Australia’s Pura Vida has agreed a farm-in deal giving it a 50% stake in the Ambilobe area office Madagascar, east Africa.
The firm has also finalized a farm-out deal offshore Morocco.
Pura Vida will take a 50% stake in the Ambilobe block, which is immediately north of the ExxonMobil-operated Ampasindava block, from UK-based explorer Sterling Energy.
Image: The Ambilobe area, offshore Madagascar.
Sterling Energy will retain 50% interest and operatorship.
Pura Vida says the Ambilobe block has a variety of plays, relating to salt, with potential for large oil discoveries. New seismic data will now be acquired in the area.
Exploration onshore in Madagascar has seen a number of heavy oil fields discovered. Pura Vida believes the onshore oil play extends into the Ambilobe block, due to oil seeps onshore on the eastern block boundary.
Due to the depth of the reservoirs in the offshore area, Pura Vida believes any oil found in the Ambilobe permit will be a lighter grade oil to that found onshore.
ExxonMobil ExxonMobil is planning a deep exploration well targeting the Jurassic in the Ampasindava block.
Pura Vida also announced it has received approval for a farm-out on the Mazagan permit, offshore Morocco, to a subsidiary of Freeport-McMoRan Oil & Gas LLC (FM O&G). 
Pura Vida receive US$15 million from FM O&G, increasing Pura Vida’s cash position to A$22 million.
Image: The Mazagan offshore area, off Morocco.
Pura Vida said it is now fully funded for a two well drilling program offshore Morocco, capped at US$215 million.
The first well in Morocco will target the Toubkal prospect.
Pura Vida is an Australian-based African oil explorer with operations offshore Morocco and Gabon.
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