Mart Resources Inc MAUXF

green24

[zeus55]

I understand the temptation to buy MMT for the 14% dividend, as I like my dividends too.
And with the increased production they will get from the extra allotment on the AGIP pipeline, the added cash flow will certainly go a long way to stabilizing Mart's deteriorating financial position.

But, any thoughts of buying back in are tempered by the numerous risks.
We don't know when AGIP will install the pumps to increase the flow, and if all of the other lenghty delays we have experienced are any guide, it could be months, if not many months away.

And the second rig we finally got will be busy drilling a non-productive water well. Coupled with the delay on UMU-11, we won't have the production to fill the Umugini pipeline even though it is also delayed for another 6 months. More opportunity delayed.

And we have the spectre of another AGIP shutdown ever present. Everyone hopes it won't happen, the the consequences would be severe if it happened in the next few months.

If everything goes well, MMT should be a reasonable buy at these levels.
But when was the last time everything went well?
I am not trying to be overly negative, but geez, how can one not be?