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Well in this carnage I think CNQ on a retest of its lows down towards $7. Then the dividend is over 15%.
I still like TXP.TO with their new discovery in Trinidad & Tobago.
I think NG bottoms (last week might have been the test of April 2nd low) with all the shut ins which will be occurring in the next few months.
The problem with liquidity with a credit line is the line dries up pretty quick when the underlying asset goes from $40+WTI to $20 or below.
I like Eric but we are in a depression in the oil patch. Will last for at least a year. Similar to the early 1080's.
Thanks for posting the notes. I just got around to listening to the interview.
Matt:
I closed out my position as well last week. Moved it into a few gold miners. With sanctions on Turkey the company is going to find it difficult to obtain equipment.
Hope I'm wrong for any remaining longs and will revisit in the future but after 30 days as I can use the tax loss.
Delayed reaction but flow testing is another 3 months. Patience but hopefully tax loss selling is over (or at the most another week and a half).
Plenty of Turkey risk headwinds this year (including the currency).
Merry Christmas and Happy Holidays everyone.
That is the only item I could find.
I agree now till July / Sept is not that long and while I'm sure NG has a "shoulder season" in Europe that shouldn't be what is impacting the share price.
It might have something to do with the political situation in the ME.
Turkey, Iran & Russia aligning against U.S. can lead to Turkey out of NATO.
U.S. just shut down their Turkey airbase.
My problem is Fission is going to run into the same issues as
Cameco had with Cigar lake. They will have water problems and the cost to develop is going to require a U308 price way north of where it is today.
This is their low production quarter due to the rainy season.
They have keep guidance at the 200 to 215k oz (while 1st 6 months production is 125k oz. I'm assuming the guidance given at the 1st and 2nd quarter calls have held the stock back compared to its peers.
Before last year's 3rd quarter when rainy season production was only 30k (which was down from 2014's 3rd quarter) the stock was stronger. Now it trails its peers (at least Endeavor).
Tim
I'm still in and have been adding, not decreasing position.
Yes and at some point (I would think soon) we have a pull back in gold but it looks like the bear may be over.
It has been a long wait.
TGZ.TO, it used to trade around the same price as EDV.TO prior to EDV's reverse split and both co's issuing more shares in transactions last year.
Maybe it has some catching up to do.
MART - Once a great investment but debt financed expansion and the market turn on oil have killed it. The bank will take it over at some point or sell the note and let the new note holder take it over.
http://finance.yahoo.com/news/mart-delta-oil-terminate-arrangement-130000520.html
I'd like to see it survive but can't see how. They need oil back at least in the $70 range, debt covenants redone (I can see someone buying the debt and taking over the company which is why I bailed) and to start being paid for all the oil they send (with bunkering limited to 10 / 12%).
Dumped mine but put it in EDV and TGZ.
Bob:
Maybe there is hope yet. A good article on break through aluminum batter technology.
One caveat as I've some knowledge with batteries and many a fortune has been lost in developing battery technology.
http://arstechnica.com/science/2015/04/flexible-aluminum-battery-charges-fast-stable-for-over-7000-cycles/
Tim
Hi Joan:
It has to, Mart has a debt problem. They paid the dividend too long with the pipeline losses.
The debt is due to the pipeline and new oil lease purchase at the market top. All of this would have been fine if oil stayed above $100 but they ran out of time. T
They have the assets but now have north of $250M of debt coming due this year. They were also having an issue with the March debt / interest payment.
Unfortunate but if they cut the debt early on with the pipeline losses they could have saved $70M and that would have been able to carry them.
Midwestern to buy Mart.
http://finance.yahoo.com/news/mart-enters-non-binding-letter-130000281.html
MART INITIATES REVIEW OF STRATEGIC ALTERNATIVES
Looks like Mart has been approached with an offer.
OT:
T Brady reworked his contract so the salary cap hit is only 9M next year (I think it was $14M this year and this was reworked down from 17 and 19).
Patriots put a value on a position and will let a player go. I doubt they go higher then the $12M for Revis, look at how they traded L. Mankins with his $6M right before the season or let T.Kelly go (I think he was a $7M hit and Arizona had him for $1M).
Belichick makes some hard decisions with salary cap.
Best of Luck to you Bruce and look forward to seeing you post in the near future.
For outlook I would manually copy the data files and you'll have to check for the location, usually C:\Users\My Documents\Outlook files.
This way you get the archived folders.
My best guess on the roadmap of POG is time wise it follows the fall from $1,900.
Will be a good period of time from $1,220 to $1,250. Takes a long time to repair technical damage.
