Mart Resources resumes production at Nigeria oil field, shares rise

Thu Apr 18, 2013 11:21am EDT
 
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April 18 (Reuters) - Mart Resources Inc said it resumed production at its oil field in Nigeria after maintenance work at an export pipeline was completed, sending its shares up as much as 9 percent.

Nigeria-focused Mart shut production at the Umusadege field in March due to maintenance and repairs of the single export pipeline that connects Umusadege field to the international markets.

Analyst Justin Anderson of Salman Partners said the shutdown could halve the company's first-quarter production. It produced 631,202 barrels of oil in the first quarter of 2012.

The pipeline, operated by Nigerian Agip Oil Co, was also closed between November and December 2012 due to repair works.

Mart has a majority working interest in the field, located in Delta State in south Nigeria. It partners with operator Midwestern Oil and Gas Co Plc and Suntrust Oil.

Shares of Calgary-based Mart, which has a market value of about C$540 million ($527 million), were up 2 percent at C$1.55 on the Toronto Venture Exchange in late-morning trading. The shares touched a high of C$1.65 earlier. ($1 = 1.0249 Canadian dollars) (Reporting by Krithika Krishnamurthy in Bangalore; Editing by Maju Samuel)