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INA.V first oil.....yahoo !
http://pressreleases.eon-uk.com/blogs//eonukpressreleases/archive/2013/04/13/1928.aspx
JFF7
all this squabbling...I'm still nibbling.
JFF7
one of the things they will be doing is a "bail in". Many of the central bankers have put this in place just recently without people realizing that it is there or what it is.
When banks start to fail, the laws will already be in place (New Zealand, Canada, etc) to take money out of people's personal bank accounts in order to recapitalize the banks.
Those bankers are a slippery bunch.
JFF7
continuing to add here a little bit at a time but only out of trading profits as I am still not convinced the current global financial interests will not be able to kick the can down the road or at least have someone else recapitalize the financial markets that are at risk.
JFF7
MMT.V
STOCKWATCH MARKET SUMMARY
April 8, 2013 For more, visit Stockwatch.com
Energy Summary for April 5, 2013
2013-04-05 16:39 ET - Market Summary
by Stockwatch Business Reporter
New York Merc crude for May delivery lost 56 cents to $92.70 (all figures in this para U.S.). Brent for May fell $2.22 to $104.12. West Texas Intermediate lost 46 cents to $93.29, while Western Canadian Select traded at a discount of $13.64 to WTI ($79.65), up from a discount of $13.98. The TSX energy index added 1.78 points to close at 242.68.
Africa-focused stocks were some of the busiest today. Mart Resources Inc. (MMT), which is developing the Umusadege oil field in the Niger Delta, added 11 cents to $1.57 on 3.7 million shares. Production from Umusadege has been shut down since mid-February because Nigeria AGIP, the operator of the field's sole export pipeline, has been performing maintenance. This has been happening a lot lately. Over the last six months, Mart has produced about one-third of what it expected. AGIP's latest estimate for a restart date -- it had previously said the third week of March, then the first week of April -- is April 13 to 15, according to a conference call today withOando Energy Resources Inc. (OER: $1.41). Oando relies on the AGIP pipeline for production from its neighbouring Ebendo field. Like Mart, it is frustrated with the pipeline's frequent shutdowns (not to mention the heavy theft), so both companies are working on a second pipeline that will connect to Royal Dutch Shell's export facilities. Here too there are delays. Completion was originally expected in June, but that was soon bumped to September, and now there are rumours it will not be ready until late in the fourth quarter. Oando confirmed fourth quarter but did not give specifics.
STOCKWATCH MARKET SUMMARY
April 8, 2013 For more, visit Stockwatch.com
Energy Summary for April 5, 2013
2013-04-05 16:39 ET - Market Summary
by Stockwatch Business Reporter
New York Merc crude for May delivery lost 56 cents to $92.70 (all figures in this para U.S.). Brent for May fell $2.22 to $104.12. West Texas Intermediate lost 46 cents to $93.29, while Western Canadian Select traded at a discount of $13.64 to WTI ($79.65), up from a discount of $13.98. The TSX energy index added 1.78 points to close at 242.68.
Africa-focused stocks were some of the busiest today. Mart Resources Inc. (MMT), which is developing the Umusadege oil field in the Niger Delta, added 11 cents to $1.57 on 3.7 million shares. Production from Umusadege has been shut down since mid-February because Nigeria AGIP, the operator of the field's sole export pipeline, has been performing maintenance. This has been happening a lot lately. Over the last six months, Mart has produced about one-third of what it expected. AGIP's latest estimate for a restart date -- it had previously said the third week of March, then the first week of April -- is April 13 to 15, according to a conference call today withOando Energy Resources Inc. (OER: $1.41). Oando relies on the AGIP pipeline for production from its neighbouring Ebendo field. Like Mart, it is frustrated with the pipeline's frequent shutdowns (not to mention the heavy theft), so both companies are working on a second pipeline that will connect to Royal Dutch Shell's export facilities. Here too there are delays. Completion was originally expected in June, but that was soon bumped to September, and now there are rumours it will not be ready until late in the fourth quarter. Oando confirmed fourth quarter but did not give specifics.
STOCKWATCH MARKET SUMMARY
April 8, 2013 For more, visit Stockwatch.com
Energy Summary for April 5, 2013
2013-04-05 16:39 ET - Market Summary
by Stockwatch Business Reporter
New York Merc crude for May delivery lost 56 cents to $92.70 (all figures in this para U.S.). Brent for May fell $2.22 to $104.12. West Texas Intermediate lost 46 cents to $93.29, while Western Canadian Select traded at a discount of $13.64 to WTI ($79.65), up from a discount of $13.98. The TSX energy index added 1.78 points to close at 242.68.
