had a gutfull, page-2

Hey Falko,

I posted the same info on 3/8. I'm not too worried about it.

I'm sure you've checked some of the other reports from Indonesia ( re 'Donggi-Senoro LNG Project Doubts' and 'Vice-President welcomes EWC delegation' ) .

My view is that EWC are in an awkward position as the Indonesian Govt have cancelled the adjacent Donggi-Senoro LNG project because of concerns over domestic supplies but they have also indicated they want the Sengkang Project to go ahead ( Check BKPM, Kalla,Lutfi,Sengkang Lng ).

EWC have committed 1 mta towards domestic use but need to prove up their reserves so the Government can also grant export approval.
This is politically sensitive issue and as we have all noticed EWC have wisely declined to make any public comments. The Indonesian Government will make any announcements when it is appropiate ( hopefully soon ).

In the meantime ,i know for a fact siteworks have commenced at the Wajo site, major equipment is ready to be shipped and the Indonesian Government have indicated they want the project to proceed.
This project is going ahead.It might be a few months later than we expected but even at late 2010 it is still way more advanced than any Gladstone projects.

The Annual Report is due out 24 August which will give us the comprehensive update.

The recent slow drop in the sp has been on very low volumes so it doesn't seem as if those big holders in the know are too concerned.It will be interesting how it holds for the next few days after the DOW downturn.

I'm happy to wait and hold.

Regards Shamish