MART RESOURCES $1.19 (Toronto symbol MMT; TSINetwork Rating: Speculative) (403-270-1841; www.martresources.com; Shares outstanding: 356.6 million; Market cap: $449.3 million; Dividend yield: 16.8%) produces oil at its 50%-held Umusadege field in the Niger Delta region of southern Nigeria.
The company recently completed construction of a new central processing facility at the Umusadege field. This plant can process 35,000 barrels of oil a day, enough to handle the field’s current output of 10,140 barrels a day, in addition to all future production increases.
Meanwhile, the company is reporting steady cash flow and continues to pay quarterly dividends of $0.05 a share. The stock yields 16.8%.
In the three months ended June 30, 2013, Mart’s cash flow was $31.7 million, up 47.9% from $21.4 million a year earlier. Cash flow per share was up 39.1%, to $0.089 from $0.064, on more shares outstanding.
Offsetting the stock’s high yield and cash flow is the fact that Mart’s exposure to Nigeria entails considerable political risk. The Umusadege field is in the Niger Delta region of southern Nigeria, about 150 kilometres northeast of the major port city of Warri.
The Niger Delta is home to over 90% of Nigeria’s proven oil and gas reserves. It’s also the scene of longstanding ethnic conflicts, including a failed breakaway attempt by the self-proclaimed Republic of Biafra between 1967 and 1970. The Nigerian army is still very active in the area, where it suppresses attacks on oil fields and pipelines, as well as hostage-taking by militant groups and criminal gangs.
Mart is still a buy, but only for highly aggressive investors.
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