Gilbert + Tobin is pleased to have advised Pura Vida Energy on the farm-out of a 52% operating interest in its Mazagan asset, offshore Morocco, to Freeport McMoRan for USD 230 million.
The farmout carries Pura Vida Energy in the drilling of two exploration wells to test the multi-billion barrel potential of this highly prospective permit. It is a landmark farm out and is the largest of its kind for an Australian junior oil and gas exploration and production company.
Corporate advisory and emerging markets oil and gas specialists, Chris Flynn (Partner) and Chris Dalton (Lawyer) led the transaction. The team also advised on Pura Vida Energy’s farm-in to Sterling Energy’s offshore Madagascar block also announced today.
“This is a watershed and market leading transaction with a world class joint venture partner and operator. It is the largest of its kind for an Australian junior oil and gas exploration production company,” said Chris Flynn. “Congratulations to Pura Vida Energy, and in particular, Damon Neaves and David Ormerod. Congratulations also on the Madagascar transaction. We look forward to following the continued success of Pura Vida as it grows throughout Africa over the coming years.”
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