Porto Energy has begun drilling of the Alcobaça-1 (ALC-1) well located in the Aljubarrota-3 concession onshore Portugal.
The company owns the concession in a joint venture with Petróleos de Portugal – Petrogal (Galp).
Porto Energy President and CEO Joseph Ash said that the company looks forwards to the spudding of this presalt well following the conclusion of its joint venture agreement with Galp in June 2012.
"This presalt target has an NI51-101 resource best estimate (P50) of 588BCF gross (294BCF net) unrisked prospective resources by Netherland, Sewell & Associates, which makes this an extremely important project for us," said Ash.
The ALC-1 well will be drilled to a total depth of approximately 3,000m and intends to target a mapped four-way closure approximately 800m high to the ALJ-2 well.
The target was outlined using interpreted 3D seismic data secured by the company.
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By GlobalDataDrilling and testing of the company’s first presalt well is expected to take between 45 and 55 days to complete.
Galp is carrying 50% of the costs associated with the drilling of the well.
Porto Energy is a company which undertaken oil and gas exploration, appraisal and development in Portugal. It’s wholly owned subsidiary, Mohave Oil and Gas holds working interests in seven concessions in Portugal’s Lusitanian Basin amounting to 1.9 million net acres.
