HARTSHEAD RESOURCES NL — Capital/Financing Update 2013

Jun 5, 2013

6 June 2013

==> picture [589 x 143] intentionally omitted <==

ASX Code: PVD

815 MMBO NET PROSPECTIVE RESOURCES NKEMBE BLOCK

Highlights

• Initial evaluation has identified substantial resources in the Nkembe block with net prospective resources of 815 mmbo (mean)

• This initial review has confirmed that the Nkembe block contains a range of different play types with four main prospects being evaluated

• The evaluation has confirmed the existence of large pre-salt structures in the Nkembe block

• Farmout process will commence shortly with EZDataRoom, the group that successfully assisted Pura Vida in farming out the Mazagan permit in Morocco

Pura Vida Energy NL (“Pura Vida” or the “Company”) (ASX: PVD) is pleased to announce that it has completed an initial evaluation of the potential resources in the Nkembe block, offshore Gabon, West Africa which has resulted in the recognition of net mean recoverable prospective resources to Pura Vida of 815 mmbo. This resource estimate is based on the first four prospects (outside of the Loba M 1 resource) reviewed so far by Pura Vida on the Nkembe block. Further resource estimates will be provided during the course of the year in relation to the variety of prospects and plays present on Pura Vida’s Nkembe block.

Pura Vida’s Technical Director, Mr David Ormerod, said:

“We were attracted to the Nkembe block because of the range of play types. Earlier in the year we announced a 20 mmbo contingent resource at the Loba M 1 discovery in the post-salt. Today’s resource estimate recognises the significant exploration potential of other plays present in the Nkembe block, particularly the pre-salt which is the main play currently being targeted by the industry in Gabon. This is a pleasing outcome ahead of our planned farmout to fund activities on the block.”

	Prospective Oil Resources (mmbo recoverable)
Prospect	Reservoir	Trap	P90	P50	P10	Mean
MVIM West	Pre-salt (Gamba Fm)	Pre-salt Structure	247	588	1,102	639
POM Deep	Pre-salt (Gamba Fm)	Pre-salt Structure	89	205	381	225
Lepidote Deep	Post-salt (Anguille Fm)	Anticline	61	120	219	131
Loba Deep	Sub-salt (Anguille Fm)	Sub-salt Structure	14	24	35	24
Total (Gross)	-	-	-	-	-	1,019
Net to Pura Vida (80%)	-	-	-	-	-	815

Pura Vida views the Nkembe block as having a variety of plays with the pre-salt and sub-salt horizons providing potential for large scale oil discoveries. Figure 1 below shows the location of the major prospects and leads in the Nkembe block. The three main plays are represented with four pre-salt prospects, six sub-salt prospects and two post-salt prospects.

==> picture [411 x 356] intentionally omitted <==

----- Start of picture text ----- Lepidote DeepLoba DeepMVIM WestPOM Deep----- End of picture text -----

Figure 1 - Prospects and leads map

Page 2 of 5

The pre-salt petroleum system has been proven in Gabon since the 1960’s with the major discovery of the Rabi Kounga field, onshore Gabon adding substantial production. The industry is now actively exploring for the pre-salt offshore of Gabon where nine wells are expected in the next 12 months. Total is currently drilling the Diaman-1 well targeting 2,250 mmbo to the south of Pura Vida’s Nkembe block.

The pre-salt Nkembe prospects are defined on 3D seismic and are large simple closures with salt as the ultimate top seal (Figure 2). Reservoir estimates are taken from the MTIM-1 well which drilled a thick section of good quality sandstones in the pre-salt section. The source rocks are expected to be in the rifted section below the salt and have been proven to be regionally effective. Significant improvement following the acquisition of new 3D seismic and the reprocessing of existing 3D seismic will allow better definition of the pre-salt structures and risks.

==> picture [462 x 262] intentionally omitted <==

----- Start of picture text ----- MVIM West POM Deep----- End of picture text -----

Figure 2 - Seismic sections illustrating the pre-salt structures

In the sub-salt a number of leads have been identified and will be the subject of subsequent resource estimates on completion of further seismic processing and acquisition.

Page 3 of 5

The main post-salt prospect identified to date is the Lepidote Deep prospect (Figure 3). Lepidote Deep is a large anticlinal feature with seismic character which the Company interprets to be a strong indication of reservoir and potentially hydrocarbons (Figure 4). The Lepidote Deep structure is to the north-east of the Loba M 1 discovery and to the east of the producing Barbier oil field. The reservoir for Lepidote Deep is the Anguille sandstones which are a productive reservoir for hydrocarbons in Gabon.

==> picture [380 x 290] intentionally omitted <==

Figure 3 - Lepidote anticline

==> picture [462 x 235] intentionally omitted <==

Figure 4 - Lepidote amplitude section and map

Page 4 of 5

Competent Persons Statement: The prospective resource estimates for the Nkembe block have been generated internally by Pura Vida in compliance with the SPE Petroleum Resource Management System (PRMS), under the supervision of David Ormerod, Technical Director, a qualified Petroleum Geologist with over 25 years’ experience in the oil exploration industry. Mr Ormerod is a member of the Petroleum Exploration Society of Australia, Society of Exploration Geophysicists and of the American Association of Petroleum Geologists, and has consented to the inclusion of the technical assessment in this announcement.

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 and offshore Gabon with significant resource potential and a fully funded high-impact drilling program.

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

CONTACT

Damon Neaves, Managing Director t: +61 8 9226 2011 e: info@puravidaenergy.com.au

Page 5 of 5