Hi Pat: What do you think about Mart Resources (MMT)? They seem to have finally obtained some prolific production, although it must be said that Nigeria isn’t the most risk-averse place in the world to operate. Thanks for the great and reliable advice. Regards.
Mart Resources, $0.29, symbol MMT on Toronto (Shares outstanding: 335.5 million; Market cap: $97.3 million), is focused on developing, producing and drilling for oil at its on-shore properties in Africa. The company is currently producing oil from its 50%-held Umusadege field in Nigeria.
The Umusadege field is located in the Niger Delta region of southern Nigeria, about 150 kilometres northeast of the major port city of Warri, which is midway between Lagos and Port Harcourt.
The Niger Delta region accounts for over 90% of Nigeria’s proven oil and gas reserves. It’s also the scene of long-standing ethnic conflicts, including a failed breakaway attempt by the self-proclaimed Republic of Biafra between 1967 and 1970. The Nigerian army is still very active in the Niger Delta, where it suppresses attacks on oilfields and pipelines, as well as hostage-taking by militant groups and criminal gangs.
In the three months ended September 30, 2009, Mart’s revenue rose 25.7%, to $23.7 million from $18.8 million. Cash…
Privacy Policy and Terms of Use
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Changes to this Policy
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