Mira Resources Corp.

Mira Resources Corp.

November 21, 2011 09:15 ET

MIRA Operational Update of Tom Shot Bank 1

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2011) - Mira Resources Corp. (TSX VENTURE:MRP) ("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."

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.


Thomas Cavanagh, President and Director

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual events and results to differ materially from Mira's expectations include risks related to the exploration stage of Mira's project; market fluctuations in prices for securities of exploration stage companies; and uncertainties about the availability of additional financing.

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Contact Information

  • Mira Resources Corp.
    Thomas Cavanagh
    President and Director
    Toll Free: 1-855-687-7742 or (604) 687-7742
    (604) 681-0796 (FAX)