# HHR - Hartshead Resources



## System (15 February 2012)

Pura Vida Energy NL (PVD) currently has operations in the Mazagan Offshore Area which is located off the Atlantic coast of Morocco, Africa.

The company is progressing its exploration activities in the Mazagan Offshore Area and is looking to expand its current operations by acquiring other projects.

http://www.puravidaenergy.com.au


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## springhill (9 July 2012)

Pura Vida rundown for you all.

41.4m shares on issue (diluted)
$15m market capitalisation (as at 7/5/12) 
Net Cash $4.9m (as at 30/3/12) $4.4m unpaid capital

PVD just successfully completed $3m cap raising to sophisticated investors.
http://www.asx.com.au/asxpdf/20120706/pdf/4278tq0xy49ghc.pdf

N+1 Brewin Research Report here.
http://www.puravidaenergy.com.au/n1_pdf/Revised_Broker_Research_Note.pdf

N+1 Brewin is a leading UK corporate and institutional stockbroker with a highly regarded oil & gas research team
N+1 Brewin rated Pura Vida against its peers on ASX, AIM and TSX with an African exploration focus
Pura Vida trades on a Risked EV/Prospective Resources basis of $0.15/boe wheareas the adjusted average of the peer group is $1.00/boe

*Mazagan permit*
► Total area of 10,900km² (2.7m acres)
► Operator and 75% interest holder
► 3,570km² of modern 3D seismic
► Net 2.4 billion barrels of mean *prospective* recoverable resources attributable to PVD

Independent play types defined on 2D & 3D data in the Miocene and Lower Cretaceous
Essaouira basin - proven hydrocarbon system
Shows in 80% of wells drilled offshore Morocco
High impact drilling program targeting several hundred million barrels net to Pura Vida
Huge Toubkal prospect 790 mmbbl (mean)
Toubkal is a ‘look-a-like’ of the billion barrel Jubilee field in Ghana – the largest oil discovery in West Africa in the past decade
Recent significant increase in transactional activity
Kosmos has taken surrounding positions

KEY OBJECTIVES FOR 2012…
1. Complete seismic reprocessing – improve risking and recognise additional resources
2. Secure funding for drilling program targeting Mazagan’s huge potential resources
3. Achieve market recognition of the value of the Mazagan permit
4. Build a diversified portfolio of energy assets through acquisition

*Management team*
Damon Neaves Managing Director
Formerly BDM for Tap Oil
Led Business Development, Commercial and Legal teams during 8 year tenure at Tap
Several major acquisitions, many involving entry into new countries: Thailand, Ghana, Indonesia, Brunei, Philippines, Australia & NZ
Established highly profitable domestic gas business
Upstream project management experience
Legal/corporate advisory background

David Ormerod Technical Director
Over 25 years experience in the oil and gas sector
Participated in several major discoveries over his career: Maddog, Atlantis and Neptune (deep water GoM ) and Stybarrow (NWS)
Responsible for Karoon Gas’ entry into Brazil which saw a period of dramatic growth in shareholder value
Experience with BHPBP, Woodside, Stirling and Tap in areas as diverse as the Gulf of Mexico (GoM), West Africa, SE Asia and the NW Shelf

Bevan Tarratt Chairman
Accounting industry background focused on small/mid caps
Founding partner of Hemisphere Corporate
Equity markets experience with Patersons Securities
Managed IPOs, secondary raisings and re-structuring of numerous listed companies
Director of a number of Australian public companies







I am going to enter this into my low cap low liquidity thread, I dont really need the extra work load but I want this on my number 1 watchlist.


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## springhill (9 July 2012)

Have taken a small spec holding in PVD this morn, consider it a decent high risk opportunity. They also get a small mention in the West business section today as a broker favourite.
Putting my money where my mouth is


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## springhill (10 July 2012)

The more I think about PVD the more the risk/MC ratio appeals to me. Have increased holdings today.


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## springhill (10 July 2012)

For anyone interested, I have compiled the latest media reports for PVD.

http://www.puravidaenergy.com.au/media/media/Westaust09072012.pdf

http://www.puravidaenergy.com.au/media/media/WestAust07072012.pdf

http://www.puravidaenergy.com.au/media/media/WestAust060620121.pdf

http://www.puravidaenergy.com.au/media/media/OIlGasReviewMay2012.pdf

http://www.puravidaenergy.com.au/media/media/Upstream18052012.pdf

http://www.puravidaenergy.com.au/me..._resource_upgraded_to_3.2_billion_barrels.pdf

http://www.puravidaenergy.com.au/media/media/oilbarrel20032011.pdf

http://www.puravidaenergy.com.au/media/media/Pura_Vida_hunts_acquisitions_JV_partners_02032012.pdf

http://www.puravidaenergy.com.au/me...cked_soon_-_Proactiveinvestors_AU01032012.pdf

Enjoy


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## springhill (11 July 2012)

Proactiveinvestors piece on PVD that lobbed in my inbox.

http://www.proactiveinvestors.com.a...l-discount-to-peers-says-n1-brewin-31190.html


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## springhill (16 July 2012)

*COMPLETION OF TRANCHE ONE PLACEMENT*

Pura Vida is conducting a placement to raise up to $3 million pursuant to the issue up to 12 million shares at 25 cents per share to institutional and sophisticated investors. The Company has received firm commitments for all 12,000,000 shares.
The Company wishes to advise that it has now allotted and issued a total of 5,937,500 shares at A$0.25 per share  to raise gross proceeds of $1,484,375 to sophisticated investor clients of CPS Securities and Hartleys under its 15% placement capacity pursuant to ASX Listing Rule 7.1 in accordance with the Placement.
A further 6,062,500 Shares will be issued following shareholder approval at a General Meeting proposed to be held in mid-August 2012. The Company has also issued 100,000 partly paid Shares. These partly paid shares ranked equally with the existing class of partly paid shares.


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## springhill (23 July 2012)

Some information on PVD and other players that are interested in Morocco.
http://www.proactiveinvestors.com.au/companies/news/31560/asx-listed-pura-vida-energy-tangiers-petroleum-amongst-the-savvy-moroccan-oil-explorers-31560.html


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## springhill (31 July 2012)

Pura Vida Energy NL is pleased to provide shareholders with the following quarterly report with respect to its recent activities.
Leading our achievements in the past quarter has been ensuring the early delivery of our two year work program on the Mazagan permit which is now scheduled for completion during the current quarter. This achievement is important as it allows Pura Vida to move toward the drilling phase by:
● providing final seismic reprocessing and interpretation which is critical to commence the farmout process in the fourth quarter; and
● finalising the inventory of drilling targets, risking and resource estimates.

Earlier in the quarter, the Company announced a significant resource upgrade by Resource Investment Strategy Consultants (RISC). The independently assessed total unrisked mean gross prospective resources of the Mazagan permit was increased to 3.2 billion barrels of recoverable oil. This equates to 2.4 billion barrels net to Pura Vida’s 75% interest.
Subsequent to the end of the quarter, Pura Vida announced a $3 million capital raising at 25 cents per share to strengthen its balance sheet to pursue its growth strategy. The placement will be undertaken in two tranches with the second and final tranche to be issued following a general meeting of shareholders to be held on 17 August 2012. The Company was pleased with the level of support for the issue which saw participation from several institutional investors.

*MAZAGAN PERMIT, OFFSHORE MOROCCO*
During the quarter Pura Vida announced the acceleration of its two year work program on the Mazagan permit, where the Company has a 75% interest. Pura Vida now expects to complete the entire initial work program in September of this year.
Early completion of the work program is an exceptional achievement which will allow the Company to move quickly to advance the farmout to secure funding for the drilling program which will test the multi-billion barrel potential of this highly prospective permit. To this end, the Company has appointed industry-leading EZDataRoom to conduct a farmout process for Pura Vida commencing in October.

*MOBILISATION OF VESSEL FOR DROP CORE PROGRAM*
The R/V Geoexplorer has commenced mobilisation to Morocco to undertake Pura Vida’s drop core program during August. US services company, TDI-Brooks, will manage the program and is a specialist in this field. The drop core program will be overseen by Pura Vida’s technical team. The program is designed to acquire 50 sea bed samples with the objective of collecting samples containing hydrocarbons.
In petroleum systems, natural seepage of hydrocarbons to the sea bed is common, and sea bed sampling techniques such as the drop core program being undertaken by Pura Vida have been successful in identifying areas of active hydrocarbon generation and entrapment. In frontier areas such as Mazagan, finding such seepage significantly improves the probability of reservoired subsurface hydrocarbons.
Pura Vida has also carried out satellite sea surface oil slick analysis with the Fugro Group to assess indications of hydrocarbons on the sea surface as a means to assist location of the best sea bed sampling points.
The acquisition of these cores will assist in better defining the potential of the Mazagan permit and will assist in the farmout process. Results of the program are expected to be available following geochemical analysis of the cores in or about September.

*REPROCESSING 3D SEISMIC DATA*
The seismic reprocessing, involving the reprocessing of 3,000km² of 3D data on the Mazagan permit, is nearing completion and results to date have been encouraging. The initial results will be available in August and the project will be completed on budget in September.
The reprocessing is being undertaken by DownUnder GeoSolutions (“DUG”), a leading provider of geoscience services to the global oil and gas industry, including seismic processing and depth imaging, and is being overseen by Pura Vida’s technical team. The finalisation of the 3D seismic reprocessing package will provide additional data necessary to facilitate a successful farmout deal.

