MiningMonster, you should also be careful when posting analyst targets. The TD 12 month target is actually .50 cents, not .20 cents. (This is as of March 2nd, 2012) The company is not out of money, in fact the two signed JV's, and the pending JV will give Porto ample cash to ride thru the remainder of this year.
Here is the post from TD as of last week.
Porto’s financial results were neutral and the execution of a farm-out agreement was expected, but the farm-out should be viewed as slightly positive for financing risk, in our opinion. Some of the spending by the farm-inpartners will count towards Porto’s pre-existing contract commitments.
The company reported cash of $20.7 million (C.10/share) as at November 30, 2011, which we believe is sufficient for Porto to continue exploring its large prospective resources through late-2012, but additional farm-outs would be a very sensible management of financing risk, in our view.
We are maintaining our C.50 target. With Porto continuing to trade at a very large discount to other International E&Ps in our coverage on Fully-risked NAVPS, we maintain our SPECULATIVE BUY rating.
With drilling operations remaining suspended, timing of material catalysts is now difficult to predict and the combination of low trading volumes, relatively tight finances, and high exploration risk makes Porto a speculative investment. However, we continue to see upside potential (that could be realized within the next 12 months) that is larger than any other International E&P in our coverage. Potential near-term catalysts include additional farm-outs, updated resource estimates and geophysical results, as well as an announcement of a planned re-start to drilling, which we expect to occur before mid-2012.