RE: News out!
Porto partners decide against second phase of work
2013-04-05 17:14 ET - News Release
Mr. Heath Cleaver reports
PORTO ENERGY ANNOUNCES EXPIRATION OF PHASE TWO OPTION IN JOINT VENTURE WITH SORGENIA AND RAG
Porto Energy Corp.'s joint venture partners, Sorgenia International BV, Netherlands, and Rohol-Aufsuchungs Aktiengesellschaft, Austria, have chosen to not elect to proceed into the second phase of the work program as defined under the terms of the original farm-out agreement dated Feb. 29, 2012. As a result, the farm-in parties' acreage interest reverts back to Porto.
"A decision was made to discontinue the negotiations and to allow the term to elect into phase 2 to expire unexercised," said Joseph Ash, president and chief executive of Porto. "We are confident that this was the right course of action for our shareholders over the longer term and we continue to aggressively market our extensive portfolio of Portuguese assets, spanning both our onshore and offshore holdings."
A formal farm-out process for the company's offshore concessions has been initiated and it anticipates commencing a similar farm-out process for its unconventional onshore Lias acreage within the next few weeks