Pura Vida Energy chairman increases interest as Moroccan oil exploration progresses

ProActive Investors Australia

PURA VIDA ENERGY

Full Pura Vida Energy profile here

Pura Vida Energy (ASX: PVD) has a 75 per cent interest in the Mazagan Offshore Area. Mazagan is located off the coast of Morocco in the Atlantic. We have modern, high quality 3D seismic data over the block with independently certified potential resources of more than a billion barrels of oil.

The Toubkal prospect alone has a potential resource range of 180 million to 1.670 billion barrels of oil, with a mean estimate of 790 million barrels of oil. Toubkal is an analogue of the billion barrel Jubilee field in Ghana – the largest oil discovery made in West Africa in the past decade.

Pura Vida Energy chairman increases interest as Moroccan oil exploration progresses

Friday, June 08, 2012 by Christine Feary

Pura Vida Energy chairman increases interest as Moroccan oil exploration progresses
Pura Vida Energy (ASX: PVD) non-executive chairman Bevan Tarratt has increased his stake in the company, which is looking to tap into Morocco’s oil potential.

Tarrat picked up 175,000 Pura Vida shares on market this week for $53,375 consideration, which averages out to $0.305 per share.Pura Vida’s Mazagan permit, located offshore Morocco, hosts an estimated 2.4 billion barrels of mean prospective recoverable resources.The most promising prospect, Toubkal, has the potential for 790 million barrels of oil and is a ‘look-a-like’ of the billion barrel Jubilee field in Ghana – the largest oil discovery in West Africa in the past decade.Mazagan covers 10,900 square kilometres in the Essaouira Basin, a proven hydrocarbon system, where shoes have been demonstrated in 80% of wells drilled.Major discoveries in the West African transform margin have spurred a ‘land grab’ along the North African coast.Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Posted on June 8, 2012, in Business, Morocco News and tagged , , . Bookmark the permalink. Leave a comment.

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