HARTSHEAD RESOURCES NL — Capital/Financing Update 2013

Mar 5, 2013

6 March 2013

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ASX Code: PVD

20.0 MMBO CONTINGENT RESOURCE AT LOBA M 1 DISCOVERY OFFSHORE GABON, WEST AFRICA

Highlights

• Petrophysical analysis by Pura Vida has highlighted 46 metres of interpreted oil pay in the existing discovery made by the Loba M 1 well in 1976 on Pura Vida’s 80% owned Nkembe block, offshore Gabon

• The interpreted oil pay in the Loba M 1 discovery is in the Batanga sandstones. These sandstones produce in nearby fields offshore Gabon, the closest being the Barbier field 6 km to the north of the Loba M 1 discovery

• The Loba M 1 discovery offers a potential appraisal target for early drilling, coupled with deeper exploration potential in the underlying sub-salt reservoirs

• Petrophysical analysis indicates good quality reservoir being 18% porosity with oil saturation of 66% in sandstones deposited in a turbidite environment

• Interpretation of the existing 3D seismic and the Loba M 1 well log has defined the contingent resource of the structure drilled by the Loba M 1 well to be in the range (p10, p50 and p90) of 11.2, 20.0 and 28.7 mmbo

• Significant potential value for a tie-back development to nearby producing fields with an existing pipeline export network

Pura Vida Energy NL (“Pura Vida” or the “Company”) (ASX: PVD) is pleased to announce that it has completed an initial evaluation of the Loba M 1 discovery well in the Nkembe permit, offshore Gabon, West Africa. This evaluation has resulted in the recognition of a contingent resource at the Loba oil field. Further resource estimates will be provided in relation to the variety of prospects and plays present on the Nkembe block during the course of the year.

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

“ The initial evaluation of the Loba M 1 discovery well in the Nkembe block is a part of Pura Vida’s continuing work program and highlights the potential for early appraisal drilling. Recognising contingent resources at the Loba discovery is another important step in maturing the Company into a diversified E&P company of scale. ”

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Pura Vida views the Nkembe block as having a variety of plays within the sub-salt providing potential for large scale oil discoveries. The existing discovery at Loba M 1 may be the target of a combined appraisal and exploration well. As illustrated in Figure 2, Pura Vida would plan the well to appraise the discovered Loba oil field above salt and then continue into the deeper sub-salt reservoirs which will be better defined by the new 3D seismic data to be acquired in 2013.

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Interpretation Interpretation
of hydrocarbons of reservoirs
on logs on logs
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Figure 1 - Loba M 1 discovery well petrophysics

The Batanga sandstones in the Loba M 1 discovery well show good reservoir properties being 18% average porosity and an oil saturation average of 66%. The well was drilled in 1976 by Elf Aquitaine using a water based mud system which resulted in formation damage and an injection of mud into the reservoir. On production test the formation damage resulted in flow of mud predominately with some oil recovered from the test string. Modern drilling practice is to use oil based muds that do not react with the clays in the reservoir and to drill without invasion of drilling fluid into the reservoir. The surrounding fields were developed using modern drilling practices.

The Batanga sandstones produce in nearby fields offshore Gabon, the closest being the Barbier field 6 km to the north of the Loba M 1 discovery. An example of nearby tie-back development is the recent Mitsubishi discovery of 7.5 mmbo in the Batanga formation in the adjacent block to the Nkembe block which is being tied back to existing infrastructure for production.

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Figure 2 - Seismic section through the Loba M 1 discovery well

The seismic section (Figure 2) shows the location of the discovery above the salt layer as well as the exploration potential below the salt. The depth to the reservoir is 1,879 metres below sea level with the exploration targets being from 2,500 to 3,500 metres below sea level.

The top reservoir map (Figure 3) shows a simple closure which is created by the underlying salt layer. The extent of the closure is defined in the p50 case as 3.8 km[2] . Pura Vida in estimating the contingent resource has assumed that reservoir is present over 67% of the closure suggesting a range (p10, p50 and p90) in contingent resource of 11.2, 20.0 and 28.7 mmbo with a p50 recovery factor of 30%.

Based on an NPV of US$15/bbl, the Loba M 1 discovery represents significant value and presents a transformational near-term development opportunity for Pura Vida. Given its location in shallow water and proximity to nearby infrastructure, the economics for commercialisation of the Loba M 1 discovery are very attractive.

Better definition of the sub-salt traps is expected from the new 3D seismic that Pura Vida plans to acquire later this year.

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Figure 3 - Loba M 1 depth structure map

Forward plans

Pura Vida has committed to a primary term of four (4) years with an option to extend for a secondary term of three (3) years. The work program for the primary term includes:

• a 550 km[2] Multi Azimuth (MAZ) 3D seismic survey targeting substantial sub-salt prospects; and

• an exploration well primarily targeting the Batanga formation reservoirs which produce in the nearby fields with the potential to test the extent of existing discoveries.

Pura Vida intends to acquire specialised seismic data designed to better image the reservoirs below salt. This will include reservoirs below both shallow and deep salt layers. The technology has been proven to work in salt basins worldwide and originated in the Gulf of Mexico where companies such as BHP have used the technology to better define discoveries on fields such as the large Shenzi field. Pura Vida expects to commence acquisition of the new seismic data by the end of 2013.

Persons compiling information about hydrocarbons

The contingent resource estimates for the Loba M 1 discovery 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 contingent resource estimates 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 Gabon with significant resource potential.

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CONTACT

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

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