Pura Vida Energy (ASX:PVD) has tucked away $987,000 in a placement and will seek a total of $2.7 million from shareholders for a reboot of its African oil and gas exploration in 2016.
With the falling oil price freeing up drill rigs in West Africa, Pura Vida is looking towards unlocking prospective shallow water oil prospects in offshore Gabon that would not only be cheaper to drill but also are located closer to existing infrastructure.
The placement was done at $0.027 per share and will be struck at the same price for an entitlement issue offered to shareholders.
Hartleys and Advantage Management hold a first right of refusal to place any shortfall in the Entitlement Offer.
Of interest, Pura Vida had closing cash of about $5 million in Joint Venture accounts at December 31 2015 year end.
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