Energy - smartinvestment.ca

[coach247]

I am dismayed that we are still not hearing any further update on the pipeline commissioning even though its now more than halfway through July. I added a chunk in June in anticipation that the pipeline news would be a catalyst to higher share prices but was not nimble enough to take profits and I am underwater now on my position. Seeing the dividend cut has been a common problem for me when I invest in these smaller producers as I have had to put up with huge share losses overnight in other stories like TBE and LTS over the last few years. I think MMT needs to pay a high dividend just for the risk premium of operating in a corrupt regime with so much uncertainty beyond operating issues, and given the high profit margins they should be able to afford to increase the payout again once that pipeline is operational. However there is no guarantee even with that infrastructure in place they will not still face huge losses as a pipeline is very difficult to protect and the culture of corruption runs so deep. For now I am holding.

cheers!
mike
_________________
Im just like one of those alcoholic energy drinks, only without the energy...

[Bobwins]

Good news bad news. Mart dropped 11% today after an artificial runup yesterday. They announced the second pipeline is close to being done, with testing on the final sections beginning. However pipeline losses continue high at 28% and the company is suspending the dividend because they are going to start spending capex again.

They have discontinued drilling for awhile, awaiting the new pipeline capacity. I was against borrowing money to fund the dividends but sold out in December so didn't care.

Depending on how far it drops, I may buy back in for a small position. The problems with pipeline theft remain and Nigeria is not getting better. However Mart may also get to buy into a new oil prospect and improve future prospects even more. We'll see how long it takes them to really finish the second pipeline and start sending oil towards the coast AND how quickly they can ramp up production into the new line.

[Bobwins]

I sold out of Mart in December. I felt it was dead money until they announce that the second pipeline is finished and that project keeps getting delayed. Most recent announcement said that the AGIP pipeline losses are 33%.

Production is forecast to double + once the second pipeline is done.

Mart was a profitable stock for me but the constant pipeline issues and the lack of export capacity stopped company progress. The high dividends were great but sooner or later they will have to curtail them because they are paying out more than they are earning.

[Bobwins]

big rally in Mart today. Yesterday they released test results on UM-11 with 3650bpd from one zone.

http://www.stockhouse.com/news.....st-results

I sold into the rally today because I don't think the rally is sustainable. Mart will declare their next dividend in December, which should rally the stock but production isn't going to improve until they get a second pipeline built and that's delayed til late next year.

[Bobwins]

dropped as low as .98 today from last nights close of 1.16. Been steadily sliding since right before the dividend announcement. Need that second pipeline but last company PR indicates they aren't going to restart until spring. Probably hoping that the villagers will get a little hungry for a deal by then. No drilling news as I'm sure they are not hurrying because they have no place to send the oil even if they hit big.

[coach247]

An update released this week is not very encouraging:
http://www.4-traders.com/MART-.....-17261507/

I think this company needs to do better at marketing the story and providing information in a way that is clearly understood. There is no mention of the pipeline progress in this report and the 'objectives' for the UMU-11 well seem unclear. One could walk away from this news thinking it was a test well, and not a producing well that is approaching the target formation with a very high probability of success.

And then there is the pipeline losses. This has to be the most corrupt, grimey country in the world to do business. More than a quarter of the oil that flows was stolen during the last 3 months, above and beyond the usual lost potential output from shutdowns for maintenance and repairs. The net production capacity of this company is far less than the well output just because the place is a den of thieves. So now we are left to wait and wonder why the losses have surged by an additional 50% above the already unacceptable levels from earlier this year?

I sold a bit of my holdings earlier this month and still keep a chunk in my retirement account on the basis of the strong yield. I actually think there is a buy opp coming up on this company just because it has been so punished in the latest selling. I do not understand why investors wait to sell a stock until after a dividend. You get paid 5 cents for waiting and then lose 30 cents in share value by selling with the crowd? Makes no sense at all...

cheers!
mike
_________________
Im just like one of those alcoholic energy drinks, only without the energy...

