Oracle Energy Corp. ("the Company" or "Oracle Energy", or "Oracle") (TSX.V: OEC) (Frankfurt: O2E) is pleased to announce that the Direcção Geral de Energia e Geologia (DGEG), an agency of the Portuguese Ministry of Economy and Employment, has awarded Oracle Energy the Barreiro oil and gas concession in Portugal's southern Lusitanian Basin. The new concession is 95% onshore and covers an area of approximately 211,275 acres in size (855 sq km). Terms of the concession provide for an initial exploration period of 8 years that expires on January 31st,, 2021.
In the last five years there has been renewed interest in oil and gas in Portugal both on and offshore. Seismic and drilling has confirmed the existence of two petroleum systems and three significant exploration plays: the Triassic Pre-salt, a Liassic (Lower Jurassic) unconventional resource play and Upper Jurassic reefs. From the evaluation of existing data over the area, Oracle expects all three of these plays to be present in their new concession. In addition, Portugal is relatively unexplored, has excellent fiscal terms and has ready access to premium European markets.
Mohave Oil and Gas Corporation, a wholly owned subsidiary of Porto Energy, The Woodlands, Texas, USA (PEC-TSX.V), agreed to work with Oracle to aid in their technical understanding of the reserve potential in their new concession. Mohave has extensive experience in Portugal and holds a working interest in nearly 1.72 million gross contiguous acres (7,000 sq km) in the Basin north of the new Oracle Concession. Mohave recently completed drilling and coring 23 shallow Lias wells as part of the initial phase of their unconventional resource play. While results of geochemical analysis from these wells continue to add positive results to their play, studies continue.
Mohave also drilled their first Presalt well (and only the 9th in the basin) to a total measured depth of 3,240 metres. The well encountered a 300 metre gas column trapped below salt, and did penetrate approximately 50 net metres of sand with good reservoir properties. Although reservoir sands were not sufficient for a commercial success, this well demonstrated that the pre-salt play can work in the basin.
Oracle's concession has reserve potential in both the Presalt and in a southern extension of Mohave's Lias unconventional resource play, as well as the Jurassic reef play. Mohave has agreed to provide Oracle technical advice for both these plays in return for a three year option for a maximum 25% working interest in the concession, subject to approval by the Government of Portugal.
Oracle's Chairman Nasim Tyab remarked, "Oracle is pleased to be working with the DGEG and Mohave on this exciting new venture. We believe there is significant upside in Portuguese oil and gas, and that this new concession is a good opportunity for Oracle to secure a working stake in the country."
About Oracle Energy Corp.
Oracle Energy Corp. (TSX-V: OEC, Frankfurt: O2E) is a Canadian oil and gas company focused on opportunities in upstream oil and gas in Europe and Africa. Oracle has built a strong management team with over 150 years combined experience in international oil exploration and development, economics and finance, and government relations. Oracle is committed to growth and shareholder value creation through exploration, development, and production - initially in Nigeria and Portugal. The Company holds working interest in the Barreiro oil and gas concession (211,275 acres/855 sq km), in Portugal's southern Lusitanian Basin.
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