Mira and its fully owned subsidiary Equinox TSB Development (Nigeria) anticipates it will commence Re-entry and Testing Operations at Tom Shot Bank Field (the "Operations") in approximately 10 days, on or around October 3rd 2011.
All regulatory Permits and Approvals in compliance with Nigerian regulations are in place and all contractors associated with the Operations have been pre-paid for the entire planned Operation.
Mira anticipates that the Ben Avon jackup (the "Rig") will be under tow and contractually "on-hire" to Mira on or about Sunday, September 26, 2011. The current program predicts four days to tow the rig from its current location to Tom Shot Bank 1 and an additional four days to safely position, pre-load and jackup the Rig and commence re-entry Operations.
Mira's President, Thomas Cavanagh stated, "Barring unforeseen circumstances, we will commence re-entry operations around October 3rd and have the critical wireline logging completed within 15 days thereafter. Once the new logs are acquired and interpreted, we will make a final decision on the zones and intervals to production test. The new logs will be instrumental in the decision to test the deepest interval in TSB-1, the U 9.5, which has not been assessed in Mira's Resource Assessment due to the existing logs being inconclusive. Recent petrophysical analyses by two separate independent specialists conclude that the U9.5 is hydrocarbon bearing. Irrespective of the decision on the U9.5, testing the upper zones, the U 9.0 to U 7.0 reservoirs which previously recovered light oils (38 to 42 degree API) on wireline tests by Shell in 1980 is firm in the operational plan." Cavanagh continued, "Recent detailed log analyses has suggested that the U4.0 reservoir may be a light oil and or retrograde condensate and like the U 9.5 has not been included in Mira's Resource Assessment. If either the U9.5 or U4.0 are successful then this could result in considerable increase in Mira's previous resource and/or reserve assessment."
The Operations are anticipated to be completed within 30 days of the Rig's arrival on location. If the U9.5 and U4.0 are tested as a result of the new wireline logs, the Operations may be extended to 47 days in a success case scenario.
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