Porto Energy Corp Loses Early Gains in Heavy Trade
Porto Energy Corp., (PEC.V), has lost its early gains and returned to year lows. It is now trading at 10.5 cents, unchanged from its previous close. Porto shares, which opened at 11.5 cents, hit a high of 12.5 cents at 9.35 am, before losing ground.
Close to three million shares have changed hands so far.
Porto Energy, which is focused on oil and gas exploration, appraisal and development in Portugal, announced last Thursday that following the completion of its analysis of the 65 meters of conventional core and 430 meters of open hole logs, the ALJ-4 re-entry well in the Aljubarrota-3 concession encountered promising reservoir properties and gas shows. However, it was not able to sustain economic production levels due to water encroachment and, therefore, the company has elected to plug and abandon the well.
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