fundamentals changed, page-3

"Now 2.5 years from production????"

SS - That is not quite right.

Their are 2 main scenarios - one with a successful appeal and one with an unsuccessful appeal.

In the first scenario - with a successful appeal - we have forecast SML issuence in November 2013 (with confirmation in the ASLB's schedule that the Oct 2013 target for completion of the Final EIS still holds). With a 6 month construction phase POST-SML issuance, that takes production commencement to around May 2014 - or 2 years away.

In the 2nd scenario - with a losing appeal - we have the ASLB 'initial' decision in September 2014. There is no reral clarity on what happens following that. There could be appeals, but if not the SML should be issued within 1-2 months of the ASLB's decision - ie by November 2014. With a 6 month construction phase POST-SML issuance, that takes production commencement to around May 2015 - or 3 years away

They are the simple facts of the matter, irrespective of what PEN wants or thinks.

I agree with Wob, that there is a very good chance of a succsessful appeal. Therefore, I believe the 2-yr scenario is the most likely one. But one needs to be aware of all possibilities.

Unfortunately, there is no news yet of schedules for the appeals process.