Exactly spot on grabs,Thats what I have been saying all along....

Exactly spot on grabs,

Thats what I have been saying all along. With ISR Pen don't need to prove much up to start with. They have only got to get started and then they can self fund Lance the rest of the way with such a short payback period.

There has been alot of talk recently about the JORC coming months earlier. I don't expect that at all, even though they have the high quality data which has given them the confidence to start all the other processes early than what would be the norm, the fact is, they still have to identify the roll fronts, which requires sticking that drill bit into the ground on every roll front. So I'm not expecting the Jorc untill at the earliest April/May. I would love to be proven wrong but I am just being realistic.

In fact the JORC is the least thing on my mind with PEN, I'm that confident of it just from the numbers coming out along with the historic data(Which I have been told is as good as newly drilled holes).

Permitting, now thats a different matter. But because of the nubeth data, PEN are now able to progressively submit the application, which is a very wise move Imo. We have to remember that its not the norm to be running everthing like this in parallel with each other.

If there was one thing that I would put my bet on coming early, than that would be production!!



NK