[Bobwins]

I can't find any other news so assuming Mart is trading ex dividend. Still paying .05 qtrly dividend so annualized rate would be 15% if you bought today at 1.32. I was disappointed but not surprised by the delay they announced in the second pipeline. Apparently villages along the way are trying to get big payoffs, even though the pipeline construction doesn't impact them much. So looks like early to mid 2014 for completion. Can't come soon enough for me. AGIP pipeline reported close to 30% losses for last qtr.

Since I assume the share price will be relatively flat until that happens, I sold about 25% of my holdings a week ago to beat the ex dividend drop. First time I have done that since Mart is my biggest holding. Will try to buy back cheaper.

[Bobwins]

Mart is going to pay a .05 dividend on 7/18 to holders of record 7/10. Annualized yield is 13% vs current price of 1.53.

Also said they have fulfilled conditions of previously announced $100 million dollar loan package and first 25million will be disbursed. Loan package will be used to provide funding for new pipeline, accelerated drill program and working capital(read dividend insurance in case cash flow ain't good enough).

I am anxiously waiting for Mart to finish the second pipeline. Without the pipeline, they have no way to get any more production to the coast for shipment. So drilling new wells is useless unless they have more takeaway capacity.

Company is saying late 2013 but I'm thinking it will be early 2014 before the pipeline is functional and shipping oil.

Also notice the company has not been hurrying with new drilling or announced that the second drill rig is functional and working.

[Bobwins]

This is a Seeking Alpha article about Mart.


Any stock that trades with a 14% yield usually does so for a reason and Mart Resources (MAUXF.PK) is no different. The company trades on the TSX Venture exchange which has been rightfully pounded, operates in potentially unstable Nigeria, and has one big pipeline problem. In this case, however, I believe that these risks are already priced in and a significant number of positive catalysts are likely to push the stock to new highs this year.

Mart Resources

Closing Price (5/6/2013): $1.44
Mkt Cap: $513 million
Yield: ~14%

(click to enlarge)

History & Management

Mart Resources is an interesting success story. It was one of the first foreign oil companies to partner with Nigerian companies under an indigenous and marginal fields program. Mart and its partners, Midwestern Oil & Gas and Suntrust Oil, are developing the Umusadege Oil Field in the Niger Delta area of Nigeria. Production at the onshore field started in 2008 and has consistently increased ever since. The company has also developed a substantial reserve base that has been consistently increasing.

Unfortunately, this success hasn't come without setbacks. Mart remains dependent on a third party pipeline that has been the source of constant shutdowns and pipeline losses. On top of this, even when fully operational Mart's allocation on the pipeline is insufficient. Corruption in Nigeria remains rampant and there are always questions about the government's ability to crack down on oil theft.

CEO Wade Cherwayko has been active in the industry in West Africa for over two decades and has put together a quality team at Mart. Even after the recent pullback the stock is up about 40% over the last year and nearly 230% over a two-year period. On top of this, shareholders have received $0.25 (17.5% at Friday's closing price of $1.44) in dividends within a one-year period. Management has consistently created shareholder value and demonstrated its willingness to return capital to shareholders.

For those interested here is an interview with the CEO from this past November that gives an overview of the company and the marginal field program.

Marginal Field Program

The marginal field program under which Mart operates was initiated in 2001 with a goal of fueling the growth of independent Nigerian E&P companies. The government allocated the first 24 marginal fields in 2003. These "marginal fields" are fields owned by major international oil companies and the state oil company (NNPC) that have remained non-producing for over 10 years due to marginal economics and high fiscal terms. The program was set up to give improved fiscal terms from the historical 20% royalty and 85% profit tax. Companies receive reduced royalties and a profit tax of 65%. Thanks to the first allocation of these fields Mart is involved in one of the best performing marginal fields in the country.

