30 Nov 2018director officer appointment● Neutral
Company Secretary Kevin Hart resigned effective 30 November 2018. John Kay, a corporate lawyer with over 12 years' experience, takes over from 1 December.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2018quarterly activities report● Neutral
September quarter: cash A$8m plus $381k of listed shares. Repeats the Gabon meetings and force majeure stance and the Ambilobe 11,480 km2 retention proposal. Shows the Jacka stake of 14.7% and continued search for opportunities.
15 Oct 2018regulatory community update● NeutralMajor
After September meetings, Pura Vida says Gabon's regulator acknowledged the Nkembe contract remains in good standing, but the start-date dispute and a regulator-sought payment to merge work phases were not resolved. Force majeure is maintained, no further spending, and Ambilobe retention of 11,480 km2 is proposed. Shares are to be requoted.
15 Oct 2018listing compliance notice▲ Good
ASX lifts the suspension of Pura Vida shares immediately after the Gabon update. Trading resumes after the suspension that began in February 2018.
11 Oct 2018annual report● Neutral
Corporate governance statement for FY2018 and Appendix 4G, describing board practices against ASX principles. Notes the chairman covered day-to-day operations from July 2017 to May 2018, now handled by Executive Director Nathan Lude. No new commercial information.
11 Oct 2018annual report● Neutral
FY2018 annual report: administrative expenses $1.24m (down from $1.72m), cash about $9m. Still suspended over the Nkembe dispute, with discretionary spending there stopped. Board reviewing oil and gas and minerals investments.
16 Aug 2018asset acquisition disposition● NeutralMajor
Pura Vida holds 112,944,364 shares (14.7%) of Jacka Resources, making it the largest shareholder, and Chairman Tarratt joined Jacka's board. A Gabon regulator meeting is set for September. This is a move toward new opportunities using the cash.
6 Aug 2018listing compliance notice● Neutral
ASX re-applied the suspension after an internal system upgrade. Securities remain suspended. Administrative notice with no company news.
31 July 2018quarterly activities report● Neutral
June quarter: cash A$8.9m, operating outflow $342k. Gabon still has not responded to the March and April submissions; force majeure maintained. Ambilobe is being partly relinquished, and the board is assessing opportunities in Australia and overseas.
3 July 2018regulatory community update▼ BadMajor
Pura Vida told Gabon's regulator it has no basis to terminate the Nkembe contract, maintains force majeure and reserves its rights, including recovering the US$9m signing bonus paid in 2013. It disputes Havoc's claimed interest. Suspension extended to 31 August.
25 May 2018director officer appointment● NeutralMajor
Chairman Simon Eley resigned to pursue other opportunities. Bevan Tarratt becomes Non-Executive Chairman and Bruce Lane a Non-Executive Director, both with corporate restructuring and acquisition experience. This follows the board's search for new projects.
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.
23 Apr 2018quarterly activities report● Neutral
March quarter: cash A$9.04m. Repeats the two submissions to Gabon, the completed well design and the Havoc option extension to 14 May. No formal response yet from Gabon's authorities. The company says it cut overheads.
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.
31 Jan 2018quarterly activities report● Neutral
December quarter: cash A$9.2m. Repeats the lower Loba and Loba Deep resources. December talks in Gabon reached no agreement on PSC amendments, though the regulator showed willingness to work with the company. More talks are expected this quarter.
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.
30 Nov 2017agm notice● Neutral
All eight AGM resolutions passed on a show of hands, including Nathan Lude's election, share and option issues to directors, a 10% placement capacity and a new constitution. Routine meeting outcome.
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.