Africa-focused stocks were some of the busiest today. Mart Resources Inc. (MMT), which is developing the Umusadege oil field in the Niger Delta, added 11 cents to $1.57 on 3.7 million shares. Production from Umusadege has been shut down since mid-February because Nigeria AGIP, the operator of the field's sole export pipeline, has been performing maintenance. This has been happening a lot lately. Over the last six months, Mart has produced about one-third of what it expected. AGIP's latest estimate for a restart date -- it had previously said the third week of March, then the first week of April -- is April 13 to 15, according to a conference call today withOando Energy Resources Inc. (OER: $1.41). Oando relies on the AGIP pipeline for production from its neighbouring Ebendo field. Like Mart, it is frustrated with the pipeline's frequent shutdowns (not to mention the heavy theft), so both companies are working on a second pipeline that will connect to Royal Dutch Shell's export facilities. Here too there are delays. Completion was originally expected in June, but that was soon bumped to September, and now there are rumours it will not be ready until late in the fourth quarter. Oando confirmed fourth quarter but did not give specifics.
ORT.to
I think the key is for ORT to sell HPA as a way of making a buck and keeping the company alive without dilution until the other opportunities from red mud mediation and the SGA plants can take route and grow. Sure they will need to borrow or dilute to finance their piece in the first SGA plant but at least that will add some value. The worse situation is when the development of the technology proves out over a long time but the company has had to sell all the upside to the banks in order to stay alive while the technology finds a foothold.
Maybe modifying the HPA to closely parallel the SGA plant and face cost overruns was not such a great idea. Time will tell I guess
JFF7
MMT.v
My feeling is that ...completion date of the new pipeline is now a big unknown. I hope Wade was not in charge of acquiring the property rights as I hoped that was the baliwack of Midwestern (dealing with locals and politicians). Sounds like it snowballed out of control (one community asks for a little more and then the next one asks for more and pretty soon the first guys want to renegotiate their terms....who knows where that will stop or when it will end. Marts share of the pipeline has grown from 5 million to 10 million. Mart should be able to do this but will other partners be able to pony up a doubling of their share of the cost? Will Mart have to take a bigger stake in the pipeline construction and operation? The new loan will allow them to do so.
The AGIP pipeline should be repaired in the next two weeks (having to due partial pipeline replacement things were so full of holes). That should put a bottom under the stock.
People will be worried about their ability to fund the future divies. I think they can do it but lots won't.
JFF7
ORT.to
looks to me like computer trading with stops getting taken out along the way. People know a financing is coming so not a lot of support there. But it looks to me k like the computer algos jumping on the shorts taking out the stops is the straw that broke the camels back and the authorities had no choice but to put a Halt on the trading to stop the carnage. Lack of human traders in the system is showing up as a real weakness in the system. Volatility rules.
JFF7
this is of curse part of the larger picture of POG. The price of gold stocks including PTQs will be pushed lower as long as the price of gold can be pushed down.
we're getting into the final days as shown by the greater volatility of things.
Good luck to all. Many buying opportunities ahead.
JFF7
yikes...everything has gone for a crap lately....first ORT.to drops from 2.50 a few months ago to 1.07 this morning and now our beloved Mart (MMT.V) has dropped from 2.30 to 1.52.....
Throw on all the gold stocks tanking and a great year has turned into a loser year.
JFF7
Nibble nibble
JFF7
"...if gold goes to $10,000/oz."
Yup that's about the only way we're going to make any money off of any gold stocks. The vested interests have to lose control of the financial system for that to happen. They can play this game a long time but the western world's debt just keep going up. Something has to give ...some day.
In the meantime, just keep making money, saving up for that "buying opportunity" of all time.
That's how I am playing it.
JFF7
Shorting a gold stock is way to risky at these levels....any idiot knows that. At least this one does! Doh ! Did I say that?
Even you know yourself that you are all over the place when it comes to price predictions. I don't blame you since gold has so many drivers and the gold equities are so out of favor.
JFF7
I trade through three institutions. Any established financial institution will give you access to purchase high volume low priced stocks for a decent flat fee.
I agree that IB does not fit this model. It's strengths are buying a small number of shares in high priced stocks for a very low price. Quick execution with a choice for routing your orders. The techies also like it because you can write your own trading programs and logic and tie that directly into the IB system through interfaces. It was also one of the first platforms to give you access to foreign markets without going through a broker on the phone. If you need help though or documentation of your trades, you don't get much.
JFF7
I bought some more today. Little by little.
JFF7
with all this trading volume, I could make some serious lunch money today....and I mean seriously, I could almost make some lunch money. 19K volume so far....lol.
POG on the way up also....nice.
JFF7
I'd love to but the trading volumes are so small on PTQ it's really not easy to make any significant money unless it is over a longer period of time. There are much better day trading opportunities out there.
PTQ remains my insurance premium in case the governments and banking system cannot hold it together.
JFF7
and PTQ share price to fall....what a bizarre relationship PTQ share price has with good news. I wonder who is benefiting from that.
JFF7
"I won't ask why you drove the northern route in the winter through Colorado. There is a road called Interstate #10!! LOL! "
Nobody ever said Phd s were street smart !