Umusadege Field Highlights

Mart, Midwestern, and Suntrust re-entered the previously drilled UMU-1 well in June 2007, and commenced production in April 2008. The partners have grown production, reserves, and prospective resources on a consistent basis ever since.

Well Result Highlights:

UMU-1: Re-entered June 2007 and tested 2 of 13 oil bearing sands. These zones flows ~3000 bopd each and has been producing with little decline since April 2008.

UMU-3: Re-entered November 2007. Flowed ~1000 bpd with a high gas/oil ratio and production is suspended.

UMU-4: Drilled December 2006 to a depth of 8,818 feet. Oil was recovered from three quality reservoirs but was suspended for possible future production.

UMU-5: Twin to UMU-1 drilled in March 2009 to produce from two zones encountered in UMU-1. Tested zones at 3200 bopd and 725 bopd and has been producing since.

UMU-6: Completed in October 2010 to a total depth of 9,000 feet. Tested four different zones with initial flow rates of 3100, 3400, 4200 and 3600 bopd and has been producing continuously since December 2010.

UMU-7: Targeted same sands as UMU-6. Tested 2450, 2600, 4000 and 1240 bopd and has been producing since May 2011.

UMU-8: Tested four zones for a combined rate of 7661 and has been producing since October 2011.

UMU-9: Confirmed eastern extension of the field and was a very successful well. The well encountered 430 feet of gross pay in 20 sands including six new sands. Five sands tested produced at 11718 bopd.

UMU-10: Drilled from the same pad as UMU-9. Tested combined rate of 5019 bopd.

UMU-11: The next well to be drilled, expected to spud this Q2 2013.



Growing production has been capped by limited pipeline capacity. Current allocated capacity is about 13000 bopd but the line has been plagued with frequent shutdowns. The company has expanded the processing facility at the field to a capacity of 35000 bopd. The field is capable of producing near this rate and the company plans to ramp up production when the new pipeline is complete.

Under the terms of the RSA Mart funds 100% of capital expenditure and is entitled to 65% of distributable funds until the company has recovered spent capital. Mart receives 50% of remaining funds as Profit Oil, meaning the company receives 82.5% during cost recovery. After full recovery Mart is entitled to 50% of distributable funds.

Exploration Highlights:

- Up to 33 stacked sands
- Oil in shallow sands, oil or gas-condensate in deeper sands
- Geophysical interpretations very similar to the main field
- Proven hydrocarbon system with successful drilling to date
- Continuous sands across field delineation wells expected to continueSource: Developing Nigerian Assets presentation

Bunkering & Politics

For those who aren't familiar with oil production in the Niger Delta, pipeline losses and downtime are a constant headache. Bunkering, hacking into pipelines to steal oil, costs companies and the government billions in revenue each year. The makeshift refineries and pipeline leaks have done significant environmental damage to the delta. The problem seems to have escalated recently with Nigerian production hitting its lowest level since August 2009. The government has a lot on the line with 80% of revenues and 95% of foreign currency earnings coming from crude production. Whether or not the government has the ability to crackdown on theft remains an open question.

Financial Performance

Mart has a solid balance sheet and over the past few years has eliminated its debt. The company was growing earnings consistently until recent pipeline constraints capped production and long periods of downtime and pipeline losses have further affected financial results. With that said, the company has a strong history of growing earnings and production.

(click to enlarge)The company continued to be very profitable in 2012 even with 85 shut-in days compared to 50 in 2011. Pipeline losses for the year also spiked to 13.6% from 8.5% in 2011. Even with these challenges cash flow from operations jumped 23.4% to $130.3 million. The company paid $0.20 in dividends and announced a $0.05 quarterly dividend going forward. Using a 10% discount before tax the NPV of Mart's 2P (proved + probable) reserves is approximately $785 million. I believe this will prove well below what is actually in the ground as the consistent drilling success at Umusadege should continue to prove up and add resources.

