Boston, MA -- (SBWIRE) -- 04/02/2013 -- Plains Exploration & Production Company (PXP) has agreed to acquire a 52% working interest in the Mazagan exploration permit in Essaouira Basin, in offshore Morocco, from Pura Vida Energy NL (Pura Vida Energy). The transaction is estimated to be valued at a maximum of approximately US$230MM. Under the terms of the agreement, PXP will make a cash payment of US$15MM to farm-in to Pura Vida Energy's 75% working interest in the Mazagan permit area. PXP will gain a 52% working interest and act as the operator of the permit if it funds 100% of the costs of certain specified exploration activities, which includes a commitment to fund and drill two wells. If agreed, PXP will also carry out other exploration activities, subject to a maximum value of US$215MM.

Scope

- Rationale behind Plains Exploration & Production (PXP) acquiring a 52% interest in Mazagan Exploration Permit offshore Morocco from Pura Vida Energy for US$230MM.
- To understand the rational about how the acquisition will help Pura Vida Energy to utilize PXP's offshore exploration and development experience for drilling in Mazagan Permit.
- Geography Covered- Morocco.

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Reasons to Get This Report

- Develop a sound understanding about how the acquisition will enable PXP's participation in the highly prospective Mazagan permit in offshore Morocco.
- To know more about how the proposed acquisition will allow PXP to expand its operations into Middle East and Africa.
- To have an understanding about PXP's acquisition of 52% interest in the Mazagan permit as the most valued deal for oil exploration in offshore Morocco since 2012.

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