MENAFN – ProactiveInvestors – Australia
(MENAFN – ProactiveInvestors – Australia) Pura Vida Energy (ASX: PVD) has completed the first tranche of its A$3 million capital raising to pursue its growth strategy.
The company has now issued 5,937500 shares priced at A$0.25 each to sophisticated investor clients of CPS Securities and Hartleys, raising a total of A$1,484,375.
A further 6,062,500 shares will be issued following shareholder approval at a General Meeting proposed to be held in mid-August 2012.
Work on the highly prospective Mazagan permit offshore Morocco, which has 2.4 billion barrels of mean prospective recoverable oil resources net to the company, has been progressing well ahead of schedule with the work program expected to be completed in September 2012 rather than the original target of December 2013.
Pura Vida will in October start the search for a partner to undertake a work program of up to three wells will allow Pura Vida to assess the hydrocarbon and production potential of the permit at minimal cost.
Major discoveries in the West African transform margin have spurred a ‘land grab’ along the North African coast.
The Mazagan permit covers 10,900 square kilometres and has been the subject of 3,570 square kilometres of modern 3D seismic
Morocco has an attractive fiscal regime with a 70/30 revenue split in the company’s favour. While the Government gets a small royalty on top of that, Pura Vida also has a full 10 year tax holiday from corporate income tax.
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