MRP 32 Million Barrels 2P Oil &Takeover 3 baggerhttps://www.theglobeandmail.com/globe-investor/news-sources/?date=20120222&archive=ccnm&slug=201202220768106001
- 2P Reserve News Release likely a Trading Halt any day, next week, Monday/Tuesday
- Expecting BIG increase to 32 Million barrels 2P Oil
- Light oil at 41.6 API
- Contingent reserves last at 76M barrels
- Might see 2P of 32M and 3P at 100 M barrels, all net to MRP
- Valuation of 2P at $7 barrel gives $224M market cap FD is approx $1 sp
- 2500 bopd or greater expected
Mira holds a 54% net profit interest (48% working interest) in the Tom Shot Bank ("TSB") Field in the shallow waters of the Gulf of Guinea off the eastern coast of Nigeria near the border with Cameroon. The field is located in the OML 14 block which has water depths of 5m to 15m and covers an area of approximately 23 km2. The block is covered by a large regional 3D seismic survey which was reprocessed using PSDM technology in 2008. Netherland Sewell & Associates Inc. ("NSAI") has prepared an independent assessment of the Corporation's resources associated with the TSB Field and identified up to 76 MMBOE of unrisked, total contingent and prospective resources (high case) recoverable.
In 2011, Mira commenced the re-entry of the TSB #1 well, which was initially drilled by Royal Dutch Shell in 1980 and tested multiple oil and gas bearing sands and was temporarily suspended. Upon completion of testing operations, the well flowed at rates of up to 512 bbl/d of light, sweet 41.6 degree crude oil; however the Corporation feels this rate is restricted due to reservoir damage near the wellbore that occurred during the drilling of the original well. Mira and its independent completion and testing experts have identified additional stimulation techniques that will be required to increase flow rates, which have been estimated at greater than 2,500 bbl/d based upon the commingling of the U4 gas reservoir and the U7 interval.