Highlights from 2012 Annual Results (Source: Company presentation)




Due to a lengthy pipeline shutdown from February 15 until April 17, 2013, Mart's cash position has likely deteriorated somewhat as it paid the dividend (~$18 million) in April as well as ongoing operating costs. The company arranged a $100 million dollar loan facility in March that will provide some flexibility. Mart's capital expenditure for 2013 is estimated to be approximately $75 million, while dividend payments will cost about $70 million. With cash flow from operations and the loan facility the company should be fully funded for the year, and a revision to a more typical number of shut-in days, which I believe likely, would cement this.

Outlook

After surging to an all-time high of $2.27 in February, Mart has pulled back significantly. I believe this can mostly be attributed to three factors:

1. Ongoing pipeline disruptions

The Agip pipeline was down for 53 days in Q4 2012 and 55 days in Q1 2013. This has had a negative impact on results, financial strength and perception.

2. Headline risk and political uncertainty in Nigeria

Conduct a quick search of recent news out of Nigeria and you will see that violence and corruption affect many businesses operating in the country. With sinking crude exports and revenue recent reports have indicated an increase in anti-theft activity by government forces. The success of these actions remains very questionable but the headlines of violence and instability are likely to have contributed to weakness in the share price.

3. Weak oil price and poor performance of the TSX Venture

The TSX Venture Exchange and Canadian junior oil companies like Mart have taken a beating recently. WTI sank from the high 90s in February to mid-80s in April before the recent bounce.

While none of these risks can or should be ignored, I believe that the upcoming catalysts will most likely outweigh them. However, any potential investor must pay constant attention to future developments related to any of these factors, particularly progress with the pipeline and oil theft in Nigeria.

With that said, I believe that these five catalysts will likely push the stock to new highs by the end of the year:

1. New pipeline & subsequent jump in production

Mart and its co-venturers are working with Shell (RDS.A) to build a 54km pipeline that will run to a Shell export pipeline and then to the Forcados export terminal. The pipe is already on the ground in Nigeria and construction is underway. Things often progress at a slower pace in Nigeria but the pipeline is expected to be operational before the end of the year. Upon completion the new line will provide much needed redundancy and should reduce downtime and losses as it is deeper underground and encased in concrete.


Source: Company presentation
Source: Bing Maps

The Shell export pipeline is shorter and passes just south of the oil city of Warri through more populated areas and, in my opinion, is likely to prove more consistent than the Agip pipeline. At this point the performance of the new pipeline remains an unknown, however, it is a near certainty that a second export option will bring much needed diversity to the company and consistency to operating results. Under its current agreement Mart is allocated only about 13000 bopd on the Agip line. Total allocated capacity upon completion of the new pipe will be near 40000 bopd. This represents a massive increase. Fortunately, we already know that the oil is in the ground and the Umusadege Field can support this volume.

2. Continued sustainability of the dividend

When the Agip pipeline is operational the company can easily support the current quarterly dividend of $0.05 with a modest payout ratio. However, the significant downtime these past two quarters (53 days in Q4 2012 and 55 days in Q1 2013) has left legitimate unanswered questions for investors. The company remains financially strong with no debt and as of year-end had $43.4 million in cash, although this has likely decreased due to ongoing operations and the April dividend payment. At the end of March the company arranged a $100 million secure term loan that is intended to fund capital expenditures and further development, which should provide a bit more breathing room. Lastly, as of April 17 pipeline maintenance and repairs have been completed and oil has been flowing ever since. With the current yield of 14% the market is pricing in a high probability of a dividend cut. However, I believe that due to Mart's strong balance sheet and financial strength, combined with the recent resumption of production, this will not occur.

