Ann: PEN Investor Update - May 2012 , page-20

Excellent post illiquid! Despite what might be disappointments to some (yes - for those who listened to Gus, HS and purd) the cleaner, more realistic approach is welcome. Suggests a positive influence from the new management.

You have to laugh at some of the words used in the update - like being 'on schedule' for 2H13 production startup. But hey, weren't we 'on schedule' for an early 2013 start only a few weeks ago - and a late 2012 start up just a few weeks before that. Only a year ago, we were 'on schedule' for March 2012 start.

So seems we are always 'on schedule'. It's just the dates that change. lol. Soon enough we will be 'on schedule' for a 2H14 start up - which has been the clear most likely outcome now for nearly 6 months.