G&A US$mm $380,000 $380,000 $460,000 $1,081,080 $1,572,480
G&A US$mm $380,000 $380,000 $460,000 $380,000 $460,000
Abandonment US$mm $60,000 $60,000 $60,000 $60,000 $60,000
NDDC US$mm $170,000 $170,000 $170,000 $170,000 $170,000
Total Production Expense US$MM $1,661,747 $4,615,855 $9,020,175 $2,855,320 $4,488,144
Netback US$millions $5,797,453 $20,899,145 $31,614,825 $13,776,680 $19,703,856
Mart Share:
Cost Oil Recovered 3 wells annualized 0 $2,200,000 $2,200,000 $2,200,000 $2,200,000
Profit Oil US$mm $2,898,726 $10,449,573 $15,807,413 $6,888,340 $9,851,928
G&A US$mm $130,000 $140,000 $170,000 $140,000 $170,000
Mart cashflow per month $3,028,726 $12,789,573 $18,177,413 $9,228,340 $12,221,928
Mart Cashflow per year $36,344,717 $153,474,870 $218,128,950 $110,740,080 $146,663,136
Yearly Cashflow per share 0.11 0.45 0.64 0.32 0.43
------------------------------------------
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=29001125&l=0&r=0&s=MMT&t=LIST
Het ziet er dus naar uit dat binnen een jaar ofzo, de cashflow voor Mart hetzelfde of meer bedraagt dan de huidige market cap.
BeantwoordenVerwijderenEn dan te bedenken dat niet zo lang geleden er een (mislukt) bod gedaan is van 14 cent.
Mart lijkt inderdaad een koopje.
BeantwoordenVerwijderenMaandag maar wat stukken kopen.
Zie op 1e gezicht ook niet veel neerwaarts risico, maar waarom koers dan nog zo laag.
Precies, waar zie jij de potentiële "gevaren" voor dit aandeel.
Tegenvallende oliewinning/produktie bij de andere 14 lagen ?
Of Nigeria, een land waar Shell ook doorlopend problemen heeft.....
Anoniem,
BeantwoordenVerwijderentja, ik heb niet veel ervaring met Nigeria, maar politieke risico's zie ik niet, het land staat of valt immers met de olie-inkomsten. En Mart valt onder een speciaal programma voor kleine olievelden die voor de 'big boys' niet interessant zijn.
Behalve de normale risico's die voor alle oliebedrijven gelden, zie ik voor Mart slechts een extra risico: problemen met de pijplijn/afvoer van de olie.
Het leukste van Mart is dat het geld binnenstroomt en ze niet voortdurend nieuwe aandelen moeten uitgeven (zoals o.a. bij offshore- en Bakken-oliebedrijven vaak het geval is).
Ik denk wel dat de koers pas echt omhoog kan als de grote verkopers (winstnemers) uitverkocht zijn.
Heb even gezocht maar ik kan nergens vinden hoeveel procent van het umusadege project van Mart Resources zelf is.
BeantwoordenVerwijderenPrecies, jij enig idee? Of verschilt dit per well?
Anoniem,
BeantwoordenVerwijderenhet zit verborgen in de berekeningen van 17 dec: Mart krijgt eerst z'n investering terug en daarna netto 50%.
50 % is best veel, netto zou dat nu al 1850 bopd zijn en met de umu-6 erbij is het 10,000+bopd.
BeantwoordenVerwijderenDit zou met een olieprijs van 70 $ (conservatief) een jaarlijkse omzet van 255 miljoen dollar geven.
Nog een leuk resultaat van een volgende well en de koers moet wel omhoog knallen.
Schuldpositie is klein (5mln) alleen de account payable en tax payable vind ik wat hoog. Hierdoor valt ook het werk-kapitaal negatief uit met 20 mln dollar.
Naast het hierboven geschreven, is het aandeel ook al vervijfvoudigd YTD. Dit maakt het voor mij (nog) niet aantrekkelijk om te kopen, al zit ik met jeukende handen.
OK, m.i. niet interessant.
BeantwoordenVerwijderenDe PPT (Petroleum Production Tax) in Nigeria vind ik te hoog om er nog iets aan over te houden.
Zie Q3 bericht.
"The provision of $16,597,331 as at September 30 2010 payable on 2010 oil production. The provision provides for the maximum PPT rate of 65.75%, although it is anticipated that final PPT rate will be between 50% (the prevailing rate applying to indigenous companies) and 65.75%. The PPT is based on oil receipts less royalties and community development costs,
production costs, general and administration costs related to production, capital allowances and investment tax credit."
Als ik de financials zo doorlees zie ik de volgende posten passeren:
* royalties + community development ca 8%
* aandeel partner 50%
* PPT ca 65%
Kijk eens naar het eindresultaat uit de financials over de eerste negen maanden van 2010: een veldproductie van ca een miljoen barrels die Mart voor 63% mocht houden en onder de streep nog steeds een verlies van een miljoen.
Tweetie,
BeantwoordenVerwijderenquote uit bericht van Arcan:
-------------------------------------------
The company's royalty payments rose 69 percent to C$17.81 per boe, while its operating and transportation expenses went up 62 percent to C$18.08 per boe.
------------------------------------------
Mart betaalt weinig royalties en een hoge winstbelasting (50 à 65%).
Arcan (b.v) betaalt hoge royalties en bovendien ca 35% winstbelasting.
De investeringen (en de kosten) die bv Arcan moet doen per barrel zijn vele malen hoger dan bv Mart.
Mart heeft intussen alle investeringen terugverdiend, heeft nauwelijks schuld en krijgt een forse cashflow op korte termijn.
Shell neemt in Irak zelfs genoegen met een paar dollar winst per barrel, ieder project heeft z'n eigen balans tussen investering en winst.
Met een investering van ca 30 miljoen kan Mart op land in Nigeria 10 a 20 miljoen barrels omhoog halen, terwijl bv ATPG en Xcite voor dat bedrag nauwelijks een zeeboring kunnen doen en bovendien vele jaren moeten wachten voor ze hun investeringen in een bron terugkrijgen.
Kortom, het gaat dus om het totaalplaatje.
"De investeringen (en de kosten) die bv Arcan moet doen per barrel zijn vele malen hoger dan bv Mart."
BeantwoordenVerwijderenIk vraag me af of dat klopt. Mart zette in z'n presentaties tot nu toe geen harde cijfers zoals
netbacks en finding costs, dus ik vraag me af of die stelling klopt.
Als ik de cijfers uit Q3 van Sedar pluk - ze staan niet op de site - zie ik dat de kosten in ieder geval een stuk hoger zijn dan in het rekenvoorbeeld hierboven. Ik schat de cashflow op ca. een kwart van de berekening hierboven.
"Mart heeft intussen alle investeringen terugverdiend, heeft nauwelijks schuld en krijgt een forse cashflow op korte termijn."
De investeringen in de Ke en Qua Ibo velden (23 miljoen) zijn niet terugverdiend maar afgeschreven. Vandaar het cumulatieve verlies van 112 miljoen.
En schuldenvrij? Dat zijn de daklozen op straat ook, omdat niemand ze geld wil lenen.
Mijn conclusie: als je alle vergeefse pogingen uit het verleden meetelt, zijn de kosten tot nu toe heus niet laag geweest.
Verder succes hangt m.i. af van de vraag hoeveel extra olie er nog te halen is in Umusadege. Huidige vondsten lijken me min of meer ingeprijsd.
