I think that an MD&A is overdue, they did one last Nov, then in Feb, April and July...below was in the July discussion and is probably only chance to get any good news in next couple of month, unless they release some news of other JV's  If the unconventional JV partners decide to go ahead with phase 2, then that should bump the share price.  It would be nice to have PEC inform the remaining investors with an update.

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In February 2012, the Company entered into a definitive joint venture agreement with Sorgenia and Rag, (together the ("Farm-in Partners"), to jointly evaluate the unconventional resource potential of the Lower Jurassic ("Lias") stratigraphic interval within Porto’s concessions in Portugal. Porto will retain operatorship of the Company’s concessions and the joint venture. The area to be jointly evaluated is approximately 450,000 acres. The Lias stratigraphic interval is being pursued as an unconventional resource throughout Europe.

Under the terms of the agreement, Sorgenia and RAG will each initially secure a 32.33% working interest specifically in the Lias stratagraphic interval in exchange for their participation in the first phase of a three phased work program. Porto will not be required to fund the joint venture until the third phase unless phase one and two encounter cost overruns as discussed below. The first phase, which began in July 2012 and must be completed by December 31, 2012, is focused on developing a comprehensive geophysical and geochemical analysis of the Lias stratagraphic interval. The Farm-in Partners will each fund 50% of the overall costs of the first phase work program with total program costs not to exceed US$1.0 million. The second phase will begin immediately following the first and must be completed by August 1, 2014, but is subject to extension. Upon entry into the second phase, the Farm-in Partners will each be deemed to have earned a 32.33% interest in the Lias stratagraphic interval. Second phase activities include the drilling of two deep wells and additional geochemical and geophysical analysis. The costs associated with the two wells will be shared equally between the Farm-in Partners capped at a gross cost of US$10.0 million, net of mobilization and demobilization costs. Other costs associated with the phase two work program will be shared according to the working interest held by each of the parties. Activities under a phase three work program, which is expected to begin immediately following completion of the phase two work program, include the submission of a five-year general development and production plan with further development and production initiatives to follow as necessary. The costs for the third phase work program will be borne by all parties according to their working interest in the JV.