Ann: A$60M Equity Raise to Fund Restart of Production at Lance, page-37

Hmm.... obviously this hurts. We knew CR was coming, but the discount is huge. On the other hand, we had to raise 30%+ of pre-raise MC...

I've done for myself a back of the envelope comparison with BOE (... which I also own) to somehow figure out the $ value of each JORC pound in the ground, to be used as a comparison measure. BOE is roughly where PEN will be in a year's time. BOE is completely debt-free, PEN will have some debt on its balance sheet...

Anyways, see screenshot below. Unless I made some sort of gigantic mistake, PEN's value is still compelling after this CR. I stand happy to be corrected....