TSXV:PEC.H - Post by User
Post by
kaisersoszeon Sep 08, 2012 10:15am
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Post# 21337533
Response from Porto IR
Response from Porto IR I wrote to them inquiring about the latest article, and what specifically it meant. Here is their reply:
I believe the title was "Mohave to start Portugal oil production project within months". That being said, we have already begun a stratigraphic well program to test the Lias interval. We expect that our JV partners will consider moving into Phase II in October/November whereby we anticipate drilling 2 proof of concept wells for approximately $12 million. This is likely the "production project" Reuters is referring to. The JV partners will carry Mohave through this phase if they decide to continue into Phase II. The important take away is that in August, Mohave was required to relinquish a percentage of its acreage on its 5 original concession. Now we have 5 additional years in which to explore without relinquishment of our onshore acreage. The following link provides our official press release on the matter:
https://www.portoenergy.com/files/newsreleases/Sept%204%202012%20-%20News%20Release.pdf
Kind Regards,
IR