Jenning Capital comments.
MIRA RESOURCES CORP. (TSXV-MRP
.445); NOT RATED
MIRA APPOINTS MOHAMMED ASIBELUA AS CHAIRMAN
On July 20, 2011, Mira Resources announced that it had appointed Mohammed Asibelua as the Chairman of the
Company’s Board of Directors. Mr. Asibelua is the Chairman of the Equinox Group Ltd., a private Nigerian company,
which is active in the energy sector in Nigeria and across the Gulf of Guinea in oilfield services and consulting, oil, gas and liquids marketing and cargo and logistics. It is also active in investment management and real estate. In particular, Equinox lifts and markets over 25% of NNPC’s (Nigeria National Petroleum Corporation, the state oil company) crude oil.
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Equinox also owns a 70% interest (directly and indirectly) in Associated Oil & Gas Ltd., which in turn owns a 26% working interest in the Tom Shot Bank field. The other owners of Tom Shot Bank are Dansaki Petroleum Ltd. (26%) and Mira Resources (48%).
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The Company anticipates that Mr. Asibelua’s experience and connections will be invaluable in helping Mira expand its operations in Nigeria and other West African countries. (We agree).
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Depending on the timing of rig availability, Mira expects to begin the re-entry on the Tom Shot Bank-1 well in early to mid–August. Those operations will consist of getting a new suite of modern quality logs and testing the U7 and U9.0 zones (and any others that the new logs may identify). Pending success on TSB-1, the Company also anticipates spudding the Tom Shot Bank-3 well in Q4, and bringing both wells on production early in 2012.
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Netherland Sewell & Associates (“NSAI”) has assigned gross contingent (P50) resources of 8.7 MMBbl and 75 Bcf of gas to the area around the TSB 1 well and 11 MMBbl of prospective resources in two additional plays around the existing discovery. In addition (and not included in the contingent or prospective resource estimates), the net pay in TSB-1 may be more than twice as thick, as the current interpretation as the 1980s vintage logs did not have sufficient resolution to identify laminated pay. If it bears out, it has the potential to at least double (possibly significantly more) the currently assigned contingent resources. The Company has identified several more prospects offsetting the existing discovery that exhibit amplitude anomalies. Including the laminar sands mentioned above, Mira has exposure to up to 100 MMBbl of potential.