The BB fear Mongers It's humorous reading some of the posts of the "new Mart Posters" who have recently appeared trying very hard to discredit mgmt and the way they have been doing things. Oil theft has always been a problem for all companies operating in Nigeria and possibly not going away anytime soon...at least not until our new pipeline is built underground and encased in concrete. Make no mistake, this pipeline is going to be built.
Now the latest fear tactic is trying to convince everyone that Mart has a loan to pay the dividends. This is totally false.
1st of all Mart has not drawn on the loan. This loan was arranged to be in place only to proceed with further aquisitions and expansions if needed and the pipeline.
The facility is comprised of a $75 million, 5 year term loan facility and a $25 million, 1 year revolving loan facility. The facilities are intended to finance capital expenditures required for further Umusadege field development activities and the Umugini Pipeline and Mart's ongoing working capital requirements
2nd Another angle is that they would be using the loan is to repay the oil they have been advanced. Again false.
Mart and its co-venturers therefore owe oil to AGIP for the amount of oil over lifted. Mart and its co-venturers expect to receive payment in April 2013 for the over lift of 320,000 bbls shipped in March 2013 and expect to repay the over lift volume out of subsequent production.
This new additional pipeline could double Mart's current production and any draw on the loan would be easily paid for. These posers are grasping at straws trying to instill fear on the uneducated and misinformed.
GLTA
Wallywill