Wednesday, July 20, 201
Mart Resources Inc.
Mart Resources and its co-venturers, Midwestern O&G (Operator of the Umusadege field in Nigeria) and Suntrust Oil provided an update on the UMU-8 well in the Umusadege field.
The UMU-8 well has reached a final total drilling depth of 8593 feet. Open hole wireline logs have been run with results indicating a total of 16 hydrocarbon bearing sands. The well logs indicate a cumulative gross pay of approximately 385 feet in the 16 sands encountered by the well.
All of the UMU-8 well's primary objectives, including the IX, XI, XIIa, XIIb, and XV sands were hydrocarbon bearing sands based on well log interpretation with results indicating gross oil pay of 32 feet, 14 feet, 39 feet, 26 feet and 11 feet respectively. 9 5/8" production casing has successfully been run and cemented.
The next phase of operations will include perforating the five sands and the installation of completion equipment consisting of a dual tubing string (3 1/2 inch and 2 7/8 inch) configuration. The 3 1/2 inch tubing will have the XV, XIIa and XIIb sands completed and the 2 7/8 inch tubing will have the XI and IX sands completed allowing for future multi-zone production. After the completion equipment is installed, testing on the five individual sands will be conducted. While the dual string will allow for completion and testing of the five sands, it is anticipated that only two sands will initially be produced at any given time.
By way of update, negotiations with the operator of the export pipeline to increase export capacity for the Umusadege field are ongoing and have not yet been finalized. Mart and its co-venturers are continuing to evaluate new pipeline and export options to provide an alternative for future production capacity.
Chairman's Comment
Wade Cherwayko, Chairman and CEO of Mart, said, "Initial interpretation of the logs for the UMU-8 well indicate the primary objective sands are hydrocarbon bearing, including the XI and XV sands that have no proved or probable reserves assigned to them. If testing of the XI and XV sands is successful, the Umusadege field reserves could be increased from previously disclosed reserve estimates."
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