Mart to Participate in Qua Ibo Field in Nigeria
Mart Resources has signed a formal agreement with Network Exploration & Production Nigeria Limited that grants Mart the right to participate with Network in the development of the Qua Ibo Oil Field in Nigeria. The Qua Ibo Oil Field is located onshore in Nigeria's Niger Delta region and was awarded to Network under the Nigerian Government's marginal field allocation program. Fields allocated under this program contain significant proven reserves determined by previous drilling, but remain undeveloped. This is the second field under this program that Mart has finalized a contract to participate in its development.
The Qua Ibo Field was discovered in 1960 by the Qua Ibo-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 Ibo-2 well drilled in 1971, which penetrated the same oil-bearing reservoirs. The Qua Ibo Field has significant hydrocarbon reserve potential as evaluated from well and seismic data.
Mart and Network have completed a detailed technical evaluation of the Qua Ibo Field. Early development operations could include re-entry and testing of the suspended Qua Ibo-2 well. The field is located within two kilometers of ExxonMobil's Qua Ibo processing and export terminal.