Each one in plain English, with the numbers worked through for a shareholder.
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.
3 Feb 2012capital raising announcement▲ GoodMajor
The $4,000,000 offer closed oversubscribed at the maximum, and ASX listing is expected 13 February 2012. Moroccan permit grant still needs ministerial signatures, which the company calls administrative, so it waived the offer conditions. A US$3,000,000 bank guarantee backs the work commitments.
29 Nov 2011other● Neutral
Second part of the prospectus: the independent technical report on the Mazagan permit in Morocco. It covers source rocks, oil charge risk and the seismic data (about 3,659 km2 of 3D). It flags biodegradation as a material risk. Adds detail only.
29 Nov 2011capital raising announcement● NeutralMajor
Pura Vida Energy NL (the company later known as Hartshead) issues a prospectus to raise $4,000,000 by offering 20,000,000 shares at $0.20 each, ununderwritten, led by CPS Securities. The prospectus describes the Mazagan offshore permit in Morocco and calls the shares highly speculative.
What it means for a shareholder
20.0m new shares at A$0.200 to raise about A$4.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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