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Management and The Board
21 Nov 2017
The project will see Add Energy deliver the well design and preliminary project planning work initially at no cost to Pura Vida, on the basis of a first right of refusal to provide well management and engineering services for the appraisal of the previously discovered Loba oil field, and to explore the Loba deep target. Add Energy will also assist Pura Vida in working with the government to seek approvals for the proposed well programme. Havoc’s role in the project will be to provide the geological and geophysical services required to optimise well locations.
Dermot O’Keeffe, Add Energy’s Chief Operating Officer commented, “We are delighted to partner with Havoc again to deliver our wells expertise for Pura Vida Energy.
This agreement demonstrates Add Energy’s technical know-how and experience within this field and we are excited to support Pura Vida in appraising and developing the Loba oil field”.
In addition to planning for drilling the Loba appraisal well, Add Energy will also prepare a plan to complete an extended well test to support subsequent development planning and financing.
Simon Eley, Chairman at Pura Vida commented “The initial phase of work being undertaken by Add and Havoc will result in the Loba appraisal and Loba Deep exploration well being drill ready next year.
Aside from some minor reimbursements, this is a no cost option for Pura Vida to add value to the project and potentially secure a Farm-in partner willing to commit up to US$40m for an 80%* interest in the project. We are excited to be working with the experienced teams of Add and Havoc and we look forward to maximising the opportunity alongside them.”