MAUXF: Mart Resources. Nice divi & growth play.
Mart Resources, Inc.: Spudding of UMU-10 Well & Operations Update
- UMU-10 well commenced drilling operations on July 4, 2012 and is currently at a depth of 854 feet - Main objectives for UMU-10 include the appraisal and development of the six newly discovered hydrocarbon bearing sands encountered in the deeper section of the UMU-9 well - The well is expected to take 40 days to reach target depth of 9,700 feet
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CALGARY, ALBERTA--(Marketwire - July 6, 2012) - Mart Resources, Inc. (MMT.V) ("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 pleased to provide an update on Umusadege drilling and production operations.
The UMU-10 well commenced drilling operations on July 4, 2012 and is currently at a depth of 854 feet in the 16-inch upper hole section. The 16-inch upper hole section will be drilled to approximately 5,000 feet. The next activity will include running and cementing 13 3/8 inch casing in the upper hole section. Drilling will then continue in the lower hole section with a 12 1/4 inch hole to the total measured depth of approximately 9,700 feet, followed by running 9 5/8 inch casing.
The main objectives for UMU-10 are the five oil and one gas/condensate bearing sands identified in the deviated (8 1/2 inch) deeper section of the UMU-9 well. These sands were previously logged and sampled while drilling UMU-9. The UMU-10 objectives are to test, and if successful, complete these sands for production.
June 2012 Production Update
Umusadege field production during the month of June 2012 averaged 9,351 barrels of oil per day (bopd). The Umusadege field was on production for 24 days in June, with approximately six days of downtime due to an AGIP export pump failure, which has now been remedied. The average field production based on producing days was 11,689 bopd. The total crude oil deliveries into the AGIP export pipeline from the Umusadege field for the month of June, adjusted for estimated pipeline losses, were approximately 259,000 barrels.
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AI
