Mart Resources Inc MAUXF

RE: RE: RE: RE: RE: RE: RE: mart holdings

[oullins]

Raider,  Good question about  EXP2.  I remember reading something about it but not sure where.

I just went back through the last 4 NI51-101 and no mention of it.  It must be prior to the field being declared a marginal field.  Anybody has an idea?

I do know that it can be reached by the second pad so this could be a nice Santa present at the end of the year.


Another thing that is not discussed much (few people really read the NI51-101)  is the Qua Ibo Field:

"As at December 31, 2009, Mart continued to hold a participating interest in the Qua Ibo field. Mart and Network are currently negotiating a mutually acceptable arrangement for future operations on the Qua Ibo field. Possible arrangements include a continuation of operations under the terms of existing agreements, a new arrangement to farm-out part or all of Mart’s participating interest in the Qua Ibo field, or an agreement to transfer Mart’s participating interest in the Qua Ibo field to a third party or Network on terms to be negotiated."

The actual "probable" and "possible" for that field are much larger than Umusadege:

                                Proved            Probable            Possible

Umusadege               6.2                    3.2                   6.1
Qua Ibo                                             9.8                  20.2


$23M have been spent on that field!!  and no plan for more drilling.  Would it be worth a 3D seismic?
 Good question that I am totaly unqualified to answer.

Cheers