Australia-based Pura Vida said in a statement on Tuesday that this approval was the key step in finalising a farm-out agreement made with Plains Exploration & Production (now a Freeport-McMoRan subsidiary) in January.
Under the terms of the deal, Freeport-McMoRan will pay $15 million in cash for 52% operated stake in the 2.7 million-acre block, which lies in the Essaouira basin off the coast of Morocco.
