Gabon granted Pura Vida Energy a 12-month extension to the current exploration phase of the Nkembe production sharing contract offshore the country, Offshore Engineering Today reported. The extension will run until January 2018, with no further work commitments.

The Australian oil exploration company holds a 100% interest in the Nkembe production sharing contract, which contains the Loba oil discovery with 141m gross oil column. Pura Vida stated that the field could contain 2c recoverable resources of 11.5mb of oil, with a significant increase to over 30mb of oil upon the addition of other adjacent prospects, according to Ecofin Agency. The field may also generate near-term cash flow through the acceleration of development to start early production.

In September, the company said that its main goal was to secure finance through a farm-out deal that will guarantee a near-term drilling program to commercialize the Loba oil field and other prospects in the Loba complex. Pura Vida added that its strategy in Gabon is focused on commercializing the Loba oil field which has the potential to transform Pura Vida from an explorer into a developer and producer.

In related Gabon news, Egypt Oil&Gas reported early September that Gabon’s National Organization of Petrol Employees’ Secretary General, Sylvian Mayabi, had confirmed that the country’s sole oil refinery in the commercial city of Port Gentil had reopened after five days of closure following the post election violence.