Each one in plain English, with the numbers worked through for a shareholder.
31 July 2013quarterly activities report● Neutral
June quarter report: net cash $3.4m, and 92.5m ordinary shares after the $12m equity and debt raising. It restates the 815 mmbo Nkembe estimate, Loba core results and Mazagan in-principle approval. The Nkembe farmout has started. Mostly repeats earlier announcements.
23 July 2013farm in farm out completion▲ GoodMajor
Morocco's Energy Minister gave in-principle approval of the Mazagan farmout; the partner is now named as a Freeport-McMoRan subsidiary (formerly PXP). Remaining steps are administrative, including an agreement amendment due early August. US$15m (A$16.2m) is payable on completion.
22 July 2013other● Neutral
Hartleys issued an updated research report, 'Two (maybe four) near term catalysts'. Notice only; no new company information.
22 July 2013resource reserve update▲ Good
Inspection of Loba-1 cores found coarse, oil-stained sandstones consistent with the log interpretation. The company says this confirms the 20 mmbo p50 contingent resource, unchanged. The 1976 test's failure to flow is attributed to unconsolidated sands.
8 July 2013price query● Neutral
ASX queried a rise from $0.465 to an intraday $0.61. The company said it knew of no undisclosed information explaining it, and that the Nkembe farmout process is ongoing with no outcome to announce yet.
7 June 2013other● Neutral
GMP Securities began research coverage, titled 'Moroccan Miocene'. Notice only; no new company information.
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.
1 May 2013quarterly activities report▼ Bad
March quarter cash flow: cash fell to $1.9m (including a $0.5m bank guarantee) from $8.2m, after $8.7m paid for the Nkembe block. $6.0m of loan facilities are drawn, and next-quarter outflow is estimated at $4.1m.
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.
23 Apr 2013quarterly activities report● Neutral
March quarter report restates the PXP farmout, now expected to complete mid-year with US$15m received, and Toubkal-1 in Q1 2014. At Nkembe, Loba's 20 mmbo is highlighted, with an appraisal/exploration well considered for early 2014 and possible farm-down. Mostly repeats earlier news.
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.
1 Feb 2013quarterly activities report● Neutral
December quarter report restates the PXP farmout (US$15m on closing, now expected 1Q13) and the Nkembe award. First Mazagan well, Toubkal, is expected early 2014; certified Nkembe resource estimates for shallow prospects and existing discoveries are due 2Q13. Mostly repeats earlier announcements.
1 Feb 2013quarterly activities report● Neutral
Cash flow report: cash at 31 December was $8.2m (including a $1.9m bank guarantee), up from $4.5m, after $6.1m of share proceeds. Quarter operating outflow was about $1.9m; $1.5m outflow forecast next quarter. No debt.
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.
