TSXV:PEC.H - Post by User
Post by
tooez1on Oct 21, 2013 10:18am
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Post# 21833030
May have missed this....Excerpt from a Porto release 2013
May have missed this....Excerpt from a Porto release 2013 Sorgenia and Rag Joint Venture Activity The Company along with its former joint venture partners, Sorgenia and Rag, concluded a 23 well stratigraphic drilling program in the third calendar quarter of 2012 to jointly evaluate the unconventional resource potential of the Lower Jurassic ("Lias") stratigraphic interval. The cores show encouraging results with the completion of rock mechanics and geochemical analysis. The work that has been performed to date has enabled the Company to book 271.4 MMboe additional unrisked P50 resources in its December 2012 resource update, a 284% increase over prior estimates. In April 2013, Sorgenia and Rag elected not to proceed into the second phase of the work program as defined under the terms of the original Farmout Agreement dated May 31, 2012 as they were unable to come to an agreement on financial terms with the Company.
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Anyone wonder why, that with those increases in resources (NOT RESERVES) , some other company didn't jump right in to take up S and R share after they withdrew? Could it be that the results are not all that appealing to anyone? Now a company has to be hired to find someone/anyone to salvage shareholder value of some nature.......if at all possible.