29/11/2011 - 11:08

Pura Vida to list on ASX

29/11/2011 - 11:08

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Pura Vida to list on ASX

Perth-based oil junior Pura Vida has announced plans to raise $4 million and list on the Australian Securities Exchange to fund exploration off the coast of Morocco.

Pura Vida holds a 75 per cent interest in permits covering some 11,000 square kilometres of Morocco’s Mazagan Offshore Area, which has been independently certified as containing more than a billion barrels of oil.

Pura Vida managing director Damon Neaves said the company’s main prospect, Toubkal, was located 100 kilometres off the Moroccan coast.

“Using high quality 3d seismic data, Toubkal is a look alike of the billion barrel Jubilee field in Ghana, the largest oil discovery made in West Africa in the past decade,” Mr Neaves said.

Mr Neaves said the deposit was estimated to contain between 180 million and 1,870 million barrels of oil.

“Our long-term strategy is to explore, develop and produce oil, and we will be actively seeking future acquisitions and joint venture partners to achieve our growth aspirations,” he said.

The company’s initial public offering of 20 million shares will be priced at 20 cents, and will close on December 16.

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