Q&D VALUATION: 650MW PAGBILAO GAS PLANT, page-6

Thanks for the feedback...

I did not include the Eromanga but it is a good point...will give a more consolidated view later.

Just being conservative on the start date for Eromanga to give some certainty, as delays seem to be the order of the day for this stock. I agree that Gilmore will follow and within 6 -12 months would be great.

As to using First Gen, I have no knowledge of the market for EWC electricity and the possible price they will receive so I looked for a producer that is as near as possible to EWC and also one that is valued in the local market. One concern I have is with that profit margin given the current traded gas price. It is just too difficult for me to know the intricacies of the market and presumably, EWC is able to manage the opportunities. It may well prove to be comparing apples to oranges but when all you have is lemons...you make...?

We are close now to running and all I am trying to achieve is some understanding of what the market may pay for all the assets that have been built and are now being completed. The market will pay up for future growth and I see these as starting values. Would really like them to complete and go live without a cap raise but time will tell, especially as that Indo cash flow has now been turned off...which I find just extraordinary: like they have more electricity than they need? Should that get sorted, and the Philippines and Aust. get turned on...we are off to the races.