Mart Resources Contracts Rig for Eremor #1 Well
Mart Resources, and its Nigerian partner, Excel Exploration & Production have entered into an agreement for a rig service contract with Tecon Oil Services Ltd., an indigenous Nigerian company. The contract is for the services of a work-over rig to be used for the re-entry and extended testing of the Eremor #1 well located in Nigeria's Niger Delta region.
The rig and all associated equipment are being packaged for transport, and will be mobilized shortly. Work on the Eremor #1 well is scheduled to begin in early April 2005. After the re-entry and testing of the Eremor #1 well, development drilling and production facility design and installation will commence as soon as the flow results are evaluated.
As previously disclosed, the Eremor oil field was discovered in 1978 by the Eremor #1 well, which encountered a thick sandstone reservoir at a depth of 5744 feet. Mart and Excel intend to re-enter and production test the cased Eremor #1 well.
In addition to the Eremor field, Mart is in late-stage negotiations to acquire further undeveloped fields in Nigeria that have significant hydrocarbon potential.
Mart is an independent international energy company focused on developing oil, gas and power projects in West Africa.