is this the result we expected?, page-3

Am surprised about a few things.

1/ EWC held AUD when previously reported that USD was their functional and reporting currency. Big mistake.

2/ previously stated the 2mtpa LNG facility was fully funded. It is now "ëxpected to be financed ....". Not nearly as definite and could even imply it's not yet fully financed. Might be ok.

3/ it looks as though a site hasn't been purchased or leased yet. Their best site required 40km of high voltage transmission lines, and of course a gas pipeline from the field. There is no compulsory purchase to lay pipelines in Indonesia. It has to be done by individual owner negotiations, leading to rather indirect routes. Doesn't happen overnight, huge bottleneck.

Just to recap: the main components of the first 500,000 tpa facility were ordered in 2007 for shipping to "site" in 2009. Site works expected to commence March/April 09. The first unit to commence commercial prod’n by end 2009. The remaining 3 units to enter commercial production at 3-4 months intervals. Slipform (HK) is the contractor (Elliott owns).

Various licences, permits and approvals must be gained before any facilities operating licence is issued. Have read that permits were granted “in principle", but a little too vague for me. A concern I have, is that the State Governor is on record as wanting as much of the Sengkang resource as possible used locally (in his state). Exporting it is just contrary to this, and apparently many of those permits can only be issued by local officials.

4/ the last 120MW of electrical output was to power the LNG facility. The report says there is no funding in place atm to build it. In the interum, perhaps some of the last 60Mw upgrade might be used to power the first train.

Do like the theoretical potential of this company, but so many untidy loose ends atm and development bottlenecks. Have exited for the moment.

Only my opinion and DYOR, PE