(MENAFN- ProactiveInvestors - N.America) Shares of Calgary's Mart Resources (TSX:MMT) advanced after the company said start up-activities at its 51-km Umugini pipeline in Nigeria have been completed, setting it up for oil flow to begin shortly.
The company, which owns the pipeline together with operator Midwestern Oil and Gas Company and SunTrust Oil Company, said the tie-in of Umugini at the Eriemu flow station and the line fill process to commence shipment of oil to the Trans Forcados crude oil export pipeline has been finished.
The pipeline is therefore ready for injection of crude into the Trans Forcados pipeline and onward to the Forcados oil export terminal. Oil flow will begin once formal authorization of oil injection is received from the operator of the Trans Forcados export pipeline.
Mart also provided Friday an update on Umusadege drilling, saying the drilling and completion of the UMU-12 well has been completed, with clean up and testing to start after the rig has been moved off the current location to the new UMU East pad to drill the UMU-13 well.
The UMU-13 exploration well is to be drilled as a vertical well to penetrate the crest of the east prospective structure, Mart said.
Shares of the company moved up over 6 percent to C$1.04 in Toronto as of 11:10am ET on Friday.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.