(MENAFN - ProactiveInvestors - Australia) Pura Vida Energy (ASX: PVD) has uncovered further evidence for the presence of hydrocarbons at its Mazagan permit offshore Morocco after acquiring several drop cores with light oil saturation.
This is a strong indicator that oil is migrating through the Mazagan permit and provides encouraging evidence to support that the large structures seen on 3D seismic can hold hydrocarbons.
The cores are located close to the Amchad prospect as well as the largest prospect Toubkal, which has estimated mean resource potential of 1.5 billion barrels of oil.
Analysis by specialist group Geomark & Geochemical Solutions International in Houston has also confirmed the presence of chemical compounds indicating the source rock for the oil is the Lower Jurassic.
This has been previously proposed by the company as the main source of hydrocarbons for the Mazagan permit.
Pura Vida will now focus on the farm-out of the Mazagan permit and drilling program.