Porto Energy Spuds the Alcobaca #1 (ALC-1) Presalt Well with its Joint Venture Partner Galp
30 August 2012 - 1:43AM
PR Newswire (Canada)
THE WOODLANDS, TX, Aug. 30, 2012 /CNW/ - Porto Energy Corp.,
("Porto" or the "Company") , a company focused on oil and gas
exploration, appraisal and development in Portugal, is pleased
to announce that it has commenced the drilling of the Alcobaça #1
("ALC-1") Presalt well in its Aljubarrota-3 concession onshore
Portugal under its joint venture ("JV") with Petróleos de Portugal
- Petrogal ("Galp"). The ALC-1 well is the Company's first Presalt
well and is expected to be drilled to a total depth of
approximately 3,000 meters. Using interpreted 3-D seismic data, the
ALC-1 well is targeting a mapped four-way closure approximately 800
meters high to the ALJ-2 well. Drilling and testing is
estimated to take between 45 and 55 days to complete at a total
anticipated gross well cost, not including completion and hook-up
costs, of approximately $7.0 million. Galp is carrying Porto
on 50% of the costs associated with the drilling of this well.
"Following the conclusion of our JV with Galp in June 2012, we are
excited about the spudding of this Presalt well," said Joseph Ash,
President and CEO of Porto. "This Presalt target has an
NI51-101 resource best estimate (P50) of 588 BCF gross (294 BCF
net) unrisked prospective resources by Netherland, Sewell &
Associates, Inc. which makes this an extremely important project
for us." About Porto Energy Corp. Porto Energy Corp.
is an international oil and gas company engaged in the exploration
of crude oil and natural gas in Portugal, including the appraisal
of a gas discovery. Through its wholly owned subsidiary,
Mohave Oil And Gas Corporation (a Texas corporation with branch
offices in Portugal), the Company holds working interests in
seven concessions in Portugal's Lusitanian Basin totaling
approximately 1.9 million net acres. Through its exploration
efforts to date, the Company has identified seven major exploration
trends over its concessions including unconventional oil and gas
resource plays as well as conventional oil and gas
targets. Porto Energy's shares trade on the TSX Venture
Exchange under the ticker symbol "PEC". For more information
on Porto Energy visit: www.portoenergy.com. Cautionary
Statements No proved, probable or possible reserves have been
assigned by the Company at this time. Undiscovered resources are
those quantities of oil and gas estimated on a given date to be
contained in accumulations yet to be discovered. Estimates of
resources always involve uncertainty, and the degree of uncertainty
can vary widely between accumulations/projects and over the life of
a project. There is no certainty that it will be commercially
viable to produce any portion of the resources. Estimates with
respect to resources that may be developed and produced in the
future are often based upon volumetric calculations, probabilistic
methods and upon analogy to similar types of resources, rather than
upon actual production history. Estimates based on these methods
generally are less reliable than those based on actual production
history. Subsequent evaluation of the same resources based upon
production history will result in variations, which may be
material, in the estimated resources. Resource estimates may
require revision based on actual production experience. Prospective
resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered
accumulations by application of future development projects. Best
Estimate is considered to be the best estimate of the quantity that
will actually be recovered. It is equally likely that the actual
remaining quantities recovered will be greater or less than the
best estimate. Using probabilistic methods, there should be at
least a 50 percent probability (P50) that the quantities actually
recovered will equal or exceed the best estimate. This press
release contains certain forward-looking statements. These
statements relate to future events or the Company's future
performance. All statements other than statements of
historical fact are forward-looking statements. The use of
any of the words "anticipate", "plan", "continue", "estimate",
"expect", "may", "will", "project", "should", "believe", "predict"
and "potential" and similar expressions are intended to identify
forward-looking statements. These statements involve known
and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. No assurance can be
given that these expectations will prove to be correct and such
forward-looking statements should not be unduly relied upon.
These forward-looking statements are made as of the date of this
press release and the Company does not undertake to update any
forward-looking statements that are contained in this press
release, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. Porto Energy Corp. CONTACT: Porto Energy Corp.Heath
Cleaver - Chief Financial OfficerPhone: 1-713-975-1725
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