PVD spuds maiden offshore Morocco well targeting 3BN barrels
Pura Vida Energy (ASX:PVD) has spudded its maiden offshore oil well, MZ-1, targeting a high case of over 3 billion barrels potentially contained within up to five stacked objectives.
The total gross mean prospective resource potential of MZ-1 is over 1.4 billion barrels, with 328 million barrels PVD’s net share on success.
This drilling event has been long anticipated for the Australian oil and gas explorer, which switched its maiden well location last year from a single objective prospect within its Mazagan permit, to MZ-1’s multiple chances at success.
Maiden well for PVD underway
The drillship Atwood Achiever spudded PVD’s MZ-1 well in early June and work is expected to take between two and three months to complete.
The MZ-1 well is located in a water depth of 2,176m and will be drilled to a total depth of 5,600m, with the potential to go as deep as 6,150m, depending on how many of the stacked targets are hit.
The first major targets to be tackled by MZ-1 are two shallow cretaceous targets holding a prospective resource of 356 million barrels (gross unrisked mean estimate) with over 80 million barrels net to PVD on success.
The drill bit will then move down to Jurassic level targets; PVD anticipates that it will be able to release information about the drilling’s progress as it comes to hand.
PVD’s Managing Director, Damon Neaves, says the well spudding could unlock the wider hydrocarbon potential of the Mazagan Permit. “This is a high impact event for PVD, with the potential to be transformational in the event of a discovery,” he says.
“This is our first test of the potential of the Mazagan permit and we look forward to reporting the results in the coming months.”
Meanwhile, at APV’s 50% owned Ambilobe Block offshore Madagascar, an extensive 3D seismic survey has just been completed. This survey is aiming to mature existing hydrocarbon target leads from 2D surveys to a drillable stage.
PVD hopes to then attract farm-out partners to help drill the targets.
PVD’s entry to the block came on the back of already completed 2D seismic surveys that showed compelling regional geology and oil seeps over a working petroleum system within the block.
A series of 2D drilling leads were worked up on a series of large structural fairways, which PVD tasked the enlisted CGG operated Geo Celtic 3D seismic survey vessel with scanning to 3D level.
Processing of the newly acquired 3D data is set to commence shortly, and PVD anticipates that early results may be made available during the second half of 2015.
When the experts at Next Investors have a stock pick, it may pay to listen.
The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.
They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.
Click the link below to see what they are currently investing in.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.