Porto Energy's strategy is a balanced appraisal and exploration drilling approach that targets both oil and gas prospects with a focus on drilling in the Pre-salt and evaluating the Lias tight oil play onshore Portugal. We will continue to seek partnerships to pursue higher risk and higher cost assets.

The Company is using modern exploration and development techniques such as 3-D seismic data acquisition surveys as well as underbalanced and horizontal drilling. We are focusing on near-term opportunities across both conventional and unconventional resource plays to accrete value to our shareholders.