Porto Energy Corp., (PEC.V), has seen its share price slump 37% and hit a new year low of 12 cents at 9.56 am, although it has since recovered some ground.
More than two million shares have changed hands so far.
Porto Energy, which is focused on oil and gas exploration, appraisal and development in Portugal, announced 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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