Australia's Pura Vida Energy NL (Pura Vida or the Company) via its subsidiary, PVD Exploration Morocco SARL AU, is a party to a farmin agreement and joint operating agreement with a subsidiary of Freeport-McMoRan Oil & Gas, PXP Morocco B.V. (PXP), whereby PXP holds a 52 percent interest in the Mazagan permit located 62 miles (100 kilometers) offshore Morocco and is appointed Operator of the joint operations.
Those agreements require PXP to drill two wells, the first of which was drilled last year. The Company has written to PXP reserving its rights in relation to the second well obligation.
The joint venture parties are in discussions as to how this matter may be progressed or resolved.
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