In my opinion, the most salient points contained in the 2013 Annual Report are:
Firstly, during the past 12 months, the 600MW Philippines power station has moved from a project considered as feasible, to a ‘project under development’, with 2x200MW gas turbines being shipped from Germany to the Philippines shortly.
Secondly, delays in the envisaged completion dates re construction of the Philippines LNG Hub (from December 2013 to second half of 2014) and the first 0.5mtpa LNG train at Sengkang (from March 2014 to June 2014).
On another note (sic!!) a positive development is contained in EWC’s 1 Oct 2013 ASX announcement re: the 2nd notice (SCPE $75million convertible note) which, in part, refers not only to the US$/A$ being adjusted (in favour of EWC), but more importantly, foreshadows a further Warrant amount of US$2.5million with an exercise price of A$0.60cents (up from the A$0.50cents applicable to the $75million convertible notes issued in May 2013).
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