Is it possible to continue working on the project in PE 15 started in different location?

Hi,

I have project in PE 15 on local C: drive and decided to continue editing it on the external backup  hard drive that has much bigger memory capacity. PREL file on the external drive correctly shows the new location of the project files.  However when I double click on the PREL file to open the project it starts running PE but hanging and does not retrieve anyting to the time line.

I know I can open the project and make needed changes on the C: drive where it was initially developed, but C: drive is almost completely full... I hope there is a way to finish the project in a different location.

Thanks. Lev.