Zero Bid with good reason (NEWS)Mrp officially done..Where is that pumper now? next time secure funds
Mira Resources' Tom Shot partners forfeit its interest
2014-09-25 15:13 ET - News Release
Mr. Johnathan More reports
MIRA UPDATE
Mira Resources Corp. is updating shareholders on its contractual position with Associated Oil and Gas Services Ltd., and Dansaki Petroleum Ltd., the partners of Mira pursuant to a joint operating agreement (JOA) under which Mira acts as service provider to Associated and Dansaki, and is entitled to a 48-per-cent interest in the Tom Shot Bank field in Nigeria.
On March 22, 2013, Mira announced its intention to develop the TSB field to production and to secure a non-brokered private placement of $5-million. That financing would have enabled Mira to advance the next steps toward its ultimate goal of field production. Despite challenging venture market conditions, Mira had been busy securing subscriptions for this financing and had been seeking to close the full amount of the subscription. During this continuing financing process, Mira announced on May 22, 2013, that it had received a default notice from Associated and Dansaki purporting to be issued under the terms of the JOA. Up to that point in time, Mira had in good faith spent $34-million (U.S.) to prove 22 million barrels of oil in independently verified 2C contingent resources and a significant additional resource upside potential. Mira's strong view was and continues to be that the default notice did not comply with the default provisions of the JOA. Mira did acknowledge receipt of the notice, and continued to work with Associated and Dansaki using all legal and equitable means to thwart a very inequitable attempt by its partners to regain full ownership of the TSB field. Mira has just now been advised by its partners that the partners have contracted Mira's TSB field interest elsewhere.
Mira continues to examine its legal position under the JOA and its right to the 48-per-cent interest in the TSB field. Without limiting the ambit of the examination, this investigation includes consideration of unreasonable financial requests by the partners outside of the terms of the JOA leading up to the wrongful default notice and the deleterious impact of the irregular default notice on Mira's financing efforts, and the purported forfeiture of Mira's interest by Associated and Dansaki without recompense to Mira.
TSB field is located within oil prospecting licence 276 which is adjacent to the Abana field in oil mining licence 114 and due north of Addax Petroleum Corp. in oil mining licence 123. Addax Petroleum is producing almost 50,000 barrels of oil per day from multiple fields within OML 123. TSB field was discovered in 1980 by Shell Petroleum which encountered 425 gross feet of hydrocarbon pay, 57 net feet of gas and 83 net feet of oil proven pay, with another possible 111 net feet of oil and 29 net feet of gas pay in reservoirs which Shell Petroleum interpreted as probable laminated reservoirs.