Mart Resources' Development Plans in Niger Delta on Schedule
Mart Resources reports that development plans for Mart's oil fields in the Niger Delta are on schedule to commence in the fourth quarter of 2005. At Umusadage, Mart and its partner plan to drill two new wells based upon analysis of data from the previously drilled N2 well, which initially flowed on test 2,654 barrels of oil per day. Drilling operations should commence in November of this year. At Qua Ibo it is anticipated that two wells will be drilled. Development plans for both of these fields entail the early procurement and installation of production facilities with crude oil being exported to nearby third-party infrastructure. At Eremor, where the Company and its partner re-entered and tested the Eremor #1 well at a rate of 940 barrels of oil per day, Mart and Excel are presently finalizing a detailed field development plan.
To facilitate the drilling, re-entry and well completion demands of Mart's aggressive development program, the Company has acquired a majority interest in a drilling rig that has been specifically modified to withstand the unique yet varied conditions presented in the Niger Delta. Mart's exclusive access to this rig in a very competitive rig availability market gives the Company a tremendous competitive advantage as well as providing minimum drilling costs and maximum time efficiency. The rig is presently en route to Nigeria and upon arrival will be poised to play a major role in Mart's exciting fourth quarter expansionary plans.