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Pura Vida Energy NL (PVD) currently has operations in the Mazagan Offshore Area which is located off the Atlantic coast of Morocco, Africa.

The company is progressing its exploration activities in the Mazagan Offshore Area and is looking to expand its current operations by acquiring other projects.

http://www.puravidaenergy.com.au
 
Pura Vida rundown for you all.

41.4m shares on issue (diluted)
$15m market capitalisation (as at 7/5/12)
Net Cash $4.9m (as at 30/3/12) $4.4m unpaid capital

PVD just successfully completed $3m cap raising to sophisticated investors.
http://www.asx.com.au/asxpdf/20120706/pdf/4278tq0xy49ghc.pdf

N+1 Brewin Research Report here.
http://www.puravidaenergy.com.au/n1_pdf/Revised_Broker_Research_Note.pdf

N+1 Brewin is a leading UK corporate and institutional stockbroker with a highly regarded oil & gas research team
N+1 Brewin rated Pura Vida against its peers on ASX, AIM and TSX with an African exploration focus
Pura Vida trades on a Risked EV/Prospective Resources basis of $0.15/boe wheareas the adjusted average of the peer group is $1.00/boe

Mazagan permit
► Total area of 10,900km² (2.7m acres)
► Operator and 75% interest holder
► 3,570km² of modern 3D seismic
► Net 2.4 billion barrels of mean prospective recoverable resources attributable to PVD

Independent play types defined on 2D & 3D data in the Miocene and Lower Cretaceous
Essaouira basin - proven hydrocarbon system
Shows in 80% of wells drilled offshore Morocco
High impact drilling program targeting several hundred million barrels net to Pura Vida
Huge Toubkal prospect 790 mmbbl (mean)
Toubkal is a ‘look-a-like’ of the billion barrel Jubilee field in Ghana – the largest oil discovery in West Africa in the past decade
Recent significant increase in transactional activity
Kosmos has taken surrounding positions

KEY OBJECTIVES FOR 2012…
1. Complete seismic reprocessing – improve risking and recognise additional resources
2. Secure funding for drilling program targeting Mazagan’s huge potential resources
3. Achieve market recognition of the value of the Mazagan permit
4. Build a diversified portfolio of energy assets through acquisition

Management team
Damon Neaves Managing Director
Formerly BDM for Tap Oil
Led Business Development, Commercial and Legal teams during 8 year tenure at Tap
Several major acquisitions, many involving entry into new countries: Thailand, Ghana, Indonesia, Brunei, Philippines, Australia & NZ
Established highly profitable domestic gas business
Upstream project management experience
Legal/corporate advisory background

David Ormerod Technical Director
Over 25 years experience in the oil and gas sector
Participated in several major discoveries over his career: Maddog, Atlantis and Neptune (deep water GoM ) and Stybarrow (NWS)
Responsible for Karoon Gas’ entry into Brazil which saw a period of dramatic growth in shareholder value
Experience with BHPBP, Woodside, Stirling and Tap in areas as diverse as the Gulf of Mexico (GoM), West Africa, SE Asia and the NW Shelf

Bevan Tarratt Chairman
Accounting industry background focused on small/mid caps
Founding partner of Hemisphere Corporate
Equity markets experience with Patersons Securities
Managed IPOs, secondary raisings and re-structuring of numerous listed companies
Director of a number of Australian public companies







I am going to enter this into my low cap low liquidity thread, I dont really need the extra work load but I want this on my number 1 watchlist.
 

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Have taken a small spec holding in PVD this morn, consider it a decent high risk opportunity. They also get a small mention in the West business section today as a broker favourite.
Putting my money where my mouth is ;)
 
The more I think about PVD the more the risk/MC ratio appeals to me. Have increased holdings today.
 
