PERTH (miningweekly.com) – Emerging oil explorer Pura Vida Energy is hoping to raise about A$13.5-million through a share placement to progress its Nkemba project, off the shore of Gabon, and to fund its work at the Amilobe project, off the shore of Madagascar.
The company revealed on Thursday that it would place about 21.5-million shares, at 63c each, in order to raise the capital.
“Pura Vida has experienced extraordinary growth since listing on the ASX in 2012. We have completed a farm-out for a high impact drilling programme on our Mazagan project, where we are free-carried on two firm wells for up to $215-million, and diversified our portfolio with the addition of projects offshore Gabon and Madagascar,” said MD Damon Neaves.
He noted that the company’s existing portfolio also offered growth opportunities, with the company’s near-term growth to be driven by the current assets.
“The institutional support for this raising is a positive reflection on the quality of our exploration portfolio and the changing nature and scale of Pura Vida’s activities,” Neaves added.