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Mart Resources begins trading on Toronto Stock Exchange


Mart Resources, Inc., an international oil and gas company focused on production and development opportunities in the highly prolific Niger Delta region, has announced its listing on the Toronto Stock Exchange (TSX), with the commencement of trading of its common shares at the opening of the TSX on April 2, 2014.

The company’s common shares will continue to trade under the trading symbol MMT, with its common shares to be delisted from the TSX venture exchange concurrent to the commencement of trading on the TSX.

“Graduation to the TSX is an important milestone and marks the next phase of Mart’s growth. Listing on the TSX is expected to provide the Company with improved access to capital and broader market recognition in Canada and internationally,” the company said in a statement published on its website on Monday.

The Canada-based oil company had in March said that production from its Nigerian core strategic asset Umusadege field was 16,567 barrels of oil on February 16, 2014, a new record production day for the field.

It said crude oil production from the Umusadege field averaged 8,083 barrels of per day (bpd) during February based on calendar days, adding that average field production based on production days was 14,342 bpd during the month.

In February, CAMAC Energy, which explores for oil and gas in Nigeria, Kenya and Gambia, began trading on the Johannesburg Stock Exchange (JSE), and in addition to its listing on the New York Stock Exchange’s NYSE MKT.

Nigerian independent oil and gas company Seplat Petroleum Development Company is poised to start trading on both the Nigerian and London stock exchanges on April 14.

The company said that it set a price range of 535-700 Nigerian naira in Lagos and 1.95 to 2.55 pounds in London, which would give a total initial public offering of $500 million.

It said it expected its total market capitalisation to come in at $1.995 billion or 329.5 billion naira, adding that it would use the proceeds to acquire new oil assets and pay down debt and a shareholder loan of $48 million.