23 Apr 2015drilling scheduled▼ Bad
Operator now expects MZ-1 drilling to begin in May 2015, a further slip from April (and the original Q1 target). No reason is given in the text.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Mar 2015investor presentation● Neutral
March 2015 deck repeats known facts: MZ-1 spud in April, 328 mmbo net, US$215m carry, Nkembe farmout underway, Madagascar 3D seismic to start March 2015. Says no debt and funded through the next 12 months. Nothing new.
10 Mar 2015drilling scheduled▼ BadMajor
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%.
6 Mar 2015director officer appointment● Neutral
Matthew Worner resigns as joint Company Secretary; Dennae Lont continues as sole Company Secretary. Administrative.
4 Mar 2015half year report● Neutral
Half-year to 31 December 2014: net loss $0.5m (prior-year profit $9.6m from the Mazagan farmout). Cash $18.2m, net assets $41.9m. Repeats MZ-1 plans and the carry terms.
20 Feb 2015investor presentation● Neutral
Points investors to a video update from the MD on the MZ-1 well. The text carries no new information.
13 Feb 2015capital raising announcement● NeutralMajor
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.
What it means for a shareholder
11.2m new shares at A$0.360 to raise about A$4.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
4 Feb 2015investor presentation● Neutral
February 2015 deck repeats known facts: MZ-1 spud in Q1, 328 mmbo net, $18.1m cash. Shows 133.40m shares and a $58.76m market cap at $0.44.
13 Jan 2015price query● Neutral
Company responds to an ASX query on a rise from $0.39 to $0.48 on 13 January 2015. It knows of no unannounced information and points only to the coming Morocco drilling. Confirms Listing Rule compliance.
17 Dec 2014other● Neutral
Notice of a BRR video interview with the MD and a conference call on the MZ-1 well announcement. No new information.
17 Dec 2014investor presentation● Neutral
Slides on the MZ-1 well repeat the same-day announcement: stacked targets, over 1.4bn bbl gross (328 mmbo net), US$136.6m cost, US$215m carry plus extra-carry option, Q1 2015 spud. Nothing new.
17 Dec 2014drilling scheduled▲ GoodMajor
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.
17 Nov 2014other● Neutral
Share registry moves from Automic to Computershare from close of business 21 November 2014. Administrative change only.
30 Sept 2014annual report● Neutral
2014 Annual Report repeats the statutory results: $4.5m profit, $20.4m cash, no debt. The chairman points to two Mazagan wells over the next 12 months as the key event. Cost savings fund the planned work program.
22 Sept 2014annual report● Neutral
Full-year statutory accounts to 30 June 2014: net profit $4.5m, arising from cash received for the Mazagan sale. Cash $20.5m, no borrowings, net assets $41.3m. Confirms January 2015 first well and the 23 June Nkembe upgrade.
16 Sept 2014price query● Neutral
ASX queried a rise from $0.49 close to a $0.575 intraday high on 16 September 2014 with higher volume. Only the query letter is provided; the company's response is not included in the text.
10 Sept 2014drilling progress report▲ Good
The Atwood Achiever drillship has left the South Korean shipyard for Morocco on schedule. Kosmos drills first in Western Sahara; Mazagan's first well still expected January 2015, second in 2H 2015. Confirms rig timing.
10 Sept 2014investor presentation● Neutral
Good Oil Conference deck repeats known facts: 128.88m shares, $20.4m cash, fully funded for 12 months, January 2015 Morocco spud. Nkembe net prospective resource shown as 1,346 mmbo versus 1,344 in the announcement.
2 July 2014director officer appointment● Neutral
Matthew Worner (Commercial Manager) and Dennae Lont become joint Company Secretaries on 2 July 2014, after Nicholas Ong resigned. Administrative change.
23 June 2014resource reserve update▲ GoodMajor
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.
20 June 2014director officer appointment● Neutral
Managing Director Damon Neaves signs a continuing, non-fixed-term contract at $385,000 salary, with 275,000 performance rights. Follows an Ernst & Young pay review; further securities incentives need shareholder approval. Partly resolves the incentive review thread.
4 June 2014price query● Neutral
ASX queried a rise from $0.35 close to a $0.42 intraday high on 4 June with higher volume. The company said it knew of no unannounced information explaining the trading and confirmed Listing Rule compliance.
4 June 2014security holder rights change● Neutral
2,500,000 options exercisable at $0.40 expired unexercised on 3 June 2014. No cash was raised from them; the text gives no further implication.
20 May 2014investor presentation● Neutral
May 2014 presentation repeats the portfolio story: US$215m carry on two Mazagan wells, $21.5m cash, 127.16m ordinary shares, market cap $50.95m at $0.40. Nothing new beyond the known resource figures.
7 May 2014debt financing▲ Good
Pura Vida pays A$2.4m in full settlement of the loan that part-funded the Nkembe acquisition. It reports A$21.5m cash and no debt, closing the loan thread ahead of its May 2014 maturity.
7 May 2014director officer appointment● Neutral
Technical Director and co-founder David Ormerod resigns as director and employee to pursue other interests; he remains a shareholder. Andrew Morrison, New Ventures Manager since 2012, becomes Exploration Manager.
18 Mar 2014investor presentation● Neutral
Updated March 2014 presentation; appears to match the 10 March deck, adding a Hartleys note dated 13 March 2014. Same 126.6m shares and $27m cash. No new information.
17 Mar 2014half year report● Neutral
Half-year to 31 December 2013 shows a net profit of $9.6m, arising primarily from the accounting treatment of the Freeport-McMoRan cash for part of Mazagan. It is an accounting profit rather than operating income.
10 Mar 2014investor presentation● Neutral
March 2014 presentation repeats the portfolio and funding story: 126.6m ordinary shares, $27m cash, $2.3m debt due May 2014. Share price used is $0.50, down from $0.75 in the November deck. No new information.
5 Mar 2014other● Neutral
Link to a media interview with the Managing Director on activities and near-term value drivers. No new company information in the notice.