*Events Calendar*
The achievements in the year to date have positioned the Company to achieve significant growth in value in the second half of 2012. During the second half, the Company expects to report updates on the following core activities:
● the results of the drop core program and seismic reprocessing (both due in Q3) will provide the basis for a review of the risking of key prospects and potentially the recognition of additional resources;
● the farmout process will kick off in October to secure funding for the high-impact drilling program to test the multi-billion barrel potential of the Mazagan permit; and
● the acquisition of additional projects to build a diversified asset portfolio.


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## springhill (7 August 2012)

Hartleys initiates coverage of PVD. Worth a read. 
Up 11% on the news.
http://www.puravidaenergy.com.au/news_pdf/PVD_initiation_20120807.pdf

12 month target price - $1.13

The exploration valuation on p17 is eye popping.
All speculative, of course.


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## springhill (8 August 2012)

PVD on proactiveinvestors
http://www.proactiveinvestors.co.uk...e-re-rating-says-australian-broker-46521.html


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## springhill (8 August 2012)

PVD performing reall well on the back of Hartleys report. So far an intra day high of 34c with over 1 million traded.


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## springhill (9 August 2012)

High of 38c with 2.07m traded yesterday.
Anyone else looking at PVD?


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## mr. jeff (9 August 2012)

With a target of 113cps   vs. current 35c it is pretty pie in the sky stuff at the moment. If their targets were even half accurate we would all be very wealthy. Having said that, the chart shows some serious interest currently and they do seem to have some concrete data.

 Whether it holds and moves up further is another thing. GO Hartleys! Can you also re-rate TTE I am holding a loss and they "should" be worth a lot more.


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## springhill (9 August 2012)

mr. jeff said:


> With a target of 113cps   vs. current 35c it is pretty pie in the sky stuff at the moment. If their targets were even half accurate we would all be very wealthy. Having said that, the chart shows some serious interest currently and they do seem to have some concrete data.
> 
> Whether it holds and moves up further is another thing. GO Hartleys! Can you also re-rate TTE I am holding a loss and they "should" be worth a lot more.




When you say 'WE would all be very wealthy' are you holding Mr Jeff?


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## mr. jeff (9 August 2012)

springhill said:


> When you say 'WE would all be very wealthy' are you holding Mr Jeff?




No hold but interested when closer to the dates;

"The Company is reinterpreting the last of the 3D seismic before updating the resource potential and opening a data room in October, prior to farm-out. Drilling is possible in late 2013 or H1 2014."

All going well I would be looking to get in just before the farm out process to ride those announcements to the commencement of drilling. But as yet I do not hold.


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## springhill (13 August 2012)

August investor presentation.
http://www.asx.com.au/asxpdf/20120813/pdf/427zfwdj3gn1nk.pdf


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## springhill (25 August 2012)

Not alot new here, but PVD making news in the AFR.
http://www.puravidaenergy.com.au/media/media/AFR_18.08.12.pdf


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## springhill (31 August 2012)

Latest N+1 Brewin update note on PVD.
http://www.puravidaenergy.com.au/news_pdf/Brewins_30_Aug_12.pdf


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## springhill (6 September 2012)

*DROP CORE SURVEY COMMENCES OFFSHORE MOROCCO*

Pura Vida Energy announce that it has commenced the acquisition of sea bed samples via the drop coring technique. Pura Vida has contracted a specialist group TDI-Brooks International to acquire up to 67 core samples from the ocean floor within its Mazagan permit, offshore Morocco. With the recovery of hydrocarbon samples a more accurate assessment of the working petroleum system in the block will be made possible.
Drop coring programs are typically utilised in deep water areas to allow improved definition of the petroleum systems and to increase the confidence of oil companies prior to making drilling commitments. Drop core programs have been successfully performed offshore Africa, South America and North America over the last 20 years.
Process of acquiring drop cores
Drop cores are acquired in deep water with the intent to site locations where hydrocarbons are migrating to the sea bed. The cores are approximately 7m in length and are GPS guided to the selected location where a 2,000 lb piston core collects 7m of sediment for further analysis.
Locations for testing are selected where there may be migration pathways to the sea floor from areas where the hydrocarbon source rocks are interpreted to be expelling hydrocarbons.
The cores will be cut into sections then stored in sealed containers for transport to TDI-Brooks’ laboratory in Houston where they will undergo initial examination and scanning for evidence of fluorescence and collection of any associated gas. This process will take approximately one month after the final cores have been acquired.
In the event that hydrocarbons are found in the core samples, further sampling and analysis will be performed by a specialist group in Houston, Geomark Research Inc, where the origin and typing of the oil will be assessed.

Indicative timetable
The results of the drop core program are expected to be announced during October in accordance with the following schedule:
-Acquisition of drop cores 5 - 19 September
-Geochemical analysis September/October
-Preliminary results October

The cost of the drop core program is expected to be less than $1 million and will provide valuable information for the upcoming drilling program.


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## springhill (7 September 2012)

Hartley's issues research update on farm-in activities.
http://www.puravidaenergy.com.au/news_pdf/PVD_external_20120907_3.pdf

PVD closed above 40c.

Mr Jeff (or others) you have previously mentioned looking harder closer to farm out, what are your thoughts with commencement of this only a month away?

*Farm-Out to Formally Commence October*
PVD will formally commence farm-out of the Mazagan Permit in early October. Given the increase in demand for acreage in the immediate vicinity, we are confident that the Company can achieve an outcome that will imply a look through value well in excess of the current market capitalisation. Additionally, a drop core program has commenced, which may de-risk the presence of a working petroleum system on the block. Final reprocessing of seismic may also deliver improved risking of prospects and additional potential resources in the near term. We continue to rate Pura Vida as a Buy with a price target of 113cps.

Is this spec oiler not on anyone else's radar?


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## mr. jeff (10 September 2012)

Looking for the 40c level to hold. 
I have now taken a small position and watching closely for a good test to get really aggressive on.
They have a very promising area and I look forward to the news flow over the next month or so.


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## springhill (10 September 2012)

mr. jeff said:


> Looking for the 40c level to hold.
> I have now taken a small position and watching closely for a good test to get really aggressive on.
> They have a very promising area and I look forward to the news flow over the next month or so.




I know it can change in a matter of seconds, but that sell side is really thin. Expecting 40c to hold.
PVD getting alot of interest in broker reports and there is alot of chatter on HC.

45c is the 12 month high, it has never been higher than that, actually.

What is your idea for Pura Vida of a 'good test' and 'really aggressive'?


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## mr. jeff (11 September 2012)

springhill said:


> I know it can change in a matter of seconds, but that sell side is really thin. Expecting 40c to hold.
> PVD getting alot of interest in broker reports and there is alot of chatter on HC.
> 
> 45c is the 12 month high, it has never been higher than that, actually.
> ...




Good test - 





It might have a look at 40c again, wait and see. 

Aggressive = doubling the position, then with confirmation on that (usually a 10% gain) double again.


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## springhill (12 September 2012)

Latest PVD chart. No sellers on the board under 50c at this point in time. Not saying 50c is going to be a support level, just pointing out a fact.


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## springhill (13 September 2012)

mr. jeff said:


> Good test -
> 
> View attachment 48930
> 
> ...




Is this the day you were looking for Mr Jeff? Down on low volume, with little spread?


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## mr. jeff (14 September 2012)

Yes I took a larger position yesterday and watching how it unfolds. 
Will update early next week on the action.


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## springhill (17 September 2012)

*SEISMIC REPROCESSING CONFIRMS DIRECT HYDROCARBON INDICATORS*

● Pura Vida has completed the reprocessing of 3D seismic data over the Mazagan permit
● The results are positive and confirm the presence of Direct Hydrocarbon Indicators (DHI’s) on key drilling targets, including the Toubkal prospect
● DHI’s on Pura Vida’s key prospects increases the probability of discovery of hydrocarbons
● The reprocessing has been completed within budget and well in advance of the December 2013 commitment date
● The reprocessed data will be made available to potential bidders as part of the farmout process commencing on 1 October with EZDataRoom
● These positive results provide new data to assess the prospectivity of the Mazagan permit and Pura Vida has engaged an independent expert for this purpose


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## Crows (17 September 2012)

Very good news to read. Those who bought it in the <30c range would be laughing! Even people buying now are possibly looking at something better to come based on news like that. Of course thats just my opinion however. Fingers crossed for a good farm out deal to be made in the near future.


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## springhill (21 September 2012)

*RESOURCE UPGRADE & NEW PROSPECTS - 5.3 BILLION BARRELS (NET)*

● Leading independent advisory group DeGolyer and MacNaughton (“D&M”) has prepared an updated independent estimate of the resource potential of the Mazagan permit which incorporates the new data from the reprocessing of the 3D seismic.
● D&M has provided estimates for 13 oil prospects in the Mazagan permit as follows:
► total mean prospective resources of 7.0bn barrels - 5.3bn barrels net to Pura Vida’s 75% interest in the permit (up from 2.4bn barrels net on previous estimate)
► significantly, the chance of success across prospects has also increased ranging from 19% to 34%.
● These estimates include 3 new prospects - Tafraoute, Amtoudi East and Amtoudi West. These prospects add 2.1bn barrels to the prospective resource and each have a 32% chance of success.
● Pura Vida’s giant Toubkal prospect has been attributed a mean resource potential of 1.5bn barrels (high estimate of 3.1bn barrels) and given a 31% chance of success.


