pen surging , page-15

What do you mean 'where it should have been? We know it's fundamentally worth roughly 20-30c at production which is minimum 12 months away.

Lets assume production exactly 12 months after the low of 19 dec. We are two months in... Assuming perfectly steady SP rise over 12 months and working from the low of 2.5c we should be at 5.4c for a 20c target or 7.1c for a 30c target.

Using the same set of assumption but over an 18 month period we have 4.4 - 5.5

I'd say it's exactly where it should be.