Mart Resources, Inc.: Operations and Production Update
13 5월 2014 - 9:30PM
Marketwired
Mart Resources, Inc.: Operations and Production Update
CALGARY, ALBERTA--(Marketwired - May 13, 2014) -
- Umusadege field production averaged 8,593 barrels of oil
per day ("bopd") during April 2014 based on calendar days; average
field production based on production days was 12,539 bopd during
April 2014.
- Umusadege field net deliveries into the export pipeline
were approximately 249,056 barrels of oil ("bbls") in April 2014
before pipeline losses and approximately 193,903 bbls after
deducting pipeline and export facility losses estimated by Mart for
April 2014.
- Pipeline and export facility losses reported and allocated
to Mart and its co-venturers for March 2014 were 45,959 bbls, or
13.1% of total crude oil deliveries into the export
pipeline.
- Aggregate downtime during April 2014 totaled approximately
9.5 days, including two full down days during the month.
- Construction activities on the Umugini pipeline are
progressing, and pipeline construction is expected to be completed
in the first half of 2014.
Mart Resources, Inc. (TSX:MMT) ("Mart" or the "Company") and its
co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the
Umusadege field) and SunTrust Oil Company Limited are providing the
following updates on Umusadege field production for April 2014 and
other operations.
April 2014 Production
Update
Umusadege field production during April 2014 averaged 8,593
bopd. Aggregate Umusadege field downtime during April 2014 was
approximately 9.5 days due to repairs and maintenance to the
Nigerian Agip Oil Company Limited ("NAOC") export pipeline and
other operational interruptions, with two full down days during the
month. The average field production based on producing days was
12,539 bopd in April 2014.
Total net crude oil deliveries into the NAOC export pipeline
from the Umusadege field for April 2014 were approximately 249,056
bbls before pipeline losses. Based upon the 12-month rolling
average rate of pipeline and export facility losses of 22.14%, Mart
estimates pipeline and export facility losses for April 2014 to be
approximately 55,153 bbls. Using this estimated pipeline and export
facility loss volume, the total net crude deliveries into the NAOC
export pipeline from the Umusadege field for April 2014 less
estimated pipeline losses is 193,903 bbls.
Pipeline and export facility losses reported by NAOC and
allocated to Mart and its co-venturers for March 2014 were 45,959
bbls, or 13.1% of total crude oil deliveries into the export
pipeline for that month. As previously announced, total net crude
oil deliveries into the export pipeline from the Umusadege field
for March 2014 were approximately 350,750 bbls, so after deducting
the actual pipeline and export facility losses allocated for March
2014, the total net crude oil deliveries less losses for March 2014
were 304,791 bbls. April 2014 pipeline and export facility losses
have not yet been reported by NAOC.
Umugini Pipeline
Update
Surveying and clearing of the right of way for the Umugini
pipeline has been completed and pipeline construction is ongoing.
The first 35 kilometres ("km") of the pipeline have been completed
and backfilled. Stringing of approximately another 16 km of pipe
has been completed, and welding, coating, radiograph testing has
been completed on 14 km of this 16 km section. Trenching and
lowering is currently being finished on approximately 8 km of this
length, and the installation of fiber optic cable that is part of
the leak detection system has been completed on the first 3 km.
Procurement of materials and equipment required to complete the
pipeline pumping, monitoring and control facilities is ongoing. The
group managing construction of the Umugini pipeline continues to
estimate that pipeline construction will be completed by the end of
the first half of 2014. Pipeline commissioning will occur following
completion of pipeline construction and installation of pipeline
pumping, monitoring and control facilities.
2014 Annual General and
Special Meeting of Shareholders
Mart is pleased to announce that its Annual General and Special
Meeting ("the Meeting") of Shareholders will be held at 3:00pm on
Friday, June 20, 2014 at the Calgary Petroleum Club. The Meeting
will be webcast for shareholders and others unable to attend the
Meeting in person. Full details of the Meeting and the webcast will
be provided in advance of date of the Meeting.
Additional information regarding Mart is available on the
Company's website at www.martresources.com and under the Company's
profile on SEDAR at www.sedar.com.
Except where expressly stated otherwise, all production
figures set out in this press release, including bopd, reflect
gross Umusadege field production rather than production
attributable to Mart. Mart's share of total gross production before
taxes and royalties from the Umusadege field fluctuates between
82.5% (before capital cost recovery) and 50% (after capital cost
recovery).
Forward-Looking Statements and Risks
Certain statements contained in this press release
constitute "forward-looking statements" as such term is used in
applicable Canadian and US securities laws. Any statements that
express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or are not statements of historical fact and
should be viewed as "forward-looking statements". These statements
relate to analyses and other information that are based upon
forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. Such forward looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements.
In particular, there is no assurance that there will not be
future disruptions of the NAOC pipeline or Brass River export
terminal. Any future disruptions will materially and adversely
affect the ability of the Company to transport, deliver and sell
its crude oil production from the Umusadege field. Statements
(express or implied) concerning the allocation of export and
pipeline capacity to the Umusadege field from their third party
pipeline owners, should also be viewed as forward looking
statements. Pipeline and export facilities losses are expected to
continue in the future and such losses could be material. There is
no assurance that there will not be adjustments to previously
reported pipeline losses. There is no assurance that the estimates
of current month pipeline losses will reflect actual pipeline
losses once reported to the Company by NAOC. There is no assurance
regarding that the completion of the Umugini pipeline will be
completed in the first half of 2014 or that all equipment,
agreements or approvals required to commission, operate or
transport oil through the Umugini pipeline will be received in a
timely fashion or at all.
There can be no assurance that such forward-looking
statements will prove to be accurate as actual results and future
events could vary or differ materially from those anticipated in
such statements. Accordingly, readers should no place undue
reliance on forward-looking statements contained in this news
release. The forward-looking statements contained herein are
expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's
beliefs, estimates and opinions on the date the statements are made
and the Company undertakes no obligation to update forward-looking
statements and if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable
law.
NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
Mart Resources, Inc. - London, England officeWade Cherwayko+44
207 351 7937Wade@martresources.comMart Resources, Inc. - London,
England officeDmitri Tsvetkov+44 207 351
7937dmitri.tsvetkov@martresources.comMart Resources, Inc. -
CanadaSam
Grier403-270-1841sam.grier@martresources.comwww.martresources.com
Mart Resources (TSXV:MMT)
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