Pura Vida rises on resource upgrade

Pura Vida Energy shares have jumped on the ASX today, after the Perth-based company unveiled an upgraded resource at its Mazagan exploration permit, off the coast of Morocco.

The Perth-based explorer said its resource estimate at Mazagan had jumped to 3.2 billion barrels of recoverable oil, equating to 2.4 billion of barrels net to its 75 per cent stake in the permit.

 At 1:30PM, WST, Pura Vida stocks were up 12.5 per cent, trading at 36 cents.

“Until now, most of the potential resources reported by Pura Vida comprise Miocene prospects,” the company said in a statement.

“However, Technical work has focused on the recently-added deeper water 2D seismic data, which integrates the reservoirs seen in proximate wells.

“As a result, resource estimates for lower cretaceous prospects have been upgraded and new leads have been recognised.”