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## Crows (21 September 2012)

Thanks for posting that. I couldn't because im on my phone. Great result, might see the SP have a run today.. At a 30+% chance of success, it looks promising for a good farm out deal


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## springhill (21 September 2012)

PVD worth a take over bid on potential alone? At current prices would be chicken feed to the big oilers.
A much, much higher price could have to be paid down the track.


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## Crows (21 September 2012)

Quite a real possibility now. At the current value, you would think if a company was even the slightest bit interested before, well now they'd be eyeballing that report. The SP is going to be interesting to watch today!


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## springhill (22 September 2012)

From proactiveinvestors
http://www.proactiveinvestors.com.a...ated-to-contain-7-billion-barrels--33701.html

Morocco focused oil explorer Pura Vida Energy's (LONVD) offshore Mazagan permit was given a huge boost today - with the publication of a new resource estimate.
The area now has total mean prospective resources of 7 billion barrels, with 5.3 billion barrels net to the company, due to its 75 per cent interest.
This more than doubles the company's previous net estimate - of 2.4 billion barrels.
What's more, the chance of success across the prospects reviewed have increased to 34 per cent, from 19 per cent previously.
The release of the upgrade marks a huge boon to the firm, as it plans to commence a formal farm-out process on the asset this year - at a time when there is huge interest in oil exploration offshore Morocco.
Managing director Damon Neaves said: "Pura Vida has several prospects with an estimated chance of success of around one in three.
"Given the scale of these prospects coupled with our high equity position, Pura Vida has a unique opportunity to generate extraordinary value in the farmout and drilling campaign."
The upgrade was conducted by independent group DeGoyler and MacNaughton (D&M) and incorporates the latest data from the reinterpretation of 3,000 km of 3D seismic.
It provides estimates for 13 prospects, including three new targets - Tafraoute, Amtoudi East and Amtoudi West.
Combined these three add 2.1 billion barrels of oil equivalent to the total resource and each have a 32 per cent chance of success.
The firm's Toubkal prospect has been attributed a mean resource potential of 1.5 billion barrels and given a 31 per cent chance of success.


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## Crows (22 September 2012)

With a 1 in 3 chance of striking the black stuff, im willing to hold my share until the drilling is done.. Granted they still need a farm out partner, but with the area being highly sought after recently, I doubt that'll be an issue. If the drop cores give good results, there will be further incentive to put money on the table come farm out time.

With such high potential and a 1 in 3 chance of success, a big oiler should see this as huge value. Now what would help the share price would be some good news coverage.


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## mr. jeff (23 September 2012)

Very strong action and enjoying the run. A bit of a jump Friday and wouldn't ming seeing it come back to earth just a little to lose the heat, however I am not fussy as long as it keeps moving in an uptrend. Obviously there is serious interest whilst trying not to push it too fast, may be more ahead of the drilling. It would be understandable that some of the majors want to make sure they have a toehold or at least prevent others getting a toehold on PVD. Best trade on at the moment.


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## Crows (24 September 2012)

Does anyone know how long it has taken PVD in the past to update their website after new results/news is released? In more specific I am referring to the Operarions > Morocco page. They have been great on keeping investors up to date so far, so one would assume they are already onto making the page update..


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## springhill (24 September 2012)

Crows said:


> Does anyone know how long it has taken PVD in the past to update their website after new results/news is released? In more specific I am referring to the Operarions > Morocco page. They have been great on keeping investors up to date so far, so one would assume they are already onto making the page update..




You can subscribe on their website, to newsletters and announcements. Obviously it goes to ASX first, but you get it later in the same day. That is the most up to date info from their website


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## Crows (24 September 2012)

springhill said:


> You can subscribe on their website, to newsletters and announcements. Obviously it goes to ASX first, but you get it later in the same day. That is the most up to date info from their website




Yes I just get the news from asx. But what I am referring to is if they are quick to update the website, then it shows good management and is good for possible future investors. When I am looking for companies to invest in, I will generally look at their peojects page and see if they will interest me, in which if they do then I will dig deeper. Having an outdated website can hinder your chance to gain more investors. Granted they only released the news on Friday, so I would expect them to be updated by the end of the week.


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## springhill (25 September 2012)

Foster Stockbroking initiates coverage on PVD. Target Price $1.50ish


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## burglar (25 September 2012)

springhill said:


> Foster Stockbroking initiates coverage on PVD. Target Price $1.50ish




Hey!! Nice chart if you hold some!!


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## springhill (25 September 2012)

Hartley's release new research paper. Target price $1.88
http://www.puravidaenergy.com.au/ne...ge_Resource_Upgrade_Promotes_to_New_Level.pdf


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## Crows (25 September 2012)

The way they come up with their share price is very, very conservative based on the actual numbers. 10% COS is used where 30%+ is what D&M have forecast from the seismic. Not to mention that almost every other figure used seems to be much lower than what you'd expect. I suppose playing it super safe is what saves you from having angry investors if things fall short. There is N1 Brewin who are yet to make an upgraded target price.

If the trend continues, then we can expect another jump in the SP when/if their report comes out. The last two reports release times both lined up nicely with the spikes in the SP. Thats just my observation however.


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## mr. jeff (26 September 2012)

Crows said:


> The way they come up with their share price is very, very conservative based on the actual numbers. 10% COS is used where 30%+ is what D&M have forecast from the seismic. Not to mention that almost every other figure used seems to be much lower than what you'd expect. I suppose playing it super safe is what saves you from having angry investors if things fall short. There is N1 Brewin who are yet to make an upgraded target price.
> 
> If the trend continues, then we can expect another jump in the SP when/if their report comes out. The last two reports release times both lined up nicely with the spikes in the SP. Thats just my observation however.






			
				Hartleys Limited - Pura Vida Energy NL said:
			
		

> _We believe it is safe to assume that PVD will achieve a farm-out (given the quality of the acreage, size of the prospects, DHIs, multiple play types, increased activity in the region) that will result in drilling within 18 months (possible sooner). Given this, let’s explore the parameters around potential uplift and chance of success. Toubkal has mean potential for 1.5 billion barrels of oil and PVD will conservatively retain a 30% working interest post farm-out. This means that the potential value on success, net to PVD @ $10 per barrel, is $4.5 billion dollars. So, if we assumed that chance of success was 10% (1/3 of the D&M estimate), that would imply that a valuation of $450m ($5 per share) pre-drill would constitute an even money proposition. This is for Toubkal alone.
> We have increased our price target from 113cps to 188cps. PVD is a Buy._




That is bewildering - $5. And now it sits at 70-ish cents and already it has doubled. Will it do it again? Are these guys serious or do they write this to sell stock? I guess another couple of months will tell...


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## mr. jeff (3 October 2012)

mr. jeff said:


> That is bewildering - $5. And now it sits at 70-ish cents and already it has doubled. Will it do it again? Are these guys serious or do they write this to sell stock? I guess another couple of months will tell...




Looking at the past four days of action sees some profit taking. No point in questioning whether this was a coincidence with the news releases of course.

Nevertheless the key point of holding this stock if for farm out and then drilling, not for broker reports, and looking ahead for the month should deliver. Volumes show sell down to a more reasonable trajectory without a crash. 

Looking for a return of buying and at this stage I am assuming that this selldown/lack of buying is primarily an attempt to accumulate more at a lower price possibly by larger neighbours through various houses.

CTP's response to farm out whispers has already seen 22% - is the deal done ?


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## springhill (3 October 2012)

mr. jeff said:


> Looking at the past four days of action sees some profit taking. No point in questioning whether this was a coincidence with the news releases of course.
> 
> Nevertheless the key point of holding this stock if for farm out and then drilling, not for broker reports, and looking ahead for the month should deliver. Volumes show sell down to a more reasonable trajectory without a crash.
> 
> ...




I have been taking a few profits lately, with an entry price of sub 30c. You would be mad not to, no matter what the potential.
If there is one thing I have learnt over the years it is de-risk, de-risk, de-risk!


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## mr. jeff (10 October 2012)

You are most likely right and it is certainly not bad to be banking profit, it is very satisfying. 

In this case I was too greedy. And remain so. This may prove to be a big mistake; we will know shortly. I could say how great their prospects were or try to mark the chart favourably, but I would say that PVD is begrudgingly trading up slowly and that shows weakness and risk of a sell off at any bad turn of events which could hurt. 

Thanks for the sobering comment, there must always be some balanced contribution; that is why it is good to post here. Watching!


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## mr. jeff (22 October 2012)

Cannot be long before farm out news is out - October is nearly over.

It has not moved much for 2 weeks and as is sitting in wait of some news - nothing forthcoming yet and no hints on the timeframe... chart shows little action and slow sell off of the excited unfaithful. Which I am considering joining, however at this stage it is too close to their announcement and the next phase of drilling to get out now...fear of losing a gain and fear of making a loss!


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## mr. jeff (24 October 2012)

It is shaping up like a coiled snake in my opinion. 





I see low volume, a very recent test that has been successful so far and positive action on a negative day. 
Looking for a move above light resistance at 70c, then a big jump over 80c for the move up to continue, most likely on the announcement of farm in. Volume very light, which is good and bad -  good as there are no sellers jumping ship...


