NRG Rig 101, which drilled UMU-4, will be moved to the Umusadege UMU-1 well (which was drilled and cased by ELF in 1974) to perforate and production test a number of oil sands identified in the well from logs and wireline tests. Government approval for the UMU-1 operations has been requested and it is anticipated that the rig move can commence as soon as UMU-4 operations are complete.
Mart also announces that the Company's Nigerian subsidiary has secured a debt facility of US$10 million from a Nigerian bank. These funds will be directed to Mart's ongoing operational activities in Nigeria.
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