Of course with the rest of the world printing there should be increased demand which I assume we are seeing strength now even with the strength in the dollar.
So if November 2014 was the bottom (we can still have a retest to confirm this) we still have 11 months where we can a sell off to these levels. Then by month 12 (November 2015) we start the march higher.
Just my guess on a roadmap and EDV is my over weighted producer in the space (then TGZ).
Look at the volume on both EDV and TGZ last Friday.
On EDV there was only about 1.8M shares traded at around 3PM when I purchased some more. Volume must have exploded for both of these on the close with options expiration.
Hi LC:
Considering it was a break of a triple bottom I believe the next support levels come into play. If the TA / FA was favorable then the retest would not have hit the 1,180.
I think the street will have to be "anticipating" a dollar change at some point for the metal TA to become healthy.
Ebola impacting Liberia and Nigeria oil operations.
Have to assume this is part of what is impacting Mart price with the other part being drop in oil price.
http://www.betawired.com/exxon-mobils-oil-gas-activities-affected-by-ebola-outbreak/146295/
MART AUGUST UPDATE
Note pipeline losses lower than initially reported but downtime days higher than anticipated.
NEWS RELEASE
MART RESOURCES, INC.
September 11, 2014
OPERATIONS AND PRODUCTION UPDATE
• Umusadege field production averaged 7,847 barrels of oil per day (“bopd”) during August 2014
based on calendar days; average field production based on production days was 12,816 bopd
during August 2014.
• Umusadege field net deliveries into the export pipeline were approximately 243,143 barrels
of oil (“bbls”) in August 2014 before pipeline losses and approximately 191,102 bbls after
deducting pipeline and export facility losses estimated by Mart for August 2014 based upon the
12-month rolling average rate of actual pipeline and export facility losses.
• Pipeline and export facility losses reported and allocated to Mart and its co-venturers for
July 2014 were 31,324 bbls, or 14.9% of total crude oil deliveries into the export pipeline.
• Aggregate downtime during August 2014 totalled approximately 12.0 days.
• Umugini pipeline tie-in and start-up activities continue, but were delayed by heavy rains and
local community complications, which have now been resolved.
• Drilling of the UMU-4 side-track horizontal well has been completed, and the well is flowing
approximately 4,700 barrels of oil per day (“bopd”). The rig was skidded and operations commenced
on the UMU-12 well for a horizontal well design, targeting a completion in the VIII sand.
Calgary, Alberta – Mart Resources, Inc. (TSX: MMT) (“Mart” or the “Company”) and its co-
venturers, Midwestern Oil and Gas Company Limited (“Midwestern”, Operator of the Umusadege
field) and SunTrust Oil Company Limited are providing the following updates on Umusadege field
production for August 2014 and other operations.
August 2014 Production Update
Umusadege field production during August 2014 averaged 7,847 bopd. Aggregate Umusadege field
downtime during August 2014 was approximately 12.0 days due to shutdowns of the Nigerian Agip
Oil Company Limited (“NAOC”) export pipeline resulting from operational interruptions due to
general pipeline repairs and maintenance. There were eight full down days during the month. The
average field production based on producing days was 12,816 bopd in August 2014.
Total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for
August 2014 were approximately 243,143 bbls before pipeline losses. Based upon the 12- month
rolling average rate of pipeline and export facility losses from August 2013 to July 2014 of
21.44%, Mart estimates pipeline and export facility losses for August 2014 will be approximately
52,131 bbls. Using this estimated pipeline and export facility loss volume, Mart estimates that the
total net crude deliveries into the NAOC export pipeline from the Umusadege
field for August 2014 less estimated pipeline losses will be 191,012 bbls.
Pipeline and export facility losses reported by NAOC and allocated to Mart and its co-venturers
for July 2014 were 31,324 bbls, or 14.9% of total crude oil deliveries into the export pipeline for
that month. Pipeline and export facility losses allocated to Mart and its co-venturers from
January to July 2014 have averaged 17.5% of total crude oil deliveries into the export pipeline for
2014.
As previously announced, total net crude oil deliveries into the export pipeline from the Umusadege
field for July 2014 were approximately 210,566 bbls. Accordingly, after deducting the actual
pipeline and export facility losses allocated for July 2014, the total net crude oil deliveries
less losses for July 2014 were 179,242 bbls. Mart previously estimated pipeline and export facility
losses for July 2014 to be approximately 47,052 bbls, based upon the 12-month rolling average rate
of pipeline and export facility losses of 22.35% between July 2013 and June 2014. August 2014
pipeline and export facility losses have not yet been reported by NAOC.
