reports, page-20

I'd also appreciate a copy of the Amro report if you could email it to [email protected]

For what its worth I was pretty pleased with the annual report - seems we've gone from minimal info to info overload!

Good to see some more bio info on the directors - they have great experience in the industry - and contacts thruout asia. Also to see that Stewart Elliott owns Slipform engineering who are doing the construction work and overall coordination of the LNG project.

Re electricity production - I have been reading some asian magazine articles and there is a huge lack of electricity investment in Indo, they are having rolling grey-outs etc and business groups (esp foreigners) are lodging complaints with the Indo govt re the inadequate supplies - so I think EWC are very well placed as one of the few companies actually succeeding in doing something about it.

Re LNG Indo production - it seems there is still a lot to be organised - from regulatory permissions, to acquiring land and negotiating the construction of a 40km power transmission line. None of these are insurmountable, but it may test the EWC directors proven ability to deliver on time!

Re Australia LNG developments - this is a great opportunity for the business and a good for some geographic diversification. My hope is that any new capital raised for the project won't have a significant dilution effect on existing shares as it is a new and profit accretive project. From that point of view, it would be good to see it spun off as a separate entity, but for the long run I guess it's best to keep everything under one roof.