Petroleum Africa
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Tuesday, March 26, 2013
Mira Resources Corp. has decided to develop the Tom Shot Bank Field (TSB Field) and take the field into oil production. Mira owns a 48% interest in the TSB Field.
CEO and Director, Johnathan More, stated: “We are very pleased to commence the immediate development of the TSB Field to production. Mira has a fantastic asset with over 22 MMBO in independently verified 2P Resources and additional resource upside potential. We are excited to continue working with our Nigerian partners, Associated Oil and Gas Services Limited and Dansaki Petroleum Limited, on a great opportunity to develop the Tom Shot Bank Field and to achieve initial production and cash flow in the near term.”
Mira announced that to assist with the next steps of field development it is raising $5 million by way of a non-brokered private placement of 100,000,000 units at $0.05 per unit. Each unit will consist of one common share and one full warrant to purchase one additional common share at $0.10 per share for a period of two years. Mira management may participate in this financing. The private placement is not expected to result in a change of control of Mira and is subject to approval of the TSX Venture Exchange.
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