RE:RE:RE:Why bother KidKorsakoff wrote: Not completely correct. They have spent invested capital but they do not have debt as you mention. They still have their 49% of the rights to the $70M+ proven production ready asset and this is good until March 2015. Afren and others are interested and they will be smart and pick Mira up for $30MM and then less debt of approx. $10MM investors would get $20MM. The focus now is selling the asset.
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Serioiusly Kid,
You truly do not understand how it works in Nigeria, let alone what is the contractual agreement between Mira and Dansaki and Associated Oil and Gas.
Understand that Mira , has zero ownership in the resources let alone title of the field....simply cannot happen as it is forbiden by Nigerian laws. They (were) hired as a Financial and Technical Serice partner to fund the development of the field - that is Opex and Capex , and in return would be refunded for their efforts through Oil revenue funding them 125% of their expenses.
Mira has failed to funds the Opex in due time and in accordance with its contractual obligations, hence were served a notice of default and are no longer the Partner of the Consortium....out the door they went and that is that .
Mira can moan and b--tch all thou want, even go to court ( which they won't) but in the end ...forget OML 14...Tom Shot Bank...they are out of it and all money invested a total write offf.
Simple and get it through your head...this Compnay is toast.
Now with an open mind ..read carefully what Mira says in the following, maybe you will get a better understandng....
https://www.miraresourcescorp.com/s/TomShot.asp