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Pura Vida upgrades reserve estimate for Nkembe block

PERTH, Australia -- Pura Vida Energy has announced an upgrade to its prospective resource assessment of the Nkembe PSC, offshore Gabon. Further technical work undertaken by the company has revealed a significant new play in the pre-salt within the Syn-rift interval where carbonate Coquinas reservoirs are anticipated to be present.

The inclusion of newly identified prospects increases the total gross mean unrisked prospective resources on block to 1,680 mmbo, 1,344 mmbo net to Pura Vida. The carbonate play is analogous to similar plays that have resulted in the discovery of several billion barrels of discovered oil offshore Angola and offshore Brazil. Pura Vida’s technical work has also identified several areas which contain multiple stacked prospects that have the potential to be attractive drill candidates that could be tested with a single vertical well.

Based on new interpretation on recent reprocessed seismic data undertaken by Pura Vida, the estimated net mean prospective resources on the Nkembe block has increased from 815 mmbo to 1,344 mmbo.
 
Pura Vida has identified several areas within the Nkembe block that contain multiple stacked targets. The drilling of stacked targets provides the ability to test prospects at differing stratigraphic levels through a single vertical well. Intersecting multiple prospects saves on drilling costs, increases the overall chance of making a commercial discovery, and in the event of success, allows for potential aggregation of resource potential.

The Moveni region in the south-western part of the block contains stacked prospects at the Gamba, Dentale and Syn-rift carbonate levels which have a net mean prospective resource un-risked potential of 286 mmbo and 603 mmbo respectively. A single well at this location has the potential to test a combined net prospective resource of 890 mmbo.

Dentex prospects directly overlie the larger and significant pre-salt level referred to as Palomite Deep. Of particular interest to Pura Vida is the Pompano prospect within the Palomite cluster, where stacked targets from the Batanga, Lower Anguille and the Cap Lopez lie directly above the Palomite Deep pre-salt play where the Gamba, Dentale and the Syn-rift carbonates are stacked. The combined net mean prospective resource, un-risked, potential of Pompano and Palomite Deep is 320 mmbo.

The Loba Oil Field also overlies the Loba Deep sub-salt target which provides an opportunity for a combination of a lower risk appraisal well for a production test of the post-salt Loba discovery with a test of the Loba Deep sub-salt exploration target.

06/24/2014

 

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