Pura Vida Energy NL announced that the four million dollar Initial Public Offering to explore oil in Africa has closed oversubscribed.

Capital raised from the 20 million shares priced at 20 cents each will be combined with the company’s existing 3.3 million dollar cash resource to fund exploration activity within 11,000 square kilometres of Morocco’s Mazagan Offshore Area in the Atlantic.

Mr Damon Neaves MD of Pura Vida said that “We are particularly pleased to have secured significant broad based support in the market with several brokers and institutions supporting the IPO despite challenging market conditions.”

Pura Vida’s main Toubkal prospect is located in deep water 100 kilometres offshore to the west of Essaouira and has been independently estimated to have the potential to contain more than a billion barrels of oil.