Business
Porto Energy Engages Black Spruce Merchant Capital to provide Financial Advisory Services
THE WOODLANDS, TX, Aug. 24, 2012 /CNW/ - Porto Energy Corp., (" Porto " or the " Compa...
About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\n\n\n\nTHE WOODLANDS, TX, Aug. 24, 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 the engagement of Black\n Spruce Merchant Capital Corporation (\"BSMC\") to provide financial\n advisory services with respect to project and corporate, business\n combinations as well as equity and debt financings as part of the\n ongoing development on Porto's seven concessions in Portugal's\n Lusitanian Basin.\n\n\nPorto is currently actively advancing two of its projects in Portugal. \n First, on June 29, 2012 Porto through its wholly owned subsidiary,\n announced a definitive farmout with Petróleos de Portugal - Petrogal (\"Galp\") whereby Galp will pay the Company approximately US$7.8 million to earn\n 50% of the Company's rights in the Aljuabarrota-3 concession,\n comprising approximately 300,000 acres, onshore Portugal.  Under the\n terms of the agreement, the Company intends to drill a Presalt well\n with a target depth of approximately 3,000 meters.  Drilling is\n expected to commence in late August, 2012 and take approximately 45-55\n days to complete.  This well has a NI51-101 estimate of 588 BCF P50\n gross unrisked resources (294 BCF net P50 unrisked resources).  Second,\n on March 1, 2012, Porto announced a definitive agreement with Sorgenia\n International B.V., Netherlands (\"Sorgenia\"), and Rohöl-Aufsuchungs\n Aktiengesellschaft, Austria (\"RAG\"), (together the (\"Farm-in\n Partners\"), to jointly evaluate the unconventional resource potential\n of the Lower Jurassic (Lias) stratigraphic interval within Porto's\n concessions in Portugal. Porto retains operatorship of the Company's\n concessions and the joint venture. With the additions of the two new\n concessions in May 2012, Zambujal and Peniche, the area to be jointly\n evaluated is approximately 690,000 acres.  The Lias stratigraphic\n interval is being pursued as an unconventional resource\n throughout Europe. Second phase activities, for which Porto will be\n carried for until phase 3, include the drilling of two deep wells and\n additional geochemical and geophysical analysis. The costs associated\n with the two wells will be shared equally between the F...