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Mira Commences Re-Entry at Tom Shot Bank 1 Well

Source: www.gulfoilandgas.com 10/25/2011, Location: Africa

Mira Resources Corp ("Mira") and its wholly owned subsidiary Equinox TSB Development (Nigeria) Limited are pleased to announce that they have commenced operations at Tom Shot Bank Field.

Mira accepted the Ben Avon Jack Up Rig (the "Rig") on October 14th and the Rig arrived at our location on October 19th. The final pre-loading was concluded in the early morning hours on October 24th and the re-entry process of Tom Shot Bank 1 has commenced. Dependent of the testing program, the program will range from 15 to 41 days.

Thomas Cavanagh, President Mira Resources stated, "After several months of delays on the rig's previous location, we are pleased to announce that as of October 24th, 2011 we have successfully positioned the Ben Avon Rig at Tom Shot Bank 1 and have started the reentry and evaluation procedures. The combination of the shallow water, strong surface/tidal currents with the variable shallow subsurface conditions made this a complex operation requiring an extensive pre-load of the jack up legs to ensure a safe operation. This has been completed and we have begun the re-entry process."

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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