30 Jan 2017listing compliance notice● Neutral
ASX notice that the suspension will be lifted after the settlement announcement. Administrative.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2017asset acquisition disposition▲ GoodMajor
Freeport (PXP) settlement completed: Pura Vida gets US$7m cash (about A$9.36m, including the US$1.5m deposit) plus 2,376 tonnes of drilling equipment. It and PXP withdrew from the Mazagan permit. Equipment is shipped to Gabon, cutting the partner funding needed for Nkembe to about US$17m.
27 Jan 2017listing compliance notice● Neutral
Voluntary suspension extended a third time pending the Freeport settlement update. Administrative.
24 Jan 2017listing compliance notice● Neutral
Voluntary suspension extended again pending the Freeport settlement update. Administrative.
19 Jan 2017listing compliance notice● Neutral
Voluntary suspension extended pending an update on the Freeport settlement. Administrative.
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.
18 Jan 2017listing compliance notice● Neutral
Shares suspended at the company's request pending an announcement about a transaction involving the Nkembe block in Gabon.
16 Jan 2017security holder rights change● Neutral
1,500,000 unlisted options exercisable at $0.91 expired unexercised on 13 January 2017. Administrative notice.
19 Dec 2016security holder rights change● Neutral
250,000 unlisted options exercisable at $0.82 expired unexercised on 16 December 2016. Administrative notice.
28 Nov 2016investor presentation● Neutral
AGM presentation repeating the strategy: complete the Freeport settlement, farm out Nkembe, test Loba. Shows 259.6m shares, $7.2m cash at 30 September and a market value of $11.7m at 4.5 cents. No new results.
28 Nov 2016director officer appointment● NeutralMajor
Simon Eley became Chairman after the AGM; Ric Malcolm stepped down as interim chair but remains a non-executive director. Completes the chair change announced on 21 October.
7 Nov 2016security holder rights change● Neutral
Options exercisable at $1.08 (quantity printed as 32,5000) and 24,375 performance rights expired unexercised on 4 November 2016. Administrative notice.
3 Nov 2016regulatory community update▲ GoodMajor
Nkembe exploration phase extended 12 months to January 2018 with no extra work commitments. Resolves the permit-extension thread ahead of the January 2017 expiry, and gives time to find partners for a 2017 drilling campaign including a Loba production test.
31 Oct 2016security holder rights change● Neutral
135,954 performance rights expired unexercised on 30 October 2016. Administrative notice.
21 Oct 2016director officer appointment▲ GoodMajor
Simon Eley and David Sanders join as non-executive directors. Eley is to become chair after the late-November AGM, replacing interim chair Ric Malcolm, who stays as a director. Resolves the open search for a permanent chairman.
3 Oct 2016security holder rights change● Neutral
775,000 unlisted options exercisable at $1.03 expired unexercised on 2 October 2016. Administrative notice.
21 Sept 2016annual report● Neutral
2016 annual report: about $6m cash at 30 June, a difficult year after the Morocco dry hole, and overheads of $1.2-1.5m a year. Chairman points to the PXP settlement and Loba fast-track plan as next steps. Repeats known facts.
21 Sept 2016annual report● Neutral
Appendix 4G and corporate governance statement lodged with the annual report. Administrative compliance filing with no new information.
13 Sept 2016investor presentation▲ GoodMajor
Presentation on fast-tracking the Loba oil discovery in the 100%-owned Nkembe block, with a costed study allowing first production within 12 months of a successful production test. Claims an 81% chance of commercial success and unrisked NPV10 of US$37-330m. Funding depends on finding a farmin partner.
12 Sept 2016material agreement▲ GoodMajor
Conditional settlement with Mazagan operator PXP over the second-well obligation: PXP pays an unconditional, non-refundable US$1.5m now. Any further benefit depends on agreement with Moroccan regulator ONHYM, and the company says there is a substantial risk the conditions fail.
7 Sept 2016security holder rights change● Neutral
3,750,000 unlisted options exercisable at $0.40 expired unexercised on 6 September 2016. Administrative notice.
4 Aug 2016other● Neutral
The shareholder requisition to remove and appoint directors was withdrawn, so no general meeting will be held on it. Ends the board challenge raised on 1 August.
1 Aug 2016other▼ BadMajor
Shareholders holding over 5% requested a meeting to remove director Ric Malcolm and appoint Gary Castledine and David Rod. The company's lawyers say two of the resolutions are defective. A possible board-control challenge.
27 July 2016price query● Neutral
ASX queried a rise from $0.03 to an intraday $0.045. The company said it knows of no unannounced information, pointing only to the ongoing PXP second-well talks and Nkembe farmout and extension discussions, whose outcomes remain uncertain.
21 June 2016security holder rights change● Neutral
2,000,193 unlisted options exercisable at $0.60 expired unexercised on 20 June 2016. Administrative notice.
7 June 2016director officer appointment● Neutral
Nicholas Ong appointed interim Joint Company Secretary while Dennae Lont is on parental leave. Administrative.
3 June 2016security holder rights change● Neutral
300,000 unlisted options exercisable at $0.70 expired unexercised on 3 June 2016. Administrative notice.
18 May 2016investor presentation● Neutral
Strategy overview restating the plan to extract value from each asset, with $6.35m cash at 29 April. Seeks Nkembe permit extension and farmout, Ambilobe farmout after interpretation, and resolution of the Mazagan second well. No new results.
17 May 2016director officer appointment● NeutralMajor
Chairman Jeff Dowling resigned; Ric Malcolm becomes interim chair and Nathan Lude joins as director. Non-executive fees cut from $100k to $25k and MD salary from $385k to $300k, with incentives tied to farmout cash. Staff down to 6 full-time and 1 part-time.
10 May 2016asset acquisition disposition▲ GoodMajor
Pura Vida lifts its Ambilobe interest from 50% to 100% and becomes operator at no cost after Sterling's exit. The renegotiated licence terms leave up to five years of tenure, with a drilling well in Phase 3 to be funded by a future farminee. Early 3D shows structures of 20-65 km2.