Porto Energy Corp (CVE:PEC) (PINK:PNRXF) stayed flat during Thursday's session despite an early attempt to challenge the bounds of its trading channel. The volume went down again, ignoring the small spike up from the day before. PEC remains in a close range consolidation since it lost ground in the beginning of December, but this could also provide some playgrounds for swing traders.? In their latest news, on December 14 the company announced to have granted options for purchase of 3.1 million common shares, most of the options were granted to officers of Porto. They are exercisable at 10.5 cents per share. The market pushed the price to the upper limit of its channel on this occasion, deviating afar from the options conversion price.
However, the situation remains in heavy favor of bears. PEC dropped 54% on December 2 after the company announced an important operational update.
Back then the company said that their re-entry well on Aljubarrota-3 concession in Portugal, which previously indicated promising properties, failed to sustain economic production levels due to water encroachement and was in turn abandoned.
The company has interest in 5 properties throughout Portugal, thus this is likely a temporary, but costly, blow to their operations. On the other hand their stock price has been declining for a whole year, which tells a lot about the market attitude towards the prospects of this business.
Source: http://www.hotstocked.com/article/27312/porto-energy-corp-cve-pec-pink-pnrxf.html
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