OTCPK:MAUXF - Post by User
Post by
gibbonsjon Jun 17, 2014 5:29pm
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Post# 22668583
My takeaways from the NR
My takeaways from the NRIn view of Mart's ongoing drilling program on the Umusadege field, additional capital required for the possible acquisition of the Property and uncertainty regarding timing of first oil through the Umugini Pipeline,
continues to estimate that pipeline construction will be completed by the end of June 2014. Pipeline commissioning will occur following completion of pipeline construction and installation of pipeline pumping, monitoring and control facilities. (This could take a few months)
Although the Consortium is the preferred bidder, there is no assurance that the Consortium will successfully conclude its negotiations to acquire a participating interest in the Property. The acquisition of a participating interest in the Property by the Consortium is subject to numerous terms and conditions including Nigerian government approval. (Does this include operatorship and 10 year 50% relinquishmnet?)
Pipeline and export facility losses reported by NAOC and allocated to Mart and its co-venturers for April 2014 were 71,643 bbls, or 28.8% of total crude oil deliveries into the export pipeline for that month.