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Portugal

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.

Over the past 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 onshore petroleum systems and three significant exploration plays: the Triassic Pre-salt, a Liassic (Lower Jurassic) unconventional resource play and Upper Jurassic reefs. In addition, Portugal is relatively unexplored, has excellent fiscal terms and has ready access to premium European markets.

From the evaluation of existing data over the area, 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 Oil and Gas Corporation, a wholly owned subsidiary of Porto Energy (PEC-TSX.V), 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.

Technical report (NI 43-101) - English

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