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Mira Resources Corp V.MRP



TSXV:MRP - Post by User

Post by KidKorsakoffon Jun 12, 2014 1:49am
198 Views
Post# 22652112

Yes, but what is Mira worth if we look at commparables?

Yes, but what is Mira worth if we look at commparables? Has anyone seen a recent valuation table for Mira and it's peers? I found two junior comparables as follows: 1) Oracle Energy. Nigerian focus , no oil assets. Value $7M (3X Mira). Solid new international E&P operation team with a proven history of developing international O&G assets. 2) Wilton International. Nigerian and African focus. no real oil assets but rockstar board and CEO (proven growing deals over $1B). Market cap $20M. 3) Mart. Onshore Nigeria focus and may move offshore. Solid management. Assets in active production. Market cap $520M. 4) Mira. Offshore (low depth) Nigeria on $100M resources of oil of which maybe $60M+ is net to Mira. Management are finance folk and lack any proven E&P execution and completion capability. Market cap $1.56M. Question #1: If Mira would ramp up it's management team would it be worth that Wilton is worth ($20M or 13 to 14 cents/share)? Question #2: It was rumored that the previous attempt to sell Mira which had a data room yielded an offer in the range of 30 cents. This offer was turned down. Would an offer at this range be possible based on comparables and updated valuations? Thanks
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