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## springhill (29 October 2012)

*ENCOURAGING PRELIMINARY RESULTS OF DROP CORE ANALYSIS*

Pura Vida announce that preliminary analysis on the cores acquired by Pura Vida’s drop core program has identified several cores that require further analysis to verify micro seepage. The survey was undertaken by specialist group TDI-Brooks International.
Many of the cores requiring further analysis are clustered around the location of our Amchad prospect as well as our largest prospect, Toubkal, which has an estimated mean resource potential of 1,507 mmbo.
Further analysis, including biomarker analysis for hydrocarbons, will be undertaken by Geomark and Geochemical Solutions International (GSI) in Houston. This analysis enables the origin and typing of hydrocarbons to be determined. These results are expected to be available within 2 months.


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## MrLearner (31 October 2012)

springhill said:


> *ENCOURAGING PRELIMINARY RESULTS OF DROP CORE ANALYSIS*
> 
> Pura Vida announce that preliminary analysis on the cores acquired by Pura Vida’s drop core program has identified several cores that require further analysis to verify micro seepage. The survey was undertaken by specialist group TDI-Brooks International.
> Many of the cores requiring further analysis are clustered around the location of our Amchad prospect as well as our largest prospect, Toubkal, which has an estimated mean resource potential of 1,507 mmbo.
> Further analysis, including biomarker analysis for hydrocarbons, will be undertaken by Geomark and Geochemical Solutions International (GSI) in Houston. This analysis enables the origin and typing of hydrocarbons to be determined. These results are expected to be available within 2 months.




Anyone know whether the big storm in the US is likely to cause any delays to the further analysis of the cores? Was Houston affected?


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## springhill (1 November 2012)

MrLearner said:


> Anyone know whether the big storm in the US is likely to cause any delays to the further analysis of the cores? Was Houston affected?




I can't answer that question mate, my suggestion would be give them a call or flick them an email. Any company worth their salt should converse with shareholders promptly.


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## mr. jeff (1 November 2012)

I am quite happy with their communication to date, they are doing well.



			
				September quarterly said:
			
		

> *Planned drilling activity offshore Morocco*
> 
> As a result of the significant activity occurring around the Mazagan permit, we now expect that at least 6 wells will be drilled in 2013/14 by Pura Vida and our immediate neighbours (Kosmos, Genel and Cairn).
> The planned drilling operations represent a substantial and unprecedented investment in exploration offshore Morocco. The heightened level of drilling activity has very positive implications for the Mazagan permit and validates Pura Vida’s early entry into a substantial acreage position offshore Morocco.
> ...




It seems that they are intending to get pretty serious as soon as they can - the run into the potential 6 wells might be worth it, although it is a while away yet...


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## springhill (6 November 2012)

POSITIVE RESULTS FROM SEISMIC INVERSION MODELLING
Pura Vida Energy NL (“Pura Vida” or the “Company”) (ASXVD) is pleased to announce that it has completed inversion modelling of the reprocessed 3D seismic data over its Mazagan permit. The inversion process uses well data from nearby wells to predict the seismic response that best fits with the presence of hydrocarbons.
The results of the inversion study demonstrate an excellent match between the prediction of hydrocarbons from the well data and the actual seismic acquired over the Mazagan permit. By obtaining the same results following different processes, this gives high confidence for the presence of hydrocarbons.

The seismic inversion modelling compliments the various work undertaken by Pura Vida over the last 12 months. Each piece of work has led to further validation of the significant prospectivity of Mazagan, specifically:
• the reprocessing and reinterpretation of 3D seismic which confirmed Direct Hydrocarbon Indicators (DHI’s) over key prospects, including the giant Toubkal prospect which has a mean resource potential of 1,507 mmbo;
• an upgrade to the mean prospective recoverable resources at Mazagan to 5.3 billion barrels (net to Pura Vida);
• the estimation of a one in three chance of success for the prospects in the Miocene play and a one in five chance of success for prospects in the Cretaceous plays; and
• encouraging results from the drop core program, which identified several cores that require further analysis to verify micro seepage of hydrocarbons.
The positive results from the seismic inversion modelling will be included in the data room for the farmout process being managed by EZDataRoom. The positive results obtained from each piece of work undertaken by Pura Vida on the Mazagan permit, together with proximate farmout activities which imply high values and strong industry interest, means that Pura Vida is well placed to farm out Mazagan in the coming months to fund the high impact drilling program.
The farmout will be a transformational event for the Company and is expected to realise significant value for Pura Vida’s shareholders.


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## mr. jeff (19 November 2012)

Moving along very nicely with a push above 80c.
News still to come and things looking solid so far with a  decent return of volume. I have built more of a position and am enjoying the ride so far. Today's close at half mast shows a bit of selling which is not very positive.


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## springhill (20 November 2012)

CONFIRMATION OF OIL IN DROP CORES
Pura Vida Energy NL (“Pura Vida” or the “Company”) (ASXVD) is pleased to announce that further geochemical analysis on the cores acquired by Pura Vida’s drop core program on its Mazagan permit offshore Morocco, has confirmed several cores contain light oil saturation.
The further analysis has been undertaken by specialist group Geomark & Geochemical Solutions International in Houston. The cores containing oil are located proximate to the Amchad prospect as well as Pura Vida’s largest prospect, Toubkal, which has an estimated mean resource potential of 1,507 mmbo.
The analysis confirms the presence of chemical compounds (biomarkers) indicating the source rock for the oil is the Lower Jurassic, as has been previously proposed by the Company as the main source of hydrocarbons for the Mazagan permit.
Pura Vida’s Technical Director Dave Ormerod says, “This result confirms that oil is migrating through the Mazagan permit and provides encouraging evidence to support that the large structures seen on 3D can be charged.”
With the completion of technical work on Mazagan, Pura Vida is now focused on the farmout and drilling program.


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## springhill (20 November 2012)

Argonaut Securities initiated coverage of PVD.

Recommendation: Buy
Initiating with BUY recommendation and an unrisked valuation of $3.69/s. Argonaut has risk-weighted the valuation by 40% arrive at a target price of $2.22/s.

http://www.puravidaenergy.com.au/news_pdf/121119_-_Argonaut_-_Red_Hot.pdf


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## mr. jeff (24 November 2012)

Yeah still in there and enjoying the ride 
I noticed announcement of a CR, don't yet know the details but have found strength behind it.
Looking good still, and no farm in news yet.


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## Crows (4 January 2013)

http://www.marketwatch.com/story/px...-offshore-morocco-exploration-play-2013-01-02

_HOUSTON, Jan. 2, 2013 /PRNewswire via COMTEX/ -- Plains Exploration & Production Company PXP +1.19% ("PXP" or the "Company") today announces it has entered into a definitive agreement to participate in the significant and highly prospective exploration play offshore Morocco. Subject to customary closing conditions including the receipt of Moroccan governmental approvals, PXP will make a cash payment of $15 million to farm-in to Pura Vida Energy's (asxVD) ("PVD") 75% working interest in the 2.7 million acre Mazagan permit area offshore Morocco. PXP will earn a 52% working interest and act as operator in exchange for funding 100% of the costs of certain specified exploration activities that will include a commitment to fund and drill two wells, and if agreed, various additional exploration operations subject to a maximum of $215 million. The first exploration well will primarily target the Toubkal prospect and is expected to be drilled in 2014.

The Mazagan permit area lies off the coast of Morocco in the Essaouira Basin and includes numerous Mid Miocene and Lower Cretaceous prospects identified based on recently reprocessed 3D seismic data. An independent resource assessment completed by DeGolyer and MacNaughton in September 2012 estimated the gross unrisked mean prospective recoverable resources at over 7 billion barrels, including the 1.5 billion barrel gross unrisked mean prospective recoverable resource Toubkal Mid Miocene prospect.

PXP is an independent oil and gas company primarily engaged in the activities of acquiring, developing, exploring and producing oil and gas in California, Texas, Louisiana, and the Gulf of Mexico. PXP is headquartered in Houston, Texas._

Closed at 69c, down almost 16%. Seems the market is all about buy on rumour and sell on news lately. Look at TPT, suffered the same fate. Lets hope PVD have the same gameplan to fill the gap between now and the drills with more projects or farm-ins.


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## springhill (5 January 2013)

Crows said:


> Closed at 69c, down almost 16%. Seems the market is all about buy on rumour and sell on news lately. Look at TPT, suffered the same fate. Lets hope PVD have the same gameplan to fill the gap between now and the drills with more projects or farm-ins.




Hartleys and Argonaut have issued updated reports and targets for PVD.
http://www.puravidaenergy.com.au/news_pdf/130103_-_Hartleys_-_Mazagan_Farmout.pdf
http://www.puravidaenergy.com.au/news_pdf/130103_-_Argonaut_-_Farm-out_Beats_Expectation.pdf

Subject to approvals PVD are now well funded and Damon Neaves has flagged the potential acquisition of further prospective acreage in the African region. No reason to think that this is the end of any high impact news for PVD just because drill date has been set. The Toubkal well is likely to be drilled in 2014. This coincides with forecast rig availability and the drilling programs being planned by the operators of neighbouring blocks.

Acquisition could be a catalyst for another SP increase. PVD management have shown a knack for picking up good land, hopefully the pattern can continue.


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## springhill (14 January 2013)

PVD in trading halt.
Announcement to be made by Wednesday regarding acquisition of oil and gas acreage off Africa.


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## springhill (15 January 2013)

Latest news on PVD acquisition.

