At the Qua Ibo Field, Mart is in a dispute with its partner, Network Exploration & Production Limited, regarding Mart's contractual rights in the Qua Ibo field. Mart is endeavoring to address and resolve the current issues in dispute with Network at the earliest possible date. In the event this dispute cannot be resolved amicably, Mart shall proceed with arbitration in London, England, in accordance with the terms of its contract with Network.
As previously announced, in July 2007 Mart and its partners Midwestern Oil and Gas Company PLC (operator) and Suntrust Oil Company Nigeria Limited tested the UMU-1 well located at the Umusadege Oil Field, onshore Nigeria, at the rate of 6,021 barrels of oil per day from 2 of 13 potential oil bearing zones. Work is now being conducted to source and construct the facilities required to commence production from the field as soon as possible. Mart and its partners will construct a short (100 meter) pipeline to tie-in to a nearby export pipeline that is nearing commissioning, together with metering system and production storage facilities. It is intended that oil production from Umusadege will initially pass through a rented separation facility before entering the pipeline system with production anticipated to commence by January 2008.
In the same field, Mart and its partners are preparing to re-enter and test the UMU-N2 well. This well was drilled and cased by ELF in 1980. According to Elf's well report, this well encountered three oil pay zones between 7,149 feet and 7,611 feet, with a total of 59 feet of net oil pay. In addition the well encountered a deep gas zone at 10,580 feet and a deep oil zone at 10,685 feet. The deep oil zone has 20 feet of net oil pay with no evidence of an oil-water contact and was tested by Elf at a rate of 1,673 barrels of oil per day with no water or sand production. The well was completed by Elf with 31/2" tubing and a production packer over this deep oil zone. Future oil production generated from this well following a successful well re-entry is expected to be tied in to the nearby UMU-1 production facilities.
At the Ke Oil field, Mart and its partner Del-Sigma Petroleum Nigeria Limited (Del-Sigma) have plans in place to reprocess existing 3 D seismic data and drill a new well offset to the existing Chevron well drilled in the 1960's. Mart and Del-Sigma are reviewing the possibility of re-entering Ke-1, which was drilled by Chevron in 1965 and encountered 76 net feet of light oil pay in two zones between 9,309 feet and 10,509 feet. The deepest of these oil pay zones was production tested by Chevron at a rate of 1,145 barrels of 44 API oil per day.
Mart is also pleased to announce that its Rig-201 has cleared customs in Nigeria and is ready to be mobilized. Rig-201 is a 1500 HP land drilling rig owned by NRG Drilling 201 Limited, a 100% owned subsidiary of Mart.
Mart Resources Inc. is an independent oil & gas company focused on bringing African oil fields into production that are proven but have not yet been developed.
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