Interpretation of the 3D seismic data acquired by Pura Vida has generated encouraging leads which includes structural traps with four way dip closure. Trap definition is considered robust with independent closures having areal extents ranging from 20km2 to 65km2 and vertical reliefs ranging from 400 metres to over 600 metres.
There has been limited exploration in the Ambilobe Basin and the offshore area remains largely untested. There are several onshore heavy oil discoveries in the Morondava Basin, southern Madagascar that are currently being developed. Pura Vida made the strategic entry into the block based on compelling regional geology and 2D seismic data where oil seeps prove a working petroleum system and where effective source rocks, reservoirs and seals in combination with salt in the basin form large structural trends that provide the potential for a significant hydrocarbon province.
These fundamental elements have been correlated from the onshore part of the basin, where a recent coring program in the neighbouring block undertaken in late 2014 revealed Cretaceous and Jurassic oil bearing reservoirs. These reservoirs and identical stratigraphic intervals correlate offshore directly into the structural fairway that was the site of the 3D seismic program. Initial mapping of the new data has reaffirmed the presence of multiple leads within each of the extensive play fairways where there is significant upside potential, in the event that a discovery is made.