From July 30, 2013 releasePorto's expected money share for the future perhaps is holding back investment....
2013 Work Program The 2013 well program, which consists of drilling one deep well (terminal depth greater than 3,000 metres) and possibly one horizontal well, contingent upon the results of the deep well, both within the Lias interval; drilling 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 on shore that may also partially benefit the offshore prospects; and further acquisition and analysis of geologic data to expand the Company's understanding of the basin in general, was approved by DPEP in June 2013. Based on the working interests of the Company and the obligations of its joint venture partner as set out in the farmout agreement and governed by the joint operating agreement, the Company anticipates its portion of the costs to be between $7.1 million and $11.2 million depending on the results of the initial Presalt well and whether or not the drilling of a horizontal well is warranted. The work program is expected to be funded through its joint venturing efforts. Approval of the 2013 program by DPEP successfully concludes the Company's 2012 drilling program requirements.
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And now , of course, "joint venturing" has expanded into the potential of various scenarios.....seemingly a hope and a prayer effort? You would think that if those 23 shallow wells with their resource (NOT RESERVES) increase held good hope then Sorg and Rag would have hung around with their 50% OR , at least, someone else would have picked it up quickly ...obviously not the case.