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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
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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.
31 Oct 2012quarterly activities report● Neutral
September quarter report: work commitments done early, farmout data room open since 1 October, closing net cash $4.5m including US$3m bank guarantee. Issued capital 52.25m ordinary shares. Mostly repeats earlier announcements.
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.
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.
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.
31 July 2012quarterly activities report● Neutral
June quarter report: net cash $3.9m before the $3m placement (first $1.5m done 16 July, second subject to the 17 August meeting). Drop core vessel mobilising and seismic reprocessing nearly done, with the work program due to finish in September. Mostly repeats earlier news.
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.
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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.
1 May 2012quarterly activities report● Neutral
First quarterly report: cash of $4.9m, no debt. Drop core vessel contracted for about July, environmental approval received, seismic reprocessing due August. Joint order for the Mazagan permit signed by Energy and Finance ministers, gazettal not yet reported.
1 May 2012quarterly activities report● Neutral
Appendix 5B for March quarter: closing cash $4.924m, including about $2.9m held as bank guarantee. Quarter operating outflow $1.1m; next-quarter outflows estimated at $690k. No debt.
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.