Plumping the Goose? I don't think they are looking for a takeover at all. I think they have much bigger aspirations than plumping up the Goose for market here. Their literature talks of becoming involved in West African energy plays from Ghana to Angola. My belief is that Tom Shot Bank is just the start for this company.
The BoD have form with Mart, who have seen great success with the Umusadege field, look to Mart for the template here for marginal field development, that i believe Mira would look to emulate. They were pumping around 10,000bopd mid 2011. Following on from this was UMU-8 dst at 7,000bopd. Feb 2012 and UMU-9 will be flow tested shortly with UMU-10 development well up next. Mart are constrained only by pipeline capacity availability and are looking at a new pipeline and a permanent central processing facility with a capacity of 35,000 bopd.
This is where we are going imho.
The Shell logs were the basis for the NSAI resource report. Mira have taken an ultra-conservative approach to date, with NPV based on 8.1mbo recoverable.
MIRA CONTINGENT & PROSPECTIVE RESOURCES
Gross Recoverable 1C 2C 3C
Contingent Oil (mmbbl) 4,147 8,670 19,154
Unrisked Prospective Oil (mmbbl) 2,923 11,187 36,444
Total Oil (mmbbl) 7,070 19,857 55,598
Contingent Gas (mmcf) 50,397 75,390 120,476
There are 4 upper reservoirs which are not considered in MIRA's calculations at all. There was an additional 111 feet of oil net pay and 23 feet of gas discovered on re-entry. Mira speak openly of 100mmbbl potential for TSB. Mira note 2 wells for initial production and a second optional rig slot anticipated in 2nd Qtr 2012 for TSB 4 or another offshore Marginal Field.
https://www.miraresourcescorp.com/i/pdf/presentation.pdf
I think they will definately seek finance, on the back of a considerable increase in contingent and prospective resources and look for early production with the drilling of TSB-3, then as per Mart each drill funds the next and production makes debt financing a possibility for us.
We could see accumualtion and takeover of course, but i beleive Mgt are seeking production and i want them to persue this rigorously.
GLTA.