ProActive Investors UK
by Giles Gwinnett
Evidence of hydrocarbons has been confirmed through seismic work on the offshore Mazagan permit, Morocco focused oil explorer Pura Vida Energy (ASX:PVD) said.
The reprocessing programme of 3,000km of 3D data is now complete and the results are positive, it told investors.
The programme confirmed the presence of Direct Hydrocarbon Indicators (DHIs) on key drilling targets, including the Toubkal prospect.
The project was delivered within budget and 15 months ahead of the schedule needed for the completion of the firm’s work commitments.
The company’s technical director Dave Ormerod said: “We are very pleased with the results of the reprocessing which provides encouraging evidence for hydrocarbons in the large structures defined on 3D data in the Mazagan permit.
“This is important data for the farmout which has also been helped along by recent farmout activity in the area which has seen up to three additional wells funded in the area around our Mazagan permit”
This reprocessed data will now be made available to potential bidders as part of the farmout process with EZDataRoom, which begins on October 1 this year, aimed at securing funding for drilling.
“Securing a farmout for the drilling program, which will test the multi-billion barrel potential of the Mazagan permit, will be a transformational event for the company which is expected realise significant value, said the company.
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