Mart Resources Inc MAUXF

AGM webcast

[zeus55]

Finally had the time to listen to the full webcast.

It was good to hear Wade clear up a lot of the misinformation that has been spread here and on IV.

One of the key items was his statement that no merger has been planned or negotiated, as so many have been claiming for the last 8 months. I see no need for a merger, and apparently neither does Mart.

it also appears that the claims of the new pipleine being buried 13 feet deep and covered with concrete were also false. The pictures of the laying of the pipeline make that crystal clear.

Of note was the reason for the delay in the start of the second section of the new pipeline, as government approvals were late. But they are now in hand, and construction should start soon, if not already underway. As of the date of the AGM, they were still negotiating for right-of-way on the last 5KM of the first section, but that should be tidied up while the second section is being constructed.
Completion of the Umugini line could indeed be accomplished by the end of Q3.

It has also been claimed that Mart would have 45,000bod capacity on the new pipeline, but Wade said that it was only 33,000. That is why they are keeping the agreement with AGIP open, as they may need that extra export capacity as new wells come on line. He also said they could always twin the Umugini line in the future.

The only odd comment came when Wade was asked about ramping up the drilling activity, as he said that they had to watch their cash flow and the ability to pay for drilling. That brings us right back to the question of why they are paying a dividend, if it is indeed restricting the ability to grow the company?
But that is now water-under-the-bridge, as Mart appears to be committed to paying a dividend, and will simply live within their means.

All in all, a very good presentation by Wade, and enough to probably keep me invested this time.
While trading MMT has been very profitable, and has lowered my cost base far below $1, it may now be time to sit back and let Mart do their thing.


GLTA