Pura Vida continues African adventure with new exploration.

http://m.theaustralian.com.au/busin...-new-exploration/story-e6frg9df-1226553895950


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## springhill (15 January 2013)

New research report issued by Argonaut titled: Gabon Entry - Another Hot Address.
http://www.puravidaenergy.com.au/news_pdf/130115_-_Argonaut_-_Gabon_Entry_-_Another_Hot_Address.pdf

Main points from PVD acquisition announcement today.
http://www.asx.com.au/asxpdf/20130115/pdf/42cf97xh1jkc07.pdf

*PURA VIDA AWARDED NKEMBE BLOCK OFFSHORE GABON, WEST AFRICA*
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 block is surrounded by producing oil fields and discoveries. The companies operating around Pura Vida’s Nkembe block include:
● Mitsubishi: Recent discovery in the Batanga formation in the adjacent block to the north;
● Total: Production from the Batanga formation in the nearby fields adjacent to the Nkembe block to the north-east;
● Perenco: Production from the Batanga formation reservoirs to the east of the Nkembe block;
● Ophir: Exploration in the acreage to the north-west for similar reservoirs; and
● Petrobras, Shell and Total: Exploration for pre-salt targets in nearby acreage.
As part of the terms of the acquisition, Pura Vida has acquired existing well and seismic data on the Nkembe block. Pura Vida will also purchase 845 km² of previously acquired 3D seismic data from seismic contractor, WesternGeco.

*Acquisition terms*
The term of the exploration period is for seven years, with a minimum work program divided into two phases described below. Upon a commercial oil discovery, an exploitation licence is granted for a period of 10 years (25 years for a gas development) with two extension options, each for a period of five years.
An upfront acquisition cost of US$9 million was paid to the State upon signature of the Nkembe PSC. The acquisition cost reflects the value of this acreage and maturity of the Gabon Basin as an oil province, as well as the cost of acquiring existing well and seismic data over the Nkembe block. Pura Vida believes the proposed work program (described below) will prove the potential of the multiple play types in the Nkembe block leading to the identification of multiple drilling targets.
First Phase
Pura Vida has committed to a first phase of four years with the following minimum work program:
● a 550 km² Multi Azimuth (MAZ) 3D seismic survey; and
● an exploration well to a depth of 2,000 metres sub-sea.
Second Phase
Following completion of the first phase, Pura Vida has the option to elect to enter the second phase with the following minimum work program:
● a further 550 km² Multi Azimuth (MAZ) 3D seismic survey; and
● two exploration wells to a depth of 3,000 metres sub-sea.

*Funding*
In connection with meeting the acquisition costs for the Nkembe PSC, Pura Vida has executed a short-term funding facility for $5 million. The lenders under the facility are unrelated parties. Hartleys Limited is Corporate Advisor to Pura Vida and arranged the facility.
The facility is unsecured, bears interest at the rate of 20% and contains representations and warranties usually found in an agreement of this kind.
Following payment of the Nkembe PSC upfront acquisition cost, PVD retains net cash of approximately $4.5 million, which includes $2 million in the form of a bank guarantee (expected to be released shortly). In addition, Pura Vida will receive a cash payment of US$15 million upon completion of the farmout agreement recently announced in respect of the Mazagan permit. Completion of the farmout is expected to occur in the first quarter of 2013.
The forward expenditure for the performance of the work program on the Nkembe PSC will be incurred as that work is undertaken over the four year period of the first phase, allowing Pura Vida flexibility in choosing the method to fund those operations.


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## Vader (16 January 2013)

springhill said:


> *Funding*
> In connection with meeting the acquisition costs for the Nkembe PSC, Pura Vida has executed a short-term funding facility for $5 million. The lenders under the facility are unrelated parties. Hartleys Limited is Corporate Advisor to Pura Vida and arranged the facility.
> The facility is unsecured, bears interest at the rate of 20% and contains representations and warranties usually found in an agreement of this kind.




Just whacked $5m on the credit card huh?

Is it a slight concern that they see the need to diversify? I thought they had a fantastic spot and would concentrate their exploration spend on developing that area quickly... not that I'm against diversifying, but that's a pretty serious interest rate to put up with (even if just for a month or two) given they supposedly already had a big exploration program coming up.


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## springhill (16 January 2013)

Vader said:


> Just whacked $5m on the credit card huh?
> 
> Is it a slight concern that they see the need to diversify? I thought they had a fantastic spot and would concentrate their exploration spend on developing that area quickly... not that I'm against diversifying, but that's a pretty serious interest rate to put up with (even if just for a month or two) given they supposedly already had a big exploration program coming up.




No doubt the interest rate is high (usually round 12%?) but leads me to think it is short term debt rather than the full 12 months.

I dont have a problem with the diversity.

With the $15m due from PXP and them covering $200m+ spend on exploration for PVD, why not?

If memory serves me correctly, PVD have stated their intention is to amass a portfolio of projects that they aim to JV.
Keeping equity in the project but spending other companies money and avoiding massive share dilution.

With the companies listed around them in Gabon, the area looks prospective and no reason another farm out couldnt be attained.

Each to their own but being a one trick pony diesnt leave you exposed.


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## Miner (16 January 2013)

Hartley is the principal adviser.
So it through own and Agronaut's media machine kept on ramping PVD .
Market has learnt enough BS of Hartleys (see uranium shares) so did not get excited aligning with Hartley's continuous buy rating.
I am waiting with patience


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## springhill (17 January 2013)

Miner said:


> Hartley is the principal adviser.
> So it through own and Agronaut's media machine kept on ramping PVD .
> Market has learnt enough BS of Hartleys (see uranium shares) so did not get excited aligning with Hartley's continuous buy rating.
> I am waiting with patience




Hi Miner, I am a little confused, you think PVD is being ramped yet you are waiting with patience... to buy presumably? Can you please elaborate on the comment above.

Do you consider Hartleys and Argonauts latest 12 month price target of $2.12 unreasonable and if so what figure do you have in mind? Do you not consider PVD to be rated as a buy?

I have not seen anything from either firm saying PVD is undervalued in the current market. You seem to think it is over valued, in your opinion what is fair value for PVD at the moment?

After PVD announced the Gabon acquisition, Hartley and Argonaut attributed only 4c in extra value to their revised 12 month target. Hardly the stuff of ramping.

There are 2 other firms, N+1 and Fosters that have a 12 month target of $2.15 for PVD and they have not released updated notes on Gabon. So in comparison it could be said Hartleys and Argonaut are slightly conservative.


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## springhill (17 January 2013)

Slight correction to previous post, N+1 latest target price $2.25, Fosters is $2.15.


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## Miner (19 January 2013)

springhill said:


> Hi Miner, I am a little confused, you think PVD is being ramped yet you are waiting with patience... to buy presumably? Can you please elaborate on the comment above.
> 
> Do you consider Hartleys and Argonauts latest 12 month price target of $2.12 unreasonable and if so what figure do you have in mind? Do you not consider PVD to be rated as a buy?
> 
> ...




Hi ST

Sorry for the delay as I was not checking ASF regularly and did not subscribe PVD until now.
Simple answer to your  message :
I felt PVD as ramped up because Hartley is a big player and they need to support the price with strong recommendations etc. WIth alliance there will be some similar so called investment analysts to join club. It is the trick of their business. 
Why I am waiting with patience because PVD is not a bad scrip. It has its own strength but over priced. So normally with hyped broker firm announcement prices shot up and drop down. I am waiting for the opportunity to see a reasonable low price to minimise the risks from any down turn. I put a buy order and Commsec automatically executed the order. So I do not have any complaint as price lowered down marginally since then.
I hope that answers your two questions.
BTW I do follow your postings with PCL with great interest because PCL was not sold by me when the prices shot up in a day . I do read the postings and tend to hold comments unless they are essential to do so.

Best of luck


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## springhill (19 January 2013)

Miner said:


> Hi ST
> 
> Sorry for the delay as I was not checking ASF regularly and did not subscribe PVD until now.
> Simple answer to your  message :
> ...




Thank you for the reply mate.

All you have said is completely valid. Although, an area we don't agree in is if PVD is over priced or not.

Not the less that is the beauty of ASF and being able to express different opinions.

Have you typed the correct code with PCL, Miner? I have never posted in PCL, maybe confusing me with smalltimer?

All the best to you too.


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## Miner (20 January 2013)

springhill said:


> Thank you for the reply mate.
> 
> All you have said is completely valid. Although, an area we don't agree in is if PVD is over priced or not.
> 
> ...




Dear Spring Hill (SH)
thanks .
Apology for my senior moment - to start the email for SH with ST . Yes, I wanted to write to you and mixed up with Small Timer. If you are not brothers my apology is doubled . Sorry for the mixed up


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## springhill (30 January 2013)

RBS Morgan initiates coverage on PVD. Target price $1.59 - $3.00.
http://www.puravidaenergy.com.au/news_pdf/PVD130122_Pure_exploration_play.pdf


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## springhill (4 February 2013)

springhill said:


> If memory serves me correctly, PVD have stated their intention is to amass a portfolio of projects that they aim to JV.
> Keeping equity in the project but spending other companies money and avoiding massive share dilution.
> 
> With the companies listed around them in Gabon, the area looks prospective and no reason another farm out couldnt be attained.
> ...




