OTCPK:MAUXF - Post by User
Post by
donofdubaion Mar 28, 2005 12:16pm
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Post# 8818338
From Canaccord this morning
From Canaccord this morningMart Resources Inc (MMT : TSX-V : $1.01)
Net Change: -0.03, % Change: -2.88%, Volume: 152,800
"December? Sorry, I meant April." Mart and its Nigerian partner, Excel
Exploration & Production have announced that they have entered into an
agreement for a rig service contract with an indigenous Nigerian company.
Work on Mart's Eremor #1 well is scheduled to begin in early April 2005.
After the re-entry and testing of the Eremor #1 well, development drilling
and production facility design and installation will commence as soon as
the flow results are evaluated. The Eremor oil field was discovered in 1978
by the Eremor #1 well, which encountered a thick sandstone reservoir at a
depth of 5,744 feet. Mart and Excel intend to re-enter and production test
the cased Eremor #1 well. In addition to the Eremor field, Mart is in late-
stage negotiations to acquire further undeveloped fields in Nigeria. Oil
has been produced in Nigeria by multinational companies since 1958 with
only limited interruptions despite periods of civil and political unrest.
The oil industry constitutes the most important segment of the Nigerian
economy and accounts for approximately 90% of the country's total exports
and approximately 75% of total government revenue. Mart is headed by Wade
Cherwayko, former Chairman of Abacan Resources. Abacan was an international
petroleum company with interests in oil and gas properties located in West
Africa (Nigeria and Benin).