TABJ - July 7 - Porto Energy Corp. has announced that it has commenced its drilling operations in the Torres Vedras onshore concession in Portugal.

The SPC-1 well is the first well of a proposed two to four well exploration drilling program in the company’s Jurassic Reef Trend. The target depth of this well is anticipated to be about 1,970 metres and is expected to test multiple Jurassic Reef oil prospect levels as delineated by the company’s recently completed 120 square kilometre 3D seismic survey of this area.

The Torres Vedras rig is under contract from KCA Deutag and recently completed the re-entry of the ALJ- 4 well to a depth of 2,600 metres, prior to being moved to the new SPC-1 location. The ALJ-4 well is a direct offset to the company’s ALJ-2 fractured carbonate gas discovery well. Porto Energy recovered 65.25 metres of conventional core and 430 meters of open hole logs in the Jurassic Brenha gas reservoir.

The company is currently testing and analyzing the core, logs and associated data and anticipates results from this testing and analysis within the next three months.

“With the successful re-entry of the ALJ-4 well and the collection of critical engineering and geological data, we continue to advance our asset appraisal and exploration drilling programs on our onshore concessions,” Joseph Ash, President and CEO, Porto Energy Corp., said in a statement.

Porto Energy Corp. is an international oil and gas company engaged in the exploration of crude oil and natural gas in Portugal, including the appraisal of a gas discovery.