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THE WOODLANDS, TX, Sept. 7, 2011 /CNW/ - Porto Energy Corp., ("Porto" or the "Company"), today announced that it has completed acquisition of more than 1,000
km2 of 3D seismic data over portions of the Cabo Mondego-2 and São Pedro de
Muel-2 concessions offshore Portugal using towed streamer arrays. The
Company believes it has obtained good quality, analyzable data and
expects processing and interpretation to be completed by February 2012.
Additionally, the Company began shooting a 240 km² 3D seismic program
over the Montejunto Anticline on the Torres Vedras-3 Concession that
includes the Lapaduços and Cruz de Pedra prospects. The program will
target the Shallow Jurassic Carbonate, Jurassic Reefs and Presalt
Silves and is designed to high-grade prospects, further evaluate the
Jurassic Reef Trend and seal potential and define locations for future
wells. Acquisition is expected to be completed by the end of 2011 with
processing and interpretation scheduled for completion by March 2012.
With the completion of the Montejunto onshore 3D seismic acquisition,
the Company will have fulfilled its seismic obligation under its work
program commitments to the Portuguese government.
"We remain committed to applying modern exploration technology in our
work program, never before used in Portugal," said Joseph Ash,
President and CEO of Porto Energy. "The data provided from this
technology is expected to further our understanding of the basin in an
effort to de-risk our resources and finalize key drilling and joint
venturing decisions. Moreover we remain committed to the ongoing
drilling program and optimistic about the Aljubarrota discovery."
As previously reported, the Company is currently drilling the SPC-2 well
to test a second Jurassic Reef prospect and is below a vertical depth
of approximately 1,700 meters. The target depth of this well is
expected to be approximately 1,950 meters and is targeting a well
defined four way closure trap in the Jurassic Reef as delineated by the
Company's recently completed 120 km2 3D seismic survey of this area. The Company expects to reach total
depth on this well in mid-September with logging results expected soon
after. Depending on the results of the SPC-2 well, the Company
anticipates mobilizing the rig back to the Alj-4 well to perform
flow-testing based on the ongoing analysis of the 65 meters of
conventional core and 430 meters of open hole logs in the Lower
Jurassic Brenha gas reservoir that was collected in early July of this
year. Preliminary core analysis shows a highly fractured Brenha in the
lower zone. This lower zone has never before been identified in the
previous wells that were drilled deep enough to have penetrated this
section of the formation. As a result, this new information suggests
that fracture stimulation may not be necessary.
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 five concessions
in Portugal's Lusitanian Basin totaling 1,444,152 net acres or 5,844 km2. 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.
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.
SOURCE Porto Energy Corp.
For further information:
Heath Cleaver - Chief Financial Officer