Qua Ibo status Kinfe 2 Qua ibo status.
.Qua Ibo is one of 3 marginal fields Mart contracted with indigenous companies back in 2004.
The other 2 fields were Ke Field and Umusadege.
Qua Ibo has 9.745 Mbbl of probable and 19.951 mbbl of Possible.
Qua Ibo was drilled in 1960 and Shell found oil in 2 zones. In September 2008 Mart drilled a hole and they hit some oil but a lot of water. The well was abandoned in January 2009.
https://www.martresources.com/wp-content/uploads/2010/06/25/20080910QuaIbo.pdf
In August 2009 Mart received default notices of insufficient funding for the Qua ibo field and the Ke field.
The issue was cured for Qua Ibo but Ke field rights were abandoned by Mart in November 2009.
Qua Ibo is very difficult to exploit. They have a river and a marsh right where they would like to drill. Much better to spend money on Umusadege.
This is what you can find about Qua Ibo on the last 51-101:
Qua Ibo Farm Out Area and Field
The Qua Ibo field is an existing multiple-horizon onshore hydrocarbon reservoir situated within the Qua Ibo farmout area. The Qua Ibo farmout area is situated in the Niger Delta within the boundaries of Oil Mining Lease No. OML 13 ("OML 13") and covers an area of approximately 1,921 gross acres. The area is characterized as having moderate oil and gas activities and a reasonable infrastructure of pipeline and related facilities. The Nigerian National Petroleum Company ("NNPC") and Shell Nigeria Petroleum Corporation ("SNPC") are the holders of OML 13.
The Qua Ibo field was declared a marginal field pursuant to the Nigerian Petroleum Amendment Act (No. 23) of 1996. The Qua Ibo farmout area containing the Qua Ibo field (the "Qua Ibo Farmout Area") has been allocated as to a 100% participating interest to Network Exploration and Production Company Limited ("Network") by the government of Nigeria in the 2003 marginal field allocation round. Network entered into a farmout agreement with NNPC and SNPC on April 27, 2004 (the "Qua Ibo Farmout Agreement"), which agreement sets out the terms and conditions, including financial terms and conditions of the farmout of the Qua Ibo farmout area to Network. Network is the operator and is the owner of all the rights and interests in the Qua Ibo farmout area by virtue of the Qua Ibo Farmout Agreement.
Mart entered into a finance and technical services agreement with Network on March 29, 2005 (the "Qua Ibo F&S Agreement"). Pursuant to the Qua Ibo F&S Agreement, Network and Mart agreed that Mart would provide technical services and financial resources to Network. Mart is entitled to receive, in consideration therefor, a share of future petroleum production from the Qua Ibo field, both before and after payout. C:\Documents and Settings\Mr X\Desktop\Mart Resources\Final_NI_51-101F1_Reserve Report_Mart_-_December_31__2010.DOC 12
As at December 31, 2010, Mart continued to hold a participating interest in the Qua Ibo field. Mart and Network are currently discussing 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 Qua Ibo field contains two known hydrocarbon reservoirs. Mart and Network completed drilling of the Qua Ibo 3 appraisal well in January 2009. While the well encountered a number of hydrocarbon zones, it was determined to be non-economic and was subsequently plugged and abandoned. Mart and Network have evaluated the results of the Qua Ibo 3 well, however no further drilling is currently scheduled on the Qua Ibo field.