06/09/2013 - 12:35

Pura Vida secures $7m through placement

06/09/2013 - 12:35

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Pura Vida secures $7m through placement
Pura Vida boss Damon Neaves.

Perth-based oil and gas exploration firm Pura Vida Energy has lined up $7 million to progress works at its Nkembe block, off the coast of Gabon.

Pura Vida today announced it would place 12 million shares, priced at 58 cents each, to clients of Harleys Limited and RBS Morgans.

The company said the placement had received strong support from institutions, as well as new and existing sophisticated investors.

Pura Vida is also in line for an additional $US15 million once a farm-out of its Mazagan permit of the Moroccan coast to Freeport-McMoran Oil and Gas, is completed next month.

The company received in-principle government approval for the Morocco farm-out in July.

Managing director Damon Neaves said the additional funding secured through the placement would put the company in a strong financial position.

"We are very pleased with the overwhelming interest received for this placement and I wish to take this opportunity to welcome our new investors and thank our existing shareholders for their continued support," Mr Neaves said in a statement.

At 12:30PM, WST, Pura Vida shares had shed 2.3 per cent, trading at 63.5 cents.

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