Pura Vida Energy (ASX: PVD) has a 75 per cent interest in the Mazagan Offshore Area. Mazagan is located off the coast of Morocco in the Atlantic. We have modern, high quality 3D seismic data over the block with independently certified prospective resources of more than three billion barrels of oil.
The Toubkal prospect alone has a potential resource range of 180 million to 1.670 billion barrels of oil, with a mean estimate of 790 million barrels of oil. Toubkal is an analogue of the billion barrel Jubilee field in Ghana – the largest oil discovery made in West Africa in the past decade.
Pura Vida Energy (ASX: PVD) is acquiring a second oil and gas project in Africa and has placed its shares into pre open while it prepares to release the details.
The company currently holds just the highly prospective Mazagan permit offshore Morocco, which is the subject of a farm-out to U.S. independent Plains Exploration & Production Company (NYSE: PXP).
Plains is taking a 52% interest in Mazagan by paying US$15 million and free carrying Pura Vida on the costs of various exploration activities to the greater of agreed AFE costs or US$200 million, subject to a maximum of US$215 million.
An announcement on the new acquisition is expected prior to the start of trading on Tuesday 15 January while the halt will last until the earlier of the announcement being made or opening of trade on Wednesday 16 January.
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