Hartshead Resources NL

ASX removed Hartshead from the official list at close of trading on 24 June 2026, following the scheme implementation. It ends Hartshead's ASX listing.

registration revoked

Scheme implemented 23 June 2026: all shares transferred to ACAM, cash of A$0.014 per fully paid and A$0.0007 per partly paid share sent to holders. Tarratt and Lude resigned; Michael Allen and Matthew Foy joined the board. Delisting applied for.

business combination

Court approved the ACAM scheme on 11 June 2026. Shareholders are due A$0.014 per fully paid share and A$0.0007 per partly paid share on 23 June for holdings at the 16 June record date. Shares to be suspended after 12 June.

business combination

Scheme booklet registered. Independent expert BDO concluded the A$0.014 offer is 'not fair but reasonable', so in shareholders' best interests absent a superior proposal. Directors still unanimously recommend a yes vote; they hold about 10.27%. Vote is 8 June.

business combination

Hartshead signed a binding deal for ACAM to buy 100% via scheme of arrangement at A$0.014 cash per share, a 133% premium to A$0.006, valuing it at about A$40m. Directors recommend it, subject to an independent expert and no superior proposal. Expected completion is the first half of 2026.

business combination

The regulator granted a two-year extension to Phase C of the P2607 licence, to 30 November 2027, as requested in September. The third term is shortened by 24 months. It resolves the extension request tied to the RockRose carry deal.

regulatory community update

RockRose will fully fund Hartshead's share of the Phase C well work on P2607, budgeted at A$48.3m. In return Hartshead's interest falls from 40% to 35%, and the development carry drops from US$96.8m to US$79.1m. A two-year licence extension is sought. It resolves the June talks.

farm in farm out agreement

Hartshead submitted a revised concept report to the regulator for a new export route via the Saturn Banks pipeline to Bacton, replacing the earlier Shell route. It did so on its own under sole-risk provisions because the JV did not vote in favour; pipeline funding talks are described as well advanced.

joint venture update

UK Autumn Budget confirms the Energy Profits Levy rises to 38% (headline tax 78%) until 31 March 2030, with the 29% investment allowance removed. Overall relief falls to 84.25% from 91.4%. Hartshead is reviewing project economics and timing after an 8-month delay; resolves the fiscal-clarity wait.

joint venture update

All six 33rd Round licences are now fully executed and awarded, completing the process begun in May. Net additions are 627 Bcf contingent and 560 Bcf prospective resources, for about 1.5 Tcf total net reserves and resources.

asset acquisition disposition

Hartshead received offers for six new licences covering ten blocks; three are executed and three await the regulator. Adds 627 Bcf of contingent and 560 Bcf of prospective resources net, lifting total net reserves and resources to about 1,501 Bcf. Follows the May announcement of the wins.

asset acquisition disposition

Reprocessed seismic confirms earlier work on Anning and Somerville and indicates a small increase in gas in place. Viaro Energy agreed to buy Shell and ExxonMobil's Southern North Sea assets, including Corvette and Leman, a possible offtake route. UK EPL rises to 38% from 1 November 2024.

joint venture update

The UK regulator (NSTA) has told Hartshead it won ten blocks in the 33rd Licensing Round, nine in the Southern gas basin and three next to P2607, with equity of 50-100%. This ends the wait on the round and widens a portfolio beyond one licence. Formal awards are pending.

asset acquisition disposition

The Anning and Somerville development continues, but the joint venture's commitment depends on clarity over UK fiscal policy. Hartshead cut contractor headcount to preserve cash and is discussing infrastructure funding to reduce upfront capital. Follows the March tax-change warning.

joint venture update

Hartshead says proposed UK Labour tax changes (Energy Profits Levy headline rate 78%, investment allowance relief cut from 91.4% to about 46%) are being assessed. Contract awards may be delayed, which would push first gas past the 2025 target. Cash is over A$23m.

regulatory community update

Farm-out terms are amended so Hartshead can, after FID and once RockRose's current carry is spent, sell a further 20% for an uncapped free carry of Phase I costs. This backstops funding for its share, over A$800m total. Chairman Tarratt moves to executive chairman.