(That's a pun in case anyone is thinking I am slamming Lojiko)
JFF7
gold majors are catching a bid. may just be an oversold bounce but looking good. Could drag the juniors up if it continues. Even PTQ might get some love. Need more than a one day rally in the majors for it to start to carry juniors.
JFF7
ORT.t
I don't know if it is a problem with their process or simply a stock that got ahead of itself and it's ability to generate profits to match the capital needs for expansion.
The shorts are definitely having their way with it. Short up 45% or so in the last report. Probably much worse now. Lots of stops getting taken out now on a daily basis. Selling begets selling once things get this bad.
I'm out but watching closely.
JFF7
ORT.TO $1.60 -0.11 (-6.43%)
Yikes....where is this going to stop dropping. This is ridiculous.
JFF7
that's the reality we live in now....managed markets. You have to ask yourself how long the current financial system can continue to kick the can down the road. Not forever but I would not under estimate them either.
I'm glad PTQ management is buying back shares and supporting the share price on my insurance premium.
JFF7
what the heck is your problem? Focus on the stock, not the country.
PTQ is up today....be happy !
JFF7
can you blame them?
USD stronger
US dollar index is almost at 82 cents. this is going to drive the US guys nuts. Looks like they will have to print even more money in order to weaken the currency further. The currency wars are just getting warmed up. Should be good for POG.
JFF7
but of course the POG is weaker as well. It looks like the price of gold and silver is being pretty well controlled. It may take a financial calamity for POG to get above 2000. No end of the world scenario, no big rise in the price of gold.
I have some silver and gold stock(s) but I am not making a big bet against the established world financial system. This is more like an insurance premium than an investment. I simply try to trade it so I can reduce the cost of the premium.
JFF7
not a problem....investors have to have a near infinite time horizon for a return on their investment. Is that perfect storm a mirage on the horizon? I sure hope not.
JFF7
I don't mind these 15% swings....just keep trading them...a good way to cover the holiday expenses
JFF7
yes...I think you are both right... lots of people (sheep) follow Goldmand and do the opposite of what Goldman says is currently happening.
Maybe we will be able to pick up some PTQ in the 40s soon....and yet another buying opportunity...
JFF7
relax Jal, I was being sardonic. I know, it doesn't translate well in text.
Can't help but feel, POG is being managed and quite well for that matter. One of the reasons I can't allocate to much investment money to precious metal stocks. PTQ is my only gold stock now. Today was a sell opportunity for my other gold stocks.
JFF7
why are you guys so negative? didn't you read that this was 150 million dollar deal (rolling my eyes)? You guys must be in denial again (chuckle).
I actually think the deal was a fair one. One that they should have arrived at along time ago. One that they would have if PTQ didn't think they could extort exorbitant sums from Inmet.
The deal is actually a significant benefit to PTQ and adds significant value to the company over the short and long run. More upward pressure on the price that the market will eventually realize.
JFF7
Jal,
Im sure all the reasons for this company's shares will come back to you if you take a moment to reflect. Things are improving but there is a lot of history and there still remains lots of room for the situation to improve.
The muted response may be because some were expecting 100-150 million in cash for a land deal. Money that could have been used to further develop Spanish properties with less debt. Getting the debt deal signed will definitely change things in my eyes and as some have suggested lead to a re-rating.
I'm still holding some shares. It is a little bit tempting to add some more here as a trade since more news is likely coming this week and POG is bouncing some. However, I have been on holidays and my timing is rusty and the markets are jerky which makes it hard to predict accurately what might happen.
If POG is at the start of a major upswing, this would be a great chance to increase one's holding of PTQ.
Good luck to all no matter what your choices you make.
JFF7
MMT - Bobwins
Take this for what it is worth. Rumour only as far as I have seen.
Supposedly a second drill rig is entering the picture for the horizontal wells.
Also it was rumored that Oando (also using the new pipeline) mentioned in one of their communiques that the pipeline construction had started in January sometime.
We haven't had much news from Mart lately so I hope they have been using the time productively.
Trading at over 2 bucks now, more financial institutions may be interested in Mart now since that is a cutoff point for some.
Back to waiting.
MMT.V - production capacity of around 45,000 barrels a day
http://www.voicesofnigeria.com/articles/interviews/item/185-interview-with-mr-wade-cherwayko-chairman-executive-officer-of-mart-resources.html
Interview with Mr. Wade Cherwayko, Chairman Executive Officer of Mart Resources
Post 11 February 2013
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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/bullboards/messagedetail.aspx?s=mmt&t=list&m=32183352&l=0&pd=0&r=0&msg=3#7VB91lXtGtqkf6EW.99
Not strange really. It's wait for the money now.
JFF7
That makes sense. That means the goal posts are moving as we wait for FQ / Inmet or Inmet / Unknown Company to make a deal. OK, I'll go back to sleep.
JFF7