Sorg & Rag have until Dec 31 to exercise their option for phase 2, @.04 PEC has a MC of 8Mil, pretty safe bet to buy now I think especially if Sorg & Rag exercise their option which would carry PEC on 2 deep wells.
The Porto Lias unconventional oil joint venture with Sorgenia International B.V., Netherlands, and Rohöl-Aufsuchungs Aktiengesellschaft, Austria, (together the "Farm-in Partners"), has now concluded a 23-well stratigraphic drilling program to jointly evaluate the unconventional resource potential of the Lower Jurassic (Lias) stratigraphic interval within Porto's concessions in Portugal. During Phase 1, for which Porto’s costs are 100% carried by the Farm-in Partners, the Company originally intended to drill 19 wells. However, due to drilling efficiencies, the scope of the Phase 1 drilling program was expanded to drill an additional four wells for a total of 23 wells. This 23-well program is now complete, and the Farm-in Partners have until December 31, 2012 to elect to proceed to Phase 2 activities as contemplated under the joint venture.