Variables.... There are a few positive variables here.
They issued a NR on Oct, 9th saying that they encountered a thicker layer of salt than anticipated and would get to TD in 2 weeks. This took us to Oct 23rd.
The release included the following statement :
"We continue to have high expectations for this well and are thus far encouraged by our preliminary findings," said Joseph Ash, President and CEO of Porto. "We encountered elevated gas readings when we drilled out of the salt and are now targeting a seismic anomaly we see on our 3D that we interpret as a potential reservoir interval. We are working closely with Galp to evaluate this section which has the potential to make this a commercial discovery."
On Oct 25th we saw a decent volume of over 5 Million shares and a high of $.265 2 days after the potential TD. A chunk of the buying was by anonymous. The rest if the weeks trading was pretty tight except for this day.
Galp revises the date of their Q3 earnings from Oct 26th to Oct. 29th. This was changed on Oct 15th one week after Porto’s N.R.
Connecting the dots, I believe we will get a N.R, on Monday assuming there have not been any delays drilling through the remaining 300 metres or so, which is entirely possible.
If they successfully drilled through the remaining 300 metres within the 2 weeks period, then this would be a big positive, as they would have sent out an NR by now saying that this hole was a dud (unless of course, they are testing and ascertain it is not a commercial viable find).
We also know they used 3D seismic data which increases the chances of success over the traditional 2 D or fly over J
Lots a variables and lots of excitement coming our way. Good or bad !
Let see what happens. I like our chances though.