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Porto Energy Corp. Updates 3D Seismic Programs & Drilling Program
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. AN...
About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\n\n\n\nNOT 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, Sept. 7, 2011 /CNW/ - Porto Energy Corp., (\"Porto\" or the \"Company\"), today announced that it has completed acquisition of more than 1,000\n km2 of 3D seismic data over portions of the Cabo Mondego-2 and São Pedro de\n Muel-2 concessions offshore Portugal using towed streamer arrays. The\n Company believes it has obtained good quality, analyzable data and\n expects processing and interpretation to be completed by February 2012.\n\n\nAdditionally, the Company began shooting a 240 km² 3D seismic program\n over the Montejunto Anticline on the Torres Vedras-3 Concession that\n includes the Lapaduços and Cruz de Pedra prospects. The program will\n target the Shallow Jurassic Carbonate, Jurassic Reefs and Presalt\n Silves and is designed to high-grade prospects, further evaluate the\n Jurassic Reef Trend and seal potential and define locations for future\n wells. Acquisition is expected to be completed by the end of 2011 with\n processing and interpretation scheduled for completion by March 2012.\n With the completion of the Montejunto onshore 3D seismic acquisition,\n the Company will have fulfilled its seismic obligation under its work\n program commitments to the Portuguese government.\n\n\n\"We remain committed to applying modern exploration technology in our\n work program, never before used in Portugal,\" said Joseph Ash,\n President and CEO of Porto Energy. \"The data provided from this\n technology is expected to further our understanding of the basin in an\n effort to de-risk our resources and finalize key drilling and joint\n venturing decisions. Moreover we remain committed to the ongoing\n drilling program and optimistic about the Aljubarrota discovery.\"\n\n\nAs previously reported, the Company is currently drilling the SPC-2 well\n to test a second Jurassic Reef prospect and is below a vertical depth\n of approximately 1,700 meters. The target depth of this well is\n expected to be approximately 1,950 meters and is targeting a well\n defined four way closure trap in the Jurassic Reef as delineated by the\n Company's recently completed 120 km2 3D seismic survey of this area. The Com...