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Porto Energy Spuds the Alcobaça #1 (ALC-1) Presalt Well with its Joint Venture Partner Galp
THE WOODLANDS, TX, Aug. 30, 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. 30, 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 commenced the drilling of the Alcobaça #1 (\"ALC-1\") Presalt well in its\n Aljubarrota-3 concession onshore Portugal under its joint venture\n (\"JV\") with Petróleos de Portugal - Petrogal (\"Galp\").\n\n\nThe ALC-1 well is the Company's first Presalt well and is expected to be\n drilled to a total depth of approximately 3,000 meters. Using\n interpreted 3-D seismic data, the ALC-1 well is targeting a mapped\n four-way closure approximately 800 meters high to the ALJ-2 well. \n Drilling and testing is estimated to take between 45 and 55 days to\n complete at a total anticipated gross well cost, not including\n completion and hook-up costs, of approximately $7.0 million.  Galp is\n carrying Porto on 50% of the costs associated with the drilling of this\n well.\n\n\n\"Following the conclusion of our JV with Galp in June 2012, we are\n excited about the spudding of this Presalt well,\" said Joseph Ash,\n President and CEO of Porto.  \"This Presalt target has an NI51-101\n resource best estimate (P50) of 588 BCF gross (294 BCF net) unrisked\n prospective resources by Netherland, Sewell & Associates, Inc. which\n makes this an extremely important project for us.\"\n\n\nAbout Porto Energy Corp.\n\n\nPorto Energy Corp. is an international oil and gas company engaged in\n the exploration of crude oil and natural gas in Portugal, including the\n appraisal of a gas discovery.  Through its wholly owned subsidiary,\n Mohave Oil And Gas Corporation (a Texas corporation with branch offices\n in Portugal), the Company holds working interests in seven concessions\n in Portugal's Lusitanian Basin totaling approximately 1.9 million net\n acres. Through its exploration efforts to date, the Company has\n identified seven major exploration trends over its concessions\n including unconventional oil and gas resource plays as well as\n conventional oil and gas targets. Porto Energy's shares trade on the\n TSX Venture Exchange under the ticker symbol \"PEC\". For more\n information on Porto Energy visit: www.portoenergy.com.\n\n\nCau...