Petroleum Africa
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Monday, November 4, 2013
Pura Vida Energy confirmed that it has entered into an agreement with Sterling Energy to farm-in to the Ambilobe Block offshore Madagascar. Under the agreement, Pura Vida acquires a 50% interest in the PSC for the block and Sterling retains a 50% stake and operatorship.
The farm-in agreement is conditional upon approval by the government of Madagascar.
The company said that it sees the Ambilobe Block as having a variety of plays relating to salt with potential for large scale oil discoveries. Its depth of knowledge relating to salt basins and how best to explore them makes the Ambilobe a natural addition to Pura Vida’s offshore assets in Morocco and Gabon.
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