News clarified, re-released
Mira Resources clarifies TSB resources
2012-07-10 17:11 ET - News Release
Mr. Johnathan More reports
MIRA CLARIFIES TERMINOLOGY RELATING TO INDEPENDENT RESOURCE ASSESSMENT FOR THE DISCOVERED TOTAL PETROLEUM INITIALLY-IN-PLACE FOR TOM SHOT BANK FIELD
Mira Resources Corp. and its wholly owned subsidiary Equinox TSB Development (Nigeria) Ltd. have provided the RPS energy independent resource assessment for the discovered total petroleum initially in place in the tested reservoirs of Tom Shot Bank field. Discovered petroleum initially in place is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. There is a 462 per cent growth in the independent, certified, discovered total petroleum initially in place P-50 estimate from the previous 2010-National Standards Authority of Ireland-certified discovered total petroleum initially in place completed prior to the re-entry of TSB 1.
The U-7-certified discovered total petroleum initially in place in the U-7 best estimate P-50 or 2C increased from 6.57 million barrels of total petroleum initially in place (NSAI) to 65 million barrels of total petroleum initially in place. The U-9 reservoir, which was not tested in the 2011 re-entry, was assessed by NSAI in 2010 at 14.89 million barrels of total petroleum initially in place has been assessed at 18.9 million barrels of total petroleum initially in place with another 26.5 million barrels of prospective total petroleum initially in place by the RPS Group with a 76% geologic chance of success. The conversion of the Discovered Total Petroleum Initially-In-Place to Independently Certified Recoverable Resources is currently being worked by Schlumberger Nigeria Nodal Analyses Group and will be announced when they have completed the revised Economic Model for the proposed Early Production Facility and the proposed fixed platform in the updated NI 51-101.
The consolidated Discovered Total Petroleum Initially-In-Place for Tom Shot Bank Field from RPS is as follows:
P 90 59.6 MMstbP 50 100.0 MMstbP 10 168.0 MMstb
Prospective Oil in the U 9 Reservoir with a GPOS (Geologic Probability of Success) of 76%P 90 8.62 MMstbP 50 26.5 MMstbP 10 58.3 MMstb
Johnathan More, CEO of Mira, states, "We are pleased with the significant growth in the Total Petroleum Initially-In-Place assessment in the one reservoir we tested in 2011 and anticipate further positive increases in the other reservoirs when we drill TSB 3. If we had tested the laminated nature of the reservoirs in the U 9 it is our interpretation we would have seen a similar increase in the Discovered Total Petroleum Initially-In-Place in the U 9 as RPS has documented in the U 7. The U 8, U 5 and the attic oil in the U 3 will be fully evaluated with TSB 3 as well as the anticipated conversion of the existing Discovered Total Petroleum Initially-In-Place to resources, reserves and the determination of the extent of the laminated reservoirs. We firmly believe we will see significant increases in Discovered Total Petroleum Initially-In-Place and the conversion to resources and reserves when TSB 3 is drilled. Furthermore, all permitting necessary to drill TSB 3 is underway and we anticipate having all necessary permits completed by the end of the 3rd quarter of 2012."
Our recently appointed exclusive financial advisor, First Energy Capital, will be opening their data room this month for the possible sale of Mira. Mira's Board of Directors, in response to several expressions of interest, has established a special committee with a mandate, in consultation with First Energy, to solicit, review and consider strategic alternatives and to make recommendations to the Board as to whether any proposed transactions are in the best interests of Mira and its shareholders.
TSB Field is located within Oil Prospecting License 276 ("OPL 276") which is adjacent to the Abana Field in Oil Mining License 114 and due north of Addax Petroleum Corp. in Oil Mining License 123 ("OML 123"). Addax Petroleum Corp. is producing almost 50,000 BOPD from multiple fields within OML 123. TSB Field was discovered by Shell Petroleum in 1980 and encountered 425 Gross Feet of hydrocarbon pay, 57 net feet of gas and 83 net feet of oil proven pay with another possible 111 net feet of oil and 29 net feet of gas pay in reservoirs which Shell Petroleum interpreted as probable laminated reservoirs.
There is no certainty that it will be commercially viable to produce any portion of the resources in the Tom Shot Bank Field.
We seek Safe Harbor.