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  • Mart Resources Reports Spudding Of Further Well In Nigeria 0 comments
    Aug 19, 2013 2:46 PM

    Canada-listed oil junior Mart Resources (CVE:MMT) told investors that the UMU-11 well on the Umusadege field in Nigeria has been started.

    Drilling began on August 14 and the well is currently at a depth of 1,100 feet.

    The 16-inch upper hole section will be drilled to a depth of around 5,000 feet, before a casing will be run and cemented in this upper section.

    Drilling will then continue to around 8,700 feet, and then that will be cased.

    "The main objectives for the UMU-11 well are to appraise and produce proven oil reservoirs encountered but not completed in the UMU-9 and UMU-10 wells.

    "These sands (XIIb, XIIc, XVIa, and XVIb) were previously logged and sampled. The UMU-11 objective is to test four of these oil-bearing sands, and if successful, complete these sands for production," the company said.

    Earlier this week, the company revealed production from the field averaged 10,800 barrels of oil per day (bopd) in July.

    Calgary-based Mart has Midwestern Oil and Gas Company (which operates the field) and SunTrust Oil Company, as co-venturers on the field, which began production in 2008.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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