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Wednesday, May 11, 2016
Following the official exit of Sterling Energy from the Ambilobe Block offshore Madagascar, Pura Vida became operator of the block with a 100% stake, up from its previous 50% non-operated interest. The government has approved the transfer of operatorship and interest to Pura Vida.
According to the company the increase in interest and operatorship is important in opening up additional strategic options and provides Pura Vida with maximum flexibility in how it progresses the Ambilobe block.
In light of the Sterling exit Pura Vida has renegotiated terms of the work commitments under the PSC as it progresses towards the drilling phase. Pura Vida renegotiated the terms of the PSC and entered into an Assignment Deed giving effect to those changes. The Deed is conditional only upon ratification of the Presidential Decree.
The Ambilobe Block is currently in Phase 2 of the PSC which has been extended to January 2017. All work commitments for Phase 2 have been completed. Pura Vida has the election to enter into Phase 3 prior to the expiry of Phase 2. The work commitments for Phase 3 include drilling one exploration well (to be funded by a future farminee) prior to the expiry of Phase 3 which may be extended, at Pura Vida’s option, to January 2021.
With the 3D seismic processing nearing completion, there is no other extant work or material financial commitments associated with the block other than the ongoing interpretation being undertaken by Pura Vida.
The forward work commitments for the Ambilobe Block to be undertaken by Pura Vida includes the completion of seismic data processing and interpretation by year end. A competitive farm-out process will be commenced to fund the drilling of the well following completion of the seismic interpretation.
The company said that it will integrate the newly acquired 3D seismic pre-stack depth migrated data with existing 2D seismic data. The new data is of good quality, especially in the southern region of the survey area, however, further improvements can be made in the north where better imaging results can be expected that will enhance confidence and allow prospect maturation.
Early interpretation of the southern area has revealed a broad structurally controlled fairway where multiple faulted anticlines exist. These traps all have independent four way dip closures and trap size varies in area from 20 sq km to 65 sq km and have robust closures with up to 650 meters vertical relief. Good seismic imaging within these culminations shows stratigraphic complexity, cyclicity and stacking patterns that bodes well for the presence of reservoirs and seals.
Work going forward will focus on defining leads and prospects in the southern part of the survey area and building a portfolio whilst continuing processing, which is expected to take a further three to four months to complete. The aim will be to mature all prospects in the portfolio and to promote drill ready candidates ahead of the farm out campaign.
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