Each one in plain English, with the numbers worked through for a shareholder.
30 Oct 2017quarterly activities report● Neutral
September quarter: cash A$9.8m. Restates the Havoc and Add agreements for Nkembe, completion of the unmarketable parcel sale, and that the board is assessing new project opportunities. Ambilobe has had no technical work, though several parties have approached about a possible farm-out.
18 Oct 2017farm in farm out agreement▲ GoodMajor
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.
10 Oct 2017other● Neutral
2,400,000 unlisted options exercisable at $0.35 expired unexercised. Administrative; no cash raised. Ordinary shares stay at 260,083,604, with 10.4m unquoted partly paid shares and 621,101 performance rights also on issue.
2 Oct 2017annual report● NeutralMajor
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.
8 Aug 2017security holder rights change● Neutral
Unmarketable parcel sale completed: 6,224,930 shares sold from 1,302 holders at $0.038. Holder count falls to 2,055 on 260.1m shares. Administrative; cuts registry costs.
28 July 2017quarterly activities report● Neutral
June quarter: cash A$10.5m. Nkembe spending is suspended until funding is found, Ambilobe work awaits a Nkembe deal, and Moroccan subsidiaries are being closed. Partner talks continue; no new results.
5 June 2017security holder rights change● Neutral
Company launched a sale facility for unmarketable parcels (13,158 shares or fewer at A$0.038), covering 9.76m shares held by 1,979 holders, to cut administration costs. Holders have until 19 July 2017 to opt out.
31 May 2017resource reserve update● NeutralMajor
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.
12 May 2017director officer appointment● Neutral
Nathan Lude becomes Executive Director for six months (minimum 20 hours a week) to assess new opportunities, with an extra $50,000 paid in shares subject to approval. Kevin Hart replaces Lont and Ong as Company Secretary.
28 Apr 2017quarterly activities report● Neutral
March quarter: cash A$11.6m after receiving the PXP balance. The rig term sheet has lapsed, and partner and alternate rig talks continue. Moroccan subsidiaries are being closed, and the board says it is focused on minimising cash burn.
24 Apr 2017director officer appointment● Neutral
Non-executive director Ric Malcolm resigned from the board (effective 20 April 2017). Final interest notice shows he holds 537,623 shares via his family superannuation fund.
11 Apr 2017material agreement termination▼ BadMajor
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.
29 Mar 2017listing compliance notice● Neutral
ASX said the suspension would lift from 30 March 2017 after the half-year accounts were released. Administrative; ends the suspension that began 17 March.
29 Mar 2017half year report● Neutral
Half-year to 31 December 2016: net loss $0.8m (versus $4.0m a year earlier), cash $6.1m, net assets $3.2m. Notes Morocco withdrawal and the Nkembe rig term sheet, which the report says covers about half the estimated three-well cost.
22 Mar 2017director officer appointment▼ BadMajor
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.
17 Mar 2017listing compliance notice▼ Bad
ASX suspended Pura Vida's shares from 17 March 2017 for failing to lodge its half-year accounts for the period ended 31 December 2016 on time.
2 Feb 2017other▲ Good
The final US$5.5m (A$7.3m) of the PXP settlement was received, leaving A$12.9m cash at bank. Closes the open item from the Morocco exit; funding for the balance of the Nkembe drilling campaign is still being sought.
31 Jan 2017quarterly activities report● Neutral
December quarter: cash A$6.1m at 31 December, with the remaining US$5.5m of the PXP settlement due shortly. Restates the conditional rig contractor term sheet (about US$20m of rig costs) and that partner talks continue for the balance. No new results.
30 Jan 2017listing compliance notice● Neutral
ASX notice that the suspension will be lifted after the settlement announcement. Administrative.
30 Jan 2017asset acquisition disposition▲ GoodMajor
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.
27 Jan 2017listing compliance notice● Neutral
Voluntary suspension extended a third time pending the Freeport settlement update. Administrative.
24 Jan 2017listing compliance notice● Neutral
Voluntary suspension extended again pending the Freeport settlement update. Administrative.
19 Jan 2017listing compliance notice● Neutral
Voluntary suspension extended pending an update on the Freeport settlement. Administrative.
19 Jan 2017farm in farm out agreement▲ GoodMajor
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.
18 Jan 2017listing compliance notice● Neutral
Shares suspended at the company's request pending an announcement about a transaction involving the Nkembe block in Gabon.
16 Jan 2017security holder rights change● Neutral
1,500,000 unlisted options exercisable at $0.91 expired unexercised on 13 January 2017. Administrative notice.
19 Dec 2016security holder rights change● Neutral
250,000 unlisted options exercisable at $0.82 expired unexercised on 16 December 2016. Administrative notice.
28 Nov 2016agm notice● Neutral
All nine AGM resolutions carried, including the remuneration report (about 85% of votes cast in favour on a proxy basis) and election of Lude, Eley and Sanders. Routine voting results.
28 Nov 2016investor presentation● Neutral
AGM presentation repeating the strategy: complete the Freeport settlement, farm out Nkembe, test Loba. Shows 259.6m shares, $7.2m cash at 30 September and a market value of $11.7m at 4.5 cents. No new results.
28 Nov 2016director officer appointment● NeutralMajor
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.
