That's exactly why buying PEC @ .035 / .04 is such a good gamble (still a gamble), if anybody takes a run at taking out Porto it will be for a higher price because just the lisences and the data is worth more than 7 Mil.

 

But right now the drill results from the 23 wells are the big wild card, if they are really good Sorg & Rag will go ahead with phase 2, two free deep wells for Porto, and Galp might still be a player here, gas has been discovered just not commercial quantities, but Galp might feel it's worth another try.

 

No gauranties here but at this price I'm rolling the dice.