acreage, you'll find all you seek in the company announcements...

acreage, you'll find all you seek in the company announcements the past year or so.

I recently emailed PEN HQ to enquire about the status/strategy relating to financing, where the Wyoming IDB fits in etc.
I was told the company is exploring several funding options simultaneously.

Blackrock's entry provided the $22M notes + the ROFR on an $80M debt funding - at the time envisaged for further Lance development.
Latest optimisation study increased the cost of Ross development by $4M, but reduced Kendrick by $15M.
Likely they would not need all the $80M if it came into play.

The Wyoming IDB as I understand it will simply become a funding option. They may elect to take it when approved and repay debt funding - it will depend on the terms and arrangements and how favourable that may be.

Don't forget there's still a $100M facility with PALA (terms unknown).
We need $64M to build Ross.
Debt funding being sought + $20-30M rights issue POST debt funding announcement (recent company presentations); ie if they did a rights issue for $20M then debt is going to be circa $44M.
There's a $70M Wyoming IDB in the works.

The $22M BR notes will get them well and truly through 2014 without the need for a CR.

Good to see you back, and good luck, it's all happening now.