Alberta oil en gas royalties:
BeantwoordenVerwijderen------------------------------------------
The new royalty structure, which will take effect in January 2011, comes after months of consultation with the energy industry -- a step that was absent when Mr. Stelmach rewrote the royalty framewowork in 2007.
The maximum royalty rate on conventional oil wells will drop to 40% of revenue from 50%, and shift to 36% from 50% for natural gas.
The current maximum 5% royalty on the first year of a well’s life, unless it hits a production threshold first, will remain intact. This policy was first introduced as a temporary measure -- one of Mr. Stelmach’s five attempts to ease the pain created by waning energy prices and his 2007 royalty revamp.
------------------------------------------
commentaar:
40% van de bruto olie-opbrengst is nog altijd veel meer per barrel dan 50 à 65% van de netto winst.
En daarna moet het oliebedrijf in Alberta ook nog eens gewone vennootschapsbelasting betalen.
"The maximum royalty rate on conventional oil wells will drop to 40% of revenue".
BeantwoordenVerwijderenMaar er zijn ook nog wel andere maatregelen in Alberta:
New Well Royalty Reduction -
The New Well Royalty Reduction caps the maximum royalty rate at five percent for the first year, or 50,000 barrels of oil equivalent, whichever is reached first. Previously, this incentive was scheduled to end March 31, 2011; with the new changes this incentive will become a permanent feature.
Drilling Royalty Credit -
Based on the measured depth of the well, companies can earn 200$ per metre drilled as royalty credit. The well would have to be spud between April 1, 2009 and March 31, 2011, and can only be applied to the well, not each event. This incentive is still scheduled to end in 2011.
Tweetie,
BeantwoordenVerwijderendie 5% regeling is bedoeld als gedeeltelijk compensatie voor de grote aanloopkosten van een oliebron.
Ik kan het niet bewijzen, maar ik denk nog steeds dat Mart (veel) meer nettowinst per barrel maakt dan b.v. Arcan en Brigham en andere 'horizontale-boringen-olie-producenten'.
Ik vind het echt ongelooflijk dat bv Brigham nog steeds geld moet lenen en ophalen voor de financiering van nieuwe bronnen.
Dit houdt in dat de netto-cashflow uit de bestaande oliebronnen ruim onvoldoende is om de nieuwe boringen te financieren.
En dit is niet het geval bij Mart, die nieuwe boringen gewoon uit de cashflow kan financieren.
Tweetie,
is het ok als ik voor jou een eigen draadje open?
Jouw bijdragen en ideeën worden door iedereen zeer gewaardeerd.
CALGARY, ALBERTA--(Marketwire - Jan. 19, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "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 operational activities at the Umusadege field.
BeantwoordenVerwijderenUMU-6 WELL
As previously announced, the UMU-6 well was completed and tested in the latter half of November and the first half of December 2010. The UMU-6 well flowed at a stabilized combined cumulative rate of 14,319 barrels of oil per day ("bopd") from the four sands tested on choke sizes ranging between 22/64 to 32/64 inches.
-----------------
The Company's independent engineers have commenced updating the Umusadege field reserves estimates. The new reserves report, to be effective as of December 31, 2010, will incorporate the results from all four new sands discovered and tested by the UMU-6 well and will also incorporate reserve updates on the XIV and XV sands which were also identified as hydrocarbon bearing in the UMU-6 well but have not yet been tested. The above six sands were not previously assigned reserves in the Company's most recent NI 51-101 reserve report.
UMU-7 WELL
Final preparations are ongoing with respect to the drilling of the UMU-7 well, which will be drilled from the same drilling pad as the UMU-6 well. Skidding of the drilling rig to the new drilling slot on the pad has now been completed. Drilling of the UMU-7 well is scheduled to commence following completion of set up activities.
-------------------
Chairman's Comment:
Wade Cherwayko, CEO of Mart Resources, Inc. said "The success of UMU-6 is a significant event for Midwestern, Suntrust and Mart and brings us closer to reaching our goal of realizing the full potential of the Umusadege field. Production from the Umusadege field in January has returned to anticipated levels. To minimize the impact of future pipeline disruptions and to ensure there is adequate capacity to meet full Umusadege field development, Midwestern, Suntrust and Mart are currently evaluating pipeline and export alternatives to increase future capacity. Upgrading of the permanent central production facility located at the Umusadege field to process up to 30,000 bopd is also underway.
CALGARY, ALBERTA--(Marketwire - Feb. 14, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "Mart" or the "Company") and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and Suntrust Oil Ltd., provide the following production and drilling update at the Umusadege field.
BeantwoordenVerwijderenWe are pleased to announce that production at the Umusadege Field has reached an all-time high of 8,533 barrels oil per day ("bopd") and that drilling activities are progressing at the UMU-7 well.
UMUSADEGE PRODUCTION UPDATE
The Umusadege field is currently producing at 8,533 bopd from three wells: the UMU-1 well at 2,005 bopd from the XIIa and XIIb sands; the UMU-5 well at 2,477 bopd from the IX sand; and the UMU-6 well at 2,164 bopd from the XIIIa sand and 1,887 bopd from the XVII sand. Completion of repairs on pumps at third party owned and operated export facilities has resulted in this increased production level compared to levels announced on January 19, 2011.
Midwestern, Suntrust and Mart are negotiating with the third party pipeline owners and the crude oil export company to further increase the export allocation for the Umusadege field to accommodate additional production from existing and future wells. Upon completion of these negotiations, it is anticipated that the aggregate gross Umusadege field production could increase to between 9,000 and 10,000 bopd from the current three wells on production.
The UMU-6 well was completed in December 2010 with a dual 3 1/2 inch and 2 7/8 inch tubing string configuration. The XVII, XVI and XIIIb sands were completed in the 3 1/2 inch tubing string and the XIIIa sand was completed in the 2 7/8 inch tubing string. As a result of the completion technology used, the four zones that have been completed can be opened and closed at any time. Although four zones have been completed and tested it is not technically feasible to produce the UMU-6 well from all four zones simultaneously due mainly to capacity limitations in the tubing and initial pressure differential between the sands. In accordance with good oil field practices and well test results, production is occurring from two zones at the present time. Production will be monitored over the next few months to determine the optimal combination of sands to be produced from the UMU-6 well.
In addition, to ensure there is adequate pipeline capacity to meet anticipated full Umusadege field development requirements, Midwestern, Suntrust and Mart are currently evaluating new pipeline and export options to provide increased future production capacity and to provide another independent export route. Upgrading of the permanent central production facility located at the Umusadege field to process up to 30,000 bopd is currently ongoing.
2)
BeantwoordenVerwijderenUMU-7 WELL
The UMU-7 well has reached its objective depth in the 16-inch upper hole section of 3,685 feet and 13 3/8 inch casing is currently being run and cemented. Once this casing is in place, a 12 1/4 inch hole will be drilled to an estimated total depth of approximately 8,800 feet and 9 5/8 inch casing will be run. It is anticipated the UMU-7 well will then be tested, completed and placed on production.
As previously announced, it is planned that the UMU-7 well will be completed as a dual tubing string configuration allowing for the potential of multiple zones to be produced from the same well bore. The UMU-7 well's primary objectives are the previously identified VIII sand and the new X11c, XIV and XV sands that were discovered by the UMU-6 well in December 2010. The UMU-7 well is being drilled from the same three-slot drilling pad as the recently drilled and completed UMU-6 well. The third slot on the pad will be used to drill the UMU-8 well.
Chairman's comment:
Wade Cherwayko, Chairman and CEO of Mart Resources Inc, said "The UMU-6 well represents a significant milestone, having more than doubled Umusadege production from the 2010 average of 3,938 bopd to 8,533 bopd. With drilling activity continuing on UMU-7 well and future development drilling, we also look forward to further increases in production in the near term."
