Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2018resource reserve update● NeutralMajor
Havoc's reprocessing cut Loba's mean contingent resource from 17.5 to 15.7 mmbo and Loba Deep's mean prospective resource from 14 to 11.7 mmbo. An engineering review suggests Loba can flow naturally. Gabon PSC amendment talks are ongoing.
18 Oct 2017farm in farm out agreement▲ GoodMajor
Pura Vida signed no-cost technical agreements for Nkembe, Gabon. Havoc gets an option (to 1 April 2018) to earn 40% by spending up to US$25m, rising to 80% at US$40m, or 15% if other funding is found. Add Energy plans wells; drilling targeted late 2018. This follows the failed rig term sheet.
31 May 2017resource reserve update● NeutralMajor
Reprocessed seismic lifted Loba's contingent resource to a 2C of 16.5 mmbo (1C 10.8, 3C 25.3, mean 17.5). With no formal funding offers, the company has stopped all spending on Nkembe until funding is secured; the first PSC phase ends January 2018.
19 Jan 2017farm in farm out agreement▲ GoodMajor
Conditional term sheet: a rig contractor would fund about US$20m of rig costs for a three-well Nkembe program in the second half of 2017, including a Loba production test, in return for a production royalty. Pura Vida must still find about US$20m from a partner and win approvals; contractor gets an option over up to 10% of Pura Vida's shares.
11 Aug 2015drilling result▼ BadMajor
MZ-1 reached 6,150m through all three Jurassic fans with no oil shows, and will be plugged and abandoned; a dry hole, the company calls a set-back. Separately, the operator cancelled the second Atwood Achiever slot to seek a cheaper rig; second well must start by September 2016.
28 July 2015drilling result▼ BadMajor
MZ-1 found no effective reservoir and no oil shows in the Cenomanian and Aptian Cretaceous targets, which were the secondary objectives. Drilling continues to the primary Jurassic fans (Fan-1, Fan-2). A disappointing first result for the 328 mmbo net target.
1 June 2015drilling spud▲ GoodMajor
MZ-1 has spud, ending the slippage from Q1 to April to May. Drilling to 5,600m (possibly 6,150m) should take 2-3 months. Preliminary results are promised after the Cretaceous and then the Jurassic targets.
23 Apr 2015drilling scheduled▼ Bad
Operator now expects MZ-1 drilling to begin in May 2015, a further slip from April (and the original Q1 target). No reason is given in the text.
10 Mar 2015drilling scheduled▼ BadMajor
MZ-1 spud now expected in April, slipping from the Q1 2015 target, because the Atwood Achiever is first completing a well offshore Mauritania for another operator. Pura Vida remains carried up to US$215m on its 23%.
17 Dec 2014drilling scheduled▲ GoodMajor
Joint venture moves the first Mazagan well from Toubkal to the Ouanoukrim prospect (MZ-1): four stacked targets, over 1.4bn bbl gross mean, to 5,600m (deepening to 6,150m), cost US$136.6m. Spud still Q1 2015. Pura Vida gets an option to stay carried beyond the US$215m cap, diluting 1 point per US$4.5m.
10 Sept 2014drilling progress report▲ Good
The Atwood Achiever drillship has left the South Korean shipyard for Morocco on schedule. Kosmos drills first in Western Sahara; Mazagan's first well still expected January 2015, second in 2H 2015. Confirms rig timing.
23 June 2014resource reserve update▲ GoodMajor
Nkembe net mean unrisked prospective resource raised from 815 to 1,344 mmbo (1,680 mmbo gross) after identifying a new pre-salt carbonate play and stacked targets. The company says this helps the ongoing farmout; no partner has been announced.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