farm in farm out agreement

Hartshead appoints Carlingford-GFI and extends LAB Energy's mandate to secure project finance for its share of Phase I costs. Options include debt, production pre-payment, bonds or selling more equity. FID is now described as 2H 2023, not specifically Q3.

material agreement

Hartshead submits the Phase I Field Development Plan to the NSTA, as flagged in May: six wells from two unmanned platforms. Debt talks for its remaining costs are 'well advanced', to conclude with FID in Q3 2023; first gas still expected 2025.

regulatory community update

The 60% farm-out of P2607 to RockRose completes, with A$12m+ paid, taking cash to over A$35m. Hartshead keeps 40%. It says this meets its equity needs for Phase I; remaining costs would come from a bond or gas pre-sale, with FID in Q3 2023.

farm in farm out completion

Hartshead signs a binding deal to farm out 60% of licence P2607 to RockRose Energy for about A$196.3m gross value for Phase I, including A$48.4m of UK tax allowance, plus a possible A$9.0m bonus. It also raises A$20m at A$0.04 per share. Resolves the partnering search.

farm in farm out agreement

Hartshead agrees key commercial terms with Shell to transport and process Phase I gas via Shell's Southern North Sea system to Bacton. Binding full agreements still to be concluded. This follows the August 2022 Shell export-route study agreement.

material agreement

Anne-Michèle Vignaroli joins as Chief Operating Officer, with over 20 years' experience including the Clipper South redevelopment, which the company calls analogous to Phase I. She will help take the project to FID later in 2023.

director officer appointment

The UK regulator (NSTA) approves Hartshead's UK subsidiary as Sub-Area Operator of licence P2607. The company says operator status is integral to final NSTA approval of the Phase I plan, with FID targeted later in 2023.

regulatory community update

Petrofac wins the platform and subsea FEED contracts for Phase I, covering two unmanned platforms and a 40 km pipeline to Shell's Corvette. TelosNRG is hired for the field development plan, and Hartshead will apply in the UK 33rd licensing round. FID is expected later in 2023.

contract award

Hartshead completes an oversubscribed A$11m placement of 400,000,000 shares at A$0.0275, ending the 24 August suspension. Funds go to the Shell engineering study, geotechnical survey and FEED for Anning and Somerville. Directors take A$500,000, subject to approval. It will explore an AIM listing.

capital raising announcement

At Hartshead's request, ASX suspended its shares from 24 August 2022 pending an announcement of a material capital raise, following a trading halt granted 22 August. No size or price is given yet. Cash was A$2.50m at 30 June.

capital raising announcement

Hartshead agrees with Shell an engineering study, run by Petrofac, for the Phase I tie-in to Shell's infrastructure to Bacton. This firms up the offtake route under discussion. Cost is about £505,000 from existing cash; the study takes about 3 months.

material agreement

The NSTA issued a Letter of No Objection to the Phase I concept, ending the assessment phase and allowing Hartshead to prepare a field development plan. This resolves the expected Q2 2022 approval step. FEED and the plan submission come before final investment decision.

regulatory community update

LAB Energy Advisors is appointed to run a structured process to find an industry partner for Phase I development after final investment decision, following approaches from several parties. This begins the partnering and funding path; no partner is yet secured. An updated corporate presentation was also released.

material agreement

ERCE audit upgrades Anning and Somerville from contingent resources to reserves: 2P of 301.5 Bcf (52 MMboe), 1P 31.2 and 3P 79.7 MMboe. Fields are 'Justified for Development'. Hartshead plans FEED next, with final investment decision planned for Q2 2023, subject to financing and an approved field development plan.

resource reserve update

Hartshead has submitted its Phase I Concept Select Report to the NSTA, the milestone flagged as due in Q2 2022. The concept is six wells from two unmanned platforms tied into third-party infrastructure. FEED is expected in coming months, with a final field development plan later this year.

regulatory community update

Hartshead raises Phase I technically recoverable gas (2C) to 324 Bcf, up 49% from the audited 217 Bcf, from new reservoir modelling and optimised fracture placement. Assumes tie-in to Bacton via third-party infrastructure under discussion. Management estimate, still to be peer reviewed and audited.

