Pura Vida is searching for farm out opportunites with industry partners for the commercialization of the Loba complex offshore Gabon that has an 81% chance of commercial success, according to the company.
Funding the forward work program for the Nkembe block, where Loba is located, is dependent on securing a farm in partner. Nkembe is 30km off Gabon at 50-500m water depth, and covers an area of 1210sq km.
Pura Vida’s strategy for the commercialization of Loba has the potential to transform the company from an explorer to a producer in the near term.
Pura Vida’s Managing Director, Damon Neaves, said: “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 farm out to commercialize the Loba discovery with a view to accelerating the development timetable to first production to generate early cash flow”
Recent work, including a fully costed concept and feasibility study (CFS) for the fast-track development of the 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 Pura Vida’s 100%- owned Nkembe block offshore Gabon.
“We now have a fully costed CFS for the fast-track development of the Loba field allowing for first production within 12 months of a successful production test,” Pura Vida said.
Map from Pura Vida.
Subscribe
