A recent concept and feasibility study has revived planning for appraisal and development of the 141-MMbbl Loba oil discovery, with first production feasible within 12 months of a successful production test, helped by lower service costs.
The larger Lepidote Deep prospect is also “drill-ready” and could provide significant upside potential.
Pura Vida is in farm-out discussions with various partners on funding assistance for the Loba Complex in the near term.
Managing Director Damon Neaves said: “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.”
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