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Pura Vida Energy (PVD)

Business description

Pura Vida Energy is an ASX-listed E&P with interests in blocks offshore Morocco and Gabon. The main focus is on high-impact exploration drilling in Morocco, with Gabon offering appraisal/development options in addition to exploration.

Deal almost secured

QuickView | Oil & Gas | 02/08/2013

A two-well carry plus back costs puts Pura Vida Energy (PVD) top of the tree for farm-outs in one of the hottest exploration areas around, offshore Morocco. Completion of the deal, expected imminently, is a major catalyst, as is securing a rig for two wells to be drilled in 2014, kicking off with the 1.5bnboe Toubkal prospect. The farm-out implies a valuation of PVD in excess of A$4/share. While we do not expect equities to reflect industry valuations, a narrowing must be a possibility as drilling approaches.

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