PERTH (miningweekly.com) – Emerging oil explorer Pura Vida Energy is hoping to raise A$4-million through a share placement, as the company starts a drilling campaign offshore Morocco.
The junior reported on Friday that it would issue about 11.15-million shares, at 36c each, to raise the capital.
“The proceeds from the capital raising will ensure that Pura Vida remains in a strong financial position as we embark on a period of exciting activity, the highlight of which is a significant drilling programme offshore Morocco, where Pura Vida will be carried on two firm wells,” said MD Damon Neaves.
The first well remains on track to spud later this quarter, Neaves added.
The Moroccan acreage covers 10 900 km2, and is 23% held by Pura Vida, with joint venture partners Freeport McMoRan and ONHYM holding the remaining interest.
The permit area is expected to host some 6.7-billion barrels of oil equivalent.