African explorer posts resource upgrade

FOLLOWING an independent review, oil explorer Pura Vida Energy has recorded a 1.6 billion barrel increase in potential resources at its Mazagan offshore area in Morocco. The Perth-based company has a 75 per cent interest in the African offshore acreage, with the Office National des Hydrocarbures et des Mines in Morocco holding the remaining 25 per cent.
Resource Investment Strategy Consultants conducted the recent review of the Mazagan offshore acreage and has reported the area has the potential (prospects and leads) to contain 3.2 billion barrels of recoverable oil. As a result of the review, Pura Vida’s share of the potential resources has risen from 825 million barrels to 2.4bbl of oil. “This equates to 2.4 billion barrels net [recoverable] to Pura Vida’s 75 per cent interest and is very encouraging and exceeds previous expectations,” Pura Vida managing director Damon Neaves said. “This is very positive for the future development of the Mazagan asset.” Mr Neaves said that most of the potential resources reported by Pura Vida to date had resulted from work in the Miocene prospects within the Mazagan
offshore area; oil resources within the Miocene prospects are estimated to total 875mmbl. He said technical work conducted at the Miocene prospects had focused on deeper water 2D seismic data, integrating reservoirs seen in proximate wells.
Mr Neaves said that the Toubkal structure within the Miocene prospect area remained the most likely target for the company’s first well – the structure has indicated potential to contain more than 1bbl oil. “By any account the scale and exploration potential of Mazagan is huge and this project is particularly exciting in the hands of Pura Vida as an aspiring junior explorer,” Mr Neaves said.

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