- Exclusive rights to two government oil and gas exploration concession areas
- Batalha and Pombal Concessions covering approximately 620,000 contiguous acres in the onshore Lusitanian Basin in Portugal
- 2D and 3D seismic and wells in the concession indicated that there are two working hydrocarbon systems
- Conventional oil and gas1 discoveries and targets
- Existing gas pipeline infrastructure crosses both concessions and has excess capacity
- Eight-year exploration term from 30 September 2015 subject to minimum work programs
- Await opportunity to apply for a third concession.
1 “Conventional oil and gas refers to oil and gas which can be extracted, after the drilling operations, through the natural pressure of the drilled well and associated pumping operations. It does not include any artificial stimulation operations to produce oil and gas”