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.
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