Press Release Source: Mart Resources, Inc. On Monday April 25, 2011, 9:11 am EDT
BeantwoordenVerwijderenCALGARY, ALBERTA--(Marketwire - April 25, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "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 report encouraging initial test results from the first zone tested on the UMU-7 well located in the Umusadege field, onshore Nigeria.
The first test on the UMU-7 well was conducted on the XII(c) sand, a 17 foot oil zone, which flowed at a stabilized rate of 2,459 barrels oil per day ("bopd") of 36 API gravity oil through 2 7/8 inch tubing on a 40/64 inch choke at a flowing tubing pressure of 180 psi. Basic sediment and water (BS&W) was 15% with gas/oil ratio of approximately 21 standard cubic feet per barrel.
Testing of the XIV sand is currently underway, with tests on the X and XVI(a) to follow. Further updates will be provided on these sands once initial testing has been completed.
The UMU-7 well has been completed using a dual-tubing string configuration with the XVI (a) and XIV sands completed in the 3 1/2 inch tubing string and the XII(c) and X sands completed in the 2 7/8 inch tubing string. As a result of the completion technology used, the four zones that have been completed can be opened and closed at any time.
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
commentaar: een fantastisch bericht, uit een van de 4 lagen komt bijna 2500 BOE, de andere 3 lagen worden binnenkort getest.
De koers gaat natuurlijk omlaag......
eerder bericht over UNU-7:
BeantwoordenVerwijderen,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Press Release Source: Mart Resources, Inc. On Tuesday March 15, 2011, 9:03 am EDT
CALGARY, ALBERTA-- Mart and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and Suntrust Oil Ltd are pleased to provide an update on the UMU-7 well in the Umusadege field.
The UMU-7 well reached a final total drilling depth of 8,715 feet on March 11, 2011. Open hole wireline logs have been run with results indicating a total of 15 hydrocarbon reservoirs. The well logs also indicate a cumulative gross pay of approximately 380 feet in the 15 sands identified in the UMU-7 well.
All of the UMU-7 well's primary objectives, including the VIII, XIIc, XIV and XVI sands were hydrocarbon bearing with results indicating gross oil pay of 26 feet, 17 feet, 42 feet and 10 feet respectively.
9 5/8" production casing has successfully been run and cemented. The next phase of operations will include perforating and the installation of completion equipment consisting of a dual tubing string (3 1/2" and 2 7/8") configuration allowing for multi zone testing and future production. After the completion equipment is installed, testing on individual sands will be conducted.
Chairman's comment:
Wade Cherwayko, Chairman and CEO of Mart Resources Inc, said "The drilling success of the UMU-7 well confirms the additional development potential in the Umusadege field and is expected to contribute to increased total production in the field."
UMU-7 WELL TESTING RESULTS AND INCREASED EXPORT AND PIPELINE CAPACITY
BeantwoordenVerwijderenvolgens mij toch prachtig nieuws.
http://www.martresources.com/wp-content/uploads/2010/06/21/news-events/May-4-2011-UMU-7-Well-Testing-Results-And-Increased-Export-And-Pipeline-Capacity.pdf
Test Results
BeantwoordenVerwijderenFollowing the completion of the UMU-7 well, flow tests were conducted on the four target sands, being the XIIc, XIV, X and XVIa sands. The UMU-7 well flowed at a stabilized combined cumulative rate of 10,373 barrels of oil per day (“bopd”) from the four sands tested on choke sizes ranging between 20/64 to 36/64 inches with API gravity ranging from 39 to 47 degrees.
As previously announced, the first test flowed at a stabilized rate of 2,459 bopd from the XIIc sand on a 40/64 inch choke through 2 7/8 inch tubing.
The XIV sand, a 42 foot oil zone, flowed at a stabilized rate of 2,590 bopd of 44 API gravity oil through 3 1/2 inch tubing on a 24/64 inch choke at a flowing tubing pressure of 680 psi. Basic sediment and water (“BS&W”) was 4% and the gas/oil ratio was approximately 77 standard cubic feet per barrel.
The X sand, a 10 foot oil zone, flowed at a stabilized rate of 4,084 bopd of 39 API gravity oil through 2 7/8 inch tubing on a 36/64 inch choke at a flowing tubing pressure of 300 psi. BS&A was 0.5% and the gas/oil ratio was approximately 32 standard cubic feet per barrel.
..........................................
Production Update
The Umusadege field is currently producing at a rate of 11,237 bopd which includes 3,352 bopd from the UMU-7 well.
Production averaged 7,551 bopd in the first quarter of 2011 (“Q111”) from the Umusadege field.
During Q111, the Umusadege field was shut down due to maintenance and modification of
production facilities, ongoing adjustments to UMU-6 well production methodology, tie-in of the UMU-7 well for production testing and disruptions of the export pipeline for a total of 17.7 days or approximately 20% of Q111. For internal purposes, Mart budgets 15 days of shut-in time per quarter, though the Company has no control over the amount of shut-in time that will actually occur.
Dit bericht van Mart was erg positef:
BeantwoordenVerwijderenMay 3, 2011
Mart Resources, Inc. is pleased to announce the results of independent reserve evaluations of the Company's reserves effective December 31, 2010.
2010 Highlights:
Year-end 2010 Reserve Highlights of Mart's Interest:
-- Mart's total gross proved ("1P") oil reserves in the Umusadege field increased 56% to approximately 9.6 million barrels of oil ("bbls") compared to 6.1 million bbls at December 31, 2009;
-- Mart's total gross proved plus probable ("2P") oil reserves in the Umusadege field increased 38% to approximately 12.9 million bbls compared to 9.4 million bbls at December 31, 2009;
-- Mart's total gross proved plus probable plus possible ("3P") oil reserves in the Umusadege field increased 30% to approximately 20.1 million bbls compared to 15.5 million at December 31, 2009;
-- Mart's share of total Umusadege field sales volume in 2010 before royalties was approximately 975,000 bbls (921,000 bbls after royalties), at an average price of US$80.38 per barrel;
-- Mart's net present value before tax of future net revenue, discounted at 10%, from the 2P Umusadege field reserves established at US$536 million as at December 31, 2010;
-- Mart's total 2P reserves from the Qua Ibo field remained the same at approximately 9.7 million bbls.
En dit bericht is meer dan genoeg reden om er voorlopig maar af te blijven. WTH gebeurt er? Heeft iemand hun oliebronnen verduisterd? Hebben ze een zakelijk conflict met hun Nigeriaanse partners?
BeantwoordenVerwijderenLaten we maar een kijken of er of 31 mei wel iets komt.
CALGARY, ALBERTA--(Marketwire - May 2, 2011) - Mart Resources, Inc. announces that it has determined that it will not be able to file its annual financial statements, management's discussion and analysis and CEO and CFO certificates (collectively, the "2010 Annual Financial Statements") by the filing deadline of May 2, 2011.
The Company's delay in filing its annual financial statements is due to it being unable to secure certain documents and confirmations from third parties located in Nigeria necessary to complete the audit. The Company is currently working to secure the required materials at the earliest possible date and anticipates filing its 2010 Annual Financial Statements no later than May 31, 2011.
Tweetie,
BeantwoordenVerwijderenMart is zelf geen producent en dus afhankelijk van papierwerk van het productiebedrijf, ik neem aan dat ze wachten op een accountantsverklaring o.i.d. inzake de juiste productiecijfers.
