Mart Resources, Inc. and its partner Network Exploration and Production Nigeria Limited, operator of the Qua Ibo Field) spuds the Qua Ibo-3 well, located in the Qua Ibo Field, onshore Nigeria.

The Qua Ibo-3 well is being drilled as a deviated well to an anticipated total depth of approximately 9,900 feet (approximately 7,400 feet vertical depth). The well has been designed to appraise the D5 oil reservoir at a sub-surface location between the existing Qua Ibo-1 and Qua Ibo-2 wells, both of which encountered oil in this reservoir. Drilling is anticipated to be completed around the end of October, and testing will commence upon successful drilling.

“We are extremely pleased to announce this significant milestone at the Qua Ibo field. This high potential field is located just 1.5 km from ExxonMobil’s Qua Iboe oil export terminal, which will facilitate near-term production if the well is successful,” noted David Parker, President of Mart.

The Qua Ibo field was discovered in 1960 by Shell-BP, who acquired 2D seismic over the field and drilled two wells but did not put the field into production. The field was awarded to Network in February 2003 under the Nigerian government’s Marginal Field Allocation Program. Network is an indigenous Nigerian company run by oil industry professionals with over 30 years of diversified experience in the oil industry.

The Qua Ibo-3 well is being drilled by NRG Rig-201, a 1,500 HP land drilling rig owned and operated by NRG Drilling, a wholly-owned subsidiary of Mart.