3. Lower pipeline downtime following an unusually weak period

While less downtime should obviously result from the completion of the new pipeline, in the short term there is reason to believe the worst may be over. The recent downtime is not a new phenomenon and historically long periods of major maintenance, mostly a result of pipeline vandalism and bunkering, have been followed by periods of better performance. Recent reports have indicated an increase in both violence and oil theft as well as a government crackdown. The impact of these actions is yet to be determined and any potential investor should follow developments closely. Looking at historical shut-in days it becomes clear that the recent downtime is more likely to be a periodic occurrence than the norm. I believe it is unlikely that pipeline downtime continues at the rate of the past two quarters and as such improved results will help carry the company until the new line is operational.


4. Continued drilling success at the Umusadege Field

Final test results from UMU-10 are pending. The next well to be drilled, UMU-11, is from the same surface location as UMU-9 and UMU-10 and will target sands which had a combined 79 feet of oil pay in UMU-10. UMU-11 is expected to spud during Q2. Mart will also be drilling horizontal wells to develop shallow oil reservoirs in the main body of the field. The company is looking at adding a second drilling rig for the horizontal wells. Mart has consistently increased both production capacity and reserves and I expect the drilling success to continue this year.

5. Possibility of acquiring new marginal fields

The Nigerian government has identified over 130 marginal fields some of which are likely to be allocated in the near term. Mart has repeatedly stated that it will secure interest in any new marginal fields allocated by the Nigerian government and is very well positioned to do so. This would diversify Mart's asset base and could provide significant upside. The Umusadege field and the completion of the new pipeline should provide Mart the financial resources necessary to develop any new fields without dilutive financing. Also, the company will continue to operate under the indigenous program that provides benefits and reduced taxes on any new marginal fields.

Conclusion

After being offline from February 24 until April 17, 2013 the Agip export pipeline is back up. The dividend appears secure in the near term. The stock is trading near a strong level of support ~$1.40. If this support holds investors will be paid 14% annually to wait for the new pipeline to be complete. Completion of the pipeline should be transformational for the company reducing downtime and approximately doubling production and sales. Management has proven to be shareholder friendly and has suggested further dividend increases. They have also proven to be an effective operator in Nigeria and are perfectly positioned to take advantage of further marginal field allocations. I believe shares could double by the end of the year if the company executes its strategy effectively and on time. In the low $1.40s I see limited downside for investors who are committed to actively following progress and developments in Nigeria, making this a very favorable risk-reward scenario.


Read more at http://www.stockhouse.com/bull.....4LkHEhw.99

[coach247]

I decided to add a bit more MMT @ $1.45 today. I know its probably not going to double overnight, and I still feel some risk in having money in Nigeria, but the yeild on this one is worth holding and the upside from further production growth seems to suggest this stock will look pretty good over a one year time frame. I have a core position in my retirement account and added more today to capture income during the spring doldrums. I figure I am getting a 10% return on my money just ond dividends through to the end of the year and by then I will probably sell to book a cap gain on the shares I bought today.

cheers!
mike
_________________
Im just like one of those alcoholic energy drinks, only without the energy...

[Bobwins]

I am stubbornly holding for the upside from the second pipeline and the drilling that Mart will do to fill up the second pipeline.

The timeframe to get the second pipeline is uncertain and the AGIP line is still down. The loan will ensure that they can continue the dividends but the important thing for me is that they should be able to fund any cost overruns on the second pipeline for their share AND they can accelerate their drill plans without waiting for revs.

Between now and both pipelines coming online, Mart could be volatile.

Still if they exit 2013 with 25,000 or 30,000bpd gross, Mart's profits will be large.

I am holding because they still haven't experienced declines on the wells that have been on production for several years. They haven't had a dry hole. They don't need to frack.

[langenburg]

I was tempted to buy more a few days ago around $1.50 but I talked myself out of it. These pipeline disruptions strike fear but the dividend doesn't appear to be in jeopardy at least

[Bobwins]

intraday hi of 2.31 but currently +.13 to C$2.25 1.66Million traded

Not sure what is driving Mart but institutional money must have decided Mart is going to get their second pipeline deal done and all that behind pipe production is coming!

