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CONCESSIONS

Torres Vedras - 3

The Torres Vedras 3 concession was granted on August 3, 2007 and covers an area of approximately 305,738 net acres. The Company has a 97.5 per cent working interest in reservoirs below 400 meters (target area). The concession area contains three trends and 39 defined prospects and leads that the Company has identified. Porto Energy will initially focus its efforts on an onshore Jurassic reef trend within its concession where the principal hydrocarbon product is oil. An 80 km² 3-D seismic survey was recently completed and the Company intends to utilize this data to drill exploration wells. Additionally, the Company commissioned a 40 km² 3-D seismic survey in 2008 which, when combined with the current 3-D seismic acquisition in Torres Vedras, will provide a total of 120 km² of 3-D seismic data.

The Company believes the reef prospects have a potential for repeatability upon initial success.

Aljubarrota - 3

The Aljubarrota 3 concession (in which the Company has 100 percent working interest) was granted on August 3, 2007 and covers an area of approximately 299,986 net acres. The concession area contains four trends and 11 defined prospects and lead areas. The Company has recently completed 160 km² of 3-D seismic to appraise the Aljubarrota Gas Discovery and explore the Rhodochrosite Prospects, both of which contain natural gas as the principal hydrocarbon product.

The Aljubarrota Gas Discovery Prospect was defined using 2-D seismic surveys as well as data acquired from four wells that were drilled between 1999 and 2005. A 160 km² 3-D seismic survey was recently completed and the Company intends to re-enter the Alj-4 to collect engineering and geologic data for a future horizontal development. The sub-salt Rhodochrosite Prospect was identified based on data from wells that were previously drilled in addition to data acquired from 2-D seismic surveys which were performed in 1981 and 1996. To better identify target areas, a new 3-D seismic survey will be utilized  to drill the exploration well.
 

Cabo Mondego - 2

The Cabo Mondego 2 concession (in which the Company has 100 percent working interest) was granted on August 3, 2007 and covers approximately 272,557 net acres. Approximately 30 percent of the concession area lies offshore in water depths of less than 75 metres. The Company has identified three prospects and leads within the concession area.

The Company plans to conduct a 1,000 km² 3-D seismic survey over target areas of the identified prospects. The Company will utilize the seismic data to target low risk opportunities.

 

Rio Maior - 2

The Rio Maior 2 concession (in which the Company has 100 percent working interest) was granted on August 3, 2007 and covers approximately 314,812 net acres. The concession area contains three trends, but the Company is utilizing existing 2-D surveys to identify future work programs targeting these trends.

São Pedro de Muel - 2

The São Pedro de Muel 2 concession (in which the Company has 100 percent working interest) was granted on August 3, 2007 and covers approximately 251,059 net acres. More than 90 percent of this concession area lies offshore in relatively shallow water depths of less than 75 meters. The concession area contains three trends and four well-defined prospects that the Company has identified.

The Company has commissioned an 1,000 km² 3-D seismic survey over the target areas of the prospects. The Company will utilize the seismic data to target low risk opportunities.