03:44 PM EST - Mart Resources, Inc. : and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited provided an update on Umusadege drilling operations. The UMU-11 well was originally planned to spud in the third slot of the UMU-9 drilling pad. When trying to clean out the 20-inch conductor that was previously pile driven to a depth of approximately 300 feet, the UMU-11 well encountered an obstruction at a depth of approximately 275 feet. Retrieval and milling operations were attempted to utilize this drill slot, but were unsuccessful. It is believed that the 20-inch conductor is bent or kinked, which caused an obstruction. The rig will now be skidded forward to a new slot utilizing the existing drilling pad. Mart Resources, Inc.
shares V.MMT are trading up $0.01 at $1.50.
