Business
Porto Energy Corp. Receives Approval for 2013 Work Program
THE WOODLANDS, TX, July 2, 2013 /CNW/ - Porto Energy Corp., (" Porto " or the " Compa...
About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\nTHE WOODLANDS, TX, July 2, 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 that the Portugese\n government department, Direcção Geral de Energia e Geologia (\"DGEG\") has approved the Company's 2013 work program.\n\n\nThe 2013 work program includes drilling one deep well (terminal depth\n greater than 3,000 metres) and possibly one horizontal well depending\n on the deep well results, both within the Lias interval;  drilling of\n up to seven stratigraphic wells to advance the exploration and\n development of the Lias stratigraphic interval; the acquisition of 150\n km of 2-D seismic data onshore that may also benefit the offshore\n prospects; and further acquisition and analysis of geologic data to\n expand the Company's understanding of the basin in general.  The total\n estimated cost of the 2013 program is expected to be approximately\n $22.4 million and is anticipated to be funded in part by Galp through\n their 50% working interest in the Aljubarrota-3 Concession and through\n Porto's joint venture marketing efforts.  A new bond is expected to be\n put in place based on these 2013 work program commitments.\n\n\n\"We look forward to working with Galp over the coming months as they\n take over operatorship of the Aljubarrota-3 concession and help to\n carry out the drilling of a deep well at Aljubarrota which we consider\n to be the most essential piece of the 2013 work program,\" said Joseph\n P. Ash, President and CEO of Porto.  \"This is also an important\n milestone for Porto as we mark the successful conclusion of our 2012\n work program which provides for the release of the Company's fully\n collateralized $2.0 million bond.\"\n\n\nThe Company is continuing to market its Portuguese assets through an\n ongoing farm-out initiative. Currently, several parties are actively\n conducting due diligence and Porto anticipates providing an update in\n due course.\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 corpora...