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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 689.10

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Jan 23 4:00 PM EST

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To: Johnny Canuck who wrote (48742)	11/16/2012 6:58:28 AM
From: Logain Ablar	Read Replies (1) of 70035

Hi JC: Mart is my 2nd largest position, just behind NGD. Mart does have theft issues which spiked up to 13% (almost as bad as taxes) but they are funded for next year provided they can continue to ship product. Considering the force majure (worst floods in Nigeria in 100 years) they will have some current down time so this will negatively impact current production / cash flow and does create an opportuntiy. Their new well has 6 pay zones (of which only two can produce at a time) and they are flow testing it now. IF it is like the #9 it will double production BUT they do have a pipeline capacity limit. They are in the process of negotiating to build a new pipeline but this is a 4qr 2013 completion target. Knowing Mart it won't be completed till 2nd qtr 2014 (pure guess). Good long term hold but dividend is now at risk. Tim

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