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MIRA Provides Operational Update of Tom Shot Bank 1

Source: www.gulfoilandgas.com 11/21/2011, Location: Africa

Mira Resources Corp. ("Mira") and its wholly owned subsidiary Equinox TSB Development (Nigeria) Limited announce an operational update on re-entry and testing program for Tom Shot Bank 1 well ("TSB1").

Further to the preliminary results from the newly acquired cased-hole logs in TSB1 announced on November 16, Mira has continued to refine the processing and interpretation of the logs. The updated logs indicate that the upper interval of the U9 has a 40 gross feet of oil bearing section with an additional 52 feet in the lower zone indicated to be potentially oil bearing. This result correlates with the oil that Shell originally sampled in 1980 in the U9.

The U8 interval is now interpreted to contain a possible 22 foot gas and 26 foot oil interval. This result correlates with the oil that Shell originally sampled in the U8 in 1980. The U4 has been interpreted to contain 42 feet of gas and a 12 foot oil leg, with an additional reservoir in the upper section of the U4 is now interpreted to have a possible 12 to 14 foot oil column.

Thomas Cavanagh, President of Mira, stated, "The processing and interpretation of the newly acquired cased-hole logs and its integration and correlation with the older open hole data is still ongoing. We are pleased to see that all of the reservoirs which Shell had indicated as possibly oil bearing by the recovery of oil samples have been confirmed by the new logs to have high saturations of oil.

"The lower reservoirs, the U9, U8 and U7 all appear to have been charged with oil which correlates with the oil samples that Shell obtained in 1980. This is very encouraging as it would suggest that we have significantly more resources in Tom Shot Bank than what has been filed in Mira's 51-101 Report.

"The results of the new logs have identified that the U8 interval has a gross 90 feet oil bearing reservoir which have a definitive hydrocarbon saturation of greater than 50% across a 46 foot interval. The U8 would have certainly been put on test during this program but as it is located behind two sets of casing the test will be deferred to the TSB3 well.

"The increased presence of oil in the U4 and U5 also indicates that the entire greater TSB Complex was charged with oil and contains multiple stacked oil reservoirs. At this stage we are very confident that by drilling the TSB3 well in an optimal location up-dip from TSB1 that we will be able to definitively determine with open hole logs the fluid composition in all the reservoirs that we will not have the chance to test in this occasion.

"We are focusing our efforts this week on commencing the drill stem test in the lower U7, followed by the test in the upper U7. Mira anticipates announcing the results of these combined tests towards the end of November or first week in December. The question of gross to net reservoir and deliverability is still outstanding and will be evaluated via these production tests. Although these tests will answer many of the questions on these reservoirs, ultimately Open hole logs and cores will be required to determine the best way to produce the significantly increased oil columns we have confirmed to be present at Tom Shot Bank Field."

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