Mart Resources Inc MAUXF

RE: This might explain the Shell pipeline delay...

[mjh9413]

The negotiations for this started easily in June, maybe earlier,  as HOC made mention of it in early July. Clever that Shell keep the main exporting trunk of the pipeline and Shell/Total leave all the problems on the pipe from the field to the new owners. HOC seem to have a joint venture with Shoreline Electric, the Nigerian Coy, rather than an RSA but like MMT they have all the financial responsibility until at least they do the refinance under the jv company, when HOC stands apart from those borrowing obligations except for its subsidairy interest. Still MMT has no borrowing so guess that is moot except that HOC's interest in prodn and costs will remain constant relative to their jv interest. Nigeria will always have foreign company participation in these fields so don't see how the situation worsens when 'small fry' Nigerian companies are left on their own!!! I just hope MMT get whatever pipeline arrangements are best for reduced losses, ability to transport constantly and handling growing prodn and feel sure Shell can handle two deals at the same time.

Thanks to posters for info on the pressure considerations in UMU10's deep reservoirs.