I saw some quotes on Stockhouse that Oando is saying they started the pipeline in January and they are a participant along with Mart and it's JV partners. The optimistic speech by Mart CEO MUST have some real world basis in fact or why would he expose himself like that. I will be thrilled if the pipeline is done and functioning by end of Q3.

Once we get the second pipeline, the drill results will mean something. Right now, they can test UMU-10 all they want, it won't increase revs. Need that pipeline! Bring it on! and be sure to protect it with concrete!!!!

[Bobwins]

Stockhouse poster Just for Fun found this interview with Wade. Biggest item is that this interview is recent and he is still talking about 45,000bpd production and mid 2013 completion of connecting pipeline to Shell export line. I don't see how they are going to get that much pipe laid by mid year. I'm guessing they will actually flow oil very late in 2013, at best. They haven't even completed UMU-10 after months. BUT IF they can get the pipeline done in 2013, it will be very good for Mart for several reasons. They will have a lever on AGIP and cram as much revs as possible into 2013 while they still have a tax holiday AND total revs will scream upwards as they move from 7500bpd to 22 or even 30,000bpd, depending on drill results.



Tell us about the background of Mart Resources and milestones
I founded the company almost 20 ago. We have operations in many different countries, but the focus of the company for the last five or six years has been Nigeria. I have been in Nigeria for many years and have long been working with Nigerian indigenous companies, being one of the first foreigners to do so; helping them to secure financing and to find technical partners.
What is it like the company nowadays? What has it evolved into?

Because I have been here in Nigeria for a long time, I would say that we had first player advantage when the marginal field program came about, in 2003. This plan from the government aimed to allocate proven fields that were underdeveloped – and own by the major oil companies - to indigenous companies. The problem of these fields is that they were too small for the big oil companies, and the benefit for us was that, thanks to our experience on the ground and knowledge of the local environment, we were able to form partnerships with strategic local companies, and we followed what we considered better assets.

We have been working with our partner, MidWestern Oil & Gas Company Limited and SunTrust Oil Company Limited -, and which are currently running our major operating field. As a company, we are basically a Risk service provider to MidWestern and SunTrust, and the field is currently producing 12,500 barrels a day. This field is by far the best performing one of all marginal fields allocated by the Federal Government in 2003.

Our daily production of 12,500 barrels is not the production capacity of the field, the latter is much bigger than the former but there has been constraints and we are currently experiencing problems with our export pipeline. In order to solve that issue, we have come to an agreement with Shell so that we are building our own new pipeline, already in progress, and that pipeline will go into one of Shell that connects to the Forcados terminal; which will allow us to have a production capacity of around 45,000 barrels a day. We expect to have the pipeline operational by mid-2013, so from now until then we are going to drill a number of oil wells on the field so that when production is commissioned, we will be able to increase our production significantly. Likewise, we plan to do more development and exploration with the license, as well as look for new opportunities like buying some new assets where we see potential.

What are the growth prospects for the company for the next three to five years? Is there a plan already set?

We know that the government is going to allocate more of these fields, so we intend to continue to work closely with our existing partners Mid-Western and SunTrust, or maybe through other partnerships.

We are also looking to acquire assets which the International majors such as Shell, Conocco Phillips and the like may be divestment from.

What is your competitive advantage as a company within the Oil & Gas industry in this country?

I think it is that we have been on the ground for a long time, we respect the rights of the people and we are big supporters of the Local Content Act. Likewise, we have formed partnerships with strategic Nigerian companies, as MidWestern as I mentioned earlier. Therefore, working with local partners and local service providers gives us a competitive edge.

The Local Content Act was enacted in 2010, for you as a company partnering with indigenous Nigerian companies, have you already seen any benefits?

