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Porto Energy Corp. Announces Results from Alj-4 Re-Entry Well and Provides Operational Update

Porto Energy Corp., (PEC.V), a company focused on oil and gas exploration, appraisal and development in Portugal that is trading close to a year low of 21 cents, announced that following the completion of its analysis of the 65 meters of conventional core and 430 meters of open hole logs, the ALJ-4 re-entry well in the Aljubarrota-3 concession encountered promising reservoir properties and gas shows. However, it was not able to sustain economic production levels due to water encroachment and, therefore, the company has elected to plug and abandon the well. It said: "The water had high concentrations of salt, approximately 175 thousand parts-per-million, indicating the origin of the water encroachment is most likely the salt pack below the bottom of the well and is being introduced by a nearby fault that is approximately 300 meters away. Prior to the completion of the Basal Brenha, the company confirmed that the Upper Brenha tight gas section is water free but wellbore limitations prevented completion of this interval."

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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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