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Porto Energy Provides Operational Update on the ALC-1 Presalt Well and Lias (Unconventional Oil) Drilling Program
THE WOODLANDS, TX, Oct. 9, 2012 /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, Oct. 9, 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, is pleased to provide an operational\n update on the ongoing drilling of its Alcobaça #1 (\"ALC-1\") Presalt well in the Aljubarrota-3 concession and its Lias\n stratigraphic drilling program, onshore Portugal.\n\n\nThe ALC-1 well is being drilled under a joint venture with Petróleos de\n Portugal - Petrogal (\"Galp\") who is carrying Porto on 50% of the total drilling costs of this\n well.  The Company spud the ALC-1 well, its first Presalt well, at the\n end of August 2012 and has reached a total measured depth of 2,935\n meters. Using interpreted 3-D seismic data, the ALC-1 well is targeting\n a mapped four-way closure approximately 800 meters high to the ALJ-2\n appraisal well at the Company's Aljubarrota gas discovery. The well has\n encountered a thicker than expected salt section and has now drilled\n though this salt section and into the closure below the salt.  Galp and\n Porto have decided to run a liner and then resume drilling operations\n to a targeted depth of 3,300 meters.  The thicker than expected salt\n section is encouraging and the Company's remapping indicates that it is\n still drilling within the targeted closure.  The Company cautions that\n it is still drilling into the primary zone of interest and final\n results are forthcoming.  Porto anticipates its drilling operations at\n the ALC-1 well to reach total depth within the next two weeks.\n\n\n\"We continue to have high expectations for this well and are thus far\n encouraged by our preliminary findings,\" said Joseph Ash, President and\n CEO of Porto. \"We encountered elevated gas readings when we drilled out\n of the salt and are now targeting a seismic anomaly we see on our 3D\n that we interpret as a potential reservoir interval. We are working\n closely with Galp to evaluate this section which has the potential to\n make this a commercial discovery.\"\n\n\nThe Porto Lias unconventional oil joint venture with Sorgenia\n International B.V., Netherlands, and Rohöl-Aufsuchungs\n Aktiengesellschaft, Austria, (together the \"Farm-in Partners\"), has now concluded a 23-well stratigraphic drilling program to\n jointly ...