Watch Live


Porto Energy Corp. Announces Results from the ALC-1 Presalt Exploration Well

 Porto Energy Corp. Announces Results from the ALC-1 Presalt Exploration Well  TORONTO, Nov. 1, 2012 /CNW/ - Porto Energy Corp., ("Porto" or the "Company")  (TSXV:PEC), a company focused on oil and gas exploration, appraisal and  development in Portugal, today announced results from the drilling of the  Alcobaça #1 ("ALC-1") Presalt exploration well in the Aljubarrota-3  concession, onshore Portugal. The well was drilled under a joint venture with  Petróleos de Portugal - Petrogal ("Galp") who carried Porto on 50% of the  total costs associated with the drilling of this well, estimated to be  approximately $10.7 million.  The Company spud the ALC-1 well at the end of August 2012. The ALC-1 well was  the Company's first Presalt well and reached a total measured depth of 3,240  meters. The well encountered a 300 metre gas column trapped below salt, but  did not find sufficient reservoir sands to be a commercial success. The  Company has begun efforts to plug and abandon the well and release the rig.  Porto and Galp are initiating technical discussions on the best path forward.  "The well penetratedapproximately 50 net meters of sandand sawgood  reservoir properties in several intervals,butmuchofthe sands were near  the base of the trapped gas column and as such were deemed non commercial,"  said Joseph Ash, President and CEO of Porto Energy. "Overall we drilled nearly  1,000 feet of hydrocarbon column. The salt sealing mechanism worked. The  pre-salt charge and migration was confirmed as the sands were found to be gas  bearing. Reservoir containment was also demonstrated since there was no  breach. Unfortunately, we discovered a much lower net to gross ratio on the  sands in this discovery. Regardless, this demonstrated to the partnership  that the play can work in the basin."  Porto will turn its near term focus to its Lias unconventional resource oil  play while Mohave and Galp evaluate other parts of the basin where the  pre-salt is potentially productive. The Porto Lias unconventional oil joint  venture with Sorgenia International B.V., Netherlands ("Sorgenia"), and  Rohöl-Aufsuchungs Aktiengesellschaft, Austria ("RAG"), concluded a 23 well  stratigraphic drilling program in the third quarter of 2012 to jointly  evaluate the unconventional resource potential of the Lower Jurassic (Lias)  stratigraphic interval within Porto's concessions in Portugal. While the cores  continue to show encouraging results, complete rock mechanics and geochemical  analysis is ongoing. Complete results are expected in the first quarter of  2013.  "We are very pleased with the results of our Lias work program and the extra  wells we drilled have allowed the partnership to collect more data to analyze  and interpret," said Joseph Ash. "We and our partners remain very optimistic  about what we are seeing in the data thus far."  About Porto Energy Corp.  PortoEnergy 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 inPortugal), 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.PortoEnergy's shares trade on the  TSX Venture Exchange under the ticker symbol "PEC". For more information  onPortoEnergy visit:  Cautionary Statements  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.  Heath Cleaver - Chief Financial Officer Phone: 1-713-975-1725  SOURCE: Porto Energy Corp.  To view this news release in HTML formatting, please use the following URL:  CO: Porto Energy Corp. ST: Texas NI: OIL FIELD  
Press spacebar to pause and continue. Press esc to stop.