Stockguy, You could add this from Deadlock's 8/31 article........

We will value ONLY the 3D seismic based upon industry norms. I researched 2012 seismic contracts in Africa and Australia to arrive at a fair market value of $12,500 per square kilometre (km2) of 3D seismic. Porto has completed the following 3D seismic both on and offshore Portugal.

Offshore 3D - 1100 km2 x $12,500 = $13.8 million fair value

Onshore 3D - 500 km2 x $12,500 = $6 million fair value

Estimated fair value of Porto 3D seismic inventory is approx. $20 million (10 cents per share). This assigns zero value to the land itself or the underlying resources of oil & gas if they are fortunate to hit economic wells.

2012 3D Seismic average of $12,500 for Porto was based upon the following:

a) Murphy Oil – offshore Papua - $9 million 600 km2 –$15,000 per km2

b) Senex Energy – onshore South Australia – 790 km2 - $11 million – $14,000 per km2

c) Australia – $5 million for 400 km2 of offshore 3D seismic survey and reprocessing – $12,500 per km2

d) BHP Australia – $12 million for 923 km2 seismic survey and geotechnical studies - $13,000 km2

e) Pancontinental Oil - Offshore Kenya - $14 million for 680 km2 - $20,500 km2

f) Chariot Oil – Namibia - $100 million for 4500 km2 of 3D seismic - $22,000 per km2


Read more at http://www.stockhouse.com/opinion/ticker-trax/aug/31/high-impact-oil---gas-play-in-portugal--stockhouse.aspx#pPZ8UcQJdhuV11LQ.99