"as for Karoo, yes there is potential, but not being an ISR operation, we need the spot price to be upwards towards $70+, which is probably around 2020 as stated above (all my opinion of course). i don't see Karoo going into production before 2017/2018 as Gus has stated"
tutes - I don't rate Karoo too highly at the moment because apart from the reasons you provided there is the problem of completing the purchase of the ARSA properties - $45M cash or further significant dilution (2.6B shares at today's price) by Dec 31 this year. If the settlement is delayed an escalation factor also comes into play.
PEN Price at posting:
1.7¢ Sentiment: None Disclosure: Held
