Pura Vida discovers contingent resource at the Loba oil field

oil  acollaThe contingent resource was confirmed by Pura Vida on an initial evaluation of the offshore Loba M 1 discovery well. (Image source: acolla/Flickr)Australian oil explorer Pura Vida Energy has discovered a contingent resource at the Loba oil field on Gabon's offshore Nkembe permit

The resource was confirmed by Pura Vida on an initial evaluation of the offshore Loba M 1 discovery well. The company will provide further estimates in relation to the variety of prospects and plays present on the Nkembe block during the course of the year.

Pura Vida’s technical director David Ormerod said, “The initial evaluation of the Loba M 1 discovery well in the Nkembe block is a part of Pura Vida’s continuing work programme and highlights the potential for early appraisal drilling.

“Recognising contingent resources at the Loba discovery is an important step in maturing the company into a diversified exploration and production company of scale.”

A Pura Vida statement said the company viewed the Nkembe block as having a variety of plays within the sub-salt providing potential for large scale oil discoveries. The existing discovery at Loba M 1 may be the target of a combined appraisal and exploration well.

Pura Vida will plan the well to appraise the discovered Loba oil field above salt and then continue into the deeper sub-salt reservoirs which will be better defined by the new 3D seismic data to be acquired in 2013.

Batanga sandstones in the Loba M 1 discovery well have shown good reservoir properties with 18 per cent average porosity and having an oil saturation average of 66 per cent. The well was drilled in 1976 by Elf Aquitaine using a water-based mud system, which resulted in formation damage and an injection of mud into the reservoir.

A seismic section shows the location of the discovery above the salt layer as well as the exploration potential below the salt. The depth to the reservoir is 1,879 meters below sea level with the exploration targets being from 2,500 meters to 3,500 meters below sea level.

Pura Vida has plans to acquire specialised seismic data designed to better image the reservoirs below salt. This will include reservoirs below both shallow and deep salt layers. The technology has been proven to work in salt basins worldwide.

The company expects to commence acquisition of the new seismic data by the end of 2013.

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