Business
Porto Energy Corp. Announces Results from the ALC-1 Presalt Exploration Well
TORONTO, Nov. 1, 2012 /CNW/ - Porto Energy Corp., (" Porto " or the " Company ") (TSXV:PEC)...
About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Nov. 1, 2012 /CNW/ - Porto Energy Corp., (\"Porto\" or the \"Company\") (TSXV:PEC), a company focused on oil and gas exploration, appraisal\n and development in Portugal, today announced results from the drilling\n of the Alcobaça #1 (\"ALC-1\") Presalt exploration well in the Aljubarrota-3 concession, onshore\n Portugal. The well was drilled under a joint venture with Petróleos de\n Portugal - Petrogal (\"Galp\") who carried Porto on 50% of the total costs associated with the\n drilling of this well, estimated to be approximately $10.7 million.\n\n\nThe Company spud the ALC-1 well at the end of August 2012. The ALC-1\n well was the Company's first Presalt well and reached a total measured\n depth of 3,240 meters. The well encountered a 300 metre gas column\n trapped below salt, but did not find sufficient reservoir sands to be a\n commercial success. The Company has begun efforts to plug and abandon\n the well and release the rig. Porto and Galp are initiating technical\n discussions on the best path forward.\n\n\n\"The well penetrated approximately 50 net meters of sand and saw good\n reservoir properties in several intervals, but much of the sands were\n near the base of the trapped gas column and as such were deemed non\n commercial,\" said Joseph Ash, President and CEO of Porto Energy.\n \"Overall we drilled nearly 1,000 feet of hydrocarbon column.  The salt\n sealing mechanism worked.  The pre-salt charge and migration was\n confirmed as the sands were found to be gas bearing.  Reservoir\n containment was also demonstrated since there was no breach. \n Unfortunately, we discovered a much lower net to gross ratio on the\n sands in this discovery.  Regardless, this demonstrated to the\n partnership that the play can work in the basin.\"\n\n\nPorto will turn its near term focus to its Lias unconventional resource\n oil play while Mohave and Galp evaluate other parts of the basin where\n the pre-salt is potentially productive.  The Porto Lias unconventional\n oil joint venture with Sorgenia International B.V., Netherlands (\"Sorgenia\"), and Rohöl-Aufsuchungs Aktiengesellschaft, Austria (\"RAG\"), concluded a 23 well stratigraphic drilling program in the third\n quarter of 2012 to jointly evaluate the unconventional resource\n ...