Pura Vida Energy NL, Perth, has acquired a 75% interest and is operator of the Mazagan block in the Atlantic off Essaouira, Morocco.
The Essaouira basin block covers nearly 11,000 sq km in 1,000-2,100 m of water separated from shore by a block held by Kosmos Energy Co. The exploration period is 8 years.
Most prospects lie in 1,200-1,600 m of water. The main prospect, Toubkal, is in deep water 100 km offshore. More than 3,500 sq km of 3D seismic has been shot and several prospects and leads identified.
Morocco's state ONHYM holds the other 25% interest. Pura Vida plans to list on the Australian Securities Exchange in December 2011.