26 Sept 2012other● Neutral
N+1 Brewin, retained by the company, issued a research update after the significant resource upgrade. Notice only; no new company information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Sept 2012other● Neutral
Hartleys issued a revised note, 'Huge Resource Upgrade Promotes to New Level', after the resource upgrade. Notice only; no new company information.
24 Sept 2012other● Neutral
Fosters Stockbroking started research coverage with a report titled 'Initiation – Elephant hunting offshore Morocco'. Notice only; no new company information.
21 Sept 2012resource reserve update▲ GoodMajor
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.
17 Sept 2012drilling result▲ GoodMajor
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.
7 Sept 2012other● Neutral
Hartleys issued a revised research note, 'Morocco – Any Hotter and It Would Be On Fire', after nearby farm-ins. Notice only; no new company information.
6 Sept 2012drilling progress report● Neutral
Drop coring began, with TDI-Brooks taking up to 67 seabed samples on Mazagan (5-19 September) at under $1m cost. Preliminary results are expected in October, to test whether oil is seeping up from the source rocks.
31 Aug 2012other● Neutral
N+1 Brewin, paid by the company for research, issued an update after recent farm-ins on blocks near Mazagan, which the company says are a useful benchmark for its acreage value. Notice only; no new company figures.
23 Aug 2012other● Neutral
2,125,000 partly paid shares are due for release from escrow around 30 August 2012. They will not be quoted on ASX until fully paid to 20 cents. Administrative notice.
13 Aug 2012investor presentation● Neutral
August presentation repeating known points. Notes about 52.2m shares after the placement, a $18.5m market cap at $0.35, pro forma cash $6.7m and no debt. Drilling program is scheduled for 2013-14, subject to a farmout.
7 Aug 2012other● Neutral
Brokerage Hartleys has started research coverage of Pura Vida, titled 'Early Identification of Multi Billion Barrel Opportunity'. Notice only; no new company information or figures.
6 July 2012capital raising announcement● NeutralMajor
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.
What it means for a shareholder
12.0m new shares at A$0.250 to raise about A$3.0m. 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.
3 July 2012regulatory community update▲ GoodMajor
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.
17 May 2012investor presentation● Neutral
May presentation restating the 2.4 billion barrel net resource, with 656 million net Miocene and 1,712 million net Lower Cretaceous. Repeats farmout, drilling and acquisition plans; cites a $0.15 per barrel valuation against a $1.00 peer average. No new facts.
3 May 2012other● Neutral
N+1 Brewin issued an updated research note following the resource upgrade, available on the company website. The company is paying N+1 Brewin for research. No new company information.
30 Apr 2012resource reserve update▲ GoodMajor
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.
30 Apr 2012investor presentation● Neutral
Analyst briefing repeating the 2.4 billion barrel net upgrade and Lower Cretaceous breakdown. Cites N+1 Brewin's $0.80 12-month price target and $232m risked NAV (assuming half the interest is sold down). Nothing new beyond the 30 April upgrade.
2 Mar 2012investor presentation● Neutral
March presentation repeating known points: Mazagan's 790 million barrel Toubkal prospect, N+1 Brewin coverage, and a plan to reprocess seismic, farm out and acquire projects. Cites a valuation of $0.09 per barrel against a peer average of $0.74. No new results.
1 Mar 2012other▲ Good
UK broker N+1 Brewin has started paid research coverage of Pura Vida, including a valuation and review of the Mazagan permit. The company retains N+1 Brewin for research services. No new operational or financial development.
14 Feb 2012investor presentation● Neutral
Listing-day presentation: Pura Vida is operator with a 75% interest in the 10,900 km2 Mazagan permit off Morocco. Independent assessor RISC puts the Toubkal prospect at 790 million barrels mean, unrisked. Plans: reprocess seismic, farm out to fund drilling, and add projects.
10 Feb 2012other● Neutral
Administrative cover notice listing the pre-quotation documents being released, such as top 20 holders, option terms and governance statements. No new substance itself.
10 Feb 2012other● Neutral
ASX circular confirming quotation of 38,780,001 shares from 14 February 2012 under code PVD. Lists escrowed securities, including 5,000,000 options at $0.40, 10,000,000 performance rights and 19,800,000 partly paid shares, held for 24 months. Administrative.
10 Feb 2012other● Neutral
Shareholder register at 3 February 2012: 491 holders and 40,250,001 securities, with the top 20 holding 37.48%. Managing Director Damon Neaves appears among the top holders. Administrative disclosure.
10 Feb 2012security holder rights change● Neutral
Rules of the company's Performance Rights Plan, dated 2 September 2011, covering how rights are granted, vest and lapse for eligible employees. Administrative document, no new event.
10 Feb 2012security holder rights change● Neutral
Terms of the options held by directors Damon Neaves and David Ormerod: exercisable at $0.40, expiring five years after issue. They vest on completing acquisitions worth at least $10,000,000, and no earlier than 12 months after commencement. Administrative disclosure.
10 Feb 2012regulatory community update▲ Good
Morocco's Energy Minister has signed the Mazagan Joint Order, one step toward granting the exploration permits. The Economy Minister must still sign, then the grant is gazetted. Moves the permit approval flagged earlier closer but it is not complete.
10 Feb 2012security holder rights change● Neutral
Terms of partly paid shares: issued at 20 cents with 1 cent paid, and the balance callable only one day before five years from issue. Administrative disclosure with no new event.
10 Feb 2012other● Neutral
The company's corporate governance plan, with board, audit, remuneration and nomination charters and policies. Administrative document with no new substance.
10 Feb 2012other▲ GoodMajor
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.
10 Feb 2012other● Neutral
The company's securities trading policy, restricting dealings by directors and staff, including closed periods around results. Administrative document with no new substance.