Mart Resources Reports Pipeline Disruptions Resolved and Production from Umusadege Field Resumes
Mart Resources, Inc. (MMT.V) and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited today provided the following update on Umusadege field production operations.
Due to an ongoing shutdown of the export pipeline that started on October 30, 2012, there had been no production from the Umusadege field in November 2012 through December 20, 2012. Nigerian Agip Oil Company, the pipeline operator, has advised that repairs to the export pipeline have been completed, and production from the Umusadege field and other fields in the area began on a test basis early on December 21, 2012. Production and deliveries into the export pipeline from the Cluster are expected to be increased to normal levels over the next several days.
AGIP has also lifted its previous declaration of force majeure on loadings at the Brass River Export Terminal. The most recent shipment of crude oil produced from the Umusadege field occurred at the beginning of November 2012, with a shipment of crude oil produced in October 2012 of 320,000 barrels of oil.
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