Australia-based Pura Vida Energy has increased its stake in the Ambilobe block offshore Madagascar to 100%, and has taken over as operator after Sterling Energy (UK) withdrew.
It is reported that obtaining complete interest and operatorship of the block have opened new strategic options for Pura Vida.
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Following the takeover as operator, Pura Vida now plans to progress towards drilling.
After completing final processing and interpretation, Pura Vida expects to perform a further review of prospectivity, including resource estimates.
At present, the Ambilobe block is in Phase 2 of the production sharing contract (PSC), which has been extended to January next year.
The company completed all work commitments for this phase and next plans to enter Phase 3.
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By GlobalDataDuring Phase 3, the company will drill one exploration well.
Pura Vida will perform works such as completion of processing and interpretation for the Ambilobe block by the end of this year.
In order to fund the drilling of the well, the company will begin a competitive farmout process.
The 3D seismic processing is nearing completion and the newly acquired seismic pre-stack depth migrated data will be integrated with existing 2D seismic data.
Pura Vida Energy managing director Damon Neaves said: "We are pleased to acquire 100% of the project and take over operatorship.
"The additional interest together with the new PSC terms opens up the potential to significantly enhance the value of the block to Pura Vida."
Image: Cretaceous aged leads mapped on 3D seismic. Photo: courtesy of Pura Vida Energy NL.
