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Pura Vida Energy Completes Farm-in with Gemini Resources to Gora and Nowa Sol Projects in Poland

Source: 9/24/2019, Location: Europe

Pura Vida Energy (to be renamed 'Ansila Energy') has successfully completed its transaction with Gemini Resources and will now proceed to earn into the Gora and Nowa Sol projects for a 35% interest by spending a total of A$6.15m on those concessions. Work programmes will now proceed on the Projects to test significant oil & gas targets identified by Netherland Sewell & Associates, in a proven basin, focussed on fracture stimulation and flow testing of exisiting wells.

The work programmes on the Projects are designed to unlock and prove the commercial viability of two potentially large unconventional resources plays:
- Siciny-2(Gora): Targeting 2C contingent resources of 1.6 Tcf (circa 270 MMboe) of unconventional gas in an extensive Carboniferous structure scheduled for completion in November/December 2019; and
- Jany-C1(Nowa Sol): Targeting 2C contingent resources of 36 MMbbls of oil within tight Zechstein Dolomite formation scheduled for completion in Q2 2020.

In addition, PVD has the option to drill several conventional prospects, targeting the Rotliegendes reservoir, with aggregate prospective (P50) resources of 210 Bcf.

These prospects are located adjacent to the proven, producing Rawicz (100Bcf) and Zalecze-Wiewierz (900 Bcf) gasfields and offer PVD additional upside on the Gora Concession which is de-risked due to 3D seismic coverage and surrounding well control from surrounding fields. Estimated completed well costs attributable are US$1.3million.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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