Pura Vida Announces Placement to Raise $13.5 million

Source: www.gulfoilandgas.com 12/5/2013, Location: Africa

Pura Vida Energy NL is pleased to announce that it has resolved to raise $13.5 million through the placement of 21.5 million shares at $0.63 per share (“the Placement”). Hartleys Limited was Sole Global Lead Manager and Joint Australian Lead Manager and Morgans Limited was Joint Australian Lead Manager in respect of the Placement. The Placement was very heavily overbid, with a strong book including institutions out of Australia, the United Kingdom and Asia.

The proceeds from the Placement will be applied towards progressing Pura Vida's Nkembe project (offshore Gabon) towards farmout, the upcoming work program on its Ambilobe project (offshore Madagascar) which will include a 3D seismic survey and acquisition of 2D seismic data, and working capital to ensure that Pura Vida is fully funded as it progresses towards the free-carried drilling of its Mazagan project (offshore Morocco).

Pura Vida’s Managing Director, Damon Neaves, said:
“Pura Vida has experienced extraordinary growth since listing on ASX in 2012. We have completed a farmout for a high impact drilling program on our Mazagan project where we are free-carried on two firm wells for up to US$215 million, and diversified our portfolio with the addition of projects offshore Gabon and offshore Madagascar. The Placement ensures that the Company is properly capitalised and fully funded across the portfolio as we head into a period of significant activity.

For more information about related Opportunities and Key Players visit East Africa Projects


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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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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