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MILESTONES
2012
   
November
 
-Announces Results from the ALC-1 Presalt Exploration Well
   
September
 
-Received Approval of its Development and Production Plan Onshore Portugal
   
August
 
-Spuds the Alcobaça #1 (ALC-1) Presalt Well with its Joint Venture Partner GALP
   
July
 
-Secures Enters into Farmout Agreement with PetroĢleos de Portugal - Petrogal (GALP)
-Begins it's stratographic well program as part of Phase 1 of the Sorgenia/Rag JV to determine the outer extent of the Lias
   
May
 
-Secures Two Additonal Concessions and Announces a Modified 2012 Work Program
   
March
 
-Enters into Definitive JV Agreement to Exploit Tight-Oil Shale Play with Sorgenia International B.V., Netherlands and Rohöl-Aufsuchungs Aktiengesellschaft, Austria
   
January
 
-Successfully completed a 240 km2 3D Seismic Program over the Montejunto Anticline in the Torres Vedras Concession
   
2011
   
December
 
-Received final enhanced pre-stack time migration processing from the Aljubarrota 3-D seismic shoot outlining the Presalt prospect below the Aljubarrota tight gas play
   
September
 
-Completion of its analysis of the 65 meters of conventional core and 430 meters of open hole logs
-Reentered ALJ-4, encountered promising reservoir properties and gas shows, but not able to sustain economic production due to water encroachment. Well was plugged and abandoned
-Completed 1,100 km2 of offshore 3-D seismic and began shooting 240 km2 of 3-D seismic over the Montejunto Anticline
   
August
 
-Spud SPC-2 well and plugged and abandoned SPC-1 as a dry-hole due to ineffective seal
   
July
 
- Successfully acquired 60 to 70 meters of conventional core in the Alj-4 well.
- Spud SPC-1 reef well in Torres Vedras
   
May
  - 1,100 km² offshore 3-D seismic contract signed
- 240 km² onshore Montejuno Anticline contract signed
   
April
 
- Rig contract signed
   
March
 
- Completed 240 km² 3-D seismic in Torres Vedras and Aljubarrota
- Successfully completed $70.0 million IPO with the Alberto Securities Commission

- Listed on the Toronto Venture Exchange
   
February
  - Drilling tenders received
   
January
  - Netherland, Sewell & Associates NI 51-101 Resource Report completed
   
2010
   
December
  -Successfully completed $17.5 million private placement
   
August
 
- Began 240 km² 3-D seismic in Torres Vedras and Aljubarrota