I am not pleased with the way the news release was handled. but PEC and Galp are not dead plus they have other JV at work. From last news release:

 

"Porto will turn its near term focus to its Lias unconventional resource oil play while Mohave and Galp evaluate other parts of the basin where the pre-salt is potentially productive.  The Porto Lias unconventional oil joint venture with Sorgenia International B.V., Netherlands ("Sorgenia"), and Rohöl-Aufsuchungs Aktiengesellschaft, Austria ("RAG"), concluded a 23 well stratigraphic drilling program in the third quarter of 2012 to jointly evaluate the unconventional resource potential of the Lower Jurassic (Lias) stratigraphic interval within Porto's concessions in Portugal. While the cores continue to show encouraging results, complete rock mechanics and geochemical analysis is ongoing.  Complete results are expected in the first quarter of 2013.

"We are very pleased with the results of our Lias work program and the extra wells we drilled have allowed the partnership to collect more data to analyze and interpret," said Joseph Ash.  "We and our partners remain very optimistic about what we are seeing in the data thus far.""

Yhey do not seem to be woried much about financing.

My investment here is not large, II originaly had 6k at 0.20 and bought 8k more today at 0.05. GL