PURA VIDA AWARDED NKEMBE BLOCK OFFSHORE GABON, WEST AFRICA

PURA VIDA AWARDED NKEMBE BLOCK OFFSHORE GABON, WEST AFRICA

Pura Vida Energy NL (“Pura Vida” or the “Company”) (ASX: PVD) is pleased to announce that it has been awarded an 80% interest in a Production Sharing Contract for the Nkembe block, offshore Gabon (“Nkembe PSC”). Pura Vida will be Operator under the Nkembe PSC with the State of Gabon holding a 20% carried interest.
Highlights
 Pura Vida has acquired an 80% interest and has been appointed Operator of the Nkembe block, offshore Gabon
 Establishes Pura Vida in a proven oil producing basin proximate to several oil fields
 Oil encountered in previous wells in the block
 Shallow water extension of the prolific pre-salt play fairway
 Exposes Pura Vida to a wide variety of exploration plays associated with salt basins
 Pura Vida will use modern seismic technology to unlock new potential in a proven basin
The Nkembe PSC was executed at a signing ceremony attended by His Excellency Mr Etinenne Ngoubou, Minister for Oil, Energy and Hydraulic Resources and Mr Alilat Oyima, Directeur Générale des Hydrocarbures held in Libreville on 11 January 2013. The Nkembe PSC was effective immediately upon signature and approval by Presidential Decree is expected shortly.
The Nkebme block is an area of 1,210 km2 in water depths (of 50-500 metres) about 20 km off the coast of Gabon in the oil prone Gabon Basin. The block is proximate to many producing oil fields, including several fields operated by Total, the largest operator in Gabon (refer maps on pages 2 and 3).
Pura Vida’s Technical Director, Mr David Ormerod, said:
“The award of the Nkembe block to Pura Vida marks a significant step in our strategy to build a diversified portfolio of high quality exploration assets. Nkembe is surrounded by oil fields and we see potential in a variety of different oil plays in this mature oil province. Pura Vida has taken a high equity position demonstrating our confidence in this project and the belief that sound technical work will generate value by proving the potential of these plays.”
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