Each one in plain English, with the numbers worked through for a shareholder.
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.
3 Mar 2014contract award▲ GoodMajor
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.
5 Feb 2014other● Neutral
Company note and interview arguing nearby drilling will matter: 7 wells around Mazagan in 2014/15 and 6 around Nkembe in 2014. Positive results elsewhere could de-risk its acreage. No company well result.
31 Jan 2014quarterly activities report▲ Good
December quarter: cash $28.9m after the $13.5m placement and US$15m Mazagan receipt. Ambilobe farm-in approved, with 3D seismic expected late 2014. Nkembe farmout continues with industry interest; Toubkal drilling preparations underway.
31 Jan 2014security holder rights change● Neutral
Notice that 12.32m fully paid shares, 5m options at $0.40 and 18.95m partly paid shares leave escrow on 14 February 2014. Partly paid shares are not quoted until paid to $0.20.
30 Jan 2014other● Neutral
Responding to market speculation, the company says it has no present or future interest in any onshore Tanzania acreage. It reiterates its Morocco, Gabon and Madagascar focus.
13 Dec 2013other● Neutral
Link to a media interview with the Managing Director. States cash at bank is now A$30m and 2014 programs are fully funded, noting the $13.5m placement. No new information.
5 Dec 2013capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
21.5m new shares at A$0.630 to raise about A$13.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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5 Dec 2013other● Neutral
ASX reinstates Pura Vida shares to quotation after the capital raising announcement. Administrative notice only.
5 Dec 2013farm in farm out completion▲ GoodMajor
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.
4 Dec 2013other● Neutral
Pura Vida requests a voluntary trading suspension pending an announcement on a proposed capital raising, expected before trading on 5 December 2013.
29 Nov 2013investor presentation● Neutral
AGM investor presentation restates the portfolio: Mazagan (23%, carried on two wells up to US$215m), Nkembe (80%) and Ambilobe (50% farm-in). Shows about $20m cash, $2.3m debt due May 2014 and 104.8m shares. Largely repeats known facts.
22 Nov 2013director officer appointment▲ GoodMajor
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.
12 Nov 2013other● Neutral
Argonaut issued a revised research note, 'Size Matters', after the Mazagan completion and Ambilobe acquisition. Notice only; no new company information.
11 Nov 2013other● Neutral
Managing Director's letter to shareholders celebrates the Mazagan farmout, saying the company is fully funded for two firm wells, and notes the AGM on 29 November 2013. No new information.
6 Nov 2013other● Neutral
Hartleys issued a revised research note after the Mazagan completion and Ambilobe acquisition. Notice only; no new company information.
5 Nov 2013other● Neutral
RBS Morgans issued a revised research note, 'Escaping to Madagascar', after the farmout completion and Ambilobe deal. Notice only; no new company information.
1 Nov 2013other● Neutral
Link to a media interview with the Managing Director on the Mazagan farmout completion. No new company information in the notice.
1 Nov 2013farm in farm out completion▲ GoodMajor
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.
1 Nov 2013farm in farm out agreement▲ GoodMajor
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.
31 Oct 2013quarterly activities report● Neutral
September quarter: Mazagan farmout still awaiting final approvals, with Toubkal well planning underway for next year. Nkembe farmout continues and the 550 km2 3D seismic tender is progressing. The $7m placement was completed; net cash $7.1m.
29 Oct 2013annual report● Neutral
2013 annual report recaps the company's story since its February 2012 listing at $0.20: resource estimates, the Mazagan farmout, the Nkembe acquisition and 815 mmbo estimate. Looks ahead to Morocco drilling. Mostly repeats earlier announcements.
18 Oct 2013admin correction● Neutral
Administrative notice: the share registry moves to Automic Registry Services from 18 November 2013.
27 Sept 2013annual report● Neutral
Financial report for the year to 30 June 2013. The visible text recaps Mazagan (FCX farmout, US$15m on completion, up to US$215m funded) and Nkembe (80%, 20 mmbo Loba, 815 mmbo prospective). Financial figures were truncated and are not stated here.
20 Sept 2013investor presentation● Neutral
Updated September presentation reflects the placement: 104.7m shares, cash $9.0m, $16.1m due on farmout completion, and fully diluted value $95.2m at $0.68. The loan is now described as a 12-month term. Otherwise repeats the earlier deck.
11 Sept 2013other● Neutral
Link to a media interview with the Managing Director giving a brief company update. No new information is contained in the announcement itself.
6 Sept 2013capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
12.0m new shares at A$0.580 to raise about A$7.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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5 Sept 2013investor presentation● Neutral
September presentation restates the US$230m Mazagan farmout, free-carried Toubkal well (1.5bn bbl gross, 350 mmbo net) in 2014, and the Nkembe farmout process. Shows cash $2.3m, $16.8m due on farmout completion, now needing approval by mid-November, and a $4.0m loan.
14 Aug 2013agm notice● Neutral
The general meeting set for 23 August was cancelled. It had sought approval of employee and director incentive arrangements, which the company is reviewing and expects to change.
