Australia-based and African-focused oil exploration firm Pura Vida Energy NL reported Tuesday on its development plans for the company's 100 percent owned Nkembe block offshore Gabon.
The company believed that recent work, including a fully costed Concept and Feasibility Study (CFS) to fast track the development of Loba Oil Field, as well as positive economic and technical evaluations have rejuvenated plans for the appraisal and development of the Loba Oil Field in the Nkembe block.
Pura Vida concluded that development of the Loba field, which it estimated has an 81 percent chance of commercial success, will allow for first production within a year of a successful production test. The firm sees a unique window of opportunity in the current low cost environment, including readily available idled assets, for a cost effective fast-track development. Economic modelling for the Loba field and Loba Complex also demonstrated the commercial viability of the project at current oil prices. In addition, the firm said the much larger Lepidote Deep prospect is ‘drill-ready’ with significant upside potential.
Meantime, Pura Vida is holding farmout discussions with industry partners that are focused on commercialization of the Loba Complex in the near term. Funding the forward work program for the Nkembe block is dependent on securing a farmin partner.
"We are pleased to finally share the results of this substantial body of work completed by our team in respect of the Nkembe block in Gabon. This is an exciting opportunity with a focus on the known Loba oil discovery near existing infrastructure. Being a known oil accumulation, this has a much lower risk profile than our previous exploration efforts. We are looking to prioritize a farmout to commercialize the Loba discovery with a view to accelerating the development timetable to first production to generate early cash flow," Pura Vida’s Managing Director, Damon Neaves, said.
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