2009 agm, page-13

Hello fellow reporters,

I've enjoyed the coverage of the AGM by the HC reporters.

My positives from the meeting were the acknowledgement of quite soon Sengkang construction timeframes and the non-existence of any Indonesian regulatory cause's for delay.

Two to six weeks for concrete and first plant on site seems likely according a couple of different directors.
The state of current siteworks seem to support these views.
A fellow attendee was told some foundations had already been poured.

We were both told we could look forward to announcements re plant shipping and above ground siteworks when they occured.
We'll wait and see on that score.

A couple of other thoughts -

There seemed to be a bit of excitement for tomorrow's meeting between Brian Allen and incoming Indo officials which upon reflection seems a bit strange if Sengkang LNG and Power upgrade are done deals?
In any case it does seem a significant meeting and given a good outcome should produce some positive Indonesian press announcements for us.



The directors seemed very enthusiastic about some of the technical achievements to date which is what you'd expect from a bunch of engineers. The marine loading arm ( half completed ), the plant simulator and the storage tanks all got a discussion.




I remember a similar conversation to Jukes re finance with Brian Allen and i think the GFC may have been a bit tougher on EWC than we thought.

It seems they are ready to order the next couple of trains as soon as possible but don't want to commit existing capital to anything other than the completion of Sengkang.

They are a bit dirty that all the current Siemens and Chart plant has been well and truly payed for but is sitting around not producing income.
They hope to negotiate the next orders on more favorable terms as it seems Chart and Siemens ( and others ) are very keen for more EWC business.



It seemed a pretty good meeting and as usual all Directors made themselves very available for questions.
Hopefully the discussions afterwards reflect reality and we see and hear of some real progress before Christmas.

In the short term we might get a little good news from tomorrow's meeting in Indonesia.



regards Shamish