Porto Energy Corp. has secured a 100% working interest in two new concessions, onshore Portugal. The Zambujal and Peniche concessions cover approximately 315,000 and 96,000 acres, respectively.
The terms of the concessions provide for an initial exploration period of eight years that expires May 21, 2020. The entire area of each concession is being evaluated by the Porto, Sorgenia International B.V., Netherlands (Sorgenia), and Rohöl-Aufsuchungs Aktiengesellschaft, Austria (RAG) joint venture as an unconventional oil and gas resource. With the addition of these new concessions, the Company holds working interests in more than 1.9 million net acres in Portugal.
The Company also received approval from the Portuguese oil and gas authority, Divisão para a Pesquisa e Exploração de Petróleo (DPEP), for its modified 2012 work program.