Porto Energy farms out to Galp

Farm-out deal: Porto says Galp will take a stake in onshore project

related stories

Kathrine Schmidt

 29 June 2012 22:19 GMT

Porto Energy said Friday it had signed a $7.8 million deal with Galp to farm out a 50% stake in its Aljuabarrota-3 concession onshore Portugal.

The venture intends to drill the Alcobaca-1 well to test the conditions in the 300,000 acre lease bloc, the Portugal-focused explorer said in a statement.

“We are excited about our new partnership with Galp to test the pre-salt in the Aljubarrota concession,” Porto chief executive Joseph Ash said in a statement of the agreement, made through its Mohave Oil and Gas subsidiary.

The well will explore a geological feature estimated to contain unrisked prospective reserves of 100 million barrels of oil equivalent in a March assessment by Netherland, Sewell & Associates.

The $7…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index