Each one in plain English, with the numbers worked through for a shareholder.
23 May 2018farm in farm out agreement● NeutralMajor
Havoc gave notice of exercising its option for a 15% Nkembe interest, but told Pura Vida it has not completed all the required work. Pura Vida will talk further with Havoc and seek legal advice. Suspension extended to 30 June 2018.
8 May 2018regulatory community update▼ BadMajor
Gabon's regulator rejected Pura Vida's start date, demanding US$17m of work commitments and US$2.5m of fund contributions within eight days or it will terminate the Nkembe contract. Pura Vida disputes this, claims force majeure from 1 April and will not pay.
9 Apr 2018joint venture update● Neutral
Gabon's regulator has not replied to the March submissions. Add Energy finished the well design for Loba and Loba Deep, and Havoc's option to earn into Nkembe was extended from 1 April to 14 May 2018. Suspension continues to 14 May.
26 Mar 2018regulatory community update● Neutral
Pura Vida made a second submission to Gabon's regulator asking for 4 December 2014 to be confirmed as the start date. It proposes a seven-year exploration term with one firm well, and transfer of the block to a Gabonese subsidiary. A response is requested by 30 March.
16 Mar 2018half year report● Neutral
Half-year to 31 December 2017: net loss $2.25m (prior period $0.8m), cash $9.24m, net assets $5.63m. Repeats the lower Loba resources and the Gabon contract-date dispute already announced. No new information.
14 Mar 2018regulatory community update● Neutral
Pura Vida submitted the requested work and spend reconciliation, based on the 4 December 2014 start date and its legal advice that phase one runs to 4 December 2019. It asked for a response within 15 days. Suspension continues.
26 Feb 2018regulatory community update▼ BadMajor
Gabon's regulator says the Nkembe contract began on signing (11 Jan 2013), so phase one expired 11 Jan 2018. Pura Vida says it began with the 4 Dec 2014 decree, expiring 4 Dec 2019. It must supply a work and spend reconciliation within 15 days.
12 Feb 2018listing compliance notice● Neutral
The 8 February meeting with Gabon's regulator (DGH) did not happen because of airline scheduling problems and flight cancellations. Trading stays suspended until an announcement or 26 February 2018, with a new meeting being sought.
5 Feb 2018listing compliance notice▼ BadMajor
At the company's request, trading was suspended pending an announcement on the status of the Nkembe PSC. A further meeting with Gabon's regulator is set for 8 February, and suspension lasts until an announcement or 12 February 2018 at the latest. Inference: the PSC status may be at issue.
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.
30 Nov 2017other● Neutral
Lodged the replacement constitution adopted at the AGM after the special resolution passed. Administrative only.
24 Nov 2017price query● Neutral
ASX queried the fall in the share price from $0.08 (8 November) to $0.054 intraday on higher volume. The company said it knows of no unannounced information explaining the trading and is complying with the disclosure rules.
14 Nov 2017investor presentation● Neutral
Presentation repeating the Havoc option and Add Energy agreements for Nkembe, with a work program running November to February and late-2018 drilling. No new results or terms beyond the 18 October announcement.
8 Nov 2017director officer appointment● Neutral
Mining engineer Wayne Loxton was engaged as a consultant to assess new projects in Australia, North America and Africa. Nathan Lude continues as Executive Director at $1,000 a day from 1 November 2017. Shows the search for non-oil opportunities continuing.
31 Oct 2017annual report● Neutral
Full FY2017 annual report, following the 2 October announcement of the same results: administrative expenses of $1.72m, cash about $10.5m at 30 June, and the Nkembe and Ambilobe spending minimised. Adds no new information.
31 Oct 2017other● Neutral
Annual corporate governance statement and Appendix 4G for the year to 30 June 2017. It notes the Chairman has run day-to-day operations on an interim basis since March 2017. Administrative; no new business information.
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.
10 Oct 2017other● Neutral
2,400,000 unlisted options exercisable at $0.35 expired unexercised. Administrative; no cash raised. Ordinary shares stay at 260,083,604, with 10.4m unquoted partly paid shares and 621,101 performance rights also on issue.
2 Oct 2017annual report● NeutralMajor
FY2017 annual report: cash about $10.5m and administrative expenses of $1.72m (down from $2.62m). Nkembe and Ambilobe spending is minimised pending a funding partner, and the board is now also seeking new opportunities across a variety of industries.
8 Aug 2017security holder rights change● Neutral
Unmarketable parcel sale completed: 6,224,930 shares sold from 1,302 holders at $0.038. Holder count falls to 2,055 on 260.1m shares. Administrative; cuts registry costs.
5 June 2017security holder rights change● Neutral
Company launched a sale facility for unmarketable parcels (13,158 shares or fewer at A$0.038), covering 9.76m shares held by 1,979 holders, to cut administration costs. Holders have until 19 July 2017 to opt out.
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.
12 May 2017director officer appointment● Neutral
Nathan Lude becomes Executive Director for six months (minimum 20 hours a week) to assess new opportunities, with an extra $50,000 paid in shares subject to approval. Kevin Hart replaces Lont and Ong as Company Secretary.
24 Apr 2017director officer appointment● Neutral
Non-executive director Ric Malcolm resigned from the board (effective 20 April 2017). Final interest notice shows he holds 537,623 shares via his family superannuation fund.
11 Apr 2017material agreement termination▼ BadMajor
The conditional rig contractor term sheet expired; formal agreements were not signed by the deadline and talks ended. The company says it is engaging other rig contractors and that several industry and private equity parties are in its data rooms. Neaves also resigned from the board.
29 Mar 2017listing compliance notice● Neutral
ASX said the suspension would lift from 30 March 2017 after the half-year accounts were released. Administrative; ends the suspension that began 17 March.
29 Mar 2017half year report● Neutral
Half-year to 31 December 2016: net loss $0.8m (versus $4.0m a year earlier), cash $6.1m, net assets $3.2m. Notes Morocco withdrawal and the Nkembe rig term sheet, which the report says covers about half the estimated three-well cost.
22 Mar 2017director officer appointment▼ BadMajor
CEO Damon Neaves's employment ended immediately, and he is expected to resign from the board. Chairman Simon Eley takes over day-to-day management at $1,500 a day for work outside the chair role; a technical hire is planned. Company says it remains committed to Nkembe.
17 Mar 2017listing compliance notice▼ Bad
ASX suspended Pura Vida's shares from 17 March 2017 for failing to lodge its half-year accounts for the period ended 31 December 2016 on time.
2 Feb 2017other▲ Good
The final US$5.5m (A$7.3m) of the PXP settlement was received, leaving A$12.9m cash at bank. Closes the open item from the Morocco exit; funding for the balance of the Nkembe drilling campaign is still being sought.
