HHR - Hartshead Resources

[springhill]

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?

 

[mr. jeff]

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.

 

[springhill]

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'?

 

[mr. jeff]

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'?

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.

 

[springhill]

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.

 

[springhill]

Good test -

View attachment 48930

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.

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

 

[mr. jeff]

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

 

[springhill]

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

 

[Crows]

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.

 

[springhill]

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.

 

[Crows]

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

 

[springhill]

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.

 

[Crows]

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!

 

[springhill]

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.

 

[Crows]

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.

 

[mr. jeff]

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.

 

[Crows]

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..

 

[springhill]

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

 

[Crows]

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.

 

[springhill]

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