Mart Resources Inc MAUXF

RE: Qua Ibo field

[oullins]

Bobby,  I think you are talking about the Ke field:

"Ke Field

Mart entered into a finance and technical services agreement on April 26, 2006 to acquire a participating interest in the 12,900 acre Ke Field located in the Niger Delta within the boundaries of Oil Mining Lease No. 55. Following a preliminary evaluation of the Ke Field, Mart elected not to proceed with any significant exploration activities on this property. The finance and technical services agreement was terminated on September 28, 2009 and accordingly, as of the most recently completed financial year, Mart does not hold any participating or working interests in any property with no attributable reserves."

This is from Q3 2010 report
"Ke field in Nigeria was terminated, and accordingly the total of $9,039,366 capitalized for the field was written down. The calculation of depletion and depreciation included an estimated $40.0 million USD for future development costs associated with proven undeveloped reserves. The capitalized costs of the Qua Ibo field of $23,337,356, which does not have production, were included in the depletion calculation for 2009 and Q310 because a dry hole was drilled and the Company has no firm plans to continue drilling in the field. As at September 30, 2010, there were no unproved properties and projects under development."

This is from Q1 2010

"The Company operations at Umusadege are in the second year of production and its operations at Qua Ibo continue to be in the preproduction stage."

A far as I know and according to the last NI51-101 the Qua Ibo field is still part of Mart but no plan on drilling.

Cheers.

A far as I know and according to the last NI51-101 the Qua Ibo field is still part of Mart but no plan on drilling.Cheers.