Back in time Hi all,
These are very trying times, personally I am heavily invested in MMT & for a very long time, was recently adding at $1.00 thinking folks were crazy doubting the pipeline...I never counted on this massive oil correction.
For some perspective on where we have come from, back when oil was last sub $50 was april 2009, MMT had just ramped up to a total of 3500 BPD, we were trading at .13cents.
Fast forward to present day & we should be sitting at approx 30'000BPD 10X the oil flow! New assets & new pipeline. Stronger balance sheet even after OML18 debt. Of course in April the market was recovering & we moved up fast from there. The market will recover this time as well, How much more pain...I am not sure, Chen Lin predicted oil to botom at $47 this year, it was a prediction he made back in September 2013. I hope he gets it right, but I suspect we may go lower- typical Oil crashes last 5-9 months, we are 6 months in. The way I see it at worst case scenario we could see 2 to 3 months more of decline. At that point, many companies will be done for, many banks will require bailouts, & large job losses loom. Spring...Expect Opec to cut in May along side with a QE4(Maybe sooner) inititiative...Yellin will have no choice but to cave. From there depending on how low oil is the bounce back will be stunning in the back half of the year. Commodities like Oil, Gold & Silver should have a very good run...I believe Gold to be signaling this allready. Mart will survive this mess & I will be ready to buy once again when the time is right. See below & stay stong,
April 17th 2009 Calgary-based Mart Resources (TSX: V.MMT, Stock Forum) and its partners, Midwestern Oil & Gas Company PLC and Suntrust Oil Company Nigeria Limited announced Friday that production has started from the UMU-5 well in the Umusadege field, onshore Nigeria.
The company notes that oil production has started at the Umu-5 well from the IX zone following an authorized phased production test. The well is flowing at an initial rate of 1,590 barrels of oil per day on a 20/64 choke.
Mart previously reported that the IX zone flowed at a rate of 3,200 barrels of oil per day on a 32/64 inch choke during the initial test.
“As a result of bringing the UMU-5 well on stream, total production from the Umusadege field, including the UMU-1 well, is currently 3,500 barrels of oil per day,” says the company.
The company also announced Friday that the first phase of the program to reduce ongoing operating costs at the Umusadege field has been completed. Produced water from the field is now being treated and disposed of on-site rather than being trucked to an off-site treatment facility, and the partners have acquired a dedicated oil-water-gas separator system that is now in the field.
Shares of Mart Resources climbed 13% to 13 cents Friday.
Read more at https://www.stockhouse.com/news/natural-resources/2009/04/17/mart-resources-climbs-on-production-news#lf3cB5tHX5IyWXOb.99