TSXV:PEC.H - Post by User
Post by
Empire82on Jan 03, 2012 4:55pm
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Post# 19366875
Conversation with the CFO
Conversation with the CFO Had a good conversation with the CFO today. He stated that the Joint venture news should be released shortly and that the delay may have been partly due to Christmas time and the holidays. Also other larger partners have approached the company as well but that they are waiting for the Seismic data to be completed first. The problem is that the resource is there but the company made the mistake of letting the drilling get too far ahead of the geology.
I know others have talked to the CEO and have posted the same things on this board but I just felt I needed to make the call to hear these things for myself. The risk reward at this level looks quite compelling. The CFO also stated that just the resource alone should put the company at a .20 cent valuation but due to market conditions and company mistakes they have been hit pretty hard. Porto still has 15 million in the bank with a burn rate of 400-600,000 a month.
With a little bit of patience, news regarding a joint venture should bring the Share price higher. The resource is there but at the moment the money isn't which is what is holding it down. When that is solved and some drilling success is had this should bounce hard. Good luck everyone