resource reserve update

Xodus study identifies 12 new prospects, taking Phase III to 14 with unrisked 2U prospective resources of 344 Bcf. Portfolio recoverable gas rises to about 700 Bcf. Phase I first gas is scheduled for H2 2024. These are undrilled prospects, not discoveries.

resource reserve update

New Viking Wx model lifts gas in place by 112 Bcf (43%) to 368 Bcf, taking Phase I to 603 Bcf. These are in-place volumes, not recoverable resources. Petrofac's study favours a dual platform development. Spot gas hit a record 117 p/therm.

resource reserve update

Contracts awarded to Xodus (subsurface), Petrofac (facilities, pipelines) and Fraser Well Management (wells) for Phase I concept select. Lead reservoir engineer appointed. Concept Select Report to the regulator is targeted for Q2 2022. Resolves the open wait for service contracts.

contract award

Ansila completes the Hartshead acquisition after shareholder approval, issuing 1,000,000,000 shares to vendors (12-month escrow), and raises an oversubscribed A$8.0m placement at A$0.025 (A$1.0m above plan). The A$7.0m funds Phase I work through to the preliminary FDP. Trading resumes today.

business combination

UK regulator confirms Seaward Licence P2607 over the five Southern North Sea blocks is executed and live. Ansila then held 21.6% of Hartshead; this finalises the provisional award of September 2020 that underpins the pending acquisition vote on 29 January.

regulatory community update

Ansila agreed to buy the remaining 78.4% of Hartshead Resources in an all-share deal subject to shareholder approval, alongside a A$7.0m placement. The licence holds four discoveries totalling 354 Bcf of 2C contingent resources, and Lewis and Matharu are to become CEO and CFO.

business combination

At Ansila's request, ASX suspended its shares from 7 September pending an announcement on a potential capital raising and material investment, following the 3 September pause. Requested to last until the announcement or 14 September.

other

The UK regulator provisionally awarded Hartshead Resources Ltd, in which Ansila holds 21.6%, five contiguous Southern North Sea blocks from the 32nd round. This resolves the pending application; the blocks hold undeveloped gas resources and drill-ready prospects.

asset acquisition disposition

Operator analysis of Siciny-2 finds average permeability of 0.001 mD, well below the 0.026 mD from the 2013 mini-frac, and mobile water blocked natural gas flow. Further unconventional attempts would need a new or horizontal well. Focus shifts to conventional Rotliegendes gas; the 1.6 Tcf resource stays unproven.

drilling result

Ansila withdraws from the Nowa Sol concession and the A$2.241m Jany-C1 programme, so its proposed 35% reverts to Gemini. The company cites COVID-19 turmoil, weaker oil and investor aversion to unconventional risk, and says it will preserve cash. Only Gora remains in Poland.

asset acquisition disposition

Siciny-2 showed methane at surface, but formation water inflow stopped free gas flowing, so the planned flow tests were dropped for a long-term pressure build-up test ending in February. No gas rate was reported, so commerciality of the 1.6 Tcf resource remains unproven; the company says the work was on time and on budget.

well test result

Company retracts the 5 December economic evaluation (US$1,649m NPV, 62.6% IRR, US$242m risked) after the ASX said no reasonable basis was disclosed. Investors should disregard it. The Siciny-2 frac and test still proceed in December.

admin correction

Pura Vida Energy completed its entitlement issue, raising a total of $2,732,098 before costs. Holding statements were to be mailed to eligible shareholders that week.

capital raising announcement

Completes the Gemini deal, so the company now earns 35% of the Gora and Nowa Sol projects in Poland by spending A$6.15m. Dr Andrew Matharu and Christopher Lewis join the board. Siciny-2 testing is due Nov/Dec 2019; Jany-C1 in Q2 2020.

farm in farm out completion

Prospectus for a 1-for-2 entitlement offer at A$0.018 to raise A$2.73m, fully underwritten by CPS. CPS also gets 25m shares and 20m options, and the company is to be renamed Ansila Energy. Two new directors join on completion.