Umugini Pipeline Update
The pipeline tie-in and start-up activities continue, but were delayed by heavy rains and local
community complications, which have now been resolved. The pre-commissioning activities are
continuing and metering facilities (LACT unit) to measure volume and quality of hydrocarbons
injected into the export pipeline are being tied-in. Midwestern, the company operating the
pipeline, now targets a start-up during September 2014.
Umusadege Drilling Update
The drilling, completion, clean up and preliminary testing of the UMU-4STH well is complete. The
well was side-tracked into the VII sand, landing a 900-foot lateral drain hole in clean, high
quality sand with an average oil column of 27 feet at 9,000 feet measured depth. The well was
flowed back for clean up and testing on various choke sizes for 41 hours, yielding a final test
averaging 4,702 bopd on a 40/64 choke at a surface flowing pressure of 180 psi over a three hour
period. The oil API gravity is 24.1 degrees, no sand with 0.1% bottom sediment and water (BS&W).
The complete test of the UMU-4 well, including bottom hole pressures, will be performed after
drilling of the UMU-12 well is completed. The rig has been skidded eight feet, and operations have
commenced on the UMU-12 well. This is a new well targeting a horizontal completion in the sand
VIII.
Mart Presenting at FirstEnergy Capital Global Energy Conference in London, England
Wade Cherwayko, Chairman & CEO of Mart, will be a presenter at the Global Energy Conference in
London, England at 11:25 a.m. BST on September 16, 2014. Links containing the locations and details
of the conferences are available on Mart’s website under Shareholder Centre / Events Calendar –
www.martresources.com.
For more information, please contact Wade Cherwayko or Dmitri Tsvetkov at Mart’s London, England
office at # +44 207 351 7937 or by e-mail: Wade@martresources.com or
dmitri.tsvetkov@martresources.com; or in Canada contact Sam Grier at 403-270-1841 or e- mail:
sam.grier@martresources.com. 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 t e Umusadege field
fluctuates between 82.5% (before capital cost recovery) and
50% (after capital cost recovery).
Hi Value1008:
I am long a considerable amount and plan to hold for many years unless the long term prospects change.
The main weakness and of course the real reason for the dividend cut is the pipeline losses north of 25% versus the 10 - 13% range. In effect they were using the loan to pay the dividend some quarters.
Today's weakness, no idea why.
Risk is always the bunkering, especially to the new pipeline. Knowing Nigeria we could have another month or 3 delay in the new pipeline BUT we should have an update the 2nd week of September (I'm guessing on this).
I'll trust management to continue to grow the business and it will filter to the shareholders. I don't expect another cut unless there is a further hit to their cash flow from pipeline losses.
MART RESOURCES, INC.
June 17, 2014
OPERATIONS AND PRODUCTION UPDATE
• Umusadege field production averaged 10,237 barrels of oil per day (“bopd”) during May 2014 based on calendar days; average field production based on production days was 12,654 bopd during May 2014.
• Umusadege field net deliveries into the export pipeline were approximately 322,086 barrels of oil (“bbls”) in May 2014 before pipeline losses and approximately 248,115 bbls after deducting pipeline and export facility losses estimated by Mart for May 2014 based upon the 12-month rolling average rate of actual pipeline and export facility losses.
• Pipeline and export facility losses reported and allocated to Mart and its co-venturers for April 2014 were 71,643 bbls, or 28.8% of total crude oil deliveries into the export pipeline.
• Aggregate downtime during May 2014 totaled approximately 6.0 days, with no full down days during the month.
• Construction of the Umugini pipeline is substantially complete; hydro-testing is under way.
• Water disposal well drilled and completed in early June. The rig has been moved and directional drilling operations for the UMU-3 well commenced.
• Mart is one of the member companies of a consortium that has been confirmed as the preferred bidder to acquire an interest in a producing Nigerian Oil Mining Lease.
• Mart defers common share dividend.
• The 2014 Annual General and Special Meeting will be held on Friday, June 20, 2014 in Calgary, Alberta.
Calgary, Alberta – Mart Resources, Inc. (TSX: MMT) (“Mart” or the “Company”) and its co- venturers, Midwestern Oil and Gas Company Plc. (“Midwestern”, Operator of the Umusadege field) and SunTrust Oil Company Limited are providing the following updates on Umusadege field production for May 2014 and other operations.