Dit lijkt me volstrekt 'normaal' in een land als Nigeria.
Press Release Source: Mart Resources, Inc. On Wednesday June 29, 2011, 8:30 am
BeantwoordenVerwijderenCALGARY, ALBERTA--(Marketwire - June 29, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "Mart" or the "Company") is pleased to announce its interim financial and operating results for the three months ended March 31 2011 ("Q111") (all amounts in Canadian dollars unless noted) and the following operational update on the UMU-8 well and production:
HIGHLIGHTS: QUARTER ENDED MARCH 31, 2011
-- $9.8 million total comprehensive income for the period Q111 compared to
$4.2 million in the first quarter 2010 ("Q110").
-- 29% Increase in total revenue of $27.0 million Q111 compared to $21.0
million in Q110.
-- 61% Increase in cash flow from operating activities, $8.8 million in
Q111 compared to $5.6 million in Q110.
-- Funds flow from production operations of $23.9 million in Q111 compared
to $6.7 million in Q410 and $17.7 million in Q110 (please see Note (1)
below).
-- Total bank indebtedness reduced to $4.1 million on March 31, 2011
compared to $10.4 million on March 31, 2010.
-- Mart's share of Umusadege field oil production for Q111 was 332,890
barrels ("bbls") compared to 277,052 bbls in Q110.
-- The average price received for Umusadege oil in Q111 was USD $95.94 per
barrel (approximately CDN $94.62 per barrel) compared to USD $76.50 (CDN
$79.06) for Q110.
-- The deficit oil liability at December 31, 2010 was fully repaid during
Q111.
-- Mart commenced drilling operations on the UMU-7 well in February 2011,
reached total depth in mid-March 2011, and placed well on production in
early May 2011.
-- During Q111, the Umusadege field was shut-in for a total of 17.7 days,
with 7.7 days being required to allow rig skidding and completion
operations necessary for the ongoing drilling program and the balance of
10 days due to disruptions in the export pipeline.
Press Release Source: Mart Resources, Inc. On Wednesday July 20, 2011, 8:30 am
BeantwoordenVerwijderenCALGARY, ALBERTA--(Marketwire - July 20, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "Mart" or the "Company") and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and Suntrust Oil Ltd are pleased to provide an update on the UMU-8 well in the Umusadege field.
The UMU-8 well has reached a final total drilling depth of 8593 feet. Open hole wireline logs have been run with results indicating a total of 16 hydrocarbon bearing sands. The well logs indicate a cumulative gross pay of approximately 385 feet in the 16 sands encountered by the well.
All of the UMU-8 well's primary objectives, including the IX, XI, XIIa, XIIb, and XV sands were hydrocarbon bearing sands based on well log interpretation with results indicating gross oil pay of 32 feet, 14 feet, 39 feet, 26 feet and 11 feet respectively. 9 5/8" production casing has successfully been run and cemented.
The next phase of operations will include perforating the five sands and the installation of completion equipment consisting of a dual tubing string (3 1/2 inch and 2 7/8 inch) configuration. The 3 1/2 inch tubing will have the XV, XIIa and XIIb sands completed and the 2 7/8 inch tubing will have the XI and IX sands completed allowing for future multi-zone production. After the completion equipment is installed, testing on the five individual sands will be conducted. While the dual string will allow for completion and testing of the five sands, it is anticipated that only two sands will initially be produced at any given time.
By way of update, negotiations with the operator of the export pipeline to increase export capacity for the Umusadege field are ongoing and have not yet been finalized. Mart and its co-venturers are continuing to evaluate new pipeline and export options to provide an alternative for future production capacity.
Chairman's comment:
Wade Cherwayko, Chairman and CEO of Mart, said "Initial interpretation of the logs for the UMU-8 well indicate the primary objective sands are hydrocarbon bearing, including the XI and XV sands that have no proved or probable reserves assigned to them. If testing of the XI and XV sands is successful, the Umusadege field reserves could be increased from previously disclosed reserve estimates."
CALGARY, ALBERTA--(Marketwire - Aug. 29, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "Mart" or the "Company") is pleased to announce its interim financial and operating results for the three and six month periods ended June 30, 2011 ("Q211") (all amounts in Canadian dollars unless noted):
BeantwoordenVerwijderenHIGHLIGHTS: QUARTER ENDED JUNE 30, 2011
-- The Company reported $29.7 million of net income ($0.09 per share basic)
for the six months ended June 30, 2011 compared to $5.3 million for the
six months ended June 30, 2010.
-- 256% increase in total revenue to $47.7 million in Q211 compared to
$13.4 million in the second quarter of 2010 ("Q210").
-- 397% increase in cash flow from operating activities to $38.8 million
($0.12 per share basic) through the end of Q211 compared to $7.8 million
($0.02 per share basic) to Q210.
-- Funds flow from production operations of $41.1 million in Q211 compared to $23.9 million in Q111 and $11.0 million in Q210 (see note regarding non-IFRS measures under Financial and Operating Results).
-- Total bank indebtedness increased to $13.3 million on June 30, 2011
compared to $7.3 million at June 30, 2010.
-- Mart's share of Umusadege field petroleum production for Q211 was
530,056 barrels ("bbls") compared to 332,890 bbls in Q111.
-- The average price received for Umusadege production in Q211 was USD
$116.84 per barrel (approximately CDN $111.98 per barrel) compared to
USD $76.50 per barrel (CDN $79.06) for Q210.
-- Mart and its co-venturers commenced drilling operations on the UMU-8
well in June 2011, reached total depth in July 2011, and are in the
process of testing the well.
-- During Q211, the Umusadege field was shut-in for a total of 4.3 days,
all being required to allow rig skidding and completion operations
necessary for the ongoing drilling program.
OUTLOOK AND OPERATIONS UPDATE:
BeantwoordenVerwijderenDevelopment drilling is continuing at the Umusadege field.
The UMU-8 well has been drilled and completed and production testing is underway. Preparations are being made to drill the UMU-9 well. A second three-slot drilling pad was constructed and is located south east of the UMU-6, 7, 8 drilling pad. It is anticipated that the NRG Rig 201 will move to this second pad after testing of the UMU-8 well is completed and drilling operations will commence on the UMU-9 well. Two additional wells may be drilled from the UMU-9 pad.
Negotiations are continuing with the third party operator of the export pipeline to increase export capacity for the Umusadege field. Mart's management anticipates that once the contractual terms for transportation of increased production are finalized, the Umusadege field will be allocated sufficient export pipeline capacity to accommodate production from the existing UMU-1, UMU-5, UMU-6, UMU-7 and UMU-8 wells. Increases in export production capacity are also anticipated to accommodate future production from the UMU-9 well. Pipeline capacity may be apportioned among the shippers and therefore the Umusadege field production rate may be subject to periodic adjustment.
To mitigate risks relating to export pipeline capacity, Mart and its co-venturers are evaluating new export pipeline options to provide an alternative for future production capacity. The upgrade of the central production facility at the Umusadege field to a design capacity of approximately 30,000 bopd is approximately 60% completed.
The Umusadege field delivered an average of 7,206 bopd for the period August 1 - 25, 2011. During this period in August 2011, the Umusadege field experienced a total of 3.2 days of production shutdown due mainly to third party export pipeline operational issues. Production at the Umusadege field continues to be curtailed while Mart and its co-venturers negotiate with the third party pipeline operator to increase export pipeline capacity.
