Ann: Corporate and Project Update , page-4

This ann is useful assurance that something is still happening but it's not enough for me to buy. Let's say they get a PPA or two tomorrow and are ready to start drilling the day after. How are they going to raise equity in any project?

If, for example, a 20 MW plant costs an even $100 million, how is PAX going to put in enough equity to convince banks to lend them, say, 70%, ie $70 million? If Bakrie puts in 50% (or whatever it is for each project), or half of the remaining $30 million in this example, PAX will have to raise the other $15 million. The SP will have to improve dramatically so they can sell more shares. I just can't see it happening.

The problem is that there is no Plan B while they wait for the Indonesians.