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Arbitration proceedings wind down for oil company in Nigeria: Mart Resources.

In oil and gas news this morning, Mart Resources Inc. (TSX: V.MMT, Bullboard) released news that arbitration proceedings between the company and Network Exploration & Production Company Nigeria Limited over the Qua Ibo field, onshore Nigeria, have ceased, and that the companies are now moving forward with their drilling operations. From the news release:
 

Mart and Network are now proceeding with plans to drill their first well using Mart's drilling rig NRG-201. Mobilization of the rig from Port Harcourt to the Qua Ibo well site will commence in the next few days and the partners anticipate that the rig will be rigged-up on site and ready to commence drilling operations by the end of June. (Go to news release.) 

 

The share price of Mart has seen some fairly steady gains in the past few months. It was trading in the high 20-cent range in June 2007, and has been moving up in fits and starts to current levels of near 70 cents. 


On the Bullboard, the following positive analysis came early this morning (before the news release) from Stockhouse member back9:
 

I find it very interesting and encouraging that Mart has finally under promised and OVER DELIVERED. When they set out to test the production flow rates for the currently producing zones they anticipated 2000 to 3000 barrels/day from the first zone. They announced - within the publicized time frame - the production rate from the first zone and it was greater than what they had previously announced. 3250 vs 2000 to 3000 bbl/day. I have been invested in this company for over four years and I think this is a very significant turning point as the PAST track record has been exactly opposite - over promise and under deliver. I wouldn't be surprised to see total production from this well to be well over 5000 bbls/day within two weeks. Once that's done they will be drilling some more and producing from some of the remaining 11 zones in this field so I don't think it will be long now until we see 10, 000+ bbls/day. 

I only wish that I had an extra $25K kicking around to throw into this company now as it's finally looking REALLY GOOD!

 

Another post from early this morning came from bmwpimp12, who said:
 

I have talked to the management recently and they gave me a good hint by tone of there voice. They were very positive with work progressing in Africa and the Management Team is very excited he said going forward. Wow I have not heard that for a long time. Sky is the limit with these oil prices. Go Mart go!

 

To see how news of the close of arbitration between Mart and Network affects trading action today, join investors on the Mart Bullboard.

 
 
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