MMT.v/MAUXF.pk: Nice quarterly summary. Only negative I saw was in the Outlook and Operations Update:
"Umusadege field deliveries in May 2011 averaged 10,525 bopd, however the operator of the export pipeline recently restricted deliveries pending finalization of contractual terms for transportation of production. The Umusadege field delivered an average of 8,275 bopd for the period June 1 - 28, 2011. Mart's management anticipates that once the contractual terms for transportation of production are finalized, the Umusadege field will be allocated sufficient export pipeline capacity to accommodate production from the existing UMU-1, UMU-5, UMU-6 wells and the UMU-7 well. Increases in export production capacity are also anticipated to accommodate future production from the UMU-8 well. Pipeline capacity may be apportioned among the shippers and therefore the Umusadege field rate of production may be subject to periodic adjustment."
IMHO, this explains the weak stock price for the last few weeks. Some people must have known about the need to renegotiate with pipeline operator.
Also plan to watch the webcast of AGM presentation this afternoon.
Focus Focus Focus Focus !!!!
