Mart Resources Inc MAUXF

RE: RE: RE: loan not yet?

[kobiyashii]

yeah they paid a special divy before which would cover the 6 months delay last year. If you look at earnings since the dividend being instated mart has not earned it yet. At 20 million every 3 months while not earning the dividend or actually loosing money in the last year most of their cash pile is probably gone especially if you add in major drilling delays on umu 10. All that said the dividend when it was announced was based on production and profitability, the fact they paid such a large dividend while not earning it is a hinderance to developement. Market hasnt taken this down 35% for no reason, Nigeria is was just as risky last year during the run up in share price as it is this year... Nothing on the risk front changed. Only thing that changed is excessive money going out with no return on capital. 80 million dollars would have been much better spent getting a pipe in or more drilling. 80 million of successfull drilling would return 6000-12 000 barrels of production in most economic oil plays around the globe.>