capital raising announcement

Pura Vida completes a A$1m placement of 55,555,556 shares at A$0.018, the first part of funding the Polish earn-in. CPS Capital leads, with up to a 6% fee. Ambilobe farm-out continues, with a meeting with Madagascar's OMNIS planned for September.

capital raising announcement

Pura Vida signs a binding deal with private UK firm Gemini Resources to earn 35% of the Gora and Nowa Sol onshore Polish projects by spending A$6.15m. It will fund this via a A$3.7m placement and an underwritten rights offer, and two UK directors will join. A shift from African offshore.

farm in farm out agreement

Gabon's regulator wrote that Pura Vida is fully released of its Nkembe interest yet still owes outstanding commitments, with termination decree only after those are met. Pura Vida rejects this, maintains force majeure, reserves rights to recover the US$9m bonus and damages, and will spend no more.

regulatory community update

After September meetings, Pura Vida says Gabon's regulator acknowledged the Nkembe contract remains in good standing, but the start-date dispute and a regulator-sought payment to merge work phases were not resolved. Force majeure is maintained, no further spending, and Ambilobe retention of 11,480 km2 is proposed. Shares are to be requoted.

regulatory community update

Pura Vida holds 112,944,364 shares (14.7%) of Jacka Resources, making it the largest shareholder, and Chairman Tarratt joined Jacka's board. A Gabon regulator meeting is set for September. This is a move toward new opportunities using the cash.

asset acquisition disposition

Pura Vida told Gabon's regulator it has no basis to terminate the Nkembe contract, maintains force majeure and reserves its rights, including recovering the US$9m signing bonus paid in 2013. It disputes Havoc's claimed interest. Suspension extended to 31 August.

regulatory community update

Chairman Simon Eley resigned to pursue other opportunities. Bevan Tarratt becomes Non-Executive Chairman and Bruce Lane a Non-Executive Director, both with corporate restructuring and acquisition experience. This follows the board's search for new projects.

director officer appointment

Havoc gave notice of exercising its option for a 15% Nkembe interest, but told Pura Vida it has not completed all the required work. Pura Vida will talk further with Havoc and seek legal advice. Suspension extended to 30 June 2018.

farm in farm out agreement

Gabon's regulator rejected Pura Vida's start date, demanding US$17m of work commitments and US$2.5m of fund contributions within eight days or it will terminate the Nkembe contract. Pura Vida disputes this, claims force majeure from 1 April and will not pay.

regulatory community update

Gabon's regulator says the Nkembe contract began on signing (11 Jan 2013), so phase one expired 11 Jan 2018. Pura Vida says it began with the 4 Dec 2014 decree, expiring 4 Dec 2019. It must supply a work and spend reconciliation within 15 days.

regulatory community update

At the company's request, trading was suspended pending an announcement on the status of the Nkembe PSC. A further meeting with Gabon's regulator is set for 8 February, and suspension lasts until an announcement or 12 February 2018 at the latest. Inference: the PSC status may be at issue.

listing compliance notice

Havoc's reprocessing cut Loba's mean contingent resource from 17.5 to 15.7 mmbo and Loba Deep's mean prospective resource from 14 to 11.7 mmbo. An engineering review suggests Loba can flow naturally. Gabon PSC amendment talks are ongoing.

resource reserve update

Pura Vida signed no-cost technical agreements for Nkembe, Gabon. Havoc gets an option (to 1 April 2018) to earn 40% by spending up to US$25m, rising to 80% at US$40m, or 15% if other funding is found. Add Energy plans wells; drilling targeted late 2018. This follows the failed rig term sheet.

farm in farm out agreement

FY2017 annual report: cash about $10.5m and administrative expenses of $1.72m (down from $2.62m). Nkembe and Ambilobe spending is minimised pending a funding partner, and the board is now also seeking new opportunities across a variety of industries.

annual report

Reprocessed seismic lifted Loba's contingent resource to a 2C of 16.5 mmbo (1C 10.8, 3C 25.3, mean 17.5). With no formal funding offers, the company has stopped all spending on Nkembe until funding is secured; the first PSC phase ends January 2018.

