Pura Vida Energy acquires 50 per cent stake in oil block offshore Madagascar

offshore madagascar-strocchi flickrExploration onshore Madagascar has seen a number of heavy oil fields being discovered in the past. (Image source: Strocchi/Flickr)Pura Vida Energy has entered into a farm-in agreement with Sterling Energy to acquire 50 per cent stake in the Ambilobe oil block offshore Madagascar

The block is located north of the ExxonMobil-operated Ampasindava Block. Sterling Energy will retain operatorship and the remaining interest on the block.

Under the agreement, Pura Vida Energy is expected to reimburse US$1.25mn in back costs to the UK’s Sterling Energy for the oil block and fund the acquisition and processing of 1,000km of 2D and 1,250 sq km of 3D seismic data targeting substantial anticlinal and salt related prospects up to a maximum cost of US$15mn.

The Australian-listed oil explorer said that the Ambilobe Block has a variety of plays, relating to salt, with potential for large oil discoveries. New seismic data will now be acquired in the area, the firm added.

According to Pura Vida Energy, the large onshore discovered oil play extends into the offshore Ambilobe Block due to the oil seeps on the eastern block boundary.

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

twn Are you sure that you want to switch to desktop version?