how credible is the nr and the 24/7 here on the forum.
Porto's prospective resources at 636.9 mmboe in 2012
2013-01-31 18:27 ET - News Release
Mr. Heath Cleaver reports
PORTO ENERGY CORP. ANNOUNCES UPDATED RESOURCE ESTIMATES
Porto Energy Corp. has received an updated independent resource evaluation from Netherland, Sewell & Associates Inc. based in Dallas, Tex. This report was completed on each of the seven concessions in which the Company maintains an interest. The Updated Report is dated January 10, 2013 with an effective date of December 31, 2012.
"We are pleased to announce that we have significantly increased our prospective resources in the Lower Jurassic Lias unconventional resource play as a result of the ongoing technical evaluation program with our joint venture partners," said Joseph Ash, President and CEO of Porto Energy Corp. "Despite reducing the prospective resources associated with the number of conventional Jurassic reef exploration targets, the reduction was more than offset by the increased the geologic chance of success of finding hydrocarbon-bearing reservoirs in the Silves which was confirmed by the ALC-1 well. Our ongoing joint venture initiatives will benefit from the Updated Report that augments the extensive technical analysis our team has performed to continually high-grade our exploration portfolio and narrow our focus to the Lias unconventional resource and Presalt conventional plays. In turn, this narrowed focus will help concentrate our farm-out efforts."
Comparing the Updated Report to the original NSAI report dated August 31, 2012, prospective resources for the Lias increased from 95.4 mmboe (best estimate) to 366.8 mmboe (best estimate), an increase of 271.4 mmboe or 284%. Similarly, the low case increased from 2.2 mmboe to 22.6 mmboe and the high case increased from 572.6 mmboe to 1,399.4 mmboe, or 927% and 144%, respectively.
Phase I work to characterize the Jurassic Lias resource play included finalized aeromagnetic data over the blocks, the drilling and analysis of 23 shallow wells and the development of a Lias deposition model that greatly increased the Company's understanding of the Lias marls in the central and northern blocks. This work underpinned the Updated Report by NSAI and points to a very prospective unconventional resource play that merits additional technical evaluation.
The AlcobaAparagrapha #1 ("ALC-1") Presalt exploration well in the Aljubarrota-3 concession, onshore Portugal (as announced November 1, 2012) helped to confirm gas-bearing reservoirs, despite being a sub-commercial gas discovery. In turn, this well has significantly de-risked other Presalt prospects due to a confirmation of source rock, reservoir-bearing sands and trapping mechanism in the Silves interval.
Comparing the Updated Report to the original NSAI report dated August 31, 2012, P50 risked recoverable contingent resources remained relatively unchanged. Resources associated with the Company's Jurassic reef and other exploration prospects P50 risked resources decreased by approximately 97.3 mmboe, however, this was offset by an increase in the Lias potential of approximately 271.4 mmboe and the Presalt Silves reservoir potential of approximately 23.9 mmboe of P50 risked prospective resources.
Compared to the original NSAI report, P50 net risked recoverable prospective resources increased 198 mmboe, or 45%, from 439 mmboe to 637 mmboe. In total, the Updated Report has a combined (contingent plus prospective) resource base comprised of 47% oil and 53% natural gas.
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