resource reserve update

The conditional rig contractor term sheet expired; formal agreements were not signed by the deadline and talks ended. The company says it is engaging other rig contractors and that several industry and private equity parties are in its data rooms. Neaves also resigned from the board.

material agreement termination

CEO Damon Neaves's employment ended immediately, and he is expected to resign from the board. Chairman Simon Eley takes over day-to-day management at $1,500 a day for work outside the chair role; a technical hire is planned. Company says it remains committed to Nkembe.

director officer appointment

Freeport (PXP) settlement completed: Pura Vida gets US$7m cash (about A$9.36m, including the US$1.5m deposit) plus 2,376 tonnes of drilling equipment. It and PXP withdrew from the Mazagan permit. Equipment is shipped to Gabon, cutting the partner funding needed for Nkembe to about US$17m.

asset acquisition disposition

Conditional term sheet: a rig contractor would fund about US$20m of rig costs for a three-well Nkembe program in the second half of 2017, including a Loba production test, in return for a production royalty. Pura Vida must still find about US$20m from a partner and win approvals; contractor gets an option over up to 10% of Pura Vida's shares.

farm in farm out agreement

Simon Eley became Chairman after the AGM; Ric Malcolm stepped down as interim chair but remains a non-executive director. Completes the chair change announced on 21 October.

director officer appointment

Nkembe exploration phase extended 12 months to January 2018 with no extra work commitments. Resolves the permit-extension thread ahead of the January 2017 expiry, and gives time to find partners for a 2017 drilling campaign including a Loba production test.

regulatory community update

Simon Eley and David Sanders join as non-executive directors. Eley is to become chair after the late-November AGM, replacing interim chair Ric Malcolm, who stays as a director. Resolves the open search for a permanent chairman.

director officer appointment

Presentation on fast-tracking the Loba oil discovery in the 100%-owned Nkembe block, with a costed study allowing first production within 12 months of a successful production test. Claims an 81% chance of commercial success and unrisked NPV10 of US$37-330m. Funding depends on finding a farmin partner.

investor presentation

Conditional settlement with Mazagan operator PXP over the second-well obligation: PXP pays an unconditional, non-refundable US$1.5m now. Any further benefit depends on agreement with Moroccan regulator ONHYM, and the company says there is a substantial risk the conditions fail.

material agreement

Shareholders holding over 5% requested a meeting to remove director Ric Malcolm and appoint Gary Castledine and David Rod. The company's lawyers say two of the resolutions are defective. A possible board-control challenge.

other

Chairman Jeff Dowling resigned; Ric Malcolm becomes interim chair and Nathan Lude joins as director. Non-executive fees cut from $100k to $25k and MD salary from $385k to $300k, with incentives tied to farmout cash. Staff down to 6 full-time and 1 part-time.

director officer appointment

Pura Vida lifts its Ambilobe interest from 50% to 100% and becomes operator at no cost after Sterling's exit. The renegotiated licence terms leave up to five years of tenure, with a drilling well in Phase 3 to be funded by a future farminee. Early 3D shows structures of 20-65 km2.

asset acquisition disposition

Ambilobe partner Sterling Energy is withdrawing, expected by end July 2016, citing the challenging commercial landscape. Pura Vida has 30 days to decide whether to take 100% and operatorship at no cost; early 3D seismic shows attractive leads.

joint venture update

Rights issue closed with shareholders taking up only 19.1m of ~63.3m shares (about $516k). Professional investors committed to 100% of the 44.1m-share shortfall, completing the ~$2.7m total raising at $0.027 (with the February placement).

capital raising announcement

Raising up to about $2.7m at $0.027 per share: a $987k placement plus a one-for-three entitlement offer for up to $1.7m. This is far below the $0.36 paid in the 2015 placement. Management says it follows value lost after the MZ-1 dry hole and low oil prices.

capital raising announcement

Pura Vida has written to operator PXP reserving its rights over the second Mazagan well obligation; the partners are discussing how to progress or resolve it. This follows earlier plans to drill by September 2016, and now puts the second well in question.

