Mart Resources Inc MAUXF

RE: Eland new Nigeria producer presentation - Must

[CalifDreaming]

Eland is definitely interesting and I have my eye on them.  That said, they are overly optimistic with their production forecasts out of the gate and it's not a hopeful sign considering their very aggressive production forecasts.   A few months ago, they said the plan was to be in production in 6 months.  Now, 2 months later, they still say the plan is to be in production in 6 months.  They also only have ~20% of the field, so they are a minority interest partner, although they are the operator of the block.  It really irritates me when companies list "gross" production without clearly mentioning what their net production is - it's designed to be misleading and I don't understand why legitimate companies do that - just give us the bottom line numbers.

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Impressed to see the CEO lives in Nigeria - that is a sign of commitment that nobody else (Wade) is willing to make.  Former Addax management is also a plus.  That said, they are an AIM listing and that's the kiss of death for me.  I refuse to buy London listed plays due to shareholder unfriendly policies (only report financials twice a year, and mostly pathetic promotion - it's the good ol' boys club in full force in London).  The only reason I remain interested is they said they were planning to list in Canada next year.  If so, and if the value is there, I'd consider buying some.