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Porto Energy concludes definitive joint operating agreement with Galp


Published Mar 29, 2013
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Porto Energy Corp. in Portugal

Porto Energy Corp. has entered into a definitive joint operating agreement (JOA), through its wholly-owned subsidiary, Mohave Oil and Gas Corporation, with Petróleos de Portugal - Petrogal, S.A. (Galp) in connection with its June 2012 farmout agreement relating to the Aljubarrota-3 concession.

In June 2012, the Company entered into a definitive farmout agreement with Galp whereby they paid the Company $4.3 million in back costs as well as their portion of the drilling of the ALC-1 well, approximately $6.15 million, to earn 50% of the Company's rights in the Aljubarrota-3 concession which comprises approximately 300,000 acres onshore Portugal.

Tags: Porto Energy Corp.



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