Mart Resources Inc MAUXF

RE:RE:RE:RE:I did not realize that OML 18 was a done deal

[mouserman]

mouserman wrote: Mart ponied up the 134 $ million in OCT of 2014, and that was 10% of the total cost for OML 18. 
The value of the reserves is obviously a lot less now , with Brent crude being  about 50$ less per bbl right now than at the time of the acquisition.

This is taken from the news relase back in OCT.

The acquisition cost of the consortium's participating interest in OML 18 will be satisfied by way of senior secured, non-recourse reserves-based financing secured against the consortium's participating interest in OML 18 and all petroleum sales revenues accruing from OML 18, and an equity contribution by the consortium members proportionate to their direct or indirect working interest in OML 18. Mart will hold an indirect working interest in OML 18 of approximately 10 per cent through its indirect ownership position in consortium SPV. In consideration for its indirect working interest in OML 18, Mart has advanced $134-million (U.S.), representing its proportionate share of the initial bid deposit paid by the consortium to the sellers, the remaining closing cash consideration, and transaction costs and initial working capital for consortium SPV. The closing cash consideration is refundable should the transaction not be completed.