ASX conditionre: resuming share trade1. Even though one of the...

ASX conditionre: resuming share trade

1. Even though one of the conditions ASXimposed on EWC re: relisting its shares relates to EWC submitting a 12 monthscash flow forecast 1 Oct 2023 to 30 Sept 2024 such a reference is missing from EWC’s 2023 AR (see page 3).

Does thismean that, for instance,

A. ASX hasdeleted this condition as forming part of its consideration if/when EWC sharesare listed on ASX, or

B. EWC has submitted this information to ASX already.

If neither Aand/or B (above) are correct, then when does EWC intend to submit this information to ASX.

This lack oftransparency leaves shareholders uninformed as to the reasons why this ASXcondition was not reported in EWC 2023 AR, as well as to when EWC will submit thisinformation (if still required and/or not already submitted).

2. Another ASX condition re: relistingof EWC shares includes the submission of a 3 month pro forma balance sheetcovering 1 July to 30 Sept. 2023.

A. As full documentations re: extensionof EWI and Slipform loans were not submitted prior to 30 June 2023 these loansare being counted as current liabilities.

a. Will this have a negative impact onASX consideration when assessing this 3month pro forma balance sheet re:relisting EWC shares? (current liability vs. non-current liability)

b. Has EWC submitted this 3 month proforma balance already

c. if not submitted yet, when will EWC submit this information to ASX.

Again, fulldisclosure is sadly lacking and transparency is absent, leaving shareholdersuninformed as to the real situation.

Remaining in‘technical default’

1. Repayment of EEES US$3.9millionoutstanding loan amount

2023 ARstates that EWC intends to repay this amount by October 2023.

a. Is this meant to be by 1 Oct 2023, 31Oct 2023 or same date in between?

b. Given that EWC remains, in its ownwords, in ‘technical default’ until this loan is fully repaid, will ASX want to wait until EWC has actually paid off this loan in full prior to considering whether to re-instate EWC shares to trade.

c. Given EWI letter of financial supportsubmitted to EWC, is this enough ‘evidence’ for ASX to reconsider re-listing EWC shares even if US$3.9million may not have been repaid or will ASX want evidence that US3.9million has bee paid?

Whilst I greatly appreciate EWI (and Chairperson)submitting a letter of financial support to EWC over the past years (which Iconsider having played an critical part in the financial survival of EWC and itbeing allowed to continue to trade), shareholders are left uninformed as to EWC’sdate when this loan will be paid off, let alone as to why US$3.9million was not able to be repaid prior to 30 September 2023.

Meeting selfimposed milestone dates

1. 12kms Transmission line and Eromangagas field:

a. Nov 2022 AGM presentation estimatedthe financial requirements for completing 12km transmission line and Eromangagas field operations at A$40miillion. CR and sale of Sengkang power stationnetted around A$60million.

b. CR AGM Nov 2022 presentation listed constructiontime for 12km transmission line and Eromanga to be about 9 months. 9 monthshave elapsed since then, yet no reference is made either as to why Eromanga gasis not yet commercially operating nor when it will start commercial operations.(12kms transmission line progress is reported as being way behind Nov 2022estimates schedule).

c. No reference is made either as to anyfurther the financial requirements in respect of commencing commercialoperations at Eromanga and completing the 12kms transmission line (has EWCenough money ‘in the bank’ to complete these projects?) nor why the 9monthscompletion date has not been met.

In the absence of further and clarifying informationfrom EWC, shareholders are left in the dark as to EWC’s best efforts to supportrelisting of its shares at the earliest opportunity.