MMT Update September 11, 2013 08:30 ET
Mart Resources, Inc.: Operations and Production Update
- Umusadege field production averaged 9,235 barrels of oil per day ("bopd") during August 2013 based on calendar days; average field production based on production days was 12,085 bopd during August 2013.
- Umusadege field net deliveries into the export pipeline were approximately 293,600 barrels of oil ("bbls") in August 2013 before pipeline losses.
- The UMU-11 well is drilling ahead in the 12 1/4-inch section and is currently at a depth of 7,464 feet. The 16-inch section has been cemented with 13 3/8 inch casing set at 5,000 feet.
- Pipeline and export facility losses have averaged 19% in 2013, including an average of 27% for May, June and July 2013 as reported by the export pipeline operator, Nigerian Agip Oil Company ("Agip"). Mart and its co-venturers have requested additional data regarding the increase in the rate of pipeline and export facility losses and will provide additional information as it becomes available.
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