As stated in the press release,

Porto will turn its near term focus to its Lias unconventional resource oil play while Mohave and Galp

evaluate other parts of the basin where the pre-salt is potentially productive. The Porto Lias

unconventional oil joint venture with Sorgenia International B.V., Netherlands ("Sorgenia"), and Rohöl-

Aufsuchungs Aktiengesellschaft, Austria ("RAG"), concluded a 23 well stratigraphic drilling program in the

third quarter of 2012 to jointly evaluate the unconventional resource potential of the Lower Jurassic (Lias)

stratigraphic interval within Porto's concessions in Portugal. While the cores continue to show

encouraging results, complete rock mechanics and geochemical analysis is ongoing. Complete results

are expected in the first quarter of 2013.

“We are very pleased with the results of our Lias work program and the extra wells we drilled have

allowed the partnership to collect more data to analyze and interpret,” said Joseph