Mart is less expensive in most of the metrics. They have more upside to the field, in terms of production and reserves. Their financial performance will stagnate until they get the second pipeline AND they are in Nigeria.
I don't think there is a clear answer here. If Mart got anywhere close to normal metrics for fwd p/e and fwd cashflow, the share price would at least double. The dividend will certainly help. Any delays in the pipeline will hurt but the potential for a gigantic horizontal well will interest the markets.
Novus has not exactly set the world on fire recently while Mart has done great and Mart is still undervalued compared to Novus.
My money is with Mart. I like Novus but I haven't bought any yet.
Certainly if safety/country risk is a prime consideration then Novus has an edge.
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