Porto Energy Corp., (PEC.V), a company focused on oil and gas exploration, appraisal and development in Portugal that saw its stock crash more than 50% Thursday, announced results from the drilling of the Alcobaca #1 Presalt exploration well in the Aljubarrota-3 concession, onshore Portugal. The well was drilled under a joint venture with Petroleos de Portugal - Petrogal who carried Porto on 50% of the total costs associated with the drilling of this well, estimated to be approximately $10.7 million.
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