Reugers on 8000 barrels a dayI have no idea of what is going on, but here is an article on Reuters that talks of 8,000 barrels a day. I do not see how this can be a hoax, but I also can not see why there was no press release by PEC. However, one day recently the share price went up more than 50% and guess it could have been related to this
LISBON, Sept 4 | Tue Sep 4, 2012 2:17pm EDT
LISBON, Sept 4 (Reuters) - Mohave Oil & Gas, a unit of Vancouver-listed Porto Energy, will begin Portugal's first oil and natural gas production project in the next few months, Mohave's Portugal director said on Tuesday.
Mohave's key concession, onshore in Aljubarrota in centre Portugal, is jointly owned with Portugal's Galp, which has 50 percent.
On Monday the government gave Mohave approval to begin production.
"It is a $285 million investment in the next five years in all of Mohave's concessions. We hope to produce 8,000 barrels of oil equivalent per day in five years," Mohave's Portugal director Arlindo Alves told Reuters.
Mohave has already invested 127 million euros ($160 million)in prospecting for oil in Portugal over the last two decades. It holds seven concessions in the country throughout the so-called Lusitanian Basin.
Portugal imports around 294,000 barrels of oil per day, which means that even if Mohave's estimates of oil output prove accurate, they will account for less than 2 percent of the country's