Mart's share of petroleum production varies from time to time depending upon whether Mart is in a cost recovery period or a post-cost recovery period. Mart moves in and out of cost recovery periods depending upon the level of activity underway at any given time. During a cost recovery period, Mart is restricted to a maximum of 82.5% of production revenues consisting of 65% allocated for cost recovery and 17.5% allocated as profit oil and, once Mart has recovered all of its capital costs, all production revenues remaining after deduction of royalties, income taxes, community development contributions, operating costs and abandonment obligations are shared 50% to Mart and 50% to its co-venturers. As a result of the Company moving in and out of capital cost recovery during the quarter, Mart's share of revenue was an average of 68% for Q211 compared to an average of 64% in Q210 and 61.2% in Q111.
CHAIRMAN'S COMMENT:
Wade Cherwayko, Chairman & CEO of Mart Resources, Inc. said, "We are very pleased to report record financial and operating results for the second quarter of 2011 with $41.2 million of funds flow from production operations, which amounts to $0.12 per share. This continues to demonstrate the significance of the Umusadege field's production capacity, even with the current curtailment of production while increases in available pipeline capacity are negotiated with the third party pipeline operator. Once these negotiations are completed, it is anticipated that Mart will see further increases in production and in cash flow in the near term."
commentaar:
BeantwoordenVerwijderenals ik gemakshalve de cijfers over het 1e halfjaar verdubbel, dan kom ik op jaarbasis uit op een winst p/a van 18 cent en een cashflow van 24 cent p/a.
Bij deze cijfers is een koers van ca 52 cent natuurlijk volkomen absurd, temeer daar er nog een flinke groei verwacht mag worden door een stijgende productie.
Absoluut! Ik heb afgelopen week een paar keer bijgekocht. Mart is een van mijn grootste posities geworden binnen de venture-porto.
BeantwoordenVerwijderenZolang de groeiende productie niet gepaard gaat met flinke investeringen kan dit aandeel leuk omhoog gaan.
fd89
CALGARY, ALBERTA--(Marketwire - Oct. 11, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "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 an operational update on the Umusadege field, onshore Nigeria.
BeantwoordenVerwijderenUMU-8 Well Update
Extended testing on the UMU-8 well was conducted on the XIIb sand, a 26 foot oil zone, which flowed at a stabilized rate of 2,316 barrels oil per day ("bopd") of 40 API gravity oil through 3 1/2 inch tubing on a 32/64 inch choke at a flowing tubing pressure of 120 psi. Basic sediment and water ("BS&W") was 0%. The combined test rate from zones XIIa, XIIb and XV in the UMU-8 well is 7,661 bopd.
Well testing on zones IX and XI sands completed in the 2 3/8 inch tubing did not flow oil to the surface during initial testing. Production logging will be performed to identify the possible problems that caused this result, which may include a bad cement bond on the casing, leaks in the completion packers, or near well-bore formation damage caused by drilling mud.
September 2011 Production Update
Crude oil deliveries into the export pipeline from the Umusadege field through the month of September 2011 averaged 7,076 bopd. Aggregate Umusadege field downtime over this period was approximately 2.38 days due primarily to shutdown of third party export pipelines.
Negotiations with the operator of the export pipeline to increase capacity are ongoing.
The UMU-9 well drilling location has been completed and the Company is preparing to move the NRG 201 rig to the site. Flow lines from the UMU-9 well head location to the manifold are nearing completion. It is anticipated that the rig will commence mobilization by mid-October.
Note: 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).
Benieuwd wat hier aan de hand is. In twee dagen is de koers met bijna 25% opgelopen, zonder dat er nieuws is.
BeantwoordenVerwijderenOverigens waren de berichten van de laatste maanden positief, maar dat is al enige tijd geleden en dus niet de verklaring.
Tweetie,
BeantwoordenVerwijderendie stijging van Mart is niet zo vreemd: de kopers zaten te slapen en worden eindelijk wakker.
Waarschijnlijk is de koper een fonds die een flink belang wil opbouwen.
http://www.martresources.com/wp-content/uploads/2010/06/21/news-events/November-29-2011-Mart-Announces-record-financial-and-operating-results-for-the-three-and-nine-month-periods-ended-September-30-2011.pdf
BeantwoordenVerwijderenweer een goed bericht van Mart Resources, cashflow loopt goed op. 31ct cash flow per aandeel en 15 ct winst per aandeel over de laatste 9 maanden. beide meer dan 600% gestegen in vergelijking met vorig jaar. Met de volgende well (UMU9) lijkt het erop dat Mart doorgroeit naar een cashflowmultiple van 1.5x de SP of minder(!). Ik heb veel vertrouwen hierin.
Well UMU8 is nog niet hier bij inbegrepen. Deze had een IP van 7000+ bopd. Met de eerder genoemde UMU9 kan dit nog veel upside bieden aan de SP.
Enigste risico is de downtime (afgelopen 9 maanden 33 dagen). Als dit blijft oplopen dan kan dat uiteindelijk veel geld gaan kosten.
SP reageert goed, maar lauw, met een 4%+ op 64 ct. Ik heb door gespreid te kopen nu een gemiddelde van 51 ct en hou voorlopig deze aandelen nog lekker vast. Bedankt Precies voor deze uitstekende tip!
OUTLOOK AND OPERATIONS UPDATE:
BeantwoordenVerwijderenDevelopment drilling is continuing at the Umusadege field with the commencement of drilling UMU-9 on
November 19, 2011. To date, 13 3/8 inch casing has successfully been cemented at a depth of
approximately 4,000 feet. Drilling in the intermediate 12 1/4 inch hole section has commenced and is
anticipated to be drilled to approximately 8,300 feet, followed by running 9 5/8 inch casing. The bottom hole
deviated section is then scheduled to be drilled with a 8 1/2 inch hole to total measured depth of
approximately 11,000 feet.
The main objectives for the UMU-9 well are:
i) To appraise the extension of the shallower reservoirs discovered and producing in the main
culmination of the UMU-1, UMU-5, UMU-6, UMU-7 and UMU-8 wells. These sands will be intersected in the drilling of the vertical section of the well, which will then be cased prior to drilling ahead to the deeper targets.
ii) To deviate and explore the deeper untested targets while running a measurement while drilling tool followed by a logging while drilling tool to evaluate the potential hydrocarbon bearing zones.
The UMU-8 well was drilled to a depth of approximately 8,600 feet and completed with a dual tubing string
configuration allowing for multiple zones to be produced from the same well bore. Five identified oil zones
were tested on the UMU-8 well, with three of the oil zones (the XIIa, XIIb, and XV sands) flowing at a
combined test rate of 7.661 bopd. The well has been tied into the production facilities.
Negotiations are ongoing with Agip, the Nigerian operator of the export pipeline, to increase export capacity
for the Umusadege field. Mart's management anticipates that once an agreement is reached the
Umusadege field will be allocated sufficient export pipeline capacity to accommodate production from the
existing UMU-1, UMU-5, UMU-6, UMU-7 and UMU-8 wells. Increases in export production capacity are also
anticipated to accommodate future production from the UMU-9 well. Pipeline capacity may be apportioned
among other exporters into the pipeline and therefore the Umusadege field production rate may be subject
to periodic adjustment.
To mitigate risks relating to export pipeline capacity, Mart and its co-venturers are evaluating new export
pipeline options to provide an alternative for future production capacity. The upgrade of the central
production facility at the Umusadege field to a design capacity of approximately 30,000 bopd is
approximately 60% completed.
Crude oil deliveries into the export pipeline from the Umusadege field for the month of October 2011
averaged 7,209 barrels of oil per day (bopd).