joint venture update

MZ-1 reached 6,150m through all three Jurassic fans with no oil shows, and will be plugged and abandoned; a dry hole, the company calls a set-back. Separately, the operator cancelled the second Atwood Achiever slot to seek a cheaper rig; second well must start by September 2016.

drilling result

MZ-1 found no effective reservoir and no oil shows in the Cenomanian and Aptian Cretaceous targets, which were the secondary objectives. Drilling continues to the primary Jurassic fans (Fan-1, Fan-2). A disappointing first result for the 328 mmbo net target.

drilling result

MZ-1 has spud, ending the slippage from Q1 to April to May. Drilling to 5,600m (possibly 6,150m) should take 2-3 months. Preliminary results are promised after the Cretaceous and then the Jurassic targets.

drilling spud

MZ-1 spud now expected in April, slipping from the Q1 2015 target, because the Atwood Achiever is first completing a well offshore Mauritania for another operator. Pura Vida remains carried up to US$215m on its 23%.

drilling scheduled

Pura Vida raised $4m through a placement of 11.15 million shares at $0.36, with Hartleys as lead manager. It said the MZ-1 well was on track to spud late in the quarter, and the placement was completed in one tranche under Listing Rule 7.1.

capital raising announcement

Joint venture moves the first Mazagan well from Toubkal to the Ouanoukrim prospect (MZ-1): four stacked targets, over 1.4bn bbl gross mean, to 5,600m (deepening to 6,150m), cost US$136.6m. Spud still Q1 2015. Pura Vida gets an option to stay carried beyond the US$215m cap, diluting 1 point per US$4.5m.

drilling scheduled

Nkembe net mean unrisked prospective resource raised from 815 to 1,344 mmbo (1,680 mmbo gross) after identifying a new pre-salt carbonate play and stacked targets. The company says this helps the ongoing farmout; no partner has been announced.

resource reserve update

Rig share agreement with Kosmos secures the Atwood Achiever drillship for two Mazagan wells. Toubkal-1 is expected to start January 2015, the second well in 2H 2015. Fixes the timing of the drilling the farmout funds.

contract award

Pura Vida raises $13.5m by placing 21.5m shares at $0.63, heavily overbid. Funds go to Nkembe farmout, Ambilobe seismic and working capital. Follows the $0.58 placement in September 2013.

capital raising announcement

Madagascar government consent granted and the Ambilobe farm-in completed: Pura Vida now holds 50% with Sterling Energy as operator. Resolves the approval condition on the 1 November 2013 deal.

farm in farm out completion

Jeff Dowling (ex-Ernst & Young Western Region managing partner) becomes Non-Executive Chairman and Ric Malcolm (ex-Gulfsands CEO) a Non-Executive Director from 13 January 2014. Chairman Bevan Tarratt resigns from the board but stays in an executive role.

director officer appointment

Mazagan farmout completed after all approvals: Pura Vida received US$15m from Freeport-McMoRan's subsidiary, lifting cash to A$22m. It keeps 23% and is funded for two wells capped at US$215m, the first at Toubkal. Resolves the long-pending completion.

farm in farm out completion

Pura Vida agrees to farm into 50% of the Ambilobe block offshore Madagascar from Sterling Energy, which stays operator. It pays US$1.25m back costs and funds up to US$15m of seismic (1,000 km 2D, 1,250 km2 3D). Conditional on Madagascar government approval; a third country after Morocco and Gabon.

farm in farm out agreement

Pura Vida raised $7m through a placement of 12m shares at 58 cents, several times overbid. Funds go to progressing the Nkembe farmout, 2014 3D seismic preparation and working capital. Price is above May's $0.39 placement.

capital raising announcement

Morocco's Energy Minister gave in-principle approval of the Mazagan farmout; the partner is now named as a Freeport-McMoRan subsidiary (formerly PXP). Remaining steps are administrative, including an agreement amendment due early August. US$15m (A$16.2m) is payable on completion.

farm in farm out completion

First prospective resources for Nkembe: 815 mmbo net mean (1,019 mmbo gross) across four prospects, mostly the pre-salt MVIM West and POM Deep. This is on top of Loba's 20 mmbo contingent resource and precedes the planned farmout. These are unrisked, internally generated estimates.

