Pura Vida bolsters board for next growth phase

Junior oil and gas company Pura Vida Energy has named Jeff Dowling as its new chairman and Ric Malcolm as a non-executive director, with current chairman Bevan Tarratt to resign from the board.

Mr Dowling, previously managing partner at Ernst & Young's Perth office, is the current chairman of Sirius Resources and a non-executive director of Atlas Iron and NRW Holdings.

Mr Malcolm, who began his career at Woodside in 1980, is returning to Perth after working in the UK, including as managing director of OMV (UK) and more recently as chief executive of AIM-listed Gulfsands Petroleum, which has substantial interests in North Africa.

Mr Tarratt will remain in an executive role with the company.

“We are delighted to welcome Jeff and Ric to the board,” Pura Vida managing director Damon Neaves said.

“Their leadership and experience will steer Pura Vida through our next phase of growth."

The company said it hoped the appointments would strengthen its expansion on the African continent.

Since its listing on the Australian Securities Exchange in February 2012, Pura Vida has acquired an 80 per cent stake in the Nkembe block off the coast of Gabon, completed a $215 million farm-out of its Mazagan project off the coast of Morocco, and acquired an interest in a project off the coast of Madagascar.

Mr Dowling said he was “delighted" to become involved in Pura Vida at a time when the company was experiencing major change with significant growth potential.

“Pura Vida has a strong executive team that has successfully executed its growth strategy, placing the company in a strong position,” he said.

The board changes take effect from January 2014.

Shares in Pura Vida are up 2.5 cents, trading at 77 cents as of 10.45am, WST.