ProActive Investors UK
by Giles Gwinnett
The area now has total mean prosective resources of 7 billion barrels, with 5.3 billion barrels net to the company, due to its 75 per cent interest
Morocco focused oil explorerPura Vida Energy’s (ASX:PVD) offshore Mazagan permit was given a huge boost today – with the publication of a major new resource estimate.
The area now has total mean prospective resources of 7 billion barrels, with 5.3 billion barrels net to the company, due to its 75 per cent interest.
This more than doubles the company’s previous net estimate – of 2.4 billion barrels.
What’s more, the chance of success across the prospects reviewed have increased to 34 per cent, from 19 per cent previously.
The release of the upgrade marks a huge boon to the firm, as it plans to commence a formal farm-out process on the asset this year – at a time when there is huge interest in oil exploration offshore Morocco.
Managing director Damon Neaves said: “Pura Vida has several prospects with an estimated chance of success of around one in three.
“Given the scale of these prospects coupled with our high equity position,Pura Vida has a unique opportunity to generate extraordinary value in the farmout and drilling campaign.”
The upgrade was conducted by independent group DeGoyler and MacNaughton (D&M) and incorporates the latest data from the reinterpretation of 3,000 km of 3D seismic.
It provides estimates for 13 prospects, including three new targets – Tafraoute, Amtoudi East and Amtoudi West.
Combined, these three add 2.1 billion barrels of oil equivalent to the total resource and each have a 32 per cent chance of success.
The firm’s Toubkal prospect has been attributed a mean resource potential of 1.5 billion barrels and given a 31 per cent chance of success.