*Pura Vida still on the hunt for acquisition opportunities*

http://www.miningweekly.com/article...hunt-for-acquisition-opportunities-2013-02-01


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## springhill (6 March 2013)

*20.0 MMBO CONTINGENT RESOURCE AT LOBA M 1 DISCOVERY OFFSHORE GABON, WEST AFRICA*

Highlights
● Petrophysical analysis by Pura Vida has highlighted 46 metres of interpreted oil pay in the existing discovery made by the Loba M 1 well in 1976 on Pura Vida’s 80% owned Nkembe block, offshore Gabon
● The interpreted oil pay in the Loba M 1 discovery is in the Batanga sandstones. These sandstones produce in nearby fields offshore Gabon, the closest being the Barbier field 6 km to the north of the Loba M 1 discovery
● The Loba M 1 discovery offers a potential appraisal target for early drilling, coupled with deeper exploration potential in the underlying sub-salt reservoirs
● Petrophysical analysis indicates good quality reservoir being 18% porosity with oil saturation of 66% in sandstones deposited in a turbidite environment
● Interpretation of the existing 3D seismic and the Loba M 1 well log has defined the contingent resource of the structure drilled by the Loba M 1 well to be in the range (p10, p50 and p90) of 11.2, 20.0 and 28.7 mmbo
● Significant potential value for a tie-back development to nearby producing fields with an existing pipeline export network


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## springhill (16 April 2013)

*Egypt awards oil, gas prospection contracts*

http://www.jpost.com/Breaking-News/Egypt-awards-oil-gas-prospection-contracts-309933

It has been a little quiet on the news front for PVD, but this found its way across my screen today.


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## springhill (17 April 2013)

A comprehensive report on Moroccan Oil and the players involved, including PVD.

http://www.puravidaenergy.com.au/news_pdf/Jefferies_Morocco_Note_April2013.pdf


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## Crows (5 May 2013)

Who would have thought that from the farm out news, the SP would drop to less than half the price it was. PVD clearly got the best deal of all the farm outs made in the area and yet the SP has taken a beating ever since the farm out news was released. Seems the entire small cap energy sector has taken a beating and even PVD couldn't escape it.


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## mr. jeff (6 May 2013)

Crows said:


> Who would have thought that from the farm out news, the SP would drop to less than half the price it was. PVD clearly got the best deal of all the farm outs made in the area and yet the SP has taken a beating ever since the farm out news was released. Seems the entire small cap energy sector has taken a beating and even PVD couldn't escape it.




I agree. PVD remains closely watched though. As soon as the drill date nears ,there is going to be a decent run up with the ground that they have to explore. Just a matter of not missing the boat. Keep watching and waiting.


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## STOCKMASTER4K (22 May 2013)

I cannot understand the signifcant drop in PVD share price, as though there is no confidence in the potential being portrayed by the company and the stock brokers.  

The information provided to date has the Morroco lease with a potential 1.5 billion barrels reserve (lets assume, only c500 million barrels is determined) at NPV oil price per barrel of USD20 (lets say oil price per barrel drops to USD10).  Then 500 million barrels multiplied by USD10 (assume AUD/USD at parity) = USD5.0 billion.  Then shares on issue is 100 million, this gives a share price of USD50 per share compared with current price of $0.40.  

Does not make sense???   Any thoughts?


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## mr. jeff (22 May 2013)

STOCKMASTER4K said:


> I cannot understand the signifcant drop in PVD share price, as though there is no confidence in the potential being portrayed by the company and the stock brokers.
> 
> The information provided to date has the Morroco lease with a potential 1.5 billion barrels reserve (lets assume, only c500 million barrels is determined) at NPV oil price per barrel of USD20 (lets say oil price per barrel drops to USD10).  Then 500 million barrels multiplied by USD10 (assume AUD/USD at parity) = USD5.0 billion.  Then shares on issue is 100 million, this gives a share price of USD50 per share compared with current price of $0.40.
> 
> Does not make sense???   Any thoughts?




Your valuation is wrong.
The fall is to be expected as there is not much happening with PVD at the moment. Come drilling time, things should heat up - the coming well offshore Morocco is very interesting and would be a company maker if all goes well.
It might be an opportunity to get in on the lows and sit on it for a little while...


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## STOCKMASTER4K (22 May 2013)

mr. jeff said:


> Your valuation is wrong.
> The fall is to be expected as there is not much happening with PVD at the moment. Come drilling time, things should heat up - the coming well offshore Morocco is very interesting and would be a company maker if all goes well.
> It might be an opportunity to get in on the lows and sit on it for a little while...





Thanks for your comment, when you state the valuation is wrong, what do you mean?  The calculation of multiplying the number of barrels by the NPV per barrel, OR the use of conservative estimates of 500 million barrels and NPV of $10?  The calculation method and the figures are sourced from the publicily declared documents on the PVD website.

My point regarding the share price is that the PVD and the stockbrokers are indicating the share price of $2.00 reflecting a high probability of success.  Yet the PVD share price (using efficient market hypothesis) is suggesting a price of $0.40, suggesting a low likelihood of success.   This aligns with your comment that "if" all goes well.  There appears to be a lot of selling activity.


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## mr. jeff (22 May 2013)

STOCKMASTER4K said:


> Thanks for your comment, when you state the valuation is wrong, what do you mean?  The calculation of multiplying the number of barrels by the NPV per barrel, OR the use of conservative estimates of 500 million barrels and NPV of $10?  The calculation method and the figures are sourced from the publicily declared documents on the PVD website.
> 
> My point regarding the share price is that the PVD and the stockbrokers are indicating the share price of $2.00 reflecting a high probability of success.  Yet the PVD share price (using efficient market hypothesis) is suggesting a price of $0.40, suggesting a low likelihood of success.   This aligns with your comment that "if" all goes well.  There appears to be a lot of selling activity.




Sorry that may have been a bit abrupt - first I should claim that I know nothing about valuing things like this because there is not much point due to opinions, potential, so many unknowns and so much risk. However, if you were to try, a method could be by making comparisons between other oilers that have been through the same situation with approximately the same risk profile, age of company and proximity to markets. 

When finding this wishy washy, you then realize the best way to go is to look at what the stock is doing technically, what the upcoming expectations are, watching for accumulation, drying up of the selling,  and then make an entry. On confirmation of an entry (ie. profit of X %), hit it hard. That is my approach and not my advice to anyone; but if you were to look at this method, then there is lots of discussion under "VSA - volume spread analysis" and technical trading threads.

If technicals are not your thing, then you had better strap in and have a strong plan on price to exit, enter and profit % just to make sure that you don't get stuck in a losing trade with no discipline to exit.

Hope this helps. I am watching it and will continue to update if I see anything. The upcoming drill will be very exciting and could be a great play for methods like BESBS'. Search that term if not sure.


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## mr. jeff (22 May 2013)

A look at the chart. 

Two levels to watch for. If it breaks below this support then look for a lower level to form. 
Basically there should be some volume coming in to it leading up to the drill as seen in the previous run up with my arrow on it. Then watch for large buys and sells and mull them over for what they might mean to your trade.

Hope this helps. 

My opinion and often wrong so please make sure you form your own, but please feel free to discuss.


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## STOCKMASTER4K (23 May 2013)

mr. jeff said:


> Sorry that may have been a bit abrupt - first I should claim that I know nothing about valuing things like this because there is not much point due to opinions, potential, so many unknowns and so much risk. However, if you were to try, a method could be by making comparisons between other oilers that have been through the same situation with approximately the same risk profile, age of company and proximity to markets.
> 
> When finding this wishy washy, you then realize the best way to go is to look at what the stock is doing technically, what the upcoming expectations are, watching for accumulation, drying up of the selling,  and then make an entry. On confirmation of an entry (ie. profit of X %), hit it hard. That is my approach and not my advice to anyone; but if you were to look at this method, then there is lots of discussion under "VSA - volume spread analysis" and technical trading threads.
> 
> ...




Your comments are insightfull.  The notion of BESBS may explain to some extent what is being observed in PVD trading.  Clearly the stockbrokers are supporting PVD at $0.39 / $0.40 level which is not surprising as the allcoation was at $0.39.  The longer term investors are in wait and see (hold mode) BESBS. New investors are waiting and only willing to buy at low price, but are really waiting for information before entering the market, opportunity cost issue - delay investment and receive interest.  I do not understand why PVD has not offered shares to existing shareholders?


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## rbgmauq (23 May 2013)

I placed it in a watch list. Technical indicator is turning buy. Nice potential target: 0.718


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## Country Lad (23 May 2013)

rbgmauq said:


> I placed it in a watch list. Technical indicator is turning buy. Nice potential target: 0.718




Can you tell us which indicator and post a chart please 

Cheers
Country Lad


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## mr. jeff (23 May 2013)

Country Lad said:


> Can you tell us which indicator and post a chart please
> 
> Cheers
> Country Lad




After re-reading the market update I have found that if the stock can hold above this support level then it could offer a low risk entry point based on the upcoming news and current proximate drilling which if successful could provide a spike to start an sp move. I have entered based on this - a little early but tight stop below support. 

Now watching more closely.

Cheers.


