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Mira Announces the Independent Resource Assessment with a 430 % Increase

Source: www.gulfoilandgas.com 7/5/2012, Location: Africa

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Mira Resources Corp and its fully owned subsidiary Equinox TSB Development (Nigeria) Limited are very pleased to announce the RPS Energy Independent Resource Assessment for the Contingent STOIIP Resources in the tested Reservoirs with a greater than 430% growth in the Certified Contingent STOIIP Resources from the previous 2010 NSAI Certified Contingent STOIIP Resources.

The U 7 Certified STOIIP Resource in the U 7 Best Estimate P50 or 2C increased from 14.89 Million Barrels of STOIIP (NSAI) to 65 Million Barrels of STOIIP Resource while the U 9 Reservoir which was not tested in the 2011 Reentry was assessed by NSAI in 2010 at 21.6 Million Barrels of STOIIP Resources has been assessed at 18.9 Million Barrels of STOIIP Resources with another 26.5 million Barrels of Prospective STOIIP by the RPS Group. The conversion of the STOIIP to Recoverable Resources is currently being worked by Schlumberger Nigeria Nodal Analyses Group and will be announced when they are completed with the revised Economic Model and the updated NI 51-101.

The consolidated STOIIP for Tom Shot Bank Field from RPS is as follows:

P 90 59.6 MMst b
P 50 100.0 MMst b
P 10 168.0 MMst b

Prospective Oil in the U 9 Reservoir with a GPOS (Geologic Probability of Success) of 76%

P 90 8.62 MMst b
P 50 26.5 MMst b
P 10 58.3 MMst b

Johnathan More, CEO of Mira states, "We are pleased at the significant increase in the STOIIP assessment in the one reservoir we tested in 2011 and anticipate further positive increases in the other reservoirs when we drill TSB 3. If we had tested the laminated nature of the reservoirs in the U 9 it is our interpretation we would have seen a similar increase in the resources in the U 9 as RPS has documented in the U 7. The U 8, U5 and the attic oil in the U 3 will be fully evaluated in TSB 3 as well as the conversion of the existing contingent resources to reserves and determination of the extent of the laminated reservoirs. We firmly believe we will see significant increases in resources and reserves when TSB 3 is drilled. Furthermore, all permitting necessary to drill TSB 3 is underway and we anticipate having all necessary permits completed by the end of the 3rd quarter of 2012."

Our recently appointed exclusive financial advisor, First Energy Capital will be opening their data room this month for the possible sale of the company. Mira's Board of Directors, in response to several expressions of interests, has established a special committee with a mandate, in consultation with First Energy, to solicit, review and consider strategic alternatives and to make recommendations to the Board as to whether any proposed transactions are in the best interests of the Corporation and its shareholders.

TSB Field is located within Oil Prospecting License 276 ("OPL 276") which is adjacent to the Abana Field in Oil Mining License 114 and due north of Addax Petroleum Corp. in Oil Mining License 123 ("OML 123"). Addax Petroleum Corp. is producing almost 50,000 BOPD from multiple fields within OML 123. TSB Field was discovered by Shell Petroleum in 1980 and 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.

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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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