Pura Vida: Significant Oil Column Found in Loba-1, Off Gabon

Pura Vida Energy NL announces that it has gained access to the drilling cores from the Loba-1 well in the Nkembe block, offshore Gabon, West Africa.

Inspection of the cores has confirmed the presence of good quality sandstone reservoirs with abundant oil staining consistent with log properties previously reported by Pura Vida. The core analysis confirms the presence of a significant oil column in the Loba-1 well and validates the estimated mean recoverable contingent resources of 20 mmbo (p50).

Pura Vida’s Technical Director, David Ormerod, said:

“We were attracted to the Nkembe block because of the range of play types. Earlier in the year we announced a 20 mmbo contingent resource at the Loba M 1 discovery in the post-salt. Today’s confirmation of the contingent resource estimate recognises the significant appraisal potential of the Loba Oil Field in the Nkembe block. This is a pleasing outcome ahead of our planned farmout to fund activities on the block.”

The Loba Oil field is located in shallow water proximite to existing production infrastructure, making the economics for the commercialisation of the Loba Oil field very attractive.

 

 

Press Release, July 22, 2013

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