Sengkang PPA extension meeting, page-5

Happy NY, EWC holders.

So, PPA extension is very likely for 2022. I did mention about 12 months ago (based on known timelines and gut-feel) that the company was likely to remain "dormant" for the 12 months ahead, offering some opportunity to accumulate. I have a much brighter outlook for 2022 than 2021. Let's have a look at some of the events that seem likely to transpire in the world of EWC over the coming 12 months:

• Extension of PPA for Sengkang power plant
• Australian gas switched on
• Pagbilao substation completion
• Philippines power-plant completion, with hook into substation via transmission line
• Philippines LNG hub

Risks? COVID, political disruption and resource availability for construction projects (people, land e.g. transmission line land purchase) would be the major ones for mine. Watching intently what happens with the coming election in PH.

Particularly hopeful that progress is in line with expectation with the likes of John Phipps now on the board, who I am sure is going to add some strong accountability on behalf of the sophs (and, by association, the retail investors).

If event half of these events come to fruition then the SP will look quite different this time next year. I'll revisit in another 12 months...