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Porto Energy Corp. Concludes Definitive Joint Operating Agreement with Galp for Aljubarrota-3 Concession
THE WOODLANDS, TX, March 27, 2013 /CNW/ - Porto Energy Corp., (" Porto " or the " Company "...
About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\n\n\n\nTHE WOODLANDS, TX, March 27, 2013 /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 it has entered into a\n definitive joint operating agreement (\"JOA\"), through its wholly-owned\n subsidiary, Mohave Oil and Gas Corporation, with Petróleos de Portugal\n - Petrogal, S.A. (\"Galp\") in connection with its June 2012 farmout\n agreement relating to the Aljubarrota-3 concession.\n\n\nIn June 2012, the Company entered into a definitive farmout agreement\n with Galp whereby they paid the Company $4.3 million in back costs as\n well as their portion of the drilling of the ALC-1 well, approximately\n $6.15 million, to earn 50% of the Company's rights in the Aljubarrota-3\n concession which comprises approximately 300,000 acres onshore\n Portugal.  Participation in the concession also provides Galp with a\n working interest in part of the Company's Lias stratigraphic interval\n within the concession. The assignment of interest was approved by the\n Portuguese oil and gas authority, Divisão para a Pesquisa e Exploração\n de Petróleo (\"DPEP\") in September 2012.  The terms of the JOA are\n standard and consistent with the provisions of the 2012 Association of\n International Petroleum Negotiators (\"AIPN\") model.\n\n\n\"Concluding a definitive JOA formalizes our relationship with Galp and\n provides a solid foundation on which to proceed,\" said Joseph P. Ash,\n President and CEO of Porto.  \"Galp's participation provides them a\n working interest over a significant portion of our Presalt play in the\n basin, a play type they have been very successful exploiting and\n developing in Brazil.  We welcome their expertise and we anticipate\n their exploration team will add valuable experience to our Lias\n unconventional resource play as well.  This agreement establishes a\n clear precedent and will serve as a basis for future operating\n agreements with other partners.\"\n\n\nThe Company is in the final stages of discussions with Sorgenia\n International B.V., Netherlands (\"Sorgenia\"), and Rohöl-Aufsuchungs\n Aktiengesellschaft, Austria (\"RAG\"), with respect to formalizing the\n next phase of exploration for the Lias play.  The Company anticipa...