RE:Up Half a cent!!!I hope so. I've held on and held on here and lowered considerably, as this is not some explorer throwing money down a dry hole or prospecting in a 'new oil frontier'.
There is a lot of oil pay, the oil is high quality and we know it flows to the surface. Infrastructure is nearby and it is offshore, for me a big + for Nigeria.
I read right through the MD&A and last financial statements again today (looking for reasons to stay in here) and for me it is still pretty clear.
For example:
“In 1989, Shell returned to the TSB Field and drilled the TSB #2 Well in an attempt to prove this was a multi-hundred million barrel field”. (TSB-2 crossed the fault and was P&A).
“On April 5th 2011, Mira’s Partners, DPL and AOGSL received written confirmation from the Nigerian Department of Petroleum Resources (DPR) that the primary exploration term for the Tom Shot Bank Field has been extended to March 11, 2015” (We have some time, remember if Asibelua is running the show, he is not looking at the same short timescales the regular Joe investor is).
“Mr. Asibelua is the Chairman of the Equinox Group (www.equinoxgroupltd.com) a leading private Nigerian conglomerate, Arcadia Petroleum Nigeria Limited as well as the Aspen Group, an oil and gas service company operating in the Gulf of Guinea. The Equinox Group is a multifaceted private conglomerate with subsidiaries which are active in oil trading, oil services, real estate and has partnered with significant international corporations such as Gazprom, Sinopec, British Gas and PetroVietnam in numerous upstream projects”. (The man has done it before, resources and contacts to make this happen imo).
“On July 5th 2012, Mira announced the RPS Energy Independent Resource Assessment for the Contingent STOIIP Resources in the tested reservoirs with a greater than 430% growth in the Certified Contingent STOIIP Resources from the previous 2010 NSAI Certified Contingent STOIIP Resources”. (re-entry was a success imo).
“On January 9th 2012, Mira announced a non brokered private placement for $3.5 million. The financing was oversubscribed with management participation. On January 12th 2012, Mira closed a $2 million convertible debt financing. $1.75 million of this debt financing was subscribed for by management. $1 million loan from this convertible loan was converted into common shares of the company at $0.25 by Nubia Energy Limited (Mohammed Asibelua)”
The amounts due to related parties included in accounts payable and accrued liabilities are as follows (as at 31/03/2013):
Due to a firm where the CFO and Director of the Company is a partner $ 238,128
Due to the CEO and Director of the Company $46,800
Due to the former President and Director of the Company $104,595
Due to a company controlled by the CFO and Director of the Company $21,200
Due to a company controlled by the CEO and Director of the Company $2,487
Due to the Chairperson of the Company $120,000
TOTAL $533,210
Included in related party loans are the following:
Due to Directors of the Company (Note 10 b) i)) i) $ 884,935
Due to a Director’s spouse i) $294,979
Due to a Director of the Company ii) $258,532
TOTAL $1,438,446
Other related party transactions - As at March 31, 2013, included in convertible debentures is US$500,000 due to a director’s spouse
(+ JM Buying big on open market means there is some pretty serious skin in the game for the Management here).
These are reasons I hold on. We are now told this is being run out of Nigeria, so Asibelua has the reigns and the man definitely knows what he is doing (unlike JM imo). I am finished buying at 6.8c now.
If they can get the money (Darni maintains it is one participant and that it is definitely coming) we are on.
So in many ways I am also optimistic, as asset fundamentals are very good imo. That said, it hard being patient, but I aint takin a 50% loss here, unless they make me.
GLTA/DYOR. Mark.