Ann: PEN Investor Update - May 2012 , page-16

Was wondering why a certain non holder spends so much time on PEN thread. So checked the BLR thread and now understand. Nothing goes on over there other than some generic posts about U demand and the like. Still don't know why you would bother hanging around PEN, not even Dhuy is around to spook anyone.

Reasonable update today, nothing out of the box. More realistic timelines and a lot of perspective including Lance progress, new recruits (management must be crazy hiring these people with so much uncertainty around eh) and that little deposit in South Africa. Liked this graph about the prospect of rerating:

So we're now a red star, be around 8c in 12 months and 12c by early 2014. That will do me, but believe this is one expectation which can be beaten, though by how far will depend on the U price and of course subject to approvals LOL.

Be interesting to see what further comms we receive before end of June, other than Karoo drilling. We may be dependent upon Japan and Germany energy updates, and general U price trends. Otherwise, hope Europe sentiment doesn't get much worse as would hate to see el capo have a laugh at our expense.

Best of luck all longs.