resource reserve update

Market update: Nkembe resource estimates are due in July and a Nkembe farmout data room opens in August. Mazagan completion is on track for mid-year, with ONHYM recommending approval. Short-term debt is repaid, and $12m has been raised in equity and debt.

investor presentation

Pura Vida is raising $8m through a placement of 20.5m shares at $0.39, well below November's $0.70 placement. It also takes a $3-4m unsecured loan at 20% interest for up to 12 months, with 1.5-2m options at $0.60. Funds go to Nkembe and repaying the January short-term loan.

capital raising announcement

First resource booking for Nkembe: the Loba M 1 oil discovery (drilled 1976) has a contingent resource of 20.0m barrels best estimate (11.2 to 28.7m), with 46m of interpreted oil pay. The company is not yet drilling; new 3D seismic is planned from late 2013.

resource reserve update

Pura Vida won an 80% interest and operatorship of the Nkembe block, offshore Gabon (1,210 km2), a second African project after Morocco; Gabon holds 20% carried. US$9m was paid upfront. Previous wells in the block encountered oil; this follows the November placement's stated aim of a second project.

asset acquisition disposition

Farmout of Mazagan to Plains Exploration & Production (PXP), which takes 52% and becomes operator. PXP pays US$15m at closing and carries costs up to US$215m, including two firm wells, the first on Toubkal, likely in 2014. Closing needs Moroccan approvals, expected first half 2013.

farm in farm out agreement

Placement of about 8.5m shares at 70 cents to raise up to $5.95m, versus 25 cents in July. Funds are for a second African project, which the company says is in advanced negotiations, or otherwise the balance sheet. Farmout talks are progressing.

capital raising announcement

Further analysis confirmed several drop cores contain light oil, near Amchad and Toubkal, with biomarkers pointing to a Lower Jurassic source. This resolves the October preliminary results and supports the idea that the large structures can be charged with oil.

drilling result

DeGolyer and MacNaughton lifted Mazagan mean prospective resources to 7.0bn barrels gross, 5.3bn net to the 75% interest, up from 2.4bn net. Chance of success is now 19-34%; Toubkal is 1.5bn barrels at 31%. Three new prospects add 2.1bn.

resource reserve update

Reprocessing of 3,000 km2 of 3D seismic over Mazagan is finished, within budget and 15 months ahead of the commitment. The company says it shows direct hydrocarbon indicators on key targets including Toubkal. Farmout data room opens 1 October.

drilling result

Placement of up to 12 million shares at 25 cents to raise up to $3m, led by CPS Securities. About 6 million shares are issued now and 6 million after a mid-August shareholder meeting. Compares with the $0.20 IPO price; funds support the growth strategy.

capital raising announcement

The Mazagan work program is now expected to finish in September 2012, well ahead of the December 2013 commitment. EZDataRoom was appointed to run a farmout from October, and the permit award is fully complete with gazettal done, resolving the earlier pending approval.

regulatory community update

RISC raised Mazagan's gross unrisked mean prospective resources to 3.2 billion barrels, or 2.4 billion net to Pura Vida's 75%. The upgrade comes from Lower Cretaceous prospects (2.3 billion gross) and new leads; Miocene estimates, including Toubkal at 790 million, are unchanged.

resource reserve update

Pura Vida Energy was admitted to the ASX official list on 10 February 2012 with 38,780,001 fully paid shares to be quoted from 14 February under code PVD. Confirms the listing flagged in the supplementary prospectus.

other

The $4,000,000 offer closed oversubscribed at the maximum, and ASX listing is expected 13 February 2012. Moroccan permit grant still needs ministerial signatures, which the company calls administrative, so it waived the offer conditions. A US$3,000,000 bank guarantee backs the work commitments.

capital raising announcement

Pura Vida Energy NL (the company later known as Hartshead) issues a prospectus to raise $4,000,000 by offering 20,000,000 shares at $0.20 each, ununderwritten, led by CPS Securities. The prospectus describes the Mazagan offshore permit in Morocco and calls the shares highly speculative.

capital raising announcement