The Qua Iboe Field was discovered in 1960 by the Qua Iboe-1 well, which encountered oil pay in sandstone reservoirs at depths of 3,600 feet and 7,000 feet. Field confirmation was provided by the Qua Iboe-2 well drilled in 1971, which penetrated the same oil-bearing sandstone reservoirs.
Mart is in the process of finalizing a detailed technical evaluation of the Qua Iboe Field from which the company will then formulate a field development program. Early development operations are likely to include re-entry and testing of the suspended Qua Iboe-2 well, with a follow-up drilling program. The field is located in close proximity to existing production facilities and export pipelines.
Mart's right to participate in the Qua Iboe Field is subject to the execution of a formal participation agreement with Network. Mart and Network have agreed to use their best efforts to finalize and execute this agreement by the end of January 2005.
Mart has previously signed agreements to participate in the development of two other marginal fields allocated under this program and is presently in negotiations to participate in additional fields.
Mart is an international energy company focused on developing oil, gas and power projects in West Africa.
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