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## springhill (5 June 2013)

Media confirmation of PVD's successful bid in Egypt's land distribution.

http://www.oxfordbusinessgroup.com/economic_updates/egypt-securing-energy-supplies


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## springhill (6 June 2013)

815 MMBO NET PROSPECTIVE RESOURCES NKEMBE BLOCK

● Initial evaluation has identified substantial resources in the Nkembe block with net prospective resources of 815 mmbo (mean)
● This initial review has confirmed that the Nkembe block contains a range of different play types with four main prospects being evaluated
● The evaluation has confirmed the existence of large pre-salt structures in the Nkembe block
● Farmout process will commence shortly with EZDataRoom, the group that successfully assisted Pura Vida in farming out the Mazagan permit in Morocco

Pura Vida Energy NL (“Pura Vida” or the “Company”) (ASX: PVD) is pleased to announce that it has completed an initial evaluation of the potential resources in the Nkembe block, offshore Gabon, West Africa which has resulted in the recognition of net mean recoverable prospective resources to Pura Vida of 815 mmbo. This resource estimate is based on the first four prospects (outside of the Loba M 1 resource) reviewed so far by Pura Vida on the Nkembe block. Further resource estimates will be provided during the course of the year in relation to the variety of prospects and plays present on Pura Vida’s Nkembe block.

Pura Vida’s Technical Director, Mr David Ormerod, said:
“We were attracted to the Nkembe block because of the range of play types. Earlier in the year we announced a 20 mmbo contingent resource at the Loba M 1 discovery in the post-salt. Today’s resource estimate recognises the significant exploration potential of other plays present in the Nkembe block, particularly the pre-salt which is the main play currently being targeted by the industry in Gabon. This is a pleasing outcome ahead of our planned farmout to fund activities on the block.â


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## springhill (7 June 2013)

One of the endless broker reports on PVD. GMP initiates coverage with target price of $2.60.

Interestingly, this coverage was done before PVD announced a 815MMBO potential resource in Gabon.

Logically GMP's target must now be north of $2.60.

There is also no mention of the land granted in Egypt.

Time for them to upgrade their report already.

http://www.puravidaenergy.com.au/news_pdf/GMP_Securities_-_Research_-_PVD_1.pdf


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## mr. jeff (11 June 2013)

springhill said:


> One of the endless broker reports on PVD. GMP initiates coverage with target price of $2.60.
> 
> Interestingly, this coverage was done before PVD announced a 815MMBO potential resource in Gabon.
> 
> ...




Got to love the broker reports - who pays for them to be done - $2.60 ? They haven't got anything confirmed yet! Yes Yes they have prospects - but in this market you need something pretty serious to attract more than a passing glance. I note the oil price is really moving up recently - whether we see oilers track this time will tell.


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## springhill (22 July 2013)

*LOBA-1 CORE INSPECTION CONFIRMS OIL COLUMN
NKEMBE BLOCK GABON*

Highlights
● Initial evaluation of Loba-1 drilling cores has identified coarse sandstone reservoirs consistent with the good quality reservoir reported previously based on log properties.
● The sandstones evaluated in the cores have abundant oil staining consistent with the interpretation previously reported that there is a significant oil column at the Loba-1 location.
● PVD confirms existing contingent resources of 20 mmbo (p50) at the Loba Oil Field which the company plans to appraise and potentially develop for near term production and cash flow.


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## springhill (23 July 2013)

IN PRINCIPLE APPROVAL OF MAZAGAN FARMOUT, OFFSHORE MOROCCO

Pura Vida Energy NL (“Pura Vida” or the “Company”) (ASX: PVD) is pleased to advise that His Excellency Fouad Douiri, Minister for Energy of the Government of the Kingdom of Morocco, has provided in principle approval of the farmout of the Mazagan permit to a subsidiary of Freeport-McMoRan Oil & Gas LLC (formerly Plains Exploration & Production).
This approval is the key step in finalising the approvals process for completion of the Mazagan farmout, with the remaining steps being administrative in nature. These final steps for Government approval include the signing of an amendment to the Petroleum Agreement to introduce Freeport-MacMoRan Oil & Gas as a partner in the Mazagan permit (the form and content of which has been agreed and is scheduled to be signed by all parties in early August) and finally the signing of joint Ministerial orders.
Pura Vida anticipates completion of the approvals process shortly, with completion under the terms of the farmout agreement to occur immediately thereafter. On completion of the farmout, Pura Vida will receive a cash payment of US$15 million (A$16.2 million) under the terms of the farmout.


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## mr. jeff (20 September 2013)

PVD really making headway - anyone that is following / owning, they only have 9m cash so may come knocking - be ready for it.

Things shaping up nicely so far.


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## springhill (20 September 2013)

mr. jeff said:


> PVD really making headway - anyone that is following / owning, they only have 9m cash so may come knocking - be ready for it.
> 
> Things shaping up nicely so far.




It was only 2 weeks ago they raised $7m, can't see them raising again on the back of that - they could have tapped the corporates for far more than $7m if the need was there. Then again this is the stock market we are talking about.

It would be nice if that $15m from the farm-out would find its way into their coffers!

I am only working off memory here but weren't PVD due to farm-out Gabon somewhere towards the end of this year?


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## mr. jeff (2 October 2013)

springhill said:


> It was only 2 weeks ago they raised $7m, can't see them raising again on the back of that - they could have tapped the corporates for far more than $7m if the need was there. Then again this is the stock market we are talking about.
> 
> It would be nice if that $15m from the farm-out would find its way into their coffers!
> 
> I am only working off memory here but weren't PVD due to farm-out Gabon somewhere towards the end of this year?




Right you are.
Farm out of Gabon still in the works ( they report more money to be spent prior so some work to be completed here first it seems).
Cap raising of 7m completed well oversubscribed after the last financial statement so PVD would have around 9.5m at bank.

Not good if they are still waiting for the 15m Mazagan farmout money which was approved in principal in July...issues there ? May need to use more palm oil!

In summary, I was wrong about a raising - as soon as I see a share price run I naturally expect to see a cap raising announcement.


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## Crows (1 November 2013)

http://www.puravidaenergy.com.au/news_pdf/Trading_Halt.pdf

PURA VIDA ENERGY NL (PVD) REQUEST FOR TRADING HALT
Pursuant to Listing Rule 17.1, PVD requests that an immediate trading halt be granted by the Australian Securities Exchange with respect to its securities pending the release of separate announcements to the market in respect of:
● the receipt of Government approval for the farmout of the Mazagan permit; and
● the acquisition of an interest in a new project offshore East Africa.
The trading halt is requested until the earlier of the release of the announcements or prior to the commencement of trading on Tuesday, 5 November 2013.
PVD is not aware of any reason why the trading halt should not be granted.

http://www.puravidaenergy.com.au/news_pdf/1273505.pdf

MAZAGAN FARMOUT COMPLETES
Pura Vida Energy NL (“Pura Vida” or the “Company”) (ASX: PVD) is pleased to advise that it has received all outstanding Government approvals for the farmout of the Mazagan permit, offshore Morocco, to a subsidiary of Freeport-McMoRan Oil & Gas LLC (“FM O&G”). Subsequently Pura Vida and FM O&G have now completed the terms of the farmout agreement. A summary of the terms of the farmout can be found in Pura Vida’s announcement of 3 January 2013.

The completion of the farmout is an important milestone for Pura Vida which places the Company in a strong financial position as we enter the drilling phase in the Mazagan permit. Highlights include:
● Pura Vida has received a cash payment of US$15 million from FM O&G, increasing Pura Vida’s cash position to A$22 million.
● The Company is fully funded for a two well drilling program offshore Morocco capped at US$215 million.
● The first well in Morocco will target the Toubkal prospect and its significant resource potential.
● FM O&G is a capable operator and partnering with them adds significant value to the project.
Pura Vida Managing Director, Damon Neaves, says:
“The completion of the Mazagan farmout is a transformational event for Pura Vida and we are now entering the drilling phase to test exciting plays offshore Morocco. The Company was founded with this purpose in mind so this farmout success is a strong endorsement of our strategy.
Thanks must go to our shareholders for their loyalty and support which has allowed us to reach this important milestone. Management will remain focused on continuing to build a diversified portfolio as part of Pura Vida’s next stage of growt.”


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## Crows (1 November 2013)

http://www.puravidaenergy.com.au/news_pdf/1273561.pdf

PURA VIDA TO ACQUIRE 50% INTEREST IN AMBILOBE BLOCK, OFFSHORE MADAGASCAR
● Pura Vida makes strategic entry into East Africa through farmin to 50% of the Ambilobe PSC, offshore Madagascar
● Large acreage footprint in a proven oil basin
● Extension of the prolific Permian and Jurassic sourced oil discoveries onshore Madagascar
● New seismic data to be acquired to unlock potential of this salt basin, which makes Ambilobe a natural fit in Pura Vida’s growing exploration portfolio
● Ambilobe is located adjacent, immediately to the north of the Ampasindava block where ExxonMobil is the Operator

Exploration Activity
The Ambilobe PSC is currently in Phase 2 of the exploration period (expiring in September 2015) with no outstanding work commitments in the current phase. If the joint venture elects to enter Phase 3 of the exploration period, an exploration well will be required to be drilled by September 2016.
Under the farmin agreement, Pura Vida will reimburse US$1.25 million in back costs to Sterling and fund the acquisition and processing of 1,000 km of 2D and 1,250 km² of 3D seismic data targeting substantial anticlinal and salt related prospects up to a maximum cost of US$15 million. An opportunity is available to acquire the 2D data in the first half of CY2014 and discussions are underway regarding the use of a vessel with costs anticipated to be in the order of US$2 million. The 3D acquisition will be undertaken separately following a competitive tender and timing will be determined by vessel availability (indicatively second half of CY2014).
The acquisition of new seismic will allow for better imaging of reservoirs in the structures associated with the salt. The technology has been proven to work worldwide and is consistent with the work Pura Vida has undertaken in Gabon and Morocco to better define prospects.


