One of 2012’s best performing floats, oil exploration company Pura Vida Energy NL
(ASX:PVD), has inked a farm-out deal for its Mazagan permit offshore Morocco.
Under the deal US based Plains Exploration & Production Company will acquire a 52 per cent interest in the Mazagan permit for $US15 million and be appointed operator, pending approvals.
Pura Vida Energy says the agreement will also provide up to $US215 million in funding, including a firm commitment from Plains Exploration & Production Company to fund and drill two exploration wells.
Pura Vida Energy started trading on the Australian Securities Exchange (ASX) in February 2012 at $0.21 and last traded at $0.69.
Pura Vida Energy booked a net loss of $2.9 million in the 2012 financial year.
