UMU-10 well This well is currently at the bottom of the intermediate section of UMU-9 which had tested 11 oil bearing zones up to that point.
Given that we are about 10-15 days behind schedule, it seem obvious that Mart has run open hole logs and have cased and completed these zones for production.
This is very encouraging as it suggests that these zones perhaps have even larger pay than the 260 ft of UMU-9.
The well is now drilling thru the lower zones including the 5 target zones at the bottom of UMU-9 which had 160 ft of pay.
If my call is correct, UMU-10 will be an even bigger well than UMU-9 and will add substantively to the new reserves report.
While the quarter had some downside, we are now very much on the upside once again.
Note this.....Subsequent to June 30, 2012, Mart has collected $41.6 million of its accounts receivable and other receivables related to oil sales from the Umusadege field.
That means our cash position has continued to increase and with July near an all time high of production, a strong Q3 seems assured.
The Ex-date for the dividend is Sept 12/12