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Plains Exploration & Production to Acquire a 52% Interest in Mazagan Exploration Permit Offshore Morocco

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2013-02-06 17:20:53 - Interest in Highly Prospective Permit acquired from Pura Vida Energy for US$230MM

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.

Full Report Details at
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* 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.

Reasons to buy

* 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.

Report Table of Contents:

1 Table of Contents
1 Table of Contents
1.1 List of Tables
1.2 List of Figures
2 Plains Exploration & Production to Acquire a 52% Interest in Mazagan Exploration Permit Offshore Morocco from Pura Vida Energy for US$230MM
2.1 Deal Overview
2.2 Deal in Brief
2.3 Acquisition will Enable PXP's Participation in the Highly Prospective Mazagan Permit in Offshore Morocco
2.4 The Proposed Acquisition Will Allow PXP to Expand its Operations into Middle East and Africa
2.5 Acquisition will Help Pura Vida Energy to Utilize PXP's Offshore Exploration and Development Experience for Drilling in Mazagan Permit
2.6 Deal Financials and Valuations
3 Appendix
3.1 Abbreviations
3.2 Sources
3.3 Methodology
3.4 Contact Us
3.5 Disclaimer

List of Tables

1.1 List of Tables
Table 1: Pura Vida Energy, Prospective Recoverable Oil Resources of Mazagan Offshore Area (mmbbl), 2012
Table 2: PXP Exploration and Production, Asset Transactions, 2010 to Present
Table 3: Exploration and Production Industry, Offshore Morocco, Major Deals, 2012 to Present
Table 4: Companies Involved
Table 5: Financials of the Deal
Table 6: Target Information
Table 7: Target's Reserves and Acreage Information
Table 8: Company Valuation Multiples
Table 9: Acquirer Information
Table 10: Vendor Information

List of Figures

1.2 List of Figures
Figure 1: Pura Vida Energy, Location of Mazagan Offshore Exploration Permit and Toubkal Prospect, 2013

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