Porto Energy Announces Expiration of Phase Two Option in JV with Sorgenia and RAG; Near Yr Lows
Porto Energy Corp., (PEC.V), a company focused on oil and gas exploration, appraisal and development in Portugal and trading near year lows, announced its joint venture partners in the Netherlands and Austria have chosen to not elect to proceed into the second phase of the work program as defined under the terms of the original Farm-Out Agreement dated, February 29, 2012. As a result, the Farm-In Parties' acreage interest reverts back to Porto.
"A decision was made to discontinue the negotiations and to allow the term to elect into phase two to expire unexercised," said Joseph Ash, President and CEO of Porto. "We are confident that this was the right course of action for our shareholders over the longer-term and we continue to aggressively market our extensive portfolio of Portuguese assets, spanning both our onshore and offshore holdings."
A formal farm-out process for the company's offshore concessions has been initiated and it anticipates commencing a similar farm-out process for its unconventional onshore Lias acreage within the next few weeks.
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