Listed on TSX Venture Exchange (MRP.V). Market Cap $28.5m. Current share price 21c.
Mira's main interest is the Tom Shot Bank field - shallow offshore Eastern Nigeria.
Mira released results from the TSB-1 well in December and a reserve report is due this month. A recent Jennings report stated "Mira’s share might be 13.5 MMBbl or more, vs. the 4.2 MMBbl previously assigned."
Mira also plans to drill the TSB-3 well in Q1 this year, which should prove up more reserves, and then build the facilities required to commence production.
The Tom Shot Bank field was first discovered by Shell in 1980 and is classed as a marginal field. Other marginal fields in the region have proved to be hugely successful and profitable. Ebok Marginal Field, which is operated by Afren PLC, originally had an estimated 20 mmbbl of oil in place and is now reported to contain in excess of 102 mmbbl of recoverable resources. Mart Resources which also acquired the Umusadege Marginal field in Nigeria, which is seemingly smaller than Tom Shot Bank, have a market cap today of $300m. The OML 123 field, operated by Addax Petroleum, is situated directly south east of OML 14 which contains the Tom Shot Bank Field.Using recently acquired 3D seismic including a pre-stack depth migration (PSDM), Addax concluded that using horizontal drilling on the Greater Ebughu structure contained over 250 mmbbl of recoverable reserves, 10 times greater than previous estimates. Mira has identified additional prospects and leads which have not yet been evaluated by NSAI with prospective resource potential in excess of 100 mmbbl.
The main problem for Mira, like so many other small-cap oil companies, is financing. Looking at the market cap and asset value it looks incredibly cheap. The estimated cost of drilling the TSB-3 and build the facilities required to commence production is $55m. A farm-down is also an option.
The company's CEO, Johnathan More, has been buying heavily on the open market (will post below) this past few weeks and management are participating in the $3.5m private placement announced last Monday. This gives me huge confidence that a highly dilutive equity placing is not on the cards.
I'm a buyer at these levels.
Here is the a list of Johnathan More's buying..
Filing
Date Transaction
Date Insider Name Ownership
Type Securities Nature of transaction # or value acquired or disposed of Unit
Price
Dec 23/11 Dec 23/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 50,000 $0.145
Dec 15/11 Dec 13/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 10,000 $0.140
Dec 15/11 Dec 13/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 20,000 $0.145
Dec 15/11 Dec 13/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 10,000 $0.148
Dec 13/11 Dec 13/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 129,500 $0.145
Dec 9/11 Dec 9/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 100,000 $0.160
Dec 9/11 Dec 8/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 50,000 $0.160
Dec 9/11 Dec 8/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 200,000 $0.165
Dec 9/11 Dec 8/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 75,000 $0.175
Dec 8/11 Dec 7/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 122,000 $0.170
Dec 8/11 Dec 7/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 3,000 $0.165
Dec 7/11 Dec 6/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 65,000 $0.120
Dec 7/11 Dec 6/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 125,000 $0.130
Dec 7/11 Dec 5/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 165,500 $0.115
Oct 25/11 Oct 25/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 5,000 $0.275
Oct 25/11 Oct 25/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 55,000 $0.270
Sep 29/11 Sep 29/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 345,000 $0.270
Sep 28/11 Sep 26/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 5,000 $0.290
Sep 20/11 Sep 20/11 Cavanagh, Thomas Direct Ownership Options 50 - Grant of options 500,000 $0.400
Aug 31/11 Aug 31/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 200,000 $0.325
Aug 30/11 Aug 30/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 170,000 $0.320
Jul 21/11 Jul 20/11 Asibelua, Mohammed Direct Ownership Options 00 - Opening Balance-Initial SEDI Report
Jul 6/11 Jul 5/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 10,000 $0.320
Jul 6/11 Jul 5/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 2,500 $0.300
Jun 30/11 Jun 29/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 5,000 $0.280
Jun 30/11 Jun 29/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 4,000 $0.300
Jun 30/11 Jun 29/11 More, Johnathan Direct Ownership Common Shares 10 - Acquisition in the public market 1,000 $0.290