We have been very supportive of indigenous companies and partnering with them even before the Local Content Act was enacted . We have never operated in this country just as foreigners, but we have always partnered with local companies, because we know the way around and it’s also a huge benefit to the industry as it helps to streamline the industry by utilizing more local content, it makes work force from a foreign perspective more stable

Nigeria is the biggest oil producer in Africa, it has 3% of world´s reserves, but fuel shortages are still very common in this country. What should be done to tackle that issue?

Either the government or the private sector will have to put more refining capacity in place, as well as rebuilding the existing refineries. And in fact, the government is already taking the right steps to help develop more local refining capacity.

Nigeria has the highest gas reserves in the whole continent, but gas production is not very developed yet. Is Mart Resources considering venturing into the gas sector in the coming years?

We are not interested in gas as an only asset, but we are more interested in gas associated with oil development. We will only build gas fire power plants, so that our gas is only utilized in fire or generation, and we give power generated back to communities where we operate into their local grid. So we look at it only in association to oil development. But our primary focus will be still more oil than gas.

There is a lot of talk into the diversification of the Nigerian economy to non-oil related activities. If you had to suggest a foreign investor coming to Nigeria where to invest, apart from the oil & gas sector, which sectors would you highlight?

I think this country needs more infrastructure projects, so that would be a good area to explore and invest; office buildings, housing, ports… all sort of logistics projects offer good opportunities. The population in this country is so immense that we need to have more modern infrastructure.

How important is diversification in order to achieve the government Vision 20:2020?

I think that is a good plan from the government, and you need to diversify in order to achieve it. The country is extremely reliant on the oil industry, and in order to grow the economy there has to be more wealth distribution and better infrastructure.

Foreign investors may be concerned because they have heard that this country has a lot to do in order to achieve more transparency, accountability or good governance. What would you tell those foreign investors to convince them that those challenges can be overcome and Nigeria is the country where to invest in Africa?

Foreign investors just need to look at the number of local as well as foreign companies that operate in Nigeria and that are making good amount of money. Even ourselves, as a Canadian company, we are generating significant cash-flow in Nigeria. Therefore, people just have to look at the success stories, and avoid focusing on the negative side that they hear about Nigeria. This country has changed a lot in the last few years, and there are new entrants, especially within the oil industry thanks to the divestments that the big players have done, that are coming here because they have realised this is a place which offers good returns on investment.

How could a foreign investor coming into the oil industry benefit by partnering with Mart Resources?

It makes a lot of sense to partner with people that are already on the ground and understand the local environment, and that know how to work with local communities. Therefore, it is much easier for investors to come here and invest with a local player instead of doing it on their own especially taking into account how competitive it is getting here now, you need to work with someone that has a strategic advantage on the ground and understands the local terrain, and we are one of such companies as far as Nigerian Energy sector is concerned.

You have comprehensive experience of more than twenty years in this sector, across the North and West of Africa, Canada or South America. If you look back in time, which legacy do you think you are leaving behind?

What we are most proud of is that we have really helped to develop local content, so we have contributed immensely by way oftransfer of technology and hands on experience from an independent oil & gas standpoint; and the reason why it was achievable in Nigeria was Nigeria dominated by the major players, there were no independent or strong indigenous oil companies when we started out here. Then, we have brought experience from overseas into Nigeria; we have been innovative and technology-driven, as well as providing fit-for-purpose equipment. Likewise, people now know how to finance these projects thanks to us. So I think we have brought a lot of interesting ideas that have benefited indigenous oil & gas companies.

View Mart Resources OBP


Read more at http://www.stockhouse.com/bull.....VM4MT93.99

[coach247]

Very interesting market action today. A cross of 1.8 million shares traded early in the day and that alone is a significant volume item. However the cross went through at the high of the day @ $2.08 representing an all-time high for MMT. Most of the time when a large cross is arranged a stock is walked lower to the agreed price. I cannot recall another example where a cross went down at a new all-time high. Someone wanted to acquire a block of shares in this one and was willing to pay a premium to get it.

cheers!
mike
_________________
Im just like one of those alcoholic energy drinks, only without the energy...