RE: RE: Will Run Back Over .20 Shortly It doesn't surpise me the CFO has been buying heavily at these low prices. The latest Jenning report states:
"Reservoir modelling still suggests that the well could produce up to 2,500 Bbl/d. These rates would require either a downhole pump or completing the gas leg in the U4 to provide a “gas lift” effect."
"The potential in Tom Shot Bank may actually have increased. The new logs suggest that total net pay in all five zones could be 280 ft or more, clearly much higher than the 86 ft used in last the resource assessment. If the resources are proportionate to the net pay, Mira’s share might be 13.5 MMBbl or more, vs. the 4.2 MMBbl previously assigned"
13.5 MMBbls (and probably much more) and flow rates of 2,500 Bbl/d is a serious oil asset. The field also qualifies for lower tax rates as it's classed as marginal. Remember Mira are also in the bidding for another field in the upcoming bidding round.
Mira have more oil than Mart Resources. Mart have a market cap $283m, so that just shows the potential here. The Equinox Group are also strong partners to have on board.