Business
Porto Energy Corp. Reports Results for Fiscal Year End 2013
THE WOODLANDS, TX , Nov. 27, 2013 /CNW/ - Porto Energy Corp., (" Porto " or the " Comp...
About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\nTHE WOODLANDS, TX, Nov. 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 its financial results for\n the year ended August 31, 2013. All amounts are stated in US dollars\n unless otherwise noted by C$ for Canadian dollars or € for Euros.\n\n\nSelected Highlights for Fiscal 2013 and the Period Subsequent to\n Year-End\n\n\nIn the last fiscal year the Company has announced:\n\n\n\nSuccessful negotiation of the terms of its 2013 work program with the\n Portuguese government marking the conclusion of its 2012 work program;\n\n\n\n\nDrilling of the ALC-1 well with Petróleos de Portugal - Petrogal\n (\"Galp\") carrying Porto for 50% of the well costs. The well reached a\n total measured depth of approximately 3,000 meters and encountered a\n 300 metre gas column trapped below salt, but did not find sufficient\n reservoir sands to be a commercial success. The salt sealing mechanism\n was shown to be in place and the Presalt 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.  All of\n which warrants the need for further exploration drilling; and\n\n\n\n\nGalp's exercise of its option to become the operator of the\n Aljubarrota-3 concession, pursuant to the terms of the definitive\n farmout agreement signed by the two companies in June 2012.\n\n\n\nSubsequent to the end of the fiscal year the Company announced:\n\n\n\nEntry into a strategic review process whereby a Special Committee of\n independent directors will work to identify, examine and consider a\n range of strategic alternatives available to Porto, with a view to\n preserving and maximizing shareholder value. This process could result\n in a sale of the Corporation, a private placement or public financing\n through the issuance of debt, equity or a combination of both, a sale\n of a material portion of the Corporation's assets, a merger, business\n combination or a corporate reorganization, among other alternatives;\n and\n\n\n\n\nLaunch of a non-brokered private placement of up to 150 Units of the\n Company (the \"Units\") at a price of CDN$10,000 per Unit (the \"Offering\n Price\") to raise gross proceeds of up to CD...