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Porto Energy Corp. Announces Drilling Results for First Torres Vedras Well
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About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\n\n\n\nNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE\n TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S.\n SECURITIES LAWS\n\n\nTHE WOODLANDS, TX, Aug. 10, 2011 /CNW/ - Porto Energy Corp., (\"Porto\" or the \"Company\"), today announced results from the drilling of the SPC-1 well in the\n Torres Vedras concession onshore Portugal, the first well of a proposed\n two to four well exploration program in the Company's Jurassic Reef\n Trend. The SPC-1 spud on July 7, 2011 and reached total measured depth\n at 2,064 meters on August 5, 2011. Subsequent evaluation of drilling\n and open-hole log data indicates the SPC-1 had oil shows.  However, the\n well did not encounter commercial accumulations of hydrocarbons and the\n well has been plugged and abandoned as a dry hole.  The Company is\n currently preparing to move the rig to the SPC-2 location to test a\n second Jurassic Reef prospect.  The target depth of this well is\n expected to be approximately 1,950 meters and is targeting a well\n defined four way closure trap in the Jurassic Reef as delineated by the\n Company's recently completed 120 km2 3D seismic survey of this area.  The Company expects to reach total\n depth on this well in mid-September with logging results expected soon\n after.\n\n\n\"Although obviously disappointed with the results of this initial\n exploration well, we have greatly advanced our understanding of the\n play and do not consider the failure of the SPC-1 to condemn the\n Jurassic reef trend. This was the first well in Portugal drilled within\n the reef trend using 3D seismic.  The SPC-1 well indicates the presence\n of reservoir, a working petroleum system, but appears to have failed\n due to ineffective seal capacity.  We consider our next well to be in a\n much better position to address this type of exploration risk,\" said\n Joseph Ash, President and CEO of Porto Energy.\n\n\nAbout Porto Energy Corp.\n\n\nPorto Energy Corp. is an international oil and gas company engaged in\n the exploration of crude oil and natural gas in Portugal, including the\n appraisal of a gas discovery.  Through its wholly owned subsidiary,\n Mohave Oil And Gas Corporation (a Texas corporation with branch offices\n in Portugal), the Company holds working interest...