CMIRA SIGNS SERVICE AGREEMENT WITH SCHLUMBERGERMira gets Schlumberger to build 3-D reservoir models
Mira Resources Corp(C:MRP)
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Tuesday May 17 2011 - News Release
Mr. Thomas Cavanagh reports
MIRA SIGNS SERVICE AGREEMENT WITH SCHLUMBERGER
According to MiraResources Corp. and its wholly owned subsidiary Equinox TSBDevelopment (Nigeria) Limited, a master service agreement has beensigned with Schlumberger Nigeria Limited which includes a contract tobuild the 3D Reservoir Static and Dynamic Models for the U 7, U 8 and U 9reservoirs.
Thomas Cavanagh, President of Mira Resources stated today, "We selectedSchlumberger, the recognized technical leader in subsurface evaluationand modeling, to build the 3D Reservoir Models and to acquire modernhigh resolution wire line logs to further advance our understanding ofthe reservoir quantity, quality and hydrocarbon presence in the Tom ShotBank 1 well. The work Schlumberger is finalizing is the prerequisitefor the design of a comprehensive and optimal test program to determinethe appropriate well test intervals and duration required tocharacterize the reservoirs, hydrocarbon deliverability and theconversion of the resources to reserves. This is the final procedurenecessary to tender the Production Test Interval and Design to ensure wefully evaluate and capture all the data necessary to convert theresources into reserves. We are in discussions on the test proceduresand design with the four leading Test Evaluation Firms and anticipateawarding the final contract for evaluation and testing in early June,2011. Utilizing Schlumberger to build the 3D Reservoir Models and wireline to evaluate the re-entry will enable us to quickly integrate thenew higher resolution data into the 3D Reservoir Models to furtherrefine and understand the production test results. We continue with ourpartners, Associated Oil and Gas Services and Dansaki Petroleum Limited,to strive to utilize the best technology available to ensure weidentify and properly evaluate the hydrocarbon reservoirs in Tom ShotBank Field."
TSB Field is located within Oil Prospecting License 276 ("OPL 276")which is adjacent to the Abana Field in Oil Mining License 114 and duenorth of Addax Petroleum Corp. in Oil Mining License 123 ("OML 123").Addax Petroleum Corp. is producing almost 50,000 BOPD from multiplefields within OML 123. TSB Field was discovered by Shell Petroleum in1980 and encountered 425 Gross Feet of hydrocarbon pay, 57 net feet ofgas and 83 net feet of oil proven pay with another possible 111 net feetof oil and 29 net feet of gas pay in reservoirs which Shell Petroleuminterpreted as probable laminated reservoirs.
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