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Pura Vida to Spud MZ-1 Well in April

Source: www.gulfoilandgas.com 3/10/2015, Location: Africa

Pura Vida Energy NL advises that based on the current rig schedule, we now expect the Atwood Achiever Drillship to mobilise to the MZ-1 location within Pura Vida’s offshore Mazagan Permit and spud the well during April.

In accordance with the schedule provided in our December quarterly report, we advise that the Atwood Achiever has completed a well offshore Morocco and has now moved to briefly complete a well offshore Mauritania for another Operator before returning to handover to the Mazagan joint venture.

MZ-1 will target the Ouanoukrim prospect, which has total gross unrisked mean prospective resources of over 1.4 billion barrels, with a high case of over 3.0 billion barrels (refer to ASX announcement of 17 December 2014). Pura Vida is carried for its’ 23% interest in the MZ-1 well for up to US$215 million.

Pura Vida’s Managing Director, Damon Neaves, said:

We look forward to receiving handover of the Atwood Achiever Drillship to commence our first well offshore Morocco. The MZ-1 well is targeting a series of up to five stacked targets in both the Cretaceous and Jurassic. A discovery will be transformational for Pura Vida.



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