Business
Porto Energy Corp. Announces Signed Letter of Intent for Farm-In on Selected Portuguese Concessions
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About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY\n CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS/\n\n\nTHE WOODLANDS, TX, March 6, 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 that it has signed a\n non-binding Letter of Intent (\"LOI\") with an undisclosed party, the\n (\"Partner\"), whereby the Partner will farm in to Porto's rights on\n certain of the Company's concessions onshore Portugal, including the\n pre-salt potential on the Aljubarrota-3 concession. Under the terms of\n the LOI, the Partner will earn a 50% interest in the concessions,\n comprising approximately 600,000 gross acres (300,000 net to the\n Partner), in exchange for an aggregate farm-in commitment of up to\n US$23.0 million in payments and carried costs. The LOI is subject to\n customary break fees and conditions precedent.  If definitive\n agreements are not entered into by April 30, 2012, the LOI will expire.\n\n\n\"Having a high working interest in each of our concessions provide us\n with maximum flexibility in the pursuit of partnering opportunities on\n our broad Portuguese asset base,\" said Joseph Ash, President and CEO of\n Porto Energy Corp. \"Signing of this LOI demonstrates our ability to\n advance our joint venture strategy to further unlock our asset\n potential, increasing shareholder value. It will also allow us to fully\n fund the drilling of our 3-D imaged pre-salt exploration well by\n midyear.\"\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 interests in five concessions\n in Portugal's Lusitanian Basin totaling 1,444,152 net acres or 5,844 km2. Through its exploration efforts to date, the Company has identified\n seven major exploration trends over its concessions including\n unconventional oil and gas resource plays as well as conventional oil\n and gas targets. Porto Energ...