2)
BeantwoordenVerwijderenUmusadege field downtime for October 2011 was approximately 4 days due mainly to export pipeline operational shutdowns and export facility capacity
curtailments. The Umusadege field delivered an average of 9,053 bopd for the period November 1 - 15,
2011. During this period in November 2011, the Umusadege field export pipeline experienced no production downtime. Production at the Umusadege field continues to be curtailed while Mart and its co-venturers finalize negotiations with the third party pipeline operator to increase export pipeline capacity.
Mart’s share of petroleum production varies from time to time depending upon whether Mart is in a cost recovery period or a post-cost recovery period. Mart moves in and out of cost recovery periods depending upon the level of activity underway at any given time. During a cost recovery period, Mart is restricted to a
maximum of 82.5% of production revenues consisting of 65% allocated for cost recovery and 17.5% allocated as profit oil and, once Mart has recovered all of its capital costs, all production revenues remaining after deduction of royalties, income taxes, community development contributions, operating costs and abandonment obligations are shared 50% to Mart and 50% to its co-venturers. As a result of the Company
moving in and out of capital cost recovery during the quarter, Mart’s share of revenue was an average of
63% for Q311 compared to an average of 59% in Q310. Mart’s share of revenue for the nine month period ended September 30, 2011 was an average of 67% compared to an average of 73% for the same period in 2010.
Subsequent to September 30, 2011, the Company entered into agreements with its Umusadege coventurers which affirmed the relationship and the responsibilities of the Company as service provider and Midwestern as field operator and clarified tax obligations of co-venturers effective April 26, 2007. The contractual relationships established pursuant to these agreements are now collectively referred to as the Risk Service Agreements.
CHAIRMAN’S COMMENT:
Wade Cherwayko, Chairman & CEO of Mart said, "We are very pleased to report another period of record
financial and operating results for the third quarter of 2011 with $42.1 million of funds flow from production
operations, which amounts to $0.12 per share. This continues to demonstrate the significance of the Umusadege field's production capacity. Negotiations to increase export pipeline deliveries are nearing
completion. Once an agreement is reached, management anticipates the Umusadege field will have
increases in production and cash flow. Development is continuing on the Umusadege field with the recent
commencement of drilling on UMU-9.”
Mart Resources, Inc.: UMU-9 Identifies 260 Feet of Cumulative Oil Pay
BeantwoordenVerwijderenPress Release: Mart Resources, Inc. – 1 hour 23 minutes ago
Symbol Price Change
MMT.V 0.80 +0.02
CALGARY, ALBERTA--(Marketwire - Dec. 20, 2011) - 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 pleased to provide the following update on the UMU-9 well.
The UMU-9 well commenced drilling operations on November 18, 2011 and is currently at a depth of approximately 8,311 feet, concluding the intermediate vertical section of the well. Open-hole wireline logs have been run with results indicating a total of 11 hydrocarbon-bearing sands. The well logs indicate a cumulative gross oil pay of approximately 260 feet in the 11 sands encountered by the well to date.
The next phase of operations will include conducting pressure surveys on prospective zones and acquiring fluid samples. Well operations will then continue with running 9 5/8 inch casing in the open hole. The bottom hole deviated section of the well will then be drilled with an 8 1/2 inch hole to total measured depth of approximately 11,000 feet to explore the deeper untested targets (including the C0 sand) while running a measurement while drilling ("MWD") tool followed by a logging while drilling ("LWD") tool to evaluate the potential hydrocarbon bearing sands.
CHAIRMAN'S COMMENT:
Wade Cherwayko, Chairman & CEO of Mart Resources, Inc., said "We are very encouraged with the initial open hole well log results in the UMU-9 well. These initial results indicate the potential extension of numerous shallow reservoirs discovered in previously drilled Umusadege wells and demonstrate the upside of the Umusadege field."
Stockhouse forum:
BeantwoordenVerwijderenPeter Imhof, Sprott asset Management
aazzcux0
12/29/2011 2:16:09 PM | | 180 reads | Post #30494852
Rate this
clarity
5
overall quality
4
credibility
5
usefulness
5
Peter Imhof is a top notch analyst. Hi is usually the top stock picker in the National Post annual contest between other analysts.
His comments today: 1. Recommended by a sales associate from Cormark. 2.Currently producing around 5000B's. 3.Net backs are $40-$45. 4.Q3 results were earnings(not cash flow) of
.06, $20 million, thus about
.24 per share, thus trading at 3.5 x earnings. 5.Newly announced increased pipeline capacity and expanded production in Q1,Q2. 6. In Q2, 2012, earnings should be about $40 million.7 A TSX listing in 2012. 8. Management has discussed paying a Special Dividend. 9. Expexts a regular dividend as well in 2012.
MART RESOURCES, INC.: INCREASE TO EXPORT PRODUCTION CAPACITY FOR UMUSADEGE FIELD
BeantwoordenVerwijderenCALGARY, ALBERTA--(Marketwire - Dec. 22, 2011) - 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 pleased to announce an increase to export pipeline capacity and a production update for the Umusadege field.
Export Capacity Agreement Update
An agreement has been reached with Nigerian Agip Oil Company ("NAOC"), the Nigerian operator of the export pipeline, to increase the combined export capacity for the Umusadege field and other fields in the area (collectively, the "Cluster") by 10,000 barrels of oil per day ("bopd"), bringing the total export capacity for the Cluster from its current level of 11,000 bopd to 21,000 bopd. The additional export capacity, which is expected to be implemented in several phases over the next four months, will be allocated among the Cluster members on a pro-rata basis based upon the production capacity of the fields in the Cluster and other factors.
The first phase of the export capacity increase, which was implemented this week, has resulted in Cluster export capacity increasing by approximately 4,000 bopd to 15,000 bopd. Since the implementation of the export capacity increase, a majority of increased Cluster export capacity has been allocated to the Umusadege field. Once the additional export capacity is fully implemented, Mart and its co-venturers anticipate that the Umusadege field will continue to be allocated a majority of the total export capacity available to the Cluster.
November Production Update
Crude oil deliveries into the export pipeline from the Umusadege field for the month of November 2011 averaged 7,994 bopd. The Umusadege field experienced production downtime of 1.62 days over this period due mainly to operational shutdowns and export facility capacity curtailments.
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.
In okt 2011 was Mart nog te koop voor ca 40 centen; vandaag is dat precies 1 dollar.
BeantwoordenVerwijderenMart Resources, Inc.: UMU-9 Well Drilling Results and Operational Update
BeantwoordenVerwijderenSymbol Price Change
MMT.V 1.08 +0.00
CALGARY, ALBERTA--(Marketwire - Jan. 31, 2012) - Mart Resources, Inc. (TSX VENTURE:MMT.V - News) ("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 an operational update on the Umusadege field, onshore Nigeria.
UMU-9 Well Update
The UMU-9 well has reached a final total drilling depth of approximately 10,848 feet. As previously announced, the intermediate section drilled to 8,311 feet indicated 260 feet of gross oil pay from eleven sands based on open hole logs. 9 5/8 inch casing was run in the intermediate hole section. The lower 8 1/2 inch deviated section of the well drilled from 8,311 feet to 10,848 feet was open hole logged and indicated an additional 170 feet of gross oil pay in eight sands. This resulted in a total cumulative gross oil pay of approximately 430 feet in the 19 sands encountered by the well.
Pressure and fluid sample tests were taken on the six deepest sands in the 8 1/2 inch hole section with preliminary results indicating five sands containing light oil and condensate and one sand containing mainly gas. Further analyses are being conducted on the samples collected over these sands. The deviated 8 1/2 inch section of the well has now been cemented off, as this hole section was never intended to be completed in the UMU-9 well. Completion and testing operations are currently being conducted on the 9 5/8 section of the well. The Company has retained RPS Energy, independent reserve evaluators, to prepare new reserve reports as of December 31, 2011 and intends to update the year-end reserve report at a future date following testing of the UMU-9 well.
