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UPDATE: Mira Resources Hits New Yr Lows After Operational Update on Tom Shot Bank 1

Mira Resources (MRP.V) are trading at 20 cents late Wednesday having touched a new year low of 17.5 cents late morning. This comes after it briefly hit a day high of 23 cents early in the session. More than 3.2 million shares have changed hands.

Mira Resources and its wholly owned subsidiary Equinox TSB Development (Nigeria) Limited provided an operational update on the ongoing testing program for Tom Shot Bank 1 well this morning. The company said it had successfully perforated and is currently production testing from the Lower U 7 Interval from 6614 feet to 6734 feet, and is currently flowing 41.6 API gravity sweet oil with no presence of formation water. At the completion of the U 7 production test, Mira will test the U 4 Interval which has been interpreted to contain 42 feet of gas and a 12 foot oil leg. Mira will release the results of the production tests as they become available.

Mira also announced a $5 million convertible debt financing.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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