After its partner Sterling Energy decided to exit the Ambilobe block, offshore Madagascar, Pura Vida Energy has to weigh its options.

Namely, Pura Vida has 30 days to decide whether to assume, at no cost, a 100% ownership interest and operatorship of the Ambilobe block, located in the Ambilobe deep water basin, offshore north-west Madagascar.

Sterling decided to withdraw from the Ambilobe block due to the challenging commercial landscape, shifting its focus to shorter cycle revenue generating assets. The withdrawal is anticipated to be completed by the end of July 2016.

The block was operated by Sterling, and shared 50/50 between Sterling and Pura Vida.

Pura Vida’s Managing Director, Damon Neaves, said: “The Company expects to announce its decision on the way forward for the block next month. We have recently acquired new 3D data and we are encouraged by the exploration potential of the block. Although interpretation of the new 3D seismic data is ongoing, initial results have revealed the presence of attractive leads.”

Source: www.offshoreenergytoday.com