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Porto Announces Portuguese Government Approval of Marketing Agreement for Geophysical Data
THE WOODLANDS, TX , May 6, 2014 /CNW/ - Porto Energy Corp., (" Porto " or the " Compan...
About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\nTHE WOODLANDS, TX, May 6, 2014 /CNW/ - Porto Energy Corp., (\"Porto\" or the \"Company\") (TSXV:PEC), today announced the Portuguese government approved the\n seismic data sales agreement between the Company and TGS-NOPEC\n Geophysical Company ASA (OSLO:TGS) (\"TGS\").  As previously disclosed in its fiscal second quarter Management\n Discussion and Analysis (\"MD&A\") filed on April 29, 2014, the Company agreed to terms with TGS for the\n licensing and marketing of four sets of survey data including one 3D\n offshore survey spanning 1,099 square kilometers, two 3D onshore\n surveys totaling 358 square kilometers (excluding 160 square kilometers\n of Aljubarrota 3D seismic data as it is jointly owned by the Company\n and its joint venture partner, Petróleos de Portugal - Petrogal, S.A.\n (\"Galp\")), and one 24,000 square kilometer aeromagnetic survey.  Approval of\n the agreement is not guaranteed to bring in immediate funding. \n However, in obtaining government approval, TGS can now begin to market\n the Company's seismic data to interested parties.  If a sale is\n consummated, Porto expects to receive the proceeds, less any fees, from\n TGS within 30 days of that sale according to the sales agreement.\n\n\n\"We entered into this agreement with the goal of extracting maximum\n value from the Company's geophysical assets,\" said Joseph P. Ash,\n President and CEO of Porto Energy. \"Each single license for the entire\n data set has the potential to bring in up to $1.4 million net to Porto,\n which would provide enough funding for the Company to meet its working\n capital obligations for 12 months or more while we continue to market\n our assets to interested parties.  As discussed in our fiscal second\n quarter MD&A, we are working to secure a non-refundable security\n deposit from interested parties equivalent to one percent of the\n principal amount of the previously announced convertible promissory\n note financing to support our immediate working capital needs.\"\n\n\nAbout TGS-NOPEC Geophysical Company ASA\n\n\nTGS provides multi-client geoscience data to oil and gas Exploration and\n Production companies worldwide. In addition to extensive global\n geophysical and geological data libraries that include multi-client\n seismic data, magnetic and gravity data, digital well logs, pr...