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Tuesday, December 6, 2011
Mira Resources Corp.’s wholly owned subsidiary Equinox TSB Development (
TSB Field is located within OPL 276 which is adjacent to the Abana Field in OML 114. The TSB Field was discovered by Shell Petroleum in 1980 and encountered 425 gross ft of hydrocarbon pay, 57 net ft of gas and 83 net ft of oil proven pay with another possible 111 net ft of oil and 29 net ft of gas pay in reservoirs which Shell interpreted as probable laminated reservoirs.
As previously announced by Mira, the anticipated flow rate from the U7 was modeled by an independent reservoir expert by incorporating the newly acquired data to predict a flow in excess of 1,500 bpd on a 32/64" choke. After further analysis of production models it has been suggested that due to near well bore reservoir damage during the original drilling of TSB 1 in 1980 when they took a hydrocarbon kick, additional stimulation techniques are required to increase the flow rates. The company said that due to the variable flow rates it was estimated it would require an additional ten days to calculate a definitive skin and permeability, therefore the test was terminated.
Mira said that the most logical completion scenario that our independent completion and testing experts have modeled is through a comingled flow of the U4 gas reservoir and the U7 interval these two intervals have the ability to deliver in excess of 2,500 bpd. As this is a completion and requires additional equipment Mira was unable to complete the well at this time and will start suspending the well and will re-continue the completion as a producer in conjunction with the drilling of TSB 3 in early-2012.
Thomas Cavanagh, president of Mira, stated, “We have successfully confirmed the presence of a light sweet 41.6 API oil in the lower 120 ft of the 210 ft thick U7 interval with no formation water produced during the tests. This production test confirmed the calibration and accuracy of the new well log interpretation thereby significantly de-risking an additional Gross 19 ft of oil in two sands in the U4, oil in the Upper 60 ft in the U7, 48 ft of oil in the U8 (with an additional 43 feet with indications masked by the two sets of pipe), and oil in the upper 74 ft in the U9 reservoir. The U 9.5 and lower U9, due to the interpreted high laminations delivered encouraging results and will be further evaluated in TSB 3 through higher resolution open hole logs and possible cores.
“Relative to potential resource and reserve revisions we are in the process of updating the 3D reservoir models for the U7, U8 and U9 with the new data. The U7 reservoir in the 51-101 for the P 50 model had 48 feet of potential, the new well logs predict 96 feet of net oil saturations in excess of 45%, the oil saturation calculation used as the cut off in poor quality formations, using a 30% Oil saturation assuming better quality reservoir would increase the interpreted net pay to 146 ft. We are extremely encouraged that we have found the U9, U8 and U7 intervals all with large intervals of high oil saturations.
“We will continue to iterate work with our contractors to update the significant larger probable oil bearing section into the 3D reservoir models which then will be supplied to an independent engineering firm to calculate new estimates of the potential of this field. The resource assessment in the 51-101 is being updated with an anticipated completion in January 2012. Additionally, we will be continuing the planning and acquisition of new data for TSB 3 scheduled for early 2012.”
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