TSXV:PEC.H - Post by User
Post by
tooez1on Mar 13, 2014 8:18pm
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Post# 22320803
Mojave is a 100% owned subsidiary of Porto...
Mojave is a 100% owned subsidiary of Porto...Mojave holds the drilling rights to the Lias and is 50% partners with Galp. ........................................................ Porto, if the deal goes through, will give up 90% of Mojave. ........................................................ Before the "deal" Porto would receive 50% of any result from the Lias drilling...after the "deal" Porto will receive 5% (10% of 50%) of the Lias drilling outcome through its 10% remaining share of Mojave. ........................................................ Something better than nothing and bankruptcy? The convertible debenture holders (if the deal is consumated) are taking a huge risk but will be partnered with Galp and well backed by previous seismic data... no indigenous oil/gas has ever been found in Portugal....But there is a shot at least for something.....