May 2014 Production Update
Umusadege field production during May 2014 averaged 10,237 bopd. Aggregate Umusadege field downtime during May 2014 was approximately 6.0 days due mainly to a shutdown of the Nigerian Agip Oil Company Limited ("NAOC") export pipeline resulting from a lack of storage capacity at the Brass River export terminal due to export shipment delays, combined with other minor operational interruptions. There were no full down days during the month. The average
field production based on producing days was 12,654 bopd in April 2014.
Total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for May 2014 were approximately 322,086 bbls before pipeline losses. Based upon the 12-month rolling average rate of pipeline and export facility losses from May 2013 to April 2014 of 22.97%, Mart estimates pipeline and export facility losses for May 2014 to be approximately 73,971 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 May 2014 less estimated pipeline losses is 248,115 bbls.
Pipeline and export facility losses reported by NAOC and allocated to Mart and its co-venturers for April 2014 were 71,643 bbls, or 28.8% of total crude oil deliveries into the export pipeline for that month. Pipeline and export facility losses allocated to Mart and its co-venturers from January to April 2014 have averaged 14.8% of total crude oil deliveries into the export pipeline for 2014.
As previously announced, total net crude oil deliveries into the export pipeline from the Umusadege field for April 2014 were approximately 249,056 bbls, so after deducting the actual pipeline and export facility losses allocated for April 2014, the total net crude oil deliveries less losses for April 2014 were 177,413 bbls. Mart previously estimated pipeline and export facility losses for April 2014 to be approximately 55,153 bbls, based upon the 12-month rolling average rate of pipeline and export facility losses of 22.14% between April 2013 and March 2014. May 2014 pipeline and export facility losses have not yet been reported by NAOC.
Umugini Pipeline Update
The Umugini pipeline construction is nearing completion. The first 49 kilometres (“km”) of the pipeline have been completed and backfilled. Stringing of another 2 km of pipe has been completed and welding, coating, radiograph testing has been completed on approximately 1 km of this 2 km section. The installation of a fiber optic cable that is part of the leak detection system has been completed on 50 km of pipeline. A 23 km section of the pipeline has been fully hydro-tested and preparation for hydro-testing on the remaining section is in progress.
Procurement of materials and equipment required to complete the pipeline pumping, monitoring and control facilities has been completed in preparation for hook-up and commissioning of the pipeline. Midwestern, which is managing construction of the Umugini pipeline, continues to estimate that pipeline construction will be completed by the end of June 2014. Pipeline commissioning will occur following completion of pipeline construction and installation of pipeline pumping, monitoring and control facilities.
Umusadege Drilling Update
The water disposal well was completed during early June, was drilled to a depth of 6400 feet and was completed in the I sand. The final test injection rate was over 5000 barrels of water per day at a surface injection pressure of 650 psi. The good injection rates into the sand will enable improved produced water management for the Umusadege field. Following completion of the water disposal well, the rig was skidded to the existing UMU-3 well location. Directional drilling operations were commenced on June 15, 2014. The UMU-3 well will be side-tracked into the VI sand with a 700 foot horizontal wellbore at a total vertical depth of approximately 7151 feet and a total measured depth of about 8549 feet. Completion of directional drilling operations on the UMU-3 well is anticipated in July 2014. After completing the UMU-3 well operations, the rig is scheduled to be moved to the UMU-4 location for a horizontal side-track into the VII sand.
Mart Participates in Consortium for Nigerian Oil Mining Lease
Mart is a member of a consortium (the “Consortium) that has been confirmed as the preferred bidder to acquire a participating interest in an oil mining lease (the “Property”) being divested by certain multi-national oil companies currently operating in Nigeria. The Consortium is currently negotiating the terms and conditions of the acquisition of a participating interest in the Property and has paid a deposit that will be applied against the acquisition cost of the Property should
the acquisition be completed. Although the Consortium is the preferred bidder, there is no
assurance that the Consortium will successfully conclude its negotiations to acquire a participating interest in the Property. The acquisition of a participating interest in the Property by the Consortium is subject to numerous terms and conditions including Nigerian government approval.
Mart Defers Common Share Dividend
Pursuant to the Company’s dividend policy, the declaration of dividends is determined quarterly based upon Mart’s cash flows, liquidity, capital expenditure budgets, earnings, financial condition and other factors as the Board of Directors may consider appropriate from time to time. In view of Mart’s ongoing drilling program on the Umusadege field, additional capital required for the possible acquisition of the Property and uncertainty regarding timing of first oil through the Umugini Pipeline, Mart’s Board of Directors have deferred the decision to declare a quarterly dividend until the Board is able to fully assess the capital needs for the Company’s ongoing business and growth opportunities.
