Each one in plain English, with the numbers worked through for a shareholder.
6 June 2013resource reserve update▲ GoodMajor
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.
21 May 2013investor presentation▲ GoodMajor
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.
1 May 2013capital raising announcement● NeutralMajor
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.
29 Apr 2013investor presentation● Neutral
April presentation repeats the farmout, Toubkal and Nkembe points. It shows 72.0m shares, cash $1.4m, a $6.0m short-term loan payable, $8.0m unpaid capital and $14.5m due on farmout completion; fully diluted market value $47.1m at $0.45, versus $75.7m at $0.73 in February.
19 Apr 2013other● Neutral
Pura Vida confirmed it bid for an offshore Mediterranean block in Egypt's EGAS 2012 round after media reports of an award, but has received no official notification of the outcome. A possible third African project; nothing is confirmed.
15 Mar 2013half year report● Neutral
Half-year to 31 December 2012: loss of $2.34m (prior year $0.89m). Restates the PXP farmout, with Pura Vida keeping 23%, and the Nkembe award. Toubkal spud expected Q1 2014. Largely repeats earlier announcements.
14 Mar 2013other● Neutral
Hartleys and Foster issued revised research notes after the Loba contingent resource announcement. Notice only; no new company information.
6 Mar 2013resource reserve update▲ GoodMajor
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.
11 Feb 2013investor presentation● Neutral
London roadshow presentation repeating the farmout, Nkembe and 2013 catalysts. It shows 71.4m ordinary shares, cash $4.0m, unpaid capital $7.8m, debt $5.0m, and a $75.7m fully diluted market value at $0.73. Morocco drilling activity was given as 3Q13.
8 Feb 2013investor presentation● Neutral
Interview on the Nkembe block, saying the company will repeat its Mazagan approach of technical work then farmout, with initial resource estimates expected 2Q13. Repeats known points; no new data.
5 Feb 2013investor presentation● Neutral
Interview with the managing director explaining the Mazagan farmout: Pura Vida keeps 23%, Toubkal mean 1.5bn barrels (350m net) with a 1-in-3 chance of success. Repeats known facts; no new data.
23 Jan 2013other● Neutral
RBS Morgans began research coverage, titled 'Pure Exploration Play'. Notice only; no new company information.
16 Jan 2013other● Neutral
Hartleys issued a revised research note, 'Gabon Acquisition', after the Nkembe award. Notice only; no new company information.
15 Jan 2013other● Neutral
Argonaut issued a research update, 'Gabon Entry: Another Hot Address', after the Nkembe acquisition. Notice only; no new company information.
15 Jan 2013other● Neutral
Directors Damon Neaves and David Ormerod each converted 2.5m performance rights into 2.5m fully paid shares at nil cost. Neaves' direct holding rose to 5m shares and Ormerod's indirect holding to 5m. Routine insider notice.
15 Jan 2013asset acquisition disposition▲ GoodMajor
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.
8 Jan 2013other● Neutral
Foster Stockbroking issued a revised research note, 'Mazagan Farmout', after the PXP farmout announcement. Notice only; no new company information.
4 Jan 2013other● Neutral
Argonaut issued a research update titled 'Farm-out Beats Expectation' following the Mazagan farmout. Notice only; no new company information.
4 Jan 2013other● Neutral
Hartleys issued a revised research note, 'Mazagan Farmout', after the PXP farmout announcement. Notice only; no new company information.
3 Jan 2013farm in farm out agreement▲ GoodMajor
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.
14 Dec 2012other● Neutral
Video from Technical Director David Ormerod explaining the Toubkal prospect (1.5bn barrels mean), which the company says will be targeted in its 2014 drilling. Promotional; no new data.
26 Nov 2012other● Neutral
New company constitution adopted by special resolution on 26 November 2012. Administrative document; the text is truncated and no substantive changes are shown.
23 Nov 2012capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
8.5m new shares at A$0.700 to raise about A$6.0m. 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.
20 Nov 2012drilling result▲ GoodMajor
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.
20 Nov 2012other● Neutral
Argonaut began research coverage with a report titled 'Red Hot'. Notice only; no new company information.
16 Nov 2012other● Neutral
993,133 partly paid shares were released from escrow on 16 November. They are not quoted on ASX until fully paid to 20 cents. Administrative notice.
8 Nov 2012investor presentation● Neutral
November presentation repeating known points: 5.3bn barrels net, drop core results, farmout data room open. Shows 57.2m ordinary shares, $40.9m market cap at $0.72 and $4.5m cash, no debt. No new facts.
6 Nov 2012drilling result▲ Good
Seismic inversion modelling of the reprocessed 3D data matched predicted hydrocarbons, including over Toubkal. The company says this gives high confidence for hydrocarbons and will add it to the farmout data room. Supports earlier indicator findings; not a well result.
29 Oct 2012drilling result▲ Good
Preliminary drop core analysis flagged several cores needing further testing to verify oil seepage, many clustered near the Amchad and Toubkal prospects. Detailed hydrocarbon typing in Houston is expected within two months. Not yet a confirmation.
1 Oct 2012annual report● Neutral
First annual report since the February listing. The chairman cites the Morocco permit award, early completion of the work program and a preserved cash position. It restates the 5.3bn barrel net resource and says the company is funded to the drilling phase. Text is truncated, so financials are not shown.
