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Pura Vida Completes Mazagan Acquisition

Source: www.gulfoilandgas.com 10/25/2011, Location: Africa

Pura Vida has completed the acquisition of a 75% working interest in the Mazagan Offshore Area. Mazagan comprises an area of nearly 11,000km2 off the Atlantic coast of Morocco. A total of 3,570km2 of 3D seismic data has been acquired. Several prospects and leads have been identified as potential drilling candidates, many of which are supported by Direct Hydrocarbon Indicators (DHI’s).

The area contains the huge Toubkal prospect, which has been independently estimated as having a prospective resource range of 180 to 1,670 mmbbl.

The Toubkal prospect is analogous to the billion barrel Jubilee field in Ghana – the largest oil discovery in West Africa in the past decade. Investors who have participated in the recent capital raising have taken advantage of an early entry opportunity with significant upside.

Pura Vida managing director Damon Neaves said, “I look forward to reporting our progress to you as we now commence our exploration activity in the Mazagan Offshore Area. Pura Vida will shortly be releasing a prospectus as part of the listing of its shares on the ASX. Existing shareholders will be given priority allocation under the offer to be made in the prospectus”.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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