TSXV:PEC.H - Post by User
Comment by
LukeinTXon Jul 02, 2013 5:16pm
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Post# 21585177
RE:When will we drill again?
RE:When will we drill again?Soon, see below. vr LSG
THE WOODLANDS, TX, Jul 2, 2013, 2013 (Canada NewsWire via COMTEX) -- Porto Energy Corp., ("Porto" or the "Company") (TSXV:PEC), a company focused on oil and gas exploration, appraisal and development in Portugal, today announced that the Portugese government department, Direccão Geral de Energia e Geologia
("DGEG") has approved the Company's 2013 work program.
The 2013 work program includes drilling one deep well (terminal depth greater than 3,000 metres) and possibly one horizontal well depending on the deep well results, both within the Lias interval; drilling of up to seven stratigraphic wells to advance the exploration and development of the Lias stratigraphic interval; the acquisition of 150 km of 2-D seismic data onshore that may also benefit the offshore prospects; and further acquisition and analysis of geologic data to expand the Company's understanding of the basin in general. The total estimated cost of the 2013 program is expected to be approximately $22.4 million and is anticipated to be funded in part by Galp through their 50% working interest in the Aljubarrota-3 Concession and through Porto's joint venture marketing efforts. A new bond is expected to be put in place based on these 2013 work program commitments.
"We look forward to working with Galp over the coming months as they take over operatorship of the Aljubarrota-3 concession and help to carry out the drilling of a deep well at Aljubarrota which we consider to be the most essential piece of the 2013 work program," said Joseph P. Ash, President and CEO of Porto. "This is also an important milestone for Porto as we mark the successful conclusion of our 2012 work program which provides for the release of the Company's fully collateralized $2.0 million bond."
The Company is continuing to market its Portuguese assets through an ongoing farm-out initiative. Currently, several parties are actively conducting due diligence andPorto anticipates providing an update in due course.