(MENAFN- ProactiveInvestors)Mart Resources (CVE:MMT) told investors that the Umusadege an oilfield in Nigeria in which it has an economic interest produced an average of 15750 barrels per calendar day in June. There were approximately 2.7 days' worth of downtime and when counting only operating days the field yielded around 17300 bopd. Overall production totalled 472500 barrels of oil for the month. A total of 454050 barrels (net) were delivered though export pipelines. And the corresponding figure accounting for pipeline losses was estimated at 400570 barrels. Yesterday Mart told investors that its Nigerian partner Midwestern Oil & Gas is continuing its funding negotiations in order to complete its proposed acquisition of Mart. Under the terms of the transaction agreed earlier this year Midwestern has until July 26 to complete the financing. Mart will otherwise have the right to terminate the arrangement and compel Midwestern to pay a C$5.8mln break fee.
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