NR - MIRA Completes Testing Program at Tom Shot BaMIRA Completes Testing Program at Tom Shot Bank 1
VANCOUVER, BRITISH COLUMBIA -- 12/05/11 -- Mira ResourcesCorp. (TSX VENTURE:MRP) ("Mira") and its wholly owned subsidiaryEquinox TSB Development (Nigeria) Limited are pleased to announce thecompletion of the Testing Program at Tom Shot Bank 1 ("TSB 1").
Mira has completed its testing program of Tom Shot Bank. TSB 1flowed a 120 foot section out of the 210 foot U7 interval in the LowerU7 for seven days under different choke sizes; the flows ranged from77 barrels oil per day ("bopd") to 512 bopd, averaging at a rate of280 bopd with no formation water and a GOR in the 850 to 950 range.Mira allowed this lower zone four days to clean up and then conductedcontrolled tests at various choke sizes for three additional days togather the pertinent information. As previously announced theanticipated flow rate from the U7 was modeled by our independentreservoir experts incorporating the newly acquired data to predict aflow in excess of 1500 bopd on a 32/64" choke. After further analysisof our production models it has been suggested that due to near wellbore reservoir damage during the original drilling of TSB 1 in 1980when they took a hydrocarbon kick, additional stimulation techniquesare required to increase the flow rates. Due to the variable flowrates it was estimated it would require an additional ten days tocalculate a definitive skin and permeability, therefore the test wasterminated. The most logical completion scenario that our independentcompletion and testing experts have modeled is through a comingledflow of the U4 gas reservoir and the U7 interval these two intervalshave the ability to deliver in excess of 2500 bopd. As this is acompletion and requires additional equipment, we are unable tocomplete the well at this time and we will start suspending the welland will re-continue the completion as a producer in conjunction withthe drilling of TSB 3 in early 2012.
Thomas Cavanagh, President of Mira, stated, "We havesuccessfully confirmed the presence of a light sweet 41.6 API oil inthe lower 120 feet of the 210 foot thick U7 interval with no formationwater produced during the tests. This production test confirmed thecalibration and accuracy of the new well log interpretation therebysignificantly de-risking an additional Gross 19 feet of oil in twosands in the U4, oil in the Upper 60 feet in the U7, 48 feet of oil inthe U8 (with an additional 43 feet with indications masked by the twosets of pipe), and oil in the upper 74 feet in the U9 reservoir. The U9.5 and lower U9, due to the interpreted high laminations deliveredencouraging results and will be further evaluated in TSB 3 throughhigher resolution open hole logs and possible cores."
"Relative to potential resource and reserve revisions we are inthe process of updating the 3D reservoir models for the U7, U8 and U9with the new data. The U7 reservoir in the 51-101 for the P 50 modelhad 48 feet of potential, the new well logs predict 96 feet of net oilsaturations in excess of 45%, the oil saturation calculation used asthe cut off in poor quality formations, using a 30% Oil saturationassuming better quality reservoir would increase the interpreted netpay to 146 feet. We are extremely encouraged that we have found theU9, U8 and U7 intervals all with large intervals of high oilsaturations."
"We will continue to iterate work with our contractors toupdate the significant larger probable oil bearing section into the 3Dreservoir models which then will be supplied to an independentengineering firm to calculate new estimates of the potential of thisfield. The resource assessment in the 51-101 is being updated with ananticipated completion in January 2012. Additionally, we will becontinuing the planning and acquisition of new data for TSB 3scheduled for early 2012."
ON BEHALF OF THE BOARD
Thomas Cavanagh, President and Director
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements"within the meaning of the United States Private Securities LitigationReform Act of 1995 and Canadian securities laws. There can be noassurance that such statements will prove to be accurate and actualresults and future events could differ materially from thoseanticipated in such statements. Important factors that could causeactual events and results to differ materially from Mira'sexpectations include risks related to the exploration stage of Mira'sproject; market fluctuations in prices for securities of explorationstage companies; and uncertainties about the availability ofadditional financing.
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Contacts:
Mira Resources Corp.
Thomas Cavanagh
President and Director
(604) 687-7742 or Toll Free: 1-855-687-7742
(604) 681-0796 (FAX)
www.miraresourcescorp.com