AGC Ultra Profound-1 Deepwater Block

 Port Energy holds a 90 % interest in the 5,500 square km Ultra Profound- 1 Deepwater Block (UP-1) located in the area managed by the Agence de Gestion et de Cooperation (AGC) between the Republics of Senegal and Guinea-Bissau.  UP-1 is located in a region that is emerging as a major hydrocarbon province, with many companies actively exploring deep-water plays.  Having completed its initial data interpretation of 2D seismic lines across UP-1 including tying these lines into data from neighbouring blocks and other activity in the wider MSGBC Basin, Port Energy has identified multiple play opportunities that hold forth significant potential for large-scale recoverable oil.  An additional work program is underway to further define these opportunities.