 
COMPLETION OF TRANCHE ONE PLACEMENT

Pura Vida is conducting a placement to raise up to $3 million pursuant to the issue up to 12 million shares at 25 cents per share to institutional and sophisticated investors. The Company has received firm commitments for all 12,000,000 shares.
The Company wishes to advise that it has now allotted and issued a total of 5,937,500 shares at A$0.25 per share to raise gross proceeds of $1,484,375 to sophisticated investor clients of CPS Securities and Hartleys under its 15% placement capacity pursuant to ASX Listing Rule 7.1 in accordance with the Placement.
A further 6,062,500 Shares will be issued following shareholder approval at a General Meeting proposed to be held in mid-August 2012. The Company has also issued 100,000 partly paid Shares. These partly paid shares ranked equally with the existing class of partly paid shares.
 
Pura Vida Energy NL is pleased to provide shareholders with the following quarterly report with respect to its recent activities.
Leading our achievements in the past quarter has been ensuring the early delivery of our two year work program on the Mazagan permit which is now scheduled for completion during the current quarter. This achievement is important as it allows Pura Vida to move toward the drilling phase by:
● providing final seismic reprocessing and interpretation which is critical to commence the farmout process in the fourth quarter; and
● finalising the inventory of drilling targets, risking and resource estimates.

Earlier in the quarter, the Company announced a significant resource upgrade by Resource Investment Strategy Consultants (RISC). The independently assessed total unrisked mean gross prospective resources of the Mazagan permit was increased to 3.2 billion barrels of recoverable oil. This equates to 2.4 billion barrels net to Pura Vida’s 75% interest.
Subsequent to the end of the quarter, Pura Vida announced a $3 million capital raising at 25 cents per share to strengthen its balance sheet to pursue its growth strategy. The placement will be undertaken in two tranches with the second and final tranche to be issued following a general meeting of shareholders to be held on 17 August 2012. The Company was pleased with the level of support for the issue which saw participation from several institutional investors.

MAZAGAN PERMIT, OFFSHORE MOROCCO
During the quarter Pura Vida announced the acceleration of its two year work program on the Mazagan permit, where the Company has a 75% interest. Pura Vida now expects to complete the entire initial work program in September of this year.
Early completion of the work program is an exceptional achievement which will allow the Company to move quickly to advance the farmout to secure funding for the drilling program which will test the multi-billion barrel potential of this highly prospective permit. To this end, the Company has appointed industry-leading EZDataRoom to conduct a farmout process for Pura Vida commencing in October.

MOBILISATION OF VESSEL FOR DROP CORE PROGRAM
The R/V Geoexplorer has commenced mobilisation to Morocco to undertake Pura Vida’s drop core program during August. US services company, TDI-Brooks, will manage the program and is a specialist in this field. The drop core program will be overseen by Pura Vida’s technical team. The program is designed to acquire 50 sea bed samples with the objective of collecting samples containing hydrocarbons.
In petroleum systems, natural seepage of hydrocarbons to the sea bed is common, and sea bed sampling techniques such as the drop core program being undertaken by Pura Vida have been successful in identifying areas of active hydrocarbon generation and entrapment. In frontier areas such as Mazagan, finding such seepage significantly improves the probability of reservoired subsurface hydrocarbons.
Pura Vida has also carried out satellite sea surface oil slick analysis with the Fugro Group to assess indications of hydrocarbons on the sea surface as a means to assist location of the best sea bed sampling points.
The acquisition of these cores will assist in better defining the potential of the Mazagan permit and will assist in the farmout process. Results of the program are expected to be available following geochemical analysis of the cores in or about September.

REPROCESSING 3D SEISMIC DATA
The seismic reprocessing, involving the reprocessing of 3,000km² of 3D data on the Mazagan permit, is nearing completion and results to date have been encouraging. The initial results will be available in August and the project will be completed on budget in September.
The reprocessing is being undertaken by DownUnder GeoSolutions (“DUG”), a leading provider of geoscience services to the global oil and gas industry, including seismic processing and depth imaging, and is being overseen by Pura Vida’s technical team. The finalisation of the 3D seismic reprocessing package will provide additional data necessary to facilitate a successful farmout deal.

