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Mart Resources Preparing UMU-11 Well For Next Stage Of Testing

Mart Resources (CVE:MMT) is preparing for the next phase of operations on the UMU-11 well, in Nigeria, which reached target depth last week.

Next the well will undergo logging, pressure surveys and sampling. After that further completion and testing operations will continue. Overall the remaining programme is expected to run for 30 to 45 days.

The programme is designed to appraise, and subsequently produce from, proven reservoirs that have previously been encountered but not completed in either the UMU 9 or UMU 10 wells.

At the same time, Mart also updated investors on the ongoing issue of oil losses from the pipeline and export facilities, which it is proactively monitoring.

"Mart and its co-venturers are working with the Nigerian Department of Petroleum Resources and Agip to reconcile the rate and calculation of the ongoing pipeline and export facility losses," the company said in a statement.

"Additional data has been requested in connection with the recent increases in the rate of pipeline and export facility losses, as well as more detailed information regarding the calculation and distribution of the losses among the affected parties that inject production into the Agip pipeline."

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