take a step back - see it for what it is

Today's announcement

1. Administration risk - resolved. (I may not get a stomach ulcer now). The sense of urgency is not as critical now, although we still would like progress to production by end 2013.

2. Market response - status quo in the buy/sell spread (therefore market approves).

3. PAX with $700k in the bank and after having significantly cut back on spending will probably not need to access the facility until next year.

4. Market awaits PPA / Project funding - still to come. (As we have done prior to today).

PT