PEC.V
Porto Energy Spuds the Alcobaça #1 (ALC-1) Presalt Well with its Joint Venture Partner Galp
Porto Energy Corp. PEC
8/30/2012 5:43:00 PM
Porto Energy Spuds the Alcobaça #1 (ALC-1) Presalt Well with its Joint Venture Partner Galp
THE WOODLANDS, TX, Aug. 30, 2012 /CNW/ - Porto Energy Corp., ("Porto" or the "Company") (TSXV:PEC), 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."
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