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Porto Energy Announces JV Partner Galp Exercising Option to Become Operator of Aljubarrota-3 Concession; Near Yr Lows

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Porto Energy Corp., (PEC.V), focused on oil and gas exploration, appraisal and development in Portugal and trading near a year low 2 cents, announced that its joint venture partner in the Aljubarrota-3 concession, Petroleos de Portugal - Petrogal, S.A., has exercised its option to become the operator of the concession, pursuant to the terms of the definitive farmout agreement signed by the two companies in June 2012. Assignment of operatorship is subject to approval by the Portugese government department, Direccao Geral de Energia e Geologia.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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