Events Calendar
The achievements in the year to date have positioned the Company to achieve significant growth in value in the second half of 2012. During the second half, the Company expects to report updates on the following core activities:
● the results of the drop core program and seismic reprocessing (both due in Q3) will provide the basis for a review of the risking of key prospects and potentially the recognition of additional resources;
● the farmout process will kick off in October to secure funding for the high-impact drilling program to test the multi-billion barrel potential of the Mazagan permit; and
● the acquisition of additional projects to build a diversified asset portfolio.
 
PVD performing reall well on the back of Hartleys report. So far an intra day high of 34c with over 1 million traded.
 
High of 38c with 2.07m traded yesterday.
Anyone else looking at PVD?
 

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With a target of 113cps vs. current 35c it is pretty pie in the sky stuff at the moment. If their targets were even half accurate we would all be very wealthy. Having said that, the chart shows some serious interest currently and they do seem to have some concrete data.

Whether it holds and moves up further is another thing. GO Hartleys! Can you also re-rate TTE I am holding a loss and they "should" be worth a lot more.
 
mr. jeff said:
With a target of 113cps vs. current 35c it is pretty pie in the sky stuff at the moment. If their targets were even half accurate we would all be very wealthy. Having said that, the chart shows some serious interest currently and they do seem to have some concrete data.

Whether it holds and moves up further is another thing. GO Hartleys! Can you also re-rate TTE I am holding a loss and they "should" be worth a lot more.
Click to expand...

When you say 'WE would all be very wealthy' are you holding Mr Jeff?
 
springhill said:
When you say 'WE would all be very wealthy' are you holding Mr Jeff?
Click to expand...

No hold but interested when closer to the dates;

"The Company is reinterpreting the last of the 3D seismic before updating the resource potential and opening a data room in October, prior to farm-out. Drilling is possible in late 2013 or H1 2014."

All going well I would be looking to get in just before the farm out process to ride those announcements to the commencement of drilling. But as yet I do not hold.
 
DROP CORE SURVEY COMMENCES OFFSHORE MOROCCO

Pura Vida Energy announce that it has commenced the acquisition of sea bed samples via the drop coring technique. Pura Vida has contracted a specialist group TDI-Brooks International to acquire up to 67 core samples from the ocean floor within its Mazagan permit, offshore Morocco. With the recovery of hydrocarbon samples a more accurate assessment of the working petroleum system in the block will be made possible.
Drop coring programs are typically utilised in deep water areas to allow improved definition of the petroleum systems and to increase the confidence of oil companies prior to making drilling commitments. Drop core programs have been successfully performed offshore Africa, South America and North America over the last 20 years.
Process of acquiring drop cores
Drop cores are acquired in deep water with the intent to site locations where hydrocarbons are migrating to the sea bed. The cores are approximately 7m in length and are GPS guided to the selected location where a 2,000 lb piston core collects 7m of sediment for further analysis.
Locations for testing are selected where there may be migration pathways to the sea floor from areas where the hydrocarbon source rocks are interpreted to be expelling hydrocarbons.
The cores will be cut into sections then stored in sealed containers for transport to TDI-Brooks’ laboratory in Houston where they will undergo initial examination and scanning for evidence of fluorescence and collection of any associated gas. This process will take approximately one month after the final cores have been acquired.
In the event that hydrocarbons are found in the core samples, further sampling and analysis will be performed by a specialist group in Houston, Geomark Research Inc, where the origin and typing of the oil will be assessed.

Indicative timetable
The results of the drop core program are expected to be announced during October in accordance with the following schedule:
-Acquisition of drop cores 5 - 19 September
-Geochemical analysis September/October
-Preliminary results October

The cost of the drop core program is expected to be less than $1 million and will provide valuable information for the upcoming drilling program.
 

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