Mira Resources Corp. and its Nigerian subsidiary, Equinox TSB Development Limited, have announced the appointment of Mohammed Asibelua as Chairman of the Board. Asibelua, a seasoned businessman with over 20 years of experience in Africa’s oil and gas sector, is expected to play a pivotal role in expanding Mira’s presence in Nigeria and across West Africa.
The appointment marks a significant step in Mira’s transition from a venture-stage company to an active exploration and production player in the region. Asibelua is the Chairman of Equinox Group, a Nigerian conglomerate with interests in oil trading, oil services, and real estate. Through partnerships with global energy giants such as Gazprom, Sinopec, British Gas, and PetroVietnam, Equinox Group has secured a strong foothold in Africa’s energy sector.
Asibelua’s past industry experience includes managing oil trading contracts worth over 250,000 barrels per day for crude oil and 480,000 metric tons per year for petroleum products. He also holds a majority equity stake in OML 14’s Tom Shot Bank Field through Associated Oil & Gas Services.
A Strategic Move for Mira’s Expansion
Mira’s President, Thomas Cavanagh, emphasized that Asibelua’s leadership will solidify the company’s strategy in West Africa, particularly in Nigeria.
“Mr. Asibelua’s deep understanding of the upstream and downstream oil sector, his political relationships, and his operational expertise will add immense value to Mira as we expand our footprint in West Africa.”
Under Asibelua’s chairmanship, Mira plans to establish a new office in Abuja, positioning itself as the technical, financial, and political partner of choice for marginal field operators in Nigeria.
In response to his appointment, Asibelua praised Mira’s commitment to Nigeria’s oil and gas sector:
“Mira has proven itself as a serious player in Nigeria, demonstrating strong financial and technical capabilities. I look forward to leading Mira as we develop assets that can achieve production and cash flow within 18 months of signing concessions.”
Mira’s Oil Prospects in Nigeria
Mira’s key asset in Nigeria is the TSB Field, located within Oil Prospecting License OPL 276, near the oil-rich Abana Field in OML 114 and Addax Petroleum’s producing OML 123, which yields nearly 50,000 barrels per day.
TSB Field, discovered by Shell in 1980, has significant hydrocarbon potential. The well encountered 425 feet of hydrocarbon pay, including:
• 83 feet of proven oil pay
• 57 feet of net gas pay
• 111 feet of potential oil reserves
• 29 feet of probable gas reserves
Mira plans to re-enter and test the well in August 2011, following the completion of drilling operations at the Tetra well in OML 109, offshore Nigeria.
Stock Options and Future Growth
To mark Asibelua’s appointment, Mira has granted him 2,000,000 stock options at an exercise price of $0.38 per share, valid for five years under the company’s stock option plan.
With Asibelua’s leadership and Mira’s aggressive expansion strategy, the company is positioning itself as a major independent exploration and production company in West Africa. The next few months will be crucial as Mira moves closer to production and cements its place in Nigeria’s energy sector.
