LONDON, March 17, 2015 /PRNewswire/ --
Edison Investment Research, a leading international investment research firm, has published a peer analysis of Pura Vida Energy ahead of initiation of full coverage.
Highlights of the peer analysis by Edison's oil & gas analyst Will Forbes are as follows:
Pura Vida is a pure play explorer with assets in offshore Morocco, Gabon and Madagascar. Its first exploration well offshore Morocco is due to spud in April 2015.
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While 2014 offered numerous opportunities for investors seeking exposure to pure-play exploration, 2015 promises to be a much more rarefied year. The fall in oil price has triggered a retrenchment in exploration spending, leaving many wells postponed or at best uncertain. This leaves exploration at Mazagan, Morocco (Pura Vida) as one of the few companies with confirmed prospects drilling that investors can access directly. Our analysis indicates that the markets are already pricing in a significant discount on Pura Vida (PVD) shares. At around $0.1/unrisked boe, PVD is trading at around half the valuation that many pure-plays were being valued at in past years and much lower levels than some wells, especially those of larger peers. While we are explicitly not valuing PVD in this report (a full initiation will follow), we believe the combination of price and significant near-term catalysts means PVD shares could be worth examining.
To download this report, please click here.
All reports published by Edison are available to download free of charge from its website http://www.edisongroup.com.
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