Mira Resources Corp. and its fully owned subsidiary, Equinox TSB Development (Nigeria) Limited, have announced a major increase in the discovered contingent resources at the Tom Shot Bank (TSB) Field, following the completion of an independent resource assessment by RPS Energy.
According to the report, the P50 (2C) Contingent Resources have surged by 259%, jumping from 8.67 million stock tank barrels (MMstb) in 2010 to 22.44 MMstb after the successful re-entry and testing of TSB-1 in 2011.
Mira Chairman Mohammed Asibelua expressed confidence in the updated assessment, stating:
“We are pleased with the work independently completed by RPS Energy, which documents the significant growth in our discovered contingent and prospective resources at Tom Shot Bank Field. We remain committed to further assessments in Nigeria and are eager to share more updates as work progresses.”
Key Findings from the RPS Energy Report
The latest study focused on five key reservoirs, with the following Gross (100%) Contingent Resource estimates:
Reservoir 1C (Low) 2C (Best) 3C (High)
U 3.0 0.97 MMstb 1.74 MMstb 2.84 MMstb
U 4.0 0.08 MMstb 0.46 MMstb 1.19 MMstb
U 7.0 3.90 MMstb 14.64 MMstb 41.00 MMstb
U 8.0 0.75 MMstb 3.02 MMstb 7.96 MMstb
U 9.0 1.02 MMstb 2.56 MMstb 4.66 MMstb
Total 6.72 MMstb 22.44 MMstb 57.65 MMstb
Additionally, Prospective Resources in the U 9.0 reservoir are estimated at 6.53 MMstb (P50/2C) with a 76% geological probability of success (GPoS).
Strategic Plans Moving Forward
Mira’s Board of Directors has responded to multiple expressions of interest by forming a special committee, in consultation with First Energy Capital, to explore strategic alternatives. A data room is expected to open within ten days to facilitate discussions with potential partners.
Mira is also in advanced discussions with Nigerian banks and other project financiers to secure debt funding for the development and production of TSB Field, which is expected to commence by mid-2013.
In preparation for the drilling of TSB-3, all necessary permits and technical work are expected to be completed by early Q4 2012.
About the TSB Field
The Tom Shot Bank Field is located within Oil Prospecting License 276 (OPL 276), near the Abana Field in OML 114 and just north of Addax Petroleum’s OML 123, which produces nearly 50,000 barrels per day (BOPD).
Discovered by Shell Petroleum in 1980, the TSB Field encountered 425 feet of gross hydrocarbon pay, including:
•57 feet of net gas pay
•83 feet of proven oil pay
•Additional 111 feet of potential oil pay
•29 feet of potential gas pay
Mira remains committed to accelerating Nigeria’s upstream oil and gas development and is confident that TSB Field will play a key role in the country’s energy sector.
