Update from today In my view here is the update that we all want. releaed this morning as part of the MD &A:
MIRA RESOURCES CORP.
Management Discussion and Analysis
Year ended December 31, 2011
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The Resource Assessment is currently underway and nearing completion at RPS Energy Group (RPS), part of the
RPS Group PLC (www.rpsgroup.com). RPS is a globally recognized leader in all aspect of the Upstream Oil and
Gas Business with offices located throughout the world. The technical group working on our new NI 51-101 is
based in both the UK and Canada and consists of 11 professionals with extensive experience in Nigeria and the
petroleum industry. This group was selected to conduct the revised NI 51-101 due to their extensive knowledge
of Nigeria and Laminated Reservoirs. We have supplied RPS with all of the data from the field as well as several
of the adjacent fields in the area. The preliminary results, yet to be certified, suggest that we will significantly
enhance the resources within the field. Final Certified Resource Numbers are anticipated in mid to late May
2012.
Field Development Scenarios for Tom Shot Bank Field are being developed. We have had positive discussions
with the adjacent operators who are interested in processing and exporting our crude. The current scenario for
producing the Tom Shot Bank Field is the shipment of a Tri-Phase product to one of the adjacent facilities who
will handle the separation of the Oil, Gas and water. The Gas and water will be disposed under their current
approved DPR directives for that field and the oil will then be exported. These discussions have been fruitful and
are ongoing. All DPR permitting for the drilling and completion of TSB 3, the completion of TSB 1 and the
export pipeline are progressing with the goal to be able to drill, complete TSB 3/1 in the fourth quarter of 2012
and initiate production and export in the first quarter on 2013.
On February 22nd 2012, Mira’s Board of Directors, in response to several unsolicited expressions of interest in
Mira, engaged First Energy Capital Corporation (www.firstenergy.com) to initiate the process to identify,
examine and consider a range of strategic alternatives available to Mira with the view to maximizing shareholder
value. Once the new Resource Assessment is completed, which is anticipated in mid to late May, the Mira Board
of Directors and First Energy will meet to decide the most appropriate path forward to maximize share holder
value.
Efforts are continuing on the new business development side. We selected Landmark Geographics and
Schlumberger's Petrel as our software platform for the geologic, geophysical and engineering analyses. We will
continue to focus only on our stated business model, opportunities which are able to generate cash flow within a
12 to 18 month time frame. We are aware of a current Nigerian Marginal Field Award Round and we are active
in our efforts in trying to secure additional assets.