Shares in Perth-based oil and gas junior Pura Vida Energy jumped on the Australian Securities Exchange today, in response to stockbrokers' backing of a resources upgrade at its 75 per cent-owned Mazagan oil project off the coast of Morocco.
Stockbroking group N+1 Brewin put out a research note on Pura Vida today, placing a buy rating on the stock and predicting it would rise to $2.25 per share.
The N+1 report followed similar notes released by Hartleys Limited and Fosters earlier this week.
Pura Vida shares finished the day up 11.6 per cent, trading at 81.5 cents.
The Perth-based oil and gas explorer released a resource upgrade for its Mazagan permit on Friday, which showed the project comprised a prospective resource of7 billion barrels of oil.
The resource estimate was independently prepared by advisory group DeGolyer and MacNaughton.