2014 Annual General and Special Meeting of Shareholders
As previously announced, Mart’s 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. To listen to the Meeting and view the meeting presentation materials, please visit the company’s website at www.martresources.com and connect using the link under AGM June 2014 in the Investor Centre section of the webpage or connect and register directly using the following link https://webcasts.welcome2theshow.com/martresources2014.com. The webcast will also be available on the company’s website for a period of time following the Meeting.
The Meeting will also be broadcast by teleconference and to access please dial 403-451-9838 (Local) or 1-888-231-8191 (North American Toll Free) and accessing conference ID 57624639.
Hi Dr airtime:
Besides EDV I've joined you on TGZ.
Hi All:
Read through the notice of annual meeting over the weekend and just voted my shares in favor of all board recommended items. If your not going to the AGM then you need to vote prior to June 18th.
I do like the dividend reinvestment plan, between the 5% reduction from 5 day average MV and the potential tax deferral this seems like a good deal (I'm sure it will add to compliance record keeping on basis).
Not sure if I liked the option plan change which allows the company to loan funds to officers (this has been known to get companies in trouble from time to time) but I voted in favor anyway.
Tim
Thanks, I'll have to look at it.
Chart wise I'm just waiting for EDV and MMT to break up out of their consolidations (weekly). On EDV they have more assets now than when they were $2 / share. I'm guessing they make it towards the $1.60 area IF gold climbs back above $1,440 but don't think they get back to $2 until gold is back above $1,550. Once gold holds $1,600 we can discuss different price targets.
http://stockcharts.com/freecharts/gallery.html?s=mmt.v
http://stockcharts.com/freecharts/gallery.html?s=edv.to
My thought process is gold broke down November 2012 and bottomed in December 2013 (13 months). We are going to have a choppy 2014 as we continue to climb back up out of the abyss.
Hi dat:
If you look at the weekly EDV.TO looks ready to close the gap up to $1.15. I doubt it stops there.
http://stockcharts.com/freecharts/gallery.html?s=EDV.TO
Mart February Operations and Production update:
Metrics are better than February last year. Last year production averaged appx. 6,500 bopd with the pipe line down due to repairs. This year production at 8,083 bopd, shut in due to storage at the export terminal (12 days and I think last year was 14).
January pipeline losses last year at 15% this year 9%.
Imagine if AGIP can keep it at 9%.
Nigeria oil pipeline news, not MART specific.
http://www.usnews.com/news/world/articles/2014/03/16/nigeria-navy-destroys-260-illegal-oil-refineries
tbg:
Mart had a tough 2013 due to pipe line losses, now appx. 30% as well as some other shut in issues. So this has considerable impact to cash flow.
We currently have an 18% yield. I don't think it would be so high if people didn't think the dividend was at risk.
I hold in the hope that they meet some deliverables this year (now pushed to the end of the 3rd quarter) as at some point the company becomes a cash cow again.
Good luck to us all.
Both times?
I said AGIP and as for Shell having nothing to do with Mart I thought their off take agreements are with Shell.
I'm just pointing out the Shell shut down in the area and this is only a couple of weeks after they fixed their pipeline. If the bunkering is happening to Shell it is happening to AGIP.
Mart has gone from 8% to 15% to 25% pipeline losses (May - July) in the last 18 months. Bunkering and high scale pirating is alive and well in Nigeria.
Maybe it is some other reason like last years floods.
http://www.wunderground.com/wundermap/?lat=1.58707&lon=17.28250&zoom=4&type=hybrid&units=english&rad=0&sat=1&sat.num=1&sat.spd=25&sat.opa=87&sat.gtt1=108&sat.gtt2=108&sat.type=IR4&stormreports=0&svr=0&pix=0&cams=0&tor=0&riv=0&wxsn=0&ski=0&tfk=0&mm=0&ndfd=0&fire=0&firewfas=0&extremes=0&hurrevac=0&sst=0&livesurge=0&femaflood=0&tsunami=0&seismicrisk=0&fault=0&fissures=0&fronts=0&dir=1&dir.mode=driving&hur=0
Do a google search, just type in Nigeria Pipeline.
http://business.time.com/2013/10/10/shell-new-leaks-close-major-nigerian-oil-pipeline/
They use AGIP which I think hooks into a Shell hub or terminal.
My take is if this is happening to Shell it is also happening to AGIP. Shell is just better at finding out about the leaks than AGIP is.
At some point the government has to help stop the bunkering and full blown pirating going on.
Shell Pipeline is closed again.