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Porto Energy Receives Approval of Its Development and Production Plan Onshore Portugal
THE WOODLANDS, TX, Sept. 4, 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, Sept. 4, 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 announce that it has\n received approval from the Portuguese oil and gas authority, Divisão\n para a Pesquisa e Exploração de Petróleo (\"DPEP\"), of its Development and Production Plan (the \"Plan\") for the Company's concessions onshore Portugal.\n\n\nThe approval of the Plan covers the Company's entire onshore acreage in\n Portugal of approximately 1,539,334 acres for a period of five years. \n During this upcoming five year term, Porto will be executing a work\n program focused on commercializing the Lias resource play in one or\n more areas within its concessions.  At the end of five years, a\n secondary production evaluation will be performed at which time the\n concessions may be converted into a 25 year production lease.  The\n approval of this Plan ensures that the Company is able to progress\n towards a timely and organized investment schedule.\n\n\n\"Our relationship with the Portuguese Government remains strong,\" said\n Joseph Ash, President and CEO of Porto. \"Their approval of Porto's Plan\n evidences their commitment to developing their oil and gas industry and\n we are very pleased to be working in partnership with them towards that\n end.\"\n\n\nAdditionally, Porto anticipates relinquishing 147,000 acres (7.5% of\n gross acres) of its offshore concession area.  All of the relinquished\n area is outside of its currently mapped prospects which have been\n identified using 3D seismic that the Company acquired in late 2011. \n The Company continues to work with DPEP regarding its offshore acreage\n and anticipates approval of this plan by the end of September 2012.\n Porto is working with Netherland, Sewell & Associates, Inc. on an\n independent NI51-101 resource report for its offshore concessions which\n will incorporate all of the newly mapped and identified prospects.  The\n Company plans on using this updated resource report to formally launch\n a joint venture process for its offshore concession areas prior to the\n end of 2012 in an effort to unlock the value of these assets in its\n portfolio.\n\n\nAbout Porto Energy Corp...