December 2011 Production Update
Crude oil deliveries into the export pipeline from the Umusadege field for the month of December averaged 6,230 barrels of oil per day ("bopd"). Umusadege field downtime during the month was approximately 11.5 days, mainly as a result of export pipeline maintenance and pipeline injection constraints due to limits on export storage tank capacity. The average field production based on producing days was 10,804 bopd.
January 2012 Production Update
Crude oil deliveries into the export pipeline from the Umusadege field for the period of January 1, 2012 to January 30, 2012 averaged 6,959 bopd. During this same period, there was approximately 12 days of field production downtime due to various shutdowns of the export pipeline and export storage tank capacity constraints at the third party export terminal. The average field production based on producing days was 11,754 bopd for the period.
2011 Pipeline Losses
The owners of the export pipeline have notified Mart and its co-venturers that export pipeline owner's estimate of the Umusadege field's share of crude oil lost or taken from the export pipeline during the 2011 calendar year is approximately 213,000 barrels of oil. Mart's share of the crude oil lost or taken will be calculated based upon its average share of production in 2011. The final export pipeline losses to be allocated to the Umusadege field for 2011 are expected to be reconciled with the export pipeline owner by the end of Q1 2012. Mart's share of the estimated charge will be reflected in Mart's December 31, 2011 financial statements.
Achterin het persbericht zit de angel:
BeantwoordenVerwijderen"2011 Pipeline Losses
The owners of the export pipeline have notified Mart and its co-venturers that export pipeline owner's estimate of the Umusadege field's share of crude oil lost or taken from the export pipeline during the 2011 calendar year is approximately 213,000 barrels of oil. Mart's share of the crude oil lost or taken will be calculated based upon its average share of production in 2011."
Dat soort onzin heb je in Canada geen last van. Hoe kan het dat ca. anderhalve maand aan productie ergens onderweg gewoon verdwijnt?
Dat laatste stukje van het nieuws was natuurlijk een vervelende verrassing, alhoewel iedereen weet dat de pijpleidingen in de Niger-delta voortdurend lek gemaakt worden om ze af te tappen, volgens Shell verdwijnt er ca 11% uit de pijpleidingen. Het moet maar beschouwd worden als een soort extra belasting.
VerwijderenJe zou toch zeggen dat het heel goed mogelijk moet zijn om een nieuwe pijpleiding zodanig diep in de grond aan te leggen dat aftappen onmogelijk wordt.
Blijft het feit dat de koersdaling naar 78 cent zeer overdreven is (en dus een fraaie koopkans biedt); kennelijk hecht men plotseling geen waarde aan het feit dat men zo maar even 8 extra olievoerende lagen ontdekt: in totaal zitten er hier nu 19 oliehoudende lagen bovenop elkaar....!!
En waarschijnlijk lopen deze nieuwe olielagen door onder het hele veld; de reserves zullen in ieder geval fors gaan stijgen.
Jammer, die heb ik gemist (.78). Nu op .87..
BeantwoordenVerwijderenHeb ATPG op 7.87 kunnen verkopen paar dagen terug. Twijfel nu of ik het in dit bedrijf zal stoppen of niet.
Ben de financiele gegevens nagegaan en alleen de mutaties tussen juni en september 2011 zien er zeer goed uit.
Vind het wel vreemd dat zo'n hele maandproductie verdwijnt, en dat de downtime zo'n 33% per maand is. Dat geeft eigenlijk maar 8 van de 12 maanden productie, plus dan nog dus een maand productie dat verdwijnt aan "colleteral damage". Dus dat is slechts 7 maanden vruchtbare productie, in 12 maanden. En in Nigeria worden dingen sneller slechter i.p.v. beter..
Iemand die een andere mening wil delen met me?
* alleen = alleen al
VerwijderenHendrik,
Verwijderentoevallig had ik nog een kooporder uitstaan op 80 cent, die dus gegaan is.
Het is voor iedereen nu wel heel duidelijk dat het olietransport-probleem moet worden opgelost, anders heeft Mart niks aan die grote hoeveelheden gevonden olie.
De capaciteit van de oliepijplijn zal flink worden vergroot en ik mag aannemen dat er dan tegelijk maatregelen worden getroffen tegen oliediefstal, desnoods zetten ze om de 500 m een bewaker neer, dat kost aanzienlijk minder dan het olieverlies.
Akkoord.
VerwijderenDus; Afren of Mart?
;-)
A+M
VerwijderenAls ik het goed heb heeft Mart recht op netto ca 10 miljoen BOE op 3P basis (zie boven), gezien de gunstige boorresultaten ga ik gemakshalve uit van min. een verdubbeling tot ca 20 miljoen BOE.
BeantwoordenVerwijderenVolgens Mart houden ze daar na aftrek van alle kosten en belastingen ca 25 USD per BOE aan over, oftewel ca 500 miljoen. De huidige market cap is ca 335 miljoen.
Dit betekent dus dat de huidige koers niet echt laag meer is en ik heb dus besloten om mijn belang grotendeels te verkopen, mede gezien de vele onzekerheden en het ontbreken van nieuwe projecten.
Mart Resources, Inc.: UMU-9 Well Update- Initial Flow Test Results
BeantwoordenVerwijderen- 4,240 barrels of oil per day ("bopd") stabilized flow rate achieved from the XIV sand - Four more zones perforated and completed in UMU-9 still to be tested
Symbol Price Change
MMT.V 1.01 +0.08
CALGARY, ALBERTA--(Marketwire - March 15, 2012) - Mart Resources, Inc. (TSX VENTURE:MMT.V - News) ("Mart" or the "Company") and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited (together "the Co-venturers") are pleased to announce the initial flow rate test results for the UMU-9 well and an update on February 2012 Umusadege field production.
UMU-9 Well Test Results
As previously announced, the UMU-9 well encountered gross hydrocarbon pay of 430 feet from nineteen oil sands and one gas sand. Five of the UMU-9 sands have now been perforated and completed. The first extended flow test has been conducted on the 46-foot thick XIV sand at a stabilized rate of 4,240 bopd.
During the test of the XIV sand, the well flowed 43.3 API gravity oil through 3 1/2 inch tubing on a 32/64 inch choke at a flowing tubing pressure of 480 psi. Basic sediment and water (BS&W) was 0.2 % with a gas/oil ratio of approximately 90 standard cubic feet per barrel.
Three UMU-9 well tests remain including the co-mingled testing of the XIIIa and XIIIb sands via the 3 1/2 inch tubing, followed by individual testing of the XIIa and X sands via the 2 7/8 inch tubing.
Further updates will be provided on these remaining targeted sands once testing has been completed and results are available.
February 2012 Production Update
Umusadege field production based on producing days during the month of February averaged 11,229 bopd. Umusadege field downtime during the month was approximately 6.5 days, primarily due to technical problems at third party export pipeline facilities. The average oil delivered to export storage tanks averaged 8,728 bopd.
Wade Cherwayko, CEO of Mart Resources stated: "Mart and its partners are pleased and encouraged with the initial flow test results from the UMU-9 well which demonstrate that the exceptional reservoir and oil quality of the Umusadege field extend further than the area previously assigned, and we are looking forward to receiving results from testing the remaining perforated sands in the coming weeks."
