On 4 July 2019, Perth (Australia)-based Pura Vida Energy (PVD) announced it had entered into a binding agreement with Gemini Resources Limited of the UK to earn a 35% stake in the 4/2018/p Gora and 5/2018/p Nowa Sol permits in southwestern Poland. As stipulated in the agreement, PVD has pledged to invest USD 6.5 million to earn the stake. Of that amount, Pura Vida will spend USD 3.9 million on a two-stage fracture stimulation and flow test of the Siciny 2 well (Gora block) and USD 2.25 million on a similar test at the Jany C1 well (Nowa Sol block). In addition, EUR 0.25 million will be transferred to Gemini Resources to ensure the right to earn the 35% interest in the assets. The planned technical works are expected to commence during the third quarter of 2019, shortly after the conclusion of the transaction.  The 700 sq km Gora block is located approximately 90 km north-west of the city of Wroclaw and some 40 km south-southeast of the city of Zielona Gora. It partly covers the country's grid blocks 245 (southeastern sector), 246 (southern part), 265 (northeastern part) and 266 (western and central parts). The 1,167 sq km Nowa Sol area is located just to the east of the city of Zielona Gora. It partly covers the country's grid blocks 224 (southern part), 244 and 245 (southwestern corner). In geological sense, the blocks are falling within the Fore-Sudetic Monocline, tectonic unit of the NE German-Polish Basin.  PVD is targeting some 1.6 Tcfg (circa 270 MMboe) of the 2C contingent resource in the Gora concession. The resource potential is related to a 1,460 m-thick section of tight Carboniferous sand-shale succession penetrated by the Siciny 2 well. In the Nova Sol block, the active group is targeting the 2C contingent resource of 36 MMbbls of oil within the Upper Permian (Zechstein) carbonate series. Additional 210 Bcfg of prospective resources is expected within multiple already identified and drill-ready conventional prospects in the Gora Licence.  Background Information  The Gora permit was initially granted on 30 June 2008 to Mazovia Energy Resources Sp. z o.o. under the designation 30/2008/p. The contract was offered for a five-year term. On 15 November 2010, San Leon Energy announced it had signed a binding agreement with Mazovia Energy Resources Sp. z o.o., subsidiary of EurEnergy Resources, for the purpose of acquiring a 100% interest in three Mazovia-operated concessions in south-western Poland (Gora, Winsko and Rawicz). On 30 September 2014, SLE relinquished the Gora permit in south-western Poland. The company released the block ahead of the official expiry date (30 December 2014) in order to be able to re-apply for the area with new contract terms. The new application was lodged with the authorities the same day, i.e. on 30 September 2014.  The Nowa Sol permit was granted initially to Liesa Investments Sp. z o.o. on 5 February 2009 for a five-year term. At the time of the award, Liesa Investments was a subsidiary of Gold Point Energy (GPE) of Canada. The latter company was acquired thereafter by San Leon Energy. On 5 February 2014, SLE secured the validity extension of the contract for additional six years. On 12 September 2014, six years ahead of the official expiry date (5 February 2020), SLE relinquished the Nowa Sol permit. The company released the block in order to re-apply for the area with the new contract terms. The new application was lodged on 30 September 2014 (the intention was to be granted the contract before the countryâs new geologic and mining law, approved in mid-2014, becomes effective on 1 January 2015).  On 19 September 2017, SLE announced it has entered into definitive agreements with Gemini Resources for the purpose of divesting 100% interests in the Nowa Sol area under application. Gemini Resources paid nominal cash consideration of EUR 1 plus a 5% net profits interest on a yet to be re-awarded permit. Closing of the transaction was contingent on the approvals by the government of Poland. The deal was also adjusted for San Leonâs eventual decommissioning liabilities.  In December 2018, SLE, was granted the Gora and Nowa Sol permits in southwestern Poland. Still in December 2018, the rights to the contracts were transferred to Gemini Resources.  Targets of exploration in the Gora and Nowa Sol tracts are associated with the Permian successions, both the Rotliegend and Zechstein series. The Carboniferous succession, as well as the Lower Palaeozoic series form additional targets of exploration, related to unconventional, tight, successions.
Pura Vida has agreed a 35% farmin in the 5/2018/p Nowa Sol + 4/2018/p Gora blocks from San Leon sub Gemini Resources (->65%) for AUD6,15 MM. 