TSXV:PEC.H - Post by User
Post by
CalifDreamingon May 25, 2011 5:48pm
589 Views
Post# 18625180
Let the dog see the rabbit...
Let the dog see the rabbit...
Porto Energy Corp(C:PEC)
Shares Issued 198,889,153
Last Close5/24/2011
.80
Wednesday May 25 2011 - News Release
Mr. Heath Cleaver reports
PORTO ENERGY CORP. ANNOUNCES SPUDDING OF ALJ-4 RE-ENTRY WELL IN PORTUGAL
Porto Energy Corp. has commenced re-entry operations on theAlj-4 well on the Aljubarrota-3 onshore concession in central Portugal.The Alj-4 well was originally drilled in 2005 to a depth of 2,110metres as a direct offset to the company's Alj-2 well that discovered366 billion cubic feet of contingent gas resources in a Jurassic fractured Brenhacarbonate formation. The original Alj-4 well was temporarily abandonedabove the gas accumulation due to operational constraints. The companyintends to deepen the Alj-4 well by 450 metres to approximately 2,550metres to appraise the gas-bearing reservoir in the Jurassic Brenhacarbonate. Drilling operations, which includes the acquisition of 60 to 70metres of conventional core, are expected to take approximately onemonth. Analysis of the well results is expected to be completed by theend of August, 2011. Total drilling and appraisal costs are estimated atapproximately $4.5-million which includes mobilization of the rig tothe re-entry location.
"We are moving forward with our asset appraisal program ahead ofschedule," said Joseph Ash, president and chief executive officer of Porto Energy. "Ourprimary goal for the re-entry and deepening of the Alj-4 well is tooptimize future horizontal well design and commercialize theAljubarrota gas discovery. After the re-entry is completed, we intendto move the rig 70 kilometres south to the Torres Vedras-3 onshoreconcession to test multiple Jurassic reef oil prospects defined by ourrecently completed 120-square-kilometre 3-D seismic survey."