HARTSHEAD RESOURCES NL — Capital/Financing Update 2012

Nov 22, 2012

23 November 2012

==> picture [41 x 43] intentionally omitted <==

ASX Code: PVD

CAPTITAL RAISING TO FUND GROWTH

Pura Vida Energy NL (“Pura Vida” or the “Company”) (ASX:PVD) is pleased to announce a placement to raise up to $5.95 million by the issue of approximately 8.5 million shares at 70 cents per share to institutional and sophisticated investors under ASX Listing Rule 7.1 (“Placement”).

The Placement was supported by Hartleys Limited as Lead Manager and CPS Securities as Broker. The Placement has received strong interest from institutional investors as well as new and existing sophisticated investors.

Pura Vida’s Managing Director Damon Neaves said, “We have received strong support from the market and the placement was many times oversubscribed. This demonstrates belief in our ability to execute our growth strategy and recognises the significant progress we have made with our Mazagan permit offshore Morocco.”

One of Pura Vida’s core objectives is to build a diversified portfolio of oil and gas assets over time and the Company is currently in advanced negotiations on the potential acquisition of a second project in the African region which is complementary to its existing assets and is consistent with the Company’s strategy. If an acquisition proceeds, funds raised from the Placement are intended to be applied towards the costs associated with completing that acquisition, progressing the work program and working capital on any acquired project. Otherwise, funds raised from the Placement will be applied towards strengthening the Company’s balance sheet so that it can capitalise on new opportunities as they arise and for general working capital purposes.

Another priority for the Company is to secure a farmout to fund the high impact drilling program to test the multi-billion barrel potential of the Mazagan permit. Securing a farmout will be a transformational event for the Company and is expected to realise significant value for Pura Vida’s shareholders.

Offshore Morocco is receiving unprecedented industry interest at the moment with several new blocks being awarded and proximate farmouts being announced in the past few months. This activity is very encouraging and the timing of our farmout activities has aligned very nicely to take advantage of the increasing industry interest in Morocco.

The farmout process, through which the Company is seeking a joint venture partner to fund the drilling program, is well underway and negotiations regarding farmout terms with potential partners

Page 1 of 2

are currently progressing. The Company will keep the market updated as the farmout activity progresses.

Pura Vida’s Managing Director, Damon Neaves, said:

“This year has seen Pura Vida deliver on a number of its objectives. In particular, positive results from various activities undertaken in relation to the Mazagan permit have placed the Company in a position to achieve significant value from the farmout. A successful farmout coupled with the diversification of our asset portfolio will be transformational.

We are very pleased with the overwhelming interest received for this placement and I wish to take this opportunity welcome our new investors and thank our existing shareholders for their continued support.”

About Pura Vida Energy: Pura Vida is an Australian-based African oil explorer building a portfolio of high quality assets. Pura Vida currently has operations offshore Morocco with significant resource potential.

Subscribe to FRONTIER - visit our website at www.puravidaenergy.com.au and subscribe to receive FRONTIER , our email alert service. FRONTIER is the fastest way to receive breaking news about Pura Vida.

CONTACT

Damon Neaves, Managing Director w: +61 (8)9226 2011 m: +61 404 043 134 e: dneaves@puravidaenergy.com.au

Page 2 of 2