Company Information for Mart Resources Inc

Company stock charts - 6 Month chart

TSX; MMT View full financial data

Company Statement

Mart Resources Inc. is an independent oil & gas company focussing on bringing African oil fields into production that are proven but have not yet been developed.

To date, Mart's main activities have been in the development of Nigerian Marginal oil fields in joint ventures with the indigenous field operators. Mart continues to seek exploration and production opportunities in other African countries.

Mart Resources Inc, which is quoted on Toronto’s Venture Exchange (TSX.V:MMT), is focused on developing marginal oil discoveries in Nigeria. Although not without its challenges, this is a geologically low-risk, low-cost approach to building a sustainable E&P business and provides plenty of growth opportunities: there are believed to be some 2 billion barrels of oil lying in fields previously deemed marginal.

Operations and Technology

Mart’s first project, the Umusadege field onshore Nigeria, came onstream in April 2008. The field, discovered in the 1970s, lies in the north of the Niger Delta region and comprises multiple stacked oil-bearing sandstone reservoirs between 6,500 and 9,000 feet as well as deeper reservoirs which are more gas prone. The field is expected to gradually increase production to a peak of 6,030 barrels per day from the UMU-1 well and 1,600 bpd from the UMU-3 well, with further development wells set for drilling later in 2008. Mart’s partners here are Midwestern Oil & Gas and Suntrust Oil Company Nigeria. 

Mart is also participating in the development of the Ke field, alongside its parter Del-Sigma Petroleum. The field lies in the southern part of the Niger Delta, about 18 km to the west of Shell's Bonny oil terminal, and was discovered by Chevron in 1965 when the Ke-1 well encountered three oil reservoirs between 9,300-10,500 feet. The deepest of these oil pay zones was production tested by Chevron at a rate of 1,145 barrels of 44-degree API oil per day. This well was located in the central highly faulted part of the Ke structure. To the south of Ke-1 is a large unbroken segment of the structure which has never been drilled and could hold substantial volumes of oil. Mart and Del-Sigma plan to reprocess existing 3 D seismic data, acquired by Chevron in the 1990s, and drill a new well to offset the existing Chevron well or re-enter Ke-1. 
The company also holds the Qua Ibo field on the south-eastern coastline of the Niger Delta, some 1.5 km from ExxonMobil's Qua Iboe oil terminal. The field was discovered by Shell in 1960 and holds two main oil reservoirs with additional potential in a shallow reservoir. In May 2008 Mart and its partner, Network Exploration & Production Nigeria, amicably settled a long running dispute, paving the way for the first well to be drilled on the field over the summer of 2008. If successful, the field could be onstream as early as Q2 2009.

Board of Directors and Key Management

Most Recent Statement