MART RESOURCES $1.34 (Toronto symbol MMT; TSINetwork Rating: Speculative) (403-270-1841; www.martresources.com; Shares outstanding: 356.6 million; Market cap: $477.8 million; Dividend yield: 14.9%) produces oil at its 50%-held Umusadege field in southern Nigeria’s Niger Delta region.
Last year, the company finished building a central processing facility at Umusadege that can process 35,000 barrels of oil a day. That’s enough to handle the field’s current output and all future production increases.
Meanwhile, Mart is reporting steady cash flow and continues to pay quarterly dividends of $0.05 a share, for a high 14.9% yield.
In the three months ended September 30, 2013, the company’s cash flow was $24.0 million, or $0.07 a share, down 46.8% from $45.0 million, or $0.13 a share, a year earlier. The company’s average share of Umusadege’s production was 4,291 barrels a day, down 35.9% from 6,692.
However, that’s mainly because various disruptions, repairs and maintenance forced the company to shut down the field for 46 days in the latest quarter. Those issues are now mostly resolved, and Umusadege is now back near full production.
Offsetting the stock’s high yield and cash flow is the fact that Mart’s exposure to Nigeria entails considerable political risk.
The Niger Delta is home to over 90% of the country’s proven oil and gas reserves. However, it’s also the scene of long-standing 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 militants and criminals.
Mart is still a buy, but only for highly aggressive investors.
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