Voor mij in ieder geval aanleiding om te verkopen:
BeantwoordenVerwijderen"Umusadege field production based on producing days during the month of February averaged 11,229 bopd. ........ The average oil delivered to export storage tanks averaged 8,728 bopd."
Klinkt mij als "Per dag hebben van de 11,279 geproduceerde vaten er 8,728 de eindbestemming bereikt. De resterende 3,001 vaten zijn onderweg verdwenen". Oftewel 27% van de productie wordt onderweg ergens gestolen.
Mart Resources, Inc.: March 2012 Operational Update
BeantwoordenVerwijderen- Umusadege field production averaged 12,176 barrels of oil per day ("bopd") during March based on production days - Umusadege field net deliveries into export storage tanks were approximately 351,400 barrels of oil during March - Development drilling program continues with rig move to UMU-10
Press Release: Mart Resources, Inc. – 37 minutes ago
Symbol Price Change
MMT.V 1.02 0.00
CALGARY, ALBERTA--(Marketwire - April 11, 2012) - Mart Resources, Inc. (TSX VENTURE:MMT.V - News) ("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 an update on Umusadege field production and drilling operations.
March 2012 Production Update
Umusadege field production during the month of March averaged 12,176 bopd based on production days. Umusadege field downtime during March 2012 was less than one day. Total crude oil deliveries into the export storage tanks from the Umusadege field for the month of March, adjusted for estimated pipeline losses, were approximately 351,400 barrels.
UMU-10 Well
Following the successful completion of the UMU-9 well tests, which resulted in a combined stabilized flow rate of 11,718 bopd from the five sands tested, drilling operations are now moving to UMU-10. The NRG 201 drilling rig is skidding to the UMU-10 well slot on the current drilling pad. The primary objectives of the UMU-10 well will be the oil-bearing sands identified in the 8 1/2 inch deviated hole section of the UMU-9 well.
Qua Ibo Field Termination
Mart also announces that it has entered into an agreement pursuant to which Mart and Network Exploration & Production Nigeria Limited have amicably terminated Mart's participating interest in the Qua Ibo field. Under the terms of the agreement, Network has assumed responsibility for outstanding liabilities of approximately USD $3.2 million for the Qua Ibo field and has also paid Mart a USD $1.0 million termination fee.
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.
Total crude oil deliveries ....., adjusted for estimated pipeline losses,
BeantwoordenVerwijderenIk vraag me toch echt af wat die "estimated pipeline losses" nu zijn en hoe groot ze zijn. Wat is er nu geproduceerd en hoeveel houden ze over om te verkopen?
Tweetie,
Verwijderenje kunt het gewoon uitrekenen: 351,400 barrels voor 30 dagen = 11.713 netto
Er zijn dus per dag 12.176 barrels in de pijp gestopt en er kwamen er 11.713 uit.
Ik denk eerder dat het een schatting is.
VerwijderenWaarom zouden ze andere vermelden "adjusted for estimated pipeline losses". Als het een daadwerkelijk getal is, hoef je toch niet te adjusten en te estimaten?
Herinner je je dit persbericht nog?
BeantwoordenVerwijderen2011 Pipeline Losses
.....crude oil lost or taken from
the export pipeline during the 2011 calendar year is approximately 213,000 barrels of oil.
.....
Mart’s share of the estimated charge will be reflected in Mart’s December 31, 2011 financial statements.
2011 financials zijn nog steeds niet uit, dus we weten nog steeds niet hoeveel olie ze nu kwijt zijn.
Shell verliest 43.000 vaten per dag Niger Delta door diefstal
BeantwoordenVerwijderenmaandag 14 mei 2012, 11:54
AMSTERDAM (Dow Jones)--Royal Dutch Shell plc (RDSA) joint venture Shell Petroleum Development Company of Nigeria Ltd. (SPDC) verliest in het West-Afrikaanse Nigeria minimaal 43.000 vaten ruwe olie per dag vanwege diefstal en de illegale opslag van olie, meldt een woordvoerder van de Brits-Nederlandse energiegigant.
Sabotage en diefstal van ruwe olie besloegen vorrig jaar 77% van de totaal gelekte olie. Daarmee is volgens SPDC-woordvoerder Precious Okolobo gemiddeld om de drie dagen sprake van een incident.
Boorputten
"Sinds wij de diefstal van ruwe olie bepalen op basis van de volumes uit doorvoerfaciliteiten en wat wordt ontvangen in de opslagterminals, moeten wij concluderen dat er ook olie wordt gestolen op het traject tussen de boorputten en de doorvoerfaciliteiten", aldus Mutiu Sunmou, algemeen directeur van SPDC.
De meeste diefstallen vinden plaats aan en langs de twee belangrijkste pijpleidingen van de JV in het oostelijke deel van de delta, de Nembe Creek Trunkline (NCTL) en de Trans Niger Pipeline (TNP).
De NCTL werd in 2010 vervangen voor een bedrag van $1,1 miljard, maar de nieuwe lijn is nog steeds een favoriet van dieven, aldus de verklaring.
Mart Resources Inc.
BeantwoordenVerwijderenTICKER: MMT:TSX.V
Visit Company Website
Mart Resources is an international oil and gas company focused on production and development opportunities in low-risk, high-reward proven but undeveloped oil and gas fields in Africa. The company's strategic core assets are located in Nigeria. Current production is … read more
The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.
Expert Analysis
Garett Ursu, Cormark Securities (11/27/12) "With a strong balance sheet, $0.20 dividend and expected growth, Mart Resources Inc. should appeal to value, growth and income investors alike. . .we continue to view Mart as one of the most attractive names in our universe with material catalysts expected near term. . .and significant growth expected in 2013. . .we reiterate our Top Pick rating and $2.50 target."
Aminul Haque, Stonegate Securities (11/27/12) "In its operational update, Mart Resources Inc. stated that it had encouraging results from its Umu-10 well. With three development wells planned for 2013, we expect average production in the field to exceed 16 Mbbl/d, with the company's entitlement production averaging ~65%. . .we maintain our Outperform rating and our target price of $2.50."
Chen Lin, What is Chen Buying? What is Chen Selling? (11/26/12) "Mart Resources Inc. reported nice earnings for Q3/12, cash flow of $0.13, and income of $0.06. . .its $0.05 quarterly dividend is well supported. . .the next news items to look for are the Royal Dutch Shell Plc agreement and potential new marginal fields acquired, as the Nigerian government is going to host bids for a new round of marginal fields."
Garett Ursu, Cormark Securities (11/16/12) "Mart Resources Inc.'s Umusadege field volumes averaged 10,217 bbl/d in October due to six days of outages in the month while pipeline growth losses in September were reported at 11.6% (a material decrease from 18% in Q2/12). . .a pipeline deal with Shell and results from UMU-10 remain material potential positive catalysts near term. . .we continue to view Mart as one of the most attractive names in our universe with material catalysts expected near term. We believe the current shut-in provides investors with a unique and temporary opportunity to acquire the company's stock at very attractive metrics, especially given its 13.3% yield."
Garett Ursu, Cormark Securities (11/6/12) "Mart Resources Inc. provides unique exposure to an established light oil field onshore Nigeria expected to drive low-risk production, cash flow and reserves growth in the near term. With a strong balance sheet, $0.20 dividend and expected growth, the company should appeal to value, growth and income investors alike. . .with a pipeline deal with Shell and UMU-10 results expected near term, we continue to view Mart as one of the most attractive names in our universe—we are maintaining our Top Pick rating and $2.50 target price."
http://www.theenergyreport.com/pub/co/3448#quote
Verwijderen