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## Miner (5 December 2013)

PVD is under trading halt for a capital raise.
Broker recommendation it to be highly promising
Not supported by any recommendation to the market prices.

Any one has been following it to share with respect to its peers ?

My portfolio has reduced from the purchase price and after seeing so many surprises from FGE, AAX do not want to get rolled over again.


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## springhill (3 April 2014)

PVD continues to drift along like a cork in the ocean with no real significant news to permeate through from the company.
It seems to be a waiting game until the Gabon farm out is finalised & announced, drilling in plays around its Moroccan tenament due to ramp up soon and PVD's own drilling program still the best part of 9 months away.
I am looking forward to seeing if PVD can secure a favourable deal for Gabon, much as they did for Morocco. Madagascar could also provide that same opportunity with a quoted strategy of farming out for drilling.

PVD have done well to position themselves with 3 quality permits, a guaranteed $215m drilling program in Morocco, only 126m shares on issue (+ 36m unquoted) and to date $27m in the bank. A position that many junior O&G companies would love to have the priviledge of being in.

The question is, if there are those waiting and watching with capital in other investments, how long do those with that kind of sentiment hold out before looking for an entry/re-entry period?

Undoubtedly PVD has much potential, but the drift in share price and the time lag before drill hitting soil in its own projects gives the feeling of a death by 1000 cuts.

The latest investor presentation from March 2014 is here.
http://www.asx.com.au/asxpdf/20140310/pdf/42n8xwb0bl8p4g.pdf

Damon Neaves BRR interview link.
http://www.asx.com.au/asxpdf/20140305/pdf/42n5pjw3y089fd.pdf

Rig secured for 2 wells in Mazagan Permit
http://www.asx.com.au/asxpdf/20140303/pdf/42n3zp8dkndm4f.pdf

Overview of the significance of nearby drilling
http://www.asx.com.au/asxpdf/20140205/pdf/42mjxqlqrtbq6w.pdf


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## springhill (8 May 2014)

Pura Vida Energy advises that it has today paid $2.4 million in full and final settlement of the debt facility which was used to partially fund the acquisition of the Nkembe Block, Offshore Gabon.

Pura Vida has a strong balance sheet with A$21.5 million in cash, no debt and is funded on forward activities including a free-carry of up to US$215 million for two deepwater wells in the Mazagan Permit, Offshore Morocco.


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## Miner (11 October 2019)

5 YEARS 6 months - no posting
Suddenly it arouses interest from punters over the last few days. Put some pocket money instead of buying lotto tickets - the probability of win or loss from Lotto and this stock probably same.

One thing I could not understand - why the company rejected some of the shareholders on the right issue. How could there be a shortfall on a share price issued much lower than the current price? If it was a shortfall, then how could the investors did not participate then but now enhancing the price.
Honestly, it is appearing to be a dodgy one. 
But when the share market was less than dodgy ??
https://www.asx.com.au/asxpdf/20191009/pdf/4499wvlrkx91zl.pdf


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## System (16 October 2019)

On October 16th, 2019, Pure Vida Energy NL (PVD) changed its name and ASX code to Ansila Energy NL (ANA).


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## greggles (15 March 2021)

After a five month suspension ANA was reinstated to official quotation in early February this year after announcing that it has acquired the remaining 78.4% interest in Hartshead Resources Limited that it did not already own. The Company has issued a total of 1,000,000,000 new Ordinary shares to the vendors of Hartshead which are subject to voluntary and ASX escrow for 12 months as consideration for the transaction.

The Company has also completed a heavily over-subscribed placement of 320,000,000 ordinary shares at a price of 2.5c per share, raising a total of A$8 million (before costs).  The funds raised will enable ANA to fund its work programme commitments of Phase I operations through to the preliminary field development plan submission and begin work on the initial stages of Phase II.

Looking at the chart, ANA appears to be forming a base of support at 2.1c. The share price has jumped up today to 2.6c, so it will be interesting to see what happens from here. 

With the following work being progressed in the near term, there is a good chance that there will be plenty of news flow from the company in the next few months.


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## System (27 May 2021)

On May 27th, 2021, Ansila Energy NL (ANA) changed its name and ASX code to Hartshead Resources NL (HHR).
.


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## Dona Ferentes (23 August 2022)

_and now, with what can be termed an opportunity that only comes around a few times_, HHR, with a market cap around $50 million, and which wants to develop gas projects in UK’s Southern Gas Basin, is going to the market,

Hartshead Resources is looking for $4 million, priced at* 2.75¢ a share*, an 11 per cent discount to the last close.

_The company is developing four existing gas fields across five blocks at Production Seaward License P2607 in UK’s Southern Gas Basin. Its told investors it was targeting a resource base of about 0.8 trillion cubic feet.

Potential investors were told bulk of the funds were for the first of three phases in developing the projects. Phase I would target audited reserves of 301.5 billion cubic feet via the joint development of Anning and Sommerville fields. It said it expected first gas in late 2024_.


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## Dona Ferentes (24 August 2022)

looking to open higher as it is quite likely these sorts of add-on projects will be fast-tracked

HHR has entered into an _agreement with *Shell UK* Exploration & Production Limited, to undertake an Engineering Study for tie-in of Hartshead’s Phase I gas field development to Shell’s infrastructure. The Study agreement will provide a basis of design and cost estimate for the tie-in of facilities through Shell’s infrastructure detailing the required brownfield modifications as part of the gas offtake route for the Anning and Somerville gas fields. 

The study work will be undertaken by Petrofac and managed by Hartshead.  Shell will provide project assurance, prior to entering the next phase of engineering work, which is the Front-end Engineering and Design, prior to final Field Development Plan submission to the UK government_


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## Dona Ferentes (25 August 2022)

Dona Ferentes said:


> _and now, with what can be termed an opportunity that only comes around a few times_, HHR, with a market cap around $50 million, and which wants to develop gas projects in UK’s Southern Gas Basin, is going to the market,
> 
> Hartshead Resources is looking for* $4 million*, priced at* 2.75¢ a share*, an 11 per cent discount to the last close.



and pulled in nearly three times as much.  Looking to open at 3.3c

• Completion of an over-subscribed Placement to raise *A$11 million* (before costs) at a Placement price of A$0.0275 per share supported by a combination of Australian and UK institutional and family office investors.
• Placement proceeds will be applied to the Shell Engineering Study, Geotechnical Survey and to fast track the Front-End Engineering & Design (FEED) stage of the Phase I field development of the Anning and Somerville gas fields.


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## greggles (8 September 2022)

HHR on the move today, up 22.2% to 4.4c. Is the market finally seeing some value here now that natural gas prices have gone bonkers?

Company CEO Chris Lewis presented at the RIU Good Oil & Gas Energy Conference yesterday afternoon. He must have given one hell of a presentation.

With an established natural gas project in Europe, HHR have certainly gotten lucky with the right commodity in the right part of the world. Sentiment alone might take this higher in the short term.


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## finicky (8 September 2022)

Shite - was looking at this one (really) yesterday after someone I follow on twitter dropped the hint he was researching it @TwinTurboCelica. Read the thread here then got tired trying to inground value the 2P reserves. I came up with a preposterous figure in the trillions of dollars @US$8 MMBtu - not familar territory for me. They have some early stage agreement with a major.


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## Dona Ferentes (8 September 2022)

New UK PM Liz Truss will reportedly follow through on her leadership pledge to ditch the ban on fracking to allow shale gas extraction in places where it is supported by local communities


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## InsvestoBoy (8 September 2022)

greggles said:


> HHR on the move today, up 22.2% to 4.4c. Is the market finally seeing some value here now that natural gas prices have gone bonkers?
> 
> Company CEO Chris Lewis presented at the RIU Good Oil & Gas Energy Conference yesterday afternoon. He must have given one hell of a presentation.
> 
> With an established natural gas project in Europe, HHR have certainly gotten lucky with the right commodity in the right part of the world. Sentiment alone might take this higher in the short term.




Buy the rumour, sell the news?


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## greggles (9 September 2022)

InsvestoBoy said:


> Buy the rumour, sell the news?




Yes, most likely. In situations like this an over-exuberance tends to take hold that reality has a hard time keeping up with. The current situation with HHR appears to be a good example of that phenomenon.


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## finicky (9 September 2022)

Yeah so haven't watched a lot of this as there's close to zero chance I'll buy it, but at video 4.55 he sketches out what Phase 1 with a nat gas reserve of 300B cubic feet might be worth in revenue (apparently P2 Reserve is an estimate of recoverable and saleable gas?) He introduces yet another volume unit called a Therm which equals 100 cubic feet . He assumes a long range price of 1 British pd per Therm even though current price is apparently almost 3x this. So:
Phase one, 300Bcf gas = 3B Therms
1 Therm gets revenue of 1 pound
Phase one = 3 Billion British Pounds of anticipated revenue

One thing that turns me off is number of shares issued @ 2.238 billion fpo shares.
That's after recent placement of 383m shares @ 0.0275. They should come home to roost at some point.
Also for management: 
6m pp shares
104m perf shares
20m options


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