(MENAFN- ProactiveInvestors - Australia) Pura Vida Energy (ASX:PVD) is gearing up to start its deepwater drilling campaign offshore Morocco with the first well scheduled to start in January 2015 with another well in the second half of 2015 to test the resource potential of the Mazagan permit.
The company is free carried by Freeport-McMoRan Oil & Gas for up to US$215 million for the two wells.
Pura Vida has a 23% interest in Mazagan, which has multi-billion barrel potential in three main plays containing multiple prospects and leads mapped on 2D and 3D seismic data.
Nearby wells have the potential to de-risk a range of prospects in its drilling portfolio and have a direct read across in value terms.
Proactive Investors has secured managing director Damon Neaves to present the latest at the upcoming "Melbourne Investor Luncheon" on Tuesday 11th November, and the "Sydney Investor Luncheon" on Wednesday 12th November.
REGISTER HERE: Melbourne and Sydney.
In addition to its carried interest in Mazagan, Pura Vida has a 80% operating interest in the Nkembe block offshore Gabon and is taking up a 50% interest in the Ambilobe block offshore Madagascar from Sterling Energy (LON:SEY).
Recent discoveries in Gabon have proved the presence of pre-salt reservoir similar to basins in Angola and Brazil that have yielded significant oil reserves.
In August 2013, French supermajor Total's Diaman-1B exploration well was the first successful deepwater well targeting the pre-salt in Gabon and encountered a 55 metre net hydrocarbon column.
In July 2014, Italy's Eni made a significant pre-salt gas and condensate discovery to the north of the Nkembe block at the NyonieDeep exploration prospect on Block D4.
The pay zone encountered is over an interval of 320 metres and an initial estimate of 500 million barrels of oil equivalent (in place) has been announced by Eni.
Inspection of cores from the Loba M 1 discovery well has confirmed the presence of good quality sandstone reservoirs with abundant oil staining.
It also confirmed the presence of a 46 metre net oil column seen on the petrophysical logs.
Nkembe has total gross mean unrisked prospective resources of 1,680 million barrels of oil equivalent.
Pura Vida is also earning 50% interest in the Ambilobe block by funding new 3D seismic up to a maximum of US$15 million.
The 1,250 square kilometre survey is expected to begin in the fourth quarter of 2014.
Stability, growth and foreign investment has been returning to Madagascar following democratic elections.
Exploration in the country has been increasing with companies such as ExxonMobil (NYSE:XOM), Total, Afren (LON:AFR), Tullow (LON:TLW) and OMV carrying out work.
A competitive bid round for offshore acreage is expected to be carried out this year.
Pura Vida had $20.4 million cash as at 30 June 2014.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.