Mart Resources ComparisonI was reading the Haywood report on Mira and found the comparison with Mart Resources most interesting. Here are a few small facts about Mart Resources, part owner of the Umusadege oil field in Nigeria (first discoverd in 1974)..
Mart was one of the first foreign companies to establish partnershipswith local Nigerian oil companies under the indigenous and marginalfield programs.
The company’s gross proved plus probable reserves were 12.9 million as at December 31, 2010.Production for the entire Umusadege field (three partners) by May 2011 averaged 10,525 bopd.
What I also find interesting is that Mira's COO & Director, David Urquhart, is the former COO of Mart Resources. Also, Moses Ojo, Mira's Manager of Well Operations, spent 4 years as Well Site Geologic Operations Supervisor with Mart
Resources (and Addax Petroleum).
The figures from the Tom Shot Bank field look just a prosperous as those from Umusadege. This gives me great confidence in my holdings with Mira. I simply cannot find a better play out there..
Mart Resources: Market Cap $198m. Mira Resources: Market Cap $36m
Mira's CEO Johnathan More has been doing a lot ofbuying over the last couple of months. He now holds 7.3 million